Patent ID: 8140420
Filing Date: 2012-03-20
Classification: G06Q

Abstract:
1. A processor-implemented method for processing option orders, comprising: receiving by a processor an option order, said option order including information identifying a customer, an order type and a security underlyer to be purchased or sold according to said option order, and a customer routing rule associated with said customer, where said customer routing rule specifies said customer's preference for an exchange, a specialist, a national best bid and offer (NBBO) variance, and combinations thereof for routing said option order; tracking by the processor which order types, qualifiers, and time in force criteria are valid on each of a plurality of option exchanges; determining by the processor which of said plurality of exchanges said option order can be validly routed to based on said customer routing rule and said tracked order types, qualifiers, and time in force criteria; determining by the processor whether said routing rule specifies a specialist to associate with said option order; retrieving by the processor current NBBO pricing data for said desired option order; determining by the processor to route the order to a specialist other than the specified specialist based on other routing criteria when a price of said specified specialist exceeds said NBBO variance for routing said option order; identifying by the processor a symbol identifying said security underlyer; determining by the processor whether a symbol routing rule is associated with the symbol of the security underlyer; routing by the processor, said option order to an exchange in accordance with said symbol routing rule when it is determined the symbol routing rule is associated with the symbol of the security underlyer and said customer routing rule has not been implemented to route said option order; routing by the processor, said option order to an exchange in accordance with said NBBO pricing data for said option order when it is determined the symbol routing rule is not associated with the symbol of the security underlyer; and executing by the processor the option order in the routed exchange.