Patent ID: 8073763
Filing Date: 2011-12-06
Classification: G06Q

Abstract:
1. A computer implemented trade execution method comprising: obtaining, by a computer, from a plurality of order management systems, records of open orders to trade securities that meet at least one pre-determined filtering condition; determining, by the computer, from the records of open orders, based, at least in part, on a historical trading data of an execution venue, at least one open order that can be at least partially executed at the execution venue thereby resulting in at least one opportunity; providing, to at least one trader, the at least one opportunity; receiving, by the computer, from at least one trader, at least one non-displayed priced order, wherein the non-displayed priced order is based, at least in part, on the at least one opportunity; sending, by the computer, to each of a plurality of smart order routers, a real-time notification message that notifies each smart order router about the presence of the at least one non-displayed priced order at the execution venue; updating, by the computer, in real-time, the notification message sent to each of the plurality of smart order routers to reflect any edit, cancel or pause of the at least one non-displayed priced order; receiving, by the computer, at least one order sent from at least one of the smart order routers to at least partially execute against the at least one non-displayed priced order; and executing, by the computer, at least one order received from the at least one of the smart order routers against the at least one non-displayed priced order.