Source: http://www.google.com/patents/US8131630?dq=7,103,380
Timestamp: 2014-10-20 05:04:13
Document Index: 407752407

Matched Legal Cases: ['Application No. 2006254819', 'Application No. 2007201453', 'Application No. 2005208977', 'Application No. 2005208977', 'Application No. 2005208978', 'Application No. 2005208980', 'Application No. 2005208981', 'Application No. 2006278382', 'Application No. 2006278384', 'Application No. 2005208977', 'Application No. 2005208978', 'Application No. 2005208979', 'Application No. 2005208980', 'Application No. 2005208981', 'Application No. 2006278382', 'Application No. 07754165', 'Application No. 06789488', 'Application No. 06789490', 'Application No. 05712558', 'Application No. 05712562', 'Application No. 05712563', 'Application No. 05712564', 'Application No. 05712566', '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', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2006', 'Application No. 2008', 'Application No. 2008', 'Application No. 2008', 'Application No. 2008', 'Application No. 2007', 'Application No. 05712562', 'Application No. 05712563']

Patent US8131630 - Trading order routing - Google PatentsSearch Images Maps Play YouTube News Gmail Drive More »Sign inAdvanced Patent SearchPatentsAn apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity...http://www.google.com/patents/US8131630?utm_source=gb-gplus-sharePatent US8131630 - Trading order routingAdvanced Patent SearchPublication numberUS8131630 B2Publication typeGrantApplication numberUS 12/953,407Publication dateMar 6, 2012Filing dateNov 23, 2010Priority dateJun 7, 2005Also published asCA2609200A1, EP1897052A2, EP1897052A4, US7840477, US8583540, US20060277137, US20110071937, US20120317010, US20140195402, WO2006133405A2, WO2006133405A3Publication number12953407, 953407, US 8131630 B2, US 8131630B2, US-B2-8131630, US8131630 B2, US8131630B2InventorsMatthew W. Claus, Joseph C. NovielloOriginal AssigneeBgc Partners, Inc.Export CitationBiBTeX, EndNote, RefManPatent Citations (109), Non-Patent Citations (150), Referenced by (2), Classifications (4), Legal Events (1) External Links: USPTO, USPTO Assignment, EspacenetTrading order routingUS 8131630 B2Abstract An apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center. The canceled portion of the second buy order is determined based at least in part upon the second trading information. The processor further routes at least one additional sell order to the first market center having a quantity that is based upon at least one of the first trading information and the canceled portion of the second buy order.
What is claimed is: 1. An apparatus for routing trading orders, comprising:
a memory, coupled to the at least one processor, that stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising:
receiving from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders;
receiving from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders;
receiving a trading order;
determining that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders;
determining that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders;
based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, routing at least a portion of the trading order to the first market center, in which the act of routing at least a portion of the trading order to the first market center comprises:
determining a quantity of the trading order that can be fulfilled at the first market center; and
routing the determined quantity of the trading order to the first market center for fulfillment of the determined quantity;
determining that a remaining quality of the trading order can be fulfilled at the second market center; and
routing the remaining quantity to the second market center.
2. The apparatus of claim 1, the method further comprising:
determining that at least a first order at the first market center is contra to the received trading order and is available to be at least partially matched with the trading order; and
receiving information about at least a second order that is contra to the received order at the second market center and is available to be at least partially matched with the trading order,
in which the act of routing the trading order to the first market center is further based at least in part on (3) the determination that the first order at the first market center is contra to the received trading order and is available to be at least partially matched with the trading order, and
in which the act of routing the trading order to the first market center occurs after receiving the information about the second order.
3. The apparatus of claim 1, the method further comprising:
receiving a first order for the financial instrument;
routing the first order to the second market center;
determining a quantity of the trading order that can be fulfilled at the first market center;
determining that at least a portion of a remaining quantity of the trading order can be matched with the first order after the determined quantity of the trading order is fulfilled at the first market center, in which the first order is contra to the trading order; and
after routing at least a portion of the trading order to the first market center, and based on (1) the determination that the first market center provided to the trading platform reserved quantities for each of the first plurality of orders, (2) the determination that the second market center did not provide to the trading platform reserved quantities for each of the second plurality of orders, and (3) the determination that at least a portion of the remaining quantity can be matched with the first order after the determined quantity is fulfilled at the first market center:
cancelling at least a portion of the first order at the second market center; and
routing to the first market center a second order that is contra to the trading order and equal in quantity to the cancelled portion of the first order, in which the second order is matched with at least a portion of the remaining quantity of the trading order.
4. The apparatus of claim 3, in which the act of cancelling at least a portion of the first order comprises cancelling all of the quantity of the first order at the second market center, and in which the second order is equal in quantity to the first trading order.
5. The apparatus of claim 1, in which the act of routing at least a portion of the trading order to the first market center comprises routing all of the quantity of the trading order to the first market center.
6. The apparatus of claim 1, in which the first and second orders each comprise buy orders for the trading product, and in which the third order comprises a sell order for the trading product.
7. The apparatus of claim 1, in which the first and second orders each comprise sell orders for the trading product, and in which the third order comprises a buy order for the trading product.
8. The apparatus of claim 1, in which the first market center comprises a cooperative exchange such that the first market center discloses to the trading platform reserved quantities of trading orders placed by trading participants other than the trading platform pursuant to a first disclosure policy associated with the first market center, and in which the second market center comprises a non-cooperative exchange such that the second market center does not disclose to the trading platform reserved quantities of trading orders placed by the other trading participants pursuant to a second disclosure policy associated with the second market center.
9. A method for routing trading orders, comprising:
receiving, by at least one processor of a trading platform, from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders;
receiving, by the at least one processor, from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders;
receiving, by the at least one processor, a trading order;
determining, by the at least one processor, that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders;
determining, by the at least one processor, that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders;
based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, routing, by the at least one processor, at least a portion of the trading order to the first market center, in which the act of routing at least a portion of the trading order to the first market center comprises:
determining that a remaining quantity of the trading order can be fulfilled at the second market center; and
11. The method of claim 9, the method further comprising:
12. The method of claim 11, in which the act of cancelling at least a portion of the first order comprises cancelling all of the quantity of the first order at the second market center, and in which the second order is equal in quantity to the first trading order.
13. The method of claim 9, in which the act of routing at least a portion of the trading order to the first market center comprises routing all of the quantity of the trading order to the first market center.
14. The method of claim 9, in which the first and second orders each comprise buy orders for the trading product, and in which the third order comprises a sell order for the trading product.
15. The method of claim 9, in which the first and second orders each comprise sell orders for the trading product, and in which the third order comprises a buy order for the trading product.
16. The method of claim 9, in which the first market center comprises a cooperative exchange such that the first market center discloses to the trading platform reserved quantities of trading orders placed by trading participants other than the trading platform pursuant to a first disclosure policy associated with the first market center, and in which the second market center comprises a non-cooperative exchange such that the second market center does not disclose to the trading platform reserved quantities of trading orders placed by the other trading participants pursuant to a second disclosure policy associated with the second market center.
17. The method of claim 9, in which the act of routing at least a portion of the trading order to the first market center comprises:
based on (1) the determination the first market center provided to the trading platform reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for each of the second plurality of orders, routing at least a portion of the trading order to the first market center such that no portion of the trading order is routed to the second market center.
18. The method of claim 9, in which a total quantity of the trading order is filled at one or more market centers other than the second market center.
in which the trading order comprises a price and a quantity, and
in which the instructions, when executed, further direct the at least one processor to seek to fulfill as much as possible of the quantity at the first market center before seeking to fulfill any portion of the quantity at the second market center based on (1) the determination that the first market center provided to the trading platform reserved quantities for each of the first plurality of orders, (2) the determination that the second market center did not provide to the trading platform reserved quantities for each of the second plurality of orders.
20. A apparatus for routing trading orders, comprising:
a memory, coupled to the at least one processor, the stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising:
receiving a first trading order;
determining that at least a second trading order at the second market center is contra to the first trading order and is available to be matched with the first trading order;
determining that at least a third trading order at the first market center is contra to the first stranding order and is available to be matched with the first trading order;
based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders, (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, and (3) the determination that the third order at the first market center is contra to the received trading order and is available to be at least partially matched with the trading order, exhibiting a preference for the first market center over the second market center by routing the first trading order to the first market center, in which the first trading order is at least partially matched with the at least third trading order at the first market center, in which the act of routing at least a porting of the trading order to the first market center comprises:
CROSS-REFERENCE TO RELATED APPLICATION The present application is a continuation of U.S. Patent Application Ser. No. 11/146,646 entitled �System and Method for Routing a Trading Order Based Upon Quantity,� filed Jun. 7, 2005,now U.S. Pat. No. 7,840,477 which is incorporated by reference herein in its entirety.
TECHNICAL FIELD OF THE INVENTION The present invention relates generally to electronic trading and more specifically to a system for routing a trading order based upon quantity.
DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS OF THE INVENTION FIG. 1 illustrates one embodiment of a trading system 10 that includes a trading platform 12 coupled to a variety of clients 14 using network 16 and further coupled to market centers 18. In general, system 10 optimizes the processing of trading orders 20 by routing trading orders 20 to particular market centers 18 based upon the quantity of product indicated in the order 20 and the quantity of product available at one or more market centers 18.
A trading order 20 comprises an order to buy a particular quantity of a particular trading product (e.g., bid request) or an order to sell a particular quantity of a particular trading product (e.g., offer request). The quantity of the trading product to be bought or sold is referred to herein as the �total quantity.� In particular embodiments, a trading order 20 may also specify a target price (e.g., target bid price and target offer price) for the trading product. Although the following description of system 10 is detailed with respect to trading equities, the trading product that forms the basis of a given trading order 20 may comprise any type of goods, services, financial instruments, commodities, etc. Examples of financial instruments include, but are not limited to, stocks, bonds, and futures contracts.
Although clients 14 are described herein as being used by �traders,� it should be understood that the term �trader� is meant to broadly apply to any user of trading system 10, whether that user is an agent acting on behalf of a principal, a principal, an individual, a legal entity (such as a corporation), or any machine or mechanism that is capable of placing and/or responding to trading orders 20 in system 10.
In addition, different market centers 18 have adopted different policies regarding the disclosure to market makers of various details of a trading order 20, such as, for example, the size of a trading order 20. For example, a client 14 may place a trading order 20 with a �reserved quantity.� Such a reserved quantity comprises a portion of the total quantity of the trading order 20, and allows the client 14 to enter a large order while having the market center 18 only display a portion of it to the rest of the market. In this case, a first quantity of the trading order 20 is �disclosed� and a second quantity of the trading order 20 is �reserved.� Particular market centers 18, such as market center 18 a, comprise �cooperative� market centers 18 in that they disclose both the disclosed quantity and the reserved quantity of a trading order 20 to trading platform 12. Other market centers 18, such as market center 18 b, comprise �non-cooperative� market centers 18 in that they disclose the disclosed quantity of the trading order to trading platform 12, but do not disclose the reserved quantity of the trading order 20 to trading platform 12.
Several examples of the operation of system 10 will now be described with reference to trading information 40 illustrated in FIG. 2. At the outset, however, suppose clients 14 b placed trading orders 20 with market center 18 a, as illustrated in rows 60 and 62, without the assistance of trading platform 12. In particular, the first trading order 20, illustrated in row 60, may be a buy order 20 for a product �XYZ� with a disclosed quantity of ten units and a reserved quantity of ten units. The second trading order 20, illustrated in row 62, may be a buy order 20 for the product �XYZ� with a disclosed quantity of ten units and a reserved quantity of zero units. Suppose further that clients 14 c placed trading orders 20 with market center 18 b, as illustrated in rows 64 and 66, without the assistance of trading platform 12. In particular, the first trading order 20, illustrated in row 64, may be a buy order 20 for a product �XYZ� with a disclosed quantity of ten units and a reserved quantity that remains unknown since market center 18 b is �non-cooperative� with trading platform 12. The second trading order 20, illustrated in row 66, may be a buy order 20 for the product �XYZ� with a disclosed quantity of ten units and a reserved quantity that is unknown also.
Therefore, at this point, trading information 40 indicates that a disclosed quantity of forty units of product �XYZ� is being bid upon at market centers 18 a and 18 b (as indicated by rows 60-66 at column 54), that a reserved quantity of ten units of product �XYZ� is being bid upon at market center 18 a (as indicated by row 60 at column 56), and that an unknown reserved quantity of product �XYZ� is being bid upon at market center 18 b (as indicated by rows 64 and 66 at column 56).
In the first example operation, assume that trading platform 12 receives a sell order 20 for product �XYZ� for a total quantity of thirty units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because platform 12 stores trading information 40 indicating that thirty units of product �XYZ� is currently being bid upon in market center 18 a, trading platform 12 routes a sell order 20 for product �XYZ� for the total quantity of thirty units to market center 18 a where it can be fulfilled. By fulfilling as much as possible (e.g., thirty units) of the total quantity of the sell order 20 (e.g., thirty units) at market center 18 a to the exclusion of market center 18 b, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.
In the second example operation, assume that trading platform 12 receives a sell order 20 for product �XYZ� for a total quantity of fifty units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because trading information 40 indicates that thirty units of product �XYZ� is currently being bid upon in market center 18 a, trading platform 12 routes a sell order 20 for product �XYZ� for a quantity of thirty units to market center 18 a where it can be fulfilled. Because trading platform 12 indicates that twenty units of product �XYZ� is currently being bid upon in market center 18 b, trading platform 12 routes a sell order 20 for product �XYZ� for the remaining quantity of twenty units to market center 18 b where it can be fulfilled. By fulfilling as much as possible (e.g., thirty units) of the total quantity of the sell order 20 (e.g., fifty units) at market center 18 a before fulfilling the remainder (e.g., twenty units) at market center 18 b, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.
In the third example, assume further that trading platform 12 receives an additional buy order 20 for product �XYZ� in the amount of twenty units (e.g., ten units disclosed and ten units reserved) from a client 14 a. Per the instructions of client 14 a, assume that trading platform 12 places a buy order 20 with market center 18 a for product �XYZ� with a disclosed quantity of five units and a reserved quantity of five units, as illustrated in row 68. Assume further that trading platform 12 places a buy order 20 with market center 18 b for product �XYZ� with a disclosed quantity of five units and a reserved quantity of five units, as illustrated in row 70. At this point, trading information 40 indicates that a disclosed quantity of fifty units of product �XYZ� is being bid upon at market centers 18 a and 18 b (as indicated by rows 60-70 at column 54), that a reserved quantity of fifteen units of product �XYZ� is being bid upon at market center 18 a (as indicated by rows 60 and 68 at column 56), and that a reserved quantity of five units of product �XYZ� is being bid upon at market center 18 b (as indicated by row 70 at column 56).
Now, assume that trading platform 12 receives a sell order 20 for product �XYZ� for a total quantity of seventy-five units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because trading information 40 indicates that a total of forty units of product �XYZ� is currently being bid upon in market center 18 a (as indicated by rows 60, 62, and 68), trading platform 12 routes a sell order 20 for product �XYZ� for a quantity of forty units to market center 18 a where it can be fulfilled. Next, trading information 40 indicates that trading platform 12 placed with market center 18 b a buy order 20 for product �XYZ� for a disclosed quantity of five units and a reserved quantity of five units, for a total quantity of ten units (as indicated in row 70). Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. As a result, platform 12 cancels the buy order 20 placed with market center 18 b detailed in row 70 (as indicated by the dashed line through row 70) and, instead, places the buy order 20 with market center 18 a (as indicated in row 72). Now, trading information 40 indicates that ten units of product �XYZ� is currently being bid upon in market center 18 a (as indicated by row 72). Therefore, trading platform 12 routes a sell order 20 for product �XYZ� for a quantity of ten units to market center 18 a where it can be fulfilled. The cancellation of the buy order 20 with market center 18 b and the placement of the buy order 20 with market center 18 a may occur simultaneously or sequentially in time.
Of the original quantity of seventy-five units in the sell order 20 received by trading platform 12, fifty units have now been fulfilled at market center 18 a, leaving an additional twenty-five units unfulfilled. However, trading information 40 indicates that twenty units of product �XYZ� is currently being bid upon in market center 18 b (as indicated by rows 64 and 66). Therefore, trading platform 12 routes a sell order 20 for product �XYZ� for a quantity of twenty units to market center 18 b where it can be fulfilled. The five units of the sell order 20 that remain unfulfilled may be routed to market center 18 a, market center 18 b, or both per the instructions of the client 14 a or the order routing priorities of trading platform 12. By fulfilling as much as possible (e.g., forty units) of the total quantity of the sell order 20 (e.g., seventy-five units) at market center 18 a, and by canceling a buy order 20 previously placed with market center 18 b (e.g., for ten units) for placement at market center 18 a so that another ten units of the sell order 20 could be fulfilled at market center 18 a, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.
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