Directed order
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United States of America Patent
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Aug 5, 2014
Issued Date -
N/A
app pub date -
Sep 22, 2006
filing date -
Sep 23, 2005
priority date (Note) -
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Abstract
A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.
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