Methods and apparatus for routing options orders
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United States of America Patent
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Issued Date -
Apr 20, 2006
app pub date -
Oct 19, 2004
filing date -
Oct 19, 2004
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
An options trading system may include a routing system that receives an options trading order from a customer and divides the customer order into secondary orders. Each of the secondary orders may be sent to a respective securities exchange for execution. The size of some or all of the secondary orders may be determined on the basis of a published automatic execution ('auto ex') order size for each exchange for the option in question. For example, the customer order may be divided into four secondary orders each of which matches the respective auto ex size for the respective exchange for the option in question, plus a fifth secondary order that exceeds the auto ex size for the respective exchange for the option in question.
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