Patent ID: 7716121
Filing Date: 2010-05-11
Classification: G06Q

Abstract:
1. A method for implementing an order routing strategy on a computer-based communication network including a first electronic exchange operating on a first server having a processor, one or more second electronic exchange operating on respective second servers having respective processors, and an end-user interface operating on a client terminal having a processor, the method steps executed by at the first server, comprising: receiving from the client terminal an order that defines a quantity component, a price component, and a routing strategy associated with the order, the routing strategy containing a stipulation string comprising parameters of predetermined criteria, wherein the predetermined criteria is at least one of an overfill risk factor, a prioritized list of external electronic exchanges, an exchange order size portion limit, an internal order indicator value, and an internal order fill time; allocating a first order quantity to a crossing location using a first phase order process in accordance with the predetermined criteria parameters; allocating a second order quantity to an idle location using a second phase order process; wherein the first order quantity fills substantially immediately and the second order quantity fills when trading begins at the idle location; receiving an event message; evaluating rules of the routing strategy in the order received from the client terminal in response to the event message, wherein evaluating rules of the routing strategy utilizes at least one of the internal order indicator value and the internal order fill time to cause the first phase order process to occur for a period of time prior to the occurrence of the second phase order process; and modifying the routing strategy execution in response to the results of the evaluating step so as to optimize the order processing on at least one of the crossing location and the idle location.