Patent ID: 8015099
Filing Date: 2011-09-06
Classification: G06Q

Abstract:
1. A method for routing a financial instrument order to a plurality of dark pools and at least one electronic communication network (ECN) or exchange, the financial instrument order having a plurality of parameters including an identification of a financial instrument to be traded, one of a bid price or an ask price, and an order number of units of the financial instrument to be traded by the financial instrument order, the method comprising the steps of: a) placing the financial instrument order with an automated order router adapted to route financial instrument orders to the plurality of dark pools and the at least one ECN or exchange; b) determining a ping order of the dark pools; c) routing the financial instrument order to a top dark pool in the ping order as an immediate or cancel (IOC) order; d) reducing the order number of the financial instrument order by a filled number of units of the financial instrument traded with the top dark pool as a result of the IOC order routed in step (c); e) i) if the order number is zero, flagging the financial instrument order as complete; or f) if the financial instrument order is not flagged as complete and the updated ping order includes at least one dark pool, repeating steps (c), (d), (e), and (f); and g) if the financial instrument order is not flagged as complete and no dark pools remain in the updated ping order, routing a remaining portion of the financial instrument order to the at least one ECN or exchange.