Source: http://www.google.com/patents/US7835987?dq=5754119
Timestamp: 2015-07-06 05:48:35
Document Index: 798052756

Matched Legal Cases: ['Application No. 2005208977', 'Application No. 2005208978', 'Application No. 2005208979', 'Application No. 2005208980', 'Application No. 2005208981', 'Application No. 2006278382', 'Application No. 2006278384', 'Application No. 06789488', 'Application No. 06789490', 'Application No. 05712558', 'Application No. 05712562', 'Application No. 05712563', 'Application No. 05712564', 'Application No. 05', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006']

Patent US7835987 - System and method for routing a trading order according to price - Google PatentsSearch Images Maps Play YouTube News Gmail Drive More »Sign inAdvanced Patent SearchPatentsA system for routing a trading order to a market center according to price comprises a memory and a processor. The memory stores policy information, cost information, and rebate information associated with a plurality of market centers. The processor receives a trading order specifying a trading product,...http://www.google.com/patents/US7835987?utm_source=gb-gplus-sharePatent US7835987 - System and method for routing a trading order according to priceAdvanced Patent SearchPublication numberUS7835987 B2Publication typeGrantApplication numberUS 10/767,588Publication dateNov 16, 2010Filing dateJan 29, 2004Priority dateJan 29, 2004Fee statusPaidAlso published asCA2554244A1, EP1709583A2, EP1709583A4, US20050171889, WO2005072452A2, WO2005072452A3Publication number10767588, 767588, US 7835987 B2, US 7835987B2, US-B2-7835987, US7835987 B2, US7835987B2InventorsThomas J. Daley, Pavan K. GarapatiOriginal AssigneeBgc Partners, Inc.Export CitationBiBTeX, EndNote, RefManPatent Citations (101), Non-Patent Citations (94), Referenced by (8), Classifications (11), Legal Events (3) External Links: USPTO, USPTO Assignment, EspacenetSystem and method for routing a trading order according to price
US 7835987 B2Abstract
Cost avoidance module 40 determines whether the order 20 has been filled by the market center 18 at step 228. In one embodiment, cost avoidance module 40 receives a message indicating that the order 20 has been filled. This message identifies the order 20 using the internal order identifier 52 b. If the order has not been filled, as determined at step 228, execution proceeds to step 230 where cost avoidance module 40 determines whether the order 20 has been canceled. In one embodiment, cost avoidance module 40 receives a message, such as a cancel request generated by a trader, requesting that the order 20 be canceled. This message identifies the order 20 using the external order identifier 52 a. If the order has not been canceled, as determined at step 230, execution proceeds to step 232 where cost avoidance module 40 determines whether the order 20 has been terminated. In one embodiment, cost avoidance module 40 receives a message, such as a “UR OUT” message, indicating that the order 20 has been terminated. This message identifies the order 20 using the internal order identifier 52 b. If the order has not been terminated, as determined at step 232, execution proceeds to step 234 where cost avoidance module 40 determines whether a timeout has occurred. In particular, module 40 determines a timeout when the length of time the trading order 20 is active with the market center 18, as measured for example by the timer that is started at step 224, equals or exceeds the time threshold 54 determined at step 214. If a timeout has not occurred as determined at step 234, execution returns to step 228. If a timeout has occurred as determined at step 234, execution proceeds to step 236.
In other embodiments, order matching module 44 determines a quantity of the trading product to route in a trading order 20 to ARCA, also referred to as a market center quantity, based upon the bid quantity quoted by the market center 18 (e.g., 6,000 shares of XYZ stock) and a quantity multiplier associated with the particular market center 18. For example, the quantity multiplier applied by the order matching module 44 for ARCA may be 3� resulting in a trading order 20 routed to ARCA that comprises an offer to sell 18,000 shares of XYZ stock at 10.01. The status 418 of the bid request associated with ARCA is now listed as “Pending” to indicate that the trading order 20 is currently pending with ARCA. In one embodiment, the trading order 20 routed to market centers 18 comprises an IOC trading order 20. In other embodiments, the trading order 20 routed to market centers 18 comprises a type of order determined by size disclosure module 42.
Order matching module 44 determines the quantity multiplier for each market center 18 based upon a current or recent “fill percentage” associated with the market center 18 for the particular trading product. The “fill percentage” may be determined based upon a moving average of the percentage of shares filled by a market center 18 for a particular trading product at a particular price. In particular embodiments, a 3� quantity multiplier is associated with a fill percentage of 83%.
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