Aggregated trading system

Patent metadata

Field	Value
Publication number	US-11449933-B2
Application number	US-201314132936-A
Country	US
Kind code	B2
Filing date	Dec 18, 2013
Priority date	Nov 6, 2003
Publication date	Sep 20, 2022
Grant date	Sep 20, 2022

Abstract

A trading system is described herein for hosting a collection of one or more electronic exchanges. The collection of electronic exchanges may be made up of separately designated exchanges under one or more authorizing and regulating bodies. The trading system receives from traders bids to purchase and offers to sell a tradeable object listed at one of the electronic exchanges. Then, the trading system directs the bids and offers to the appropriate exchange where the bids and offers may be automatically matched in the corresponding market. The trading system may also be used to take actions in one or more markets that are internal and external to the trading system on behalf of a trader using preprogrammed trading instructions.

First claim

What is claimed is:

1. An aggregated trading system configured to host a plurality of independent electronic exchanges, the system including:
a server system including an exchange interface, wherein the exchange interface is in communication with a plurality of remote client devices over a computer network, wherein the exchange interface is configured to provide a connection point for the plurality of remote client devices to send order messages to buy or sell tradeable objects listed at one or more independent electronic exchanges of the plurality of independent electronic exchanges, wherein, when the exchange interface receives an order message to buy or sell a tradeable object at a particular independent electronic exchange within the hosted plurality of independent electronic exchanges, the exchange interface is configured to forward the order message to an exchange switch, wherein, when the exchange switch receives the order message, the exchange switch determines a unique identification code assigned to the particular independent electronic exchange within the aggregated trading system and forwards the order message to the particular independent electronic exchange within the aggregated trading system based on the determined unique identification code;
a communication link between each independent electronic exchange of the plurality of independent electronic exchanges and the exchange switch, wherein the communication link includes a bus enumerator configured to assign a unique identification code to each of the plurality of independent electronic exchanges to identify each independent electronic exchange on the aggregated trading system, wherein each independent electronic exchange of the plurality of independent electronic exchanges is configured to provide market data corresponding to each tradeable object being traded at a corresponding independent electronic exchange to the exchange interface over a corresponding communication link, wherein the exchange interface outputs the market data from the aggregated trading system to the plurality of remote client devices over the computer network; and
a first independent electronic exchange of the plurality of independent electronic exchanges corresponding to the determined unique identification code, wherein the first independent electronic exchange is in communication with an internal exchange interface, wherein the internal exchange interface is configured to monitor for a condition in a market that triggers automatic generation of a trade order message on behalf of a user, wherein the internal exchange interface is configured to detect the condition in the market, and responsively, generate and send the trade order message to a second independent electronic exchange within the hosted plurality of independent electronic exchanges.

2. The system of claim 1 , wherein each independent electronic exchange comprises a self-contained functional trading system.

3. The system of claim 1 , wherein the aggregated trading system is coupled to a gateway.

4. The system of claim 1 , wherein the aggregated trading system is configured to add or remove electronic exchanges.

5. The system of claim 1 , wherein the aggregated trading system is configured to perform trading tasks on behalf of a trader.

6. The system of claim 1 , wherein the aggregated trading system is further configured to forward a trade order message to an electronic exchange that is external to the plurality of independent electronic exchanges.

7. The system of claim 1 , wherein the aggregated trading system is operated by a managing entity.

8. The system of claim 7 , wherein the first independent electronic exchange is controlled by a first entity, and the second independent electronic exchange is controlled by a second entity.

9. The system of claim 8 , wherein the first entity and the second entity are different entities.

10. The system of claim 8 , wherein the first entity is different from the managing entity.

11. The system of claim 8 , wherein the first entity is the same as the managing entity.

12. The system of claim 8 , wherein the second entity is different from the managing entity.

13. The system of claim 8 , wherein the second entity is the same as the managing entity.

14. The system of claim 1 , wherein the aggregated trading system is at a single location under control of a managing entity.

15. The system of claim 1 , wherein the aggregated trading system is at a plurality of locations under control of a managing entity.

16. The system of claim 1 , wherein the plurality of electronic exchanges is made up of separately designated contract markets under a regulating body.

17. The system of claim 16 , wherein the regulating body is a governmental authority.

18. The system of claim 1 , wherein the condition comprises a fill of a trade order.

19. The system of claim 1 , wherein the condition comprises a market related event related to a tradeable object.

20. The system of claim 1 , wherein the trade order message comprises any of a buy trade order message, a sell trade order message, a cancel order message, a modify order message.

21. The system of claim 1 , wherein the trade order message is associated with a trading strategy.

22. The system of claim 21 , wherein the trading strategy comprises a spread trading strategy.

Assignees

• Trading Technologies Int Inc

Inventors

• Burns Michael J
• Monroe Fred

Classifications

• G06Q40/03

  Credit; Loans; Processing thereof · CPC title

• G06Q40/00

  Finance; Insurance; Tax strategies; Processing of corporate or income taxes · CPC title

• G06Q20/382

  insuring higher security of transaction · CPC title

• G06Q40/04 Primary

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q40/025

  Physics · mapped topic