Patent ID: 8311921

Claim:
A method of electronically managing a dynamic order, comprising: providing a dynamic order having a plurality of order attributes including an underlyer order attribute, an underlyer price order attribute corresponding to the underlyer order attribute, a derivative price order attribute corresponding to the underlyer price order attribute, and an implied volatility order attribute corresponding to the underlyer price order attribute; at an originator computer system, associating the dynamic order with a pricing model selected from a plurality of options pricing models that can derive implied volatility and populating (i) an underlyer into the underlyer order attribute, (ii) an underlyer price into the underlyer price order attribute, (iii) a user-selected threshold condition into one of the derivative price order attribute and the implied volatility order attribute, and (iv), in accordance with the pricing model and the user-selected threshold condition, a calculated threshold condition into the other one of the derivative price order attribute and the implied volatility order attribute; and at an executer computer system, receiving the dynamic order and a financial data feed having a data feed underlyer price corresponding to the underlyer, and identifying the dynamic order as executable if the data feed underlyer price, in accordance with the pricing model, satisfies the user-selected threshold condition and the calculated threshold condition and, if the threshold condition has not been satisfied, continuously polling the financial data feed for calculating re-priced implied volatility data and re-priced derivative price data in accordance with the pricing model until the earliest of satisfaction of the threshold condition and termination; wherein identifying as executable comprises identifying a trade as authorized by a user of the originator computer system for execution.