Computer-based system and method for executing orders
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United States of America Patent
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N/A
Issued Date -
Apr 20, 2006
app pub date -
Oct 15, 2004
filing date -
Oct 15, 2004
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
The present invention provides a novel system and method for executing orders. In an embodiment, a system for executing orders includes a communications gateway through which orders and intents can be passed to an internalization engine. The internalization is operable to maintain intents and compare them with incoming orders, and with market feeds of best bid offers, in order to match up certain incoming orders with intents from the same firm in accordance with market rules. Where no match is made, the order is passed to a trading engine, also connected to the communications gateway, so that the order can be processed in the usual manner. Where a match is made, an appropriate portion of the intent is paired with the order and a trade notification is sent to the trading engine for processing in the usual manner.
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