Method and system for providing order routing to a virtual crowd in a hybrid trading system
US7653588B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 29, 2005 |
| Grant date | Jan 26, 2010 |
| Priority date | — |
| Expiry date | May 9, 2027 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market is disclosed. The method may include receiving a marketable order for a security or derivative at the exchange, wherein the exchange has a price that differs from a national best bid or offer price, routing the marketable order to a trade engine, disseminating a request for price message to all market makers quoting a class in response to receiving the marketable order, the request for price message including a price equal to the national best bid or offer price, receiving a response message at the electronic trade engine in response to the request for price message from at least one market maker, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, and allocating the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.