Automated system for routing orders for financial instruments
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United States of America Patent
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N/A
Issued Date -
Jun 22, 2006
app pub date -
Jan 21, 2004
filing date -
Jan 21, 2004
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A method for routing orders for financial instruments among users is provided. A first order for one of a plurality of financial instruments is received from a first user, wherein the first order, which includes undisclosed liquidity, includes a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity. An intention to trade message is sent to each of a plurality of users and the intention to trade message includes information indicative of the first side, first symbol, first price per unit component, and first unit quantity. Information is received regarding one or more orders containing undisclosed liquidity which have been sent to a trade execution entity by one or more of the plurality of users. Based on said information, a responsive order is sent to the trade execution entity to hit or take the undisclosed liquidity.
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