JP6498234B2 - Program-to-program communication using messages related to exchange events and actions - Google Patents

Description

  The present invention relates to inter-program communication using messages related to exchange events and operations.

FIG. 4 illustrates an exemplary set of entities that may be involved in a transaction in some embodiments. Fig. 4 shows an example of an exchange that may be used in some embodiments. Fig. 4 illustrates another example of an exchange that may be used in some embodiments. Figure 7 shows yet another example that may be used in some embodiments. Fig. 4 illustrates an example of a method that may be performed in some embodiments. Fig. 4 illustrates another example of a method that may be performed in some embodiments. Fig. 4 illustrates another example of a method that may be performed in some embodiments. Fig. 4 illustrates another example of a method that may be performed in some embodiments. Fig. 4 illustrates another example of a method that may be performed in some embodiments.

  The following chapters I to X provide guidance for interpreting the present application.

I. The term “product” means any machine, product, and / or composition of matter, unless otherwise specified.

  The term “process” means any process, algorithm, method, or the like, unless otherwise specified.

  Each process (whether method, algorithm, or other name) inherently includes one or more steps, so all references to “steps” or “multiple steps” of a process are essential. Have the preceding description in the mere description of the term “process” or like terms. Accordingly, any reference to “a step” or “a plurality of steps” of a process in the claims has a sufficient preceding description.

  The term “invention” and like terms mean “one or more inventions disclosed in this application”, unless expressly stated otherwise.

  The terms “an embodiment, embodiment, embodiments, the embodiment, the emblems”, “one or more embodiments”, “some embodiments”, “specific embodiments”, “one embodiment” , "Another embodiment", etc., mean "one or more embodiments (but not all) of the disclosed invention" unless stated otherwise.

  The term “variation” of an invention means an embodiment of the invention, unless expressly specified otherwise.

  In describing embodiments, references to “another embodiment” refer to an embodiment that is referred to another embodiment (eg, an embodiment described before the referenced embodiment), unless explicitly stated otherwise. Do not suggest that they are mutually exclusive.

  The terms “including”, “comprising”, and variations thereof mean “including but not limited to”, unless expressly specified otherwise.

  The terms “a”, “an”, and “the” mean “one or more” unless stated otherwise.

  The term “plurality” means “two or more”, unless expressly specified otherwise.

  The term “herein” means “in this application, including anything that may be incorporated by reference”, unless expressly specified otherwise.

  The phrase “at least one of” means that when modifying a plurality of things (such as an enumerated list of things), unless otherwise specified, any combination of one or more of those things. For example, the phrase “at least one of a widget, a car, and a wheel” includes (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car, (v) a widget and a wheel, (vi ) Means either car and wheel, or (vii) widget, car and wheel. The phrase “at least one of” does not mean “one each” of the plurality of things when modifying the plurality of things.

  A number such as “one”, “two”, etc., when used as a radix indicating some quantity (eg, one widget, two widgets) means the quantity indicated by that number, but at least It does not mean the quantity indicated by the number. For example, the phrase “one widget” does not mean “at least one widget”, and thus the phrase “one widget” does not imply, for example, two widgets.

  The phrase “based on” does not mean “based only on,” unless expressly specified otherwise. In other words, the phrase “based on” describes both “based only on” and “based at least on.” The phrase “based at least on” is equivalent to the phrase “based at least in part on”.

  The terms “represent” and like terms are not exclusive, unless expressly specified otherwise. For example, the term “represents” does not mean “represents only”, unless expressly specified otherwise. In other words, the phrase “data represents a credit card number” describes both “data represents only a credit card number” and “data represents a credit card number and represents something else”.

  The term “accordingly” is used herein only in front of a phrase or collection of other words that express only the intended result, purpose, or consequence of something already specified. Thus, when the term “accordingly” is used in a claim, the clause or other words that the term “accordingly” modifies does not establish certain further limitations of the claim, or the claim Does not limit the meaning or scope of the terms in any other manner.

  The term “eg (eg)” and like terms means “for example” and thus does not limit the term or phrase being described. For example, in the sentence “the computer sends data (eg (eg), instructions, data structure) via the Internet”, the term “eg (eg)” means that the “command” It is described that “data” is an example of “data” that can be transmitted via the Internet, and that “data structure” is an example of “data” that can be transmitted by the computer via the Internet. However, both “instructions” and “data structures” are merely examples of “data”, and anything other than “instructions” and “data structures” can also be “data”.

  The terms “respectively” and like terms mean “interpreted individually”. Thus, if two or more things have “respective” characteristics, each such thing has its own characteristics, which may be different from each other, but are necessarily required to be different from each other. Not a translation. For example, the phrase “each of two machines has a respective function” means that a first such machine has a function, and a second such machine has a function as well. The function of the first machine may or may not be the same as the function of the second machine.

  The term “i.e.” and like terms mean “that is”, and thus limits the term or phrase being described. For example, in the sentence “the computer sends data (ie (ie), instructions) over the Internet”, the term “ie (ie)” means that the “instructions” The “data” to be transmitted will be described.

  Any given numerical range should include integers and decimals within that range. For example, the range “1-10” is particularly an integer of 1-10 (eg, 1, 2, 3, 4,..., 9) and a non-integer (eg, 1.1, 1.2,...). 1.9).

  When two or more terms or phrases are synonymous (for example, because a term or phrase is specified as synonymous), one such term / phrase instance is distinct from another such term / phrase Doesn't mean you have to have a meaning. For example, if a sentence indicates that the meaning of "includes" is synonymous with "includes but is not limited to it", simply using the phrase "including but not limited to" The term “including” is not meant to mean anything other than “including but not limited to”.

II. Determining
The term “determining” and its grammatical variants (eg, determining price, determining value, determining what meets certain criteria) are used in a very broad sense. The term “determination” encompasses a wide range of actions, and thus “determination” includes calculation, calculation, processing, derivation, examination, reference (eg, reference to a table, database or other data structure), confirmation, etc. obtain. “Determining” can also include receiving (eg, receiving information), accessing (eg, accessing data in a memory) and the like. Further, “determining” may include resolving, selecting, selecting, establishing and the like.

  The term “decision” does not imply certainty or absolute accuracy, and thus “determination” may include estimation, extrapolation, prediction, inference, and the like.

  The term “decision” does not imply that mathematical processing must be performed, it does not imply that numerical methods must be used, but suggests that an algorithm or process is used is not.

  The term “determining” does not imply that a particular device must be used. For example, the computer does not necessarily have to make a decision.

III. Sentence Form A limitation of the first claim encompasses one feature and more than one feature (eg, a limitation such as “at least one widget” encompasses one widget and more than one widget) ), In a second claim subordinate to the first claim, where the second claim represents a limitation using the definite article “the” (eg, “the widget”). ), Which does not imply that the first claim encompasses only one feature, and does not imply that the second claim encompasses only one feature ( For example, “the widget” may include both one widget and two or more widgets).

  When an ordinal number ("first", "second", "third", etc.) is used as an adjective before a term, the ordinal number is the same or similar term (unless otherwise stated) It is only used to indicate a particular feature, such as to distinguish another feature that is described from that particular feature. For example, a “first widget” may only be so named to distinguish it from, for example, a “second widget”. Thus, simply using the ordinal numbers “first” and “second” before the term “widget” does not indicate any relationship between the two widgets, and similarly, for one or both widgets. It does not exhibit any other characteristics. For example, simply using the ordinal numbers "first" and "second" before the term "widget" indicates (1) whether the widget comes before or after others in order and place Rather, (2) does not indicate that a widget will occur or operate over time, before or after another, and (3) any widget ranks above or below others in importance or quality It does not indicate that it is attached. Furthermore, simply using ordinal numbers does not define numerical limits on features identified by ordinal numbers. For example, simply using the ordinal numbers “first” and “second” before the term “widget” does not indicate that there must be no more than two widgets.

  Where a single device, article, or other product is described herein, alternatively, two or more devices / things (whether or not they work together) Can be used instead of device / object. Thus, a function described as possessed by a device may alternatively be possessed by more than one device / thing (whether or not they cooperate).

  Similarly, where two or more devices, objects, or other products are described herein (whether or not they work together), alternatively, a single device / object is described. It can be used in place of two or more devices or objects. For example, multiple computer-based devices may be replaced with a single computer-based device. Accordingly, various functions described as possessed by two or more devices or objects may alternatively be retained by a single device / object.

  The functions and / or features of a single device described may alternatively be embodied by one or more other devices that have been described but are not explicitly described as having such functions / features. May be. Thus, other embodiments need not include the described device itself, but rather may include one or more other devices having such functionality / features in those other embodiments.

IV. The disclosed examples and terms are not limiting The disclosed scope of the invention should be used in interpreting the meaning of any claim or in limiting the scope of any claim. Neither the abstract (at the beginning of the first page of this application) nor the abstract (at the end of this application) shall be construed as limiting the scope of the disclosed invention in any way. The abstract contains 37 C.C. F. R. Since it is required by §1.72 (b), it is only included in the present application.

  The name of this application and the section headings provided herein are for convenience only and are not to be construed as limiting the disclosure in any way.

  Many embodiments have been described herein and these embodiments are presented for purposes of illustration only. The described embodiments are not limiting in any way and are not intended to be limiting. The invention disclosed in the present application is widely applicable to many embodiments as can be easily understood from the present disclosure. Those skilled in the art will recognize that the disclosed invention can be practiced with various changes and modifications, such as structural changes, logical changes, software changes, electrical changes, and the like. Certain features of the disclosed invention may be described with reference to one or more specific embodiments and / or drawings, but such features are described with reference to, unless expressly stated otherwise. It should be understood that the invention is not limited to use with one or more particular embodiments or accompanying drawings.

  While embodiments may be disclosed as including some features, other embodiments of the invention may include fewer features than all such features. Thus, for example, a claim may be directed to fewer features than the plurality of whole sets in the disclosed embodiments, and such claims may exceed features that the claims explicitly list. Not included.

  None of the method steps or product element embodiments described in this application constitute or constitute the claimed invention, unless explicitly stated in this specification or the claims. It is not essential to the invention described in the above, or does not have the same spread as the invention described in the claims.

  The preamble of a claim merely describes the purpose, benefit and possible use of the claimed invention and does not limit the claimed invention.

  This disclosure is not a complete description of all embodiments of the invention. This disclosure is also not a list of features of the invention that must be present in all embodiments.

  All disclosed embodiments need not be encompassed by the claims (including all pending, amended, issued, and canceled claims). Further, embodiments may be included in some claims (but not necessarily so). Thus, if a claim (whether pending, amended, issued, or canceled) is directed to a particular embodiment, such is the case It is not proof that the scope of other claims does not encompass that embodiment.

  Devices that are described as communicating with each other do not necessarily have to communicate with each other unless otherwise specified. Conversely, such devices need only transmit to each other as needed or desired, and may actually refrain from exchanging data for most of the time. For example, a machine that communicates with another machine over the Internet may not send data to the other machine for an extended period of time (eg, weeks at a time). Furthermore, devices that communicate with each other may communicate directly or indirectly via one or more intermediates.

  The description of embodiments having several components or features does not imply that all or any such components / features are required. Conversely, various optional components are described to illustrate a wide range of possible embodiments of the invention. Unless otherwise stated, the components / features are not essential or required.

  Although process steps or algorithms may be described in the specification or the claims in a specific order, such processes may be configured to be performed in a different order. In other words, any order or order of steps that may be explicitly set forth in the specification or claims does not necessarily indicate a requirement that the steps be performed in that order. The steps of processes described herein may be performed in any order possible. Further, some steps may be performed simultaneously, even though they are described or suggested as not being performed at the same time (eg, because one step is described after the other step). Further, the illustrated process illustrated in the accompanying drawings does not suggest that the illustrated process excludes other variations and modifications thereto, and that the illustrated process or any of its steps is required for the present invention. Does not suggest that the illustrated process is preferred.

  Although the process may be described as including multiple steps, this does not imply that all or any of the steps are preferred, essential or necessary. Various other embodiments within the scope of the described invention include other processes that omit some or all of the described steps. Unless otherwise specified, no step is required or required.

  Although the process may be described alone, i.e. without reference to other products or methods, in embodiments, the process may interact with other products or methods. For example, such an interaction may include linking one business model to another business model. Such interactions can be provided to improve process flexibility or desirability.

  A product may be described as including a plurality of components, aspects, qualities, characteristics, and / or features, whether any or all of the plurality is preferred, essential, or It does not indicate that it is necessary. Various other embodiments within the scope of the described invention (s) include other products that omit some or all of what is described as multiple.

  An enumerated list of items (which may or may not be numbered) does not imply that any or all items are mutually exclusive unless specified otherwise. Similarly, an enumerated list of items (which may or may not be numbered) does not imply that any or all items include any category, unless explicitly stated otherwise. For example, an enumerated list of “computer, laptop, PDA” does not imply that any or all of the three items in the list are mutually exclusive, and any of the three items in the list Or does not suggest that all items encompass any category.

  An enumerated list of items (which may or may not be numbered) does not imply that any or all of the items are equivalent to each other or can easily be substituted for each other.

  All embodiments are exemplary and do not imply that the invention or any embodiment was made or practiced.

V. Calculations It will be readily apparent to those skilled in the art that the various processes described herein can be implemented, for example, by appropriately programmed general purpose computers, special purpose computers, and computing devices. Typically, a processor (eg, one or more microprocessors, one or more microcontrollers, one or more digital signal processors) receives instructions (eg, from a memory or similar device) and Execute instructions, thereby executing one or more processes defined by those instructions. The instructions may be embodied in, for example, one or more computer programs and one or more scripts.

  “Processor” refers to one or more microprocessors regardless of architecture (eg, chip level multiprocessing / multicore, RISC, CISC, microprocessors in which pipeline stages do not interlock, pipeline configuration, simultaneous multithreading) Mean central processing unit (CPU), computing device, microcontroller, digital signal processor, or similar device, or any combination thereof.

  Thus, the description of the process is also a description of the device that performs the process. An apparatus that performs the process may include, for example, a processor, input device, and output device suitable for performing the process.

  In addition, programs that implement such methods (as well as other forms of data) may be stored and transmitted in a number of ways using various media (eg, computer readable media). In some embodiments, wiring circuitry or custom hardware may be used in place of or in combination with some or all of the software instructions that can perform the processes of the various embodiments. Thus, various combinations of hardware and software can be used in place of software alone.

  The term “computer-readable medium” refers to any medium, multiple media, or a combination of different media involved in providing data (eg, instructions, data structures) that can be read by a computer, processor, or similar device. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media includes, for example, optical disks or magnetic disks and other permanent memories. The volatile medium usually includes a dynamic random access memory (DRAM) that constitutes a main memory. Transmission media include coaxial cables, copper wire, and optical fiber, including the wires that make up the system bus coupled to the processor. Transmission media can include or transmit sound waves, light waves, and electromagnetic radiation, such as those generated during radio frequency (RF) and infrared (IR) data communications. As a computer readable medium in a general form, for example, a computer-readable floppy (registered trademark) disk, flexible disk, hard disk, magnetic tape, any other magnetic medium, CD-ROM, DVD, any other arbitrary Optical media, punch card, paper tape, any other physical media with hole pattern, RAM, PROM, EPROM, flash EEPROM, any other memory chip or cartridge, carrier wave described below, or any other media Can be mentioned.

  Various forms of computer readable media may be involved in carrying data (eg, instruction sequences) to the processor. For example, data is (i) sent from a RAM to a processor, (ii) carried via a wireless transmission medium, and (iii) Ethernet (registered trademark) (or IEEE 802.3), SAP, ATP, Bluetooth (registered trademark). ), Formatted and / or transmitted in many formats, standards or protocols such as TCP / IP, TDMA, CDMA and 3G, and / or (iv) encrypted in any of a variety of ways well known in the art for privacy Secure or prevent fraud.

  Accordingly, the process description is also a description of a computer-readable medium that stores a program that performs the process. The computer readable medium can store program elements suitable for performing the method (in any suitable form).

  Just as the description of the various steps in the process does not indicate that all the steps described are necessary, the apparatus embodiment may include some (but not all) of the described processes. Including a computer / computing device operable to perform

  Similarly, an embodiment of a computer readable medium storing a program or data structure has been implemented, as well as an explanation of the various steps in the process does not indicate that all described steps are necessary. In some cases, including a computer-readable medium that stores a program capable of causing a processor to perform some (but not necessarily all) of the described processes.

  When a database is described, one of ordinary skill in the art (i) can easily utilize alternative database structures to those described, and (ii) can readily utilize other memory structures other than the database. Will understand. Any example or description of any example database described herein is an example configuration of stored information representations. For example, any number of other configurations other than those suggested by the tables illustrated in the drawings or elsewhere may be utilized. Similarly, any illustrated entry in the database represents exemplary information only. Those skilled in the art will appreciate that the number and content of entries may differ from those described herein. In addition, despite the database being described as a table, other formats (relational databases, object-based models, and / or distributed databases) may be used to store and manipulate the data types described herein. Can also be used. Similarly, various processes as described herein can be implemented using database object techniques or behaviors. Further, the database may be stored in a known manner, either locally or remotely on a device that accesses data in such a database.

  Various embodiments can be configured to operate in a network environment including a computer that communicates (eg, via a communication network) with one or more devices. The computer may be any wired or wireless medium (eg, Internet, LAN, WAN, or Ethernet, token ring, telephone line, cable line, wireless channel, optical communication line, commercial online service provider, bulletin board system, It may communicate with the device directly or indirectly via a satellite communication link, any combination thereof. Each device itself may comprise a computer or other computing device configured to communicate with the computer, such as those based on an Intel®, Pentium®, or Centrino® processor. Any number and type of devices can communicate with the computer.

  In an embodiment, a server computer or central authority may not be necessary or desirable. For example, the present invention may be implemented in one or more devices without central authority in embodiments. In such embodiments, any function described herein as being performed by a server computer or data described as being stored on a server computer may alternatively be one or more of such Can be executed by or stored on such devices.

  Where a process is described, in an embodiment, the process may operate without any user intervention. In another embodiment, the process includes some human intervention (eg, steps are performed with or with human assistance).

VI. Continuation Application This disclosure provides those skilled in the art with a description that allows several embodiments and / or inventions to be practiced. Some of these embodiments and / or inventions may not be described in the claims of this application, but nevertheless one or more that claim the benefit of priority of this application. In the claims of the continuation application.

  Applicants intend to file additional applications to further patent their subject matter, which is not disclosed in the claims of this application but is disclosed and enabled.

VII. US Patent Act § 112, paragraph 6
In the claims, a limitation of a claim that includes the term “means for” or the term “step for” means that US Pat.

  In the claims, a claim limitation that does not include the term “means” or the term “step” means that the limitation describes a function that does not describe a structure, material, or operation to perform the function. Regardless, it means that § 112 paragraph 6 of the US Patent Act does not fall under that limitation. For example, in the claims, the simple use of “step” with reference to one or more steps of a claim or one or more steps of another claim is It does not mean that it corresponds to a step.

  With respect to means or steps for performing a particular function in accordance with US Patent Act § 112 paragraph 6, the corresponding structure, material, or operation described herein, and equivalents thereof, may include additional functions as well as specified functions. Can be executed.

  Computers, processors, computing devices, and similar products are structures that can perform a wide range of functions. Such a product is operable to perform a specified function by executing one or more programs, such as a memory device within the product or a program stored in a memory device accessed by the product. Can be. Unless otherwise specified, such a program need not be based on any particular algorithm, such as any particular algorithm that may be disclosed in the present application. It is important to note that the specified function can be performed through different algorithms, and which one of several different algorithms is only a design choice for performing the specified function. It is well known to the traders.

  Thus, with respect to means or steps for performing a specified function in accordance with US Patent Section § 112, paragraph 6, the structure corresponding to the specified function includes any product programmed to perform the specified function. Such a structure may depend on either (i) the disclosed algorithm for performing the function, (ii) an algorithm similar to the disclosed algorithm, or (iii) a different algorithm for performing the function. Includes programmed products that perform functions regardless of whether they are programmed.

  When a means for performing a function that is a method is described, one structure for performing the method includes a computing device (eg, a general purpose computer) programmed and / or configured with hardware suitable for performing the function. .

  Also included is a computing device (eg, a general purpose computer) programmed and / or configured with appropriate hardware to perform its functions via other algorithms as understood by those skilled in the art.

VIII. Disclaimers Multiple references to a particular embodiment do not indicate additional different embodiments of the disclaimer or disclaimer, and similarly, a reference to a description of an embodiment that includes all the particular features refers to that particular feature. It does not indicate a disclaimer or a denial of an embodiment not included. Apparent disclaimers or denials in this application shall be preceded by the phrase “does not include” or the phrase “cannot execute”.

XI. INCORPORATION BY REFERENCE Any patent, patent application, or other document referenced herein is hereby incorporated by reference as part of this disclosure, but is subject to the requirements set forth in US Patent Section §112 paragraph 1 and S. C§112 Paragraph 1 only for enabling requirements and should not be used to limit, define, or otherwise interpret the terms of this application in any way, and this application is hereby incorporated by reference. If not, it will certainly provide a certain meaning, but rather it will be possible to provide a certain meaning for such terms. Accordingly, those skilled in the art need in no way be limited by any embodiment provided in the reference.

  Any incorporation by reference in its own right is support for any reference, opinion, claim or characterization contained in any incorporated patent, patent application, or other document, unless expressly stated otherwise in this patent application, Does not suggest approval or acquiescence.

X. In the course of interpreting this application (including claims), other patent applications that share the priority claim of this application may or may not exist, regardless of whether there are other patent applications recognized as being relevant to this application. Regardless of whether they exist, one skilled in the art will refer to the application history of the present application, but not the application history of other patents or patent applications.

XI. Example Embodiment FIG. 1 shows the configuration of an exchange 101 as an example of being coupled to an exchange participant 103. Exchange 101 may include one or more computer systems and / or computer components configured to provide trading services to participants 103. The exchange 103 can accept information regarding the trading intention of the participant 103. Exchange 101 may identify when a pair of participants' trading intent matches. Exchange 101 may fulfill a transaction that meets a matching transaction intention.

  An exchange may include one or more computer systems and / or computer components configured to match orders for financial instruments and facilitate the fulfillment of trades that meet matching orders. The exchange may include an alternative trading system, such as a LiquidNet alternative trading system or an Aqua Equities alternative trading system. An example of an alternative trading system is described in US patent application Ser. No. 12 / 257,499, filed Oct. 24, 2008, which is hereby incorporated by reference. Exchanges may include primary exchanges that can make initial offers and / or secondary trades, such as the New York Stock Exchange and the Chicago Mercantile Exchange.

  Financial instruments include instruments that show ownership of a liability or asset and / or any derivative instrument thereof, such as common stocks, stocks, fixed income instruments, bonds, bonds, certificates of interest or deposits, warrants, It should be understood to include options, futures, forwards, swaps, or generally any security.

  Participant 103 may include any entity that participates in trading activities through exchange 101. For example, participants can include an algorithmic trading system. Such an algorithmic trading system may monitor information and request that various trades be fulfilled by the exchange 101 based on changes in the information. Participants may include proprietary traders. Such a proprietary trader may require the exchange 101 to perform a transaction on the participant's own account. An example of such a trader is a hedge fund. Another example of a participant can be a broker. The broker may request performance of the transaction by the exchange 101 on behalf of the broker's client 105. In some implementations, the client 105 may communicate with the broker through the communication network 107. Such communication networks may include, for example, a telephone network for a traditional mediation service, a computer network for an electronic mediation service, and / or any other communication network (eg, the Internet, a private network, etc.).

  It should be appreciated that a participant can include any combination of computers and people. For example, Internet brokers such as Etrade can act as participants commanded by human investors, traditional brokers can interface using direct connections to exchanges, and algorithmic traders An investment bank can analyze a company by executing an algorithm based on the data and using a few human inputs or generating orders based on the output of the algorithm without human input. , Generate orders based on that information (eg, through something intervening or directly on the exchange) and may include highly skilled investment professionals, and so on.

  In some embodiments, the participant 103 may communicate with the exchange 101 through the communication network 109. Communication network 109 may include, for example, the Internet, a data bus, a dedicated wired or wireless communication link, and / or any other communication network. Communication network 109 may allow unidirectional or bidirectional communication. The communication network 109 may enable communication using, for example, TCP / IP. Information can be passed through the communication network in any form, including, for example, multiple data packets.

  In some embodiments, one or more participants may communicate information regarding trading intent to the exchange. For example, the order may be sent from the participant in the form of an electronic message to the exchange through the communication network 109. An order may define the side of the financial instrument.

  An example of a set of communications involving linking multiple orders for fulfillment through an exchange is described in US patent application Ser. No. 09 / 627,705, filed Jul. 28, 2000. This patent application is incorporated herein by reference.

  In some embodiments, the exchange may communicate to the participant that a matching order has been found. For example, the exchange may send an electronic message that identifies a match to the order. In some implementations, if a match is found, the order may be fulfilled and such an indication sent. In some implementations, if a match is found, prior to fulfilling the transaction, the participant may be asked to confirm the order and the instructions may be translated to facilitate such fulfillment.

  In some embodiments, participants may communicate information regarding one or more events that may condition the order. For example, in some implementations, the electronic message may indicate that an order may be submitted if an event occurs. Events may include events related to financial instruments for which orders are submitted, events related to different financial products, events not related to financial products, and / or any other event. Events include the condition validity period (eg, 7:00 am to 9:00 pm), the change in the value of the second financial product, the change in the transaction volume of the second financial product, the announcement of financial results by the company, the industry It may include regulatory changes, regulatory credit rating changes, and / or any other occurrences, events, etc. In some implementations, the event may be related to an occurrence that may or may not occur.

  In some embodiments, participants may communicate information regarding one or more events that may cause the order to be adjusted. For example, in some implementations, an electronic message may indicate that an order should be removed from the order queue when an event occurs, and the electronic message should change the order quantity when the event occurs The electronic message can indicate that if an event occurs, the passive order should be changed to an aggressive order, and the electronic message should change the price of the order if the event occurs The electronic message may indicate that the order should be returned to the queue when the event occurs, and / or the indication should make any other adjustments to the order when the event occurs Can be shown.

  In some embodiments, the exchange may communicate information about the event to participants. For example, in some implementations, an exchange may send an electronic message indicating that an event has occurred and / or has not occurred.

  In some embodiments, communication through communication network 109 may include a delay. The delay may include the time it takes for information to be transmitted from the information source to the information destination. For example, the delay may include time for routing information through the network, time for information to be transmitted over a wire, time for information to be processed by an intermediate system, and the like. Delays can cause sub-optimal transaction results in some situations, such as when multiple participants compete for transactions after an event occurs.

  The information source 111 may include one or more providers of information that may be relevant to decisions regarding transactions. The information source 111 may be part of the exchange 101 and / or may be a separate entity. Information includes, for example, information about transactions that have occurred, information about pending orders (eg, in the order queue), information about transaction volume, information about price changes, information about financial products, information about indexes Information, information about the type of financial instrument, information about the industry, information about political events, information about regulatory changes, and / or information about any other event may be included. Such information may be useful, for example, for algorithmic trading systems that make decisions about orders based on such information as well as human investors that make decisions about trading based on various information. In some implementations, information about events at an exchange (eg, trading stack, performance of a transaction, etc.) is shorter due to less communication delay than from an intermediary that processes such information. Although it can be reported by the exchange with a delay, it can nevertheless be delayed based on, for example, a communication delay through the communication network.

  FIG. 2A illustrates an example exchange 201 according to some embodiments.

  As shown, exchange 201 may couple to participant 203 through communication network 205. Some example participants and communication networks have been described above in connection with FIG. As shown in FIG. 2A, the exchange 201 may include a matching engine 207, an interface 209, a first communication network 211, an event engine 213, and a second communication network 215. It should be appreciated that these components are provided as examples only, and that various embodiments may include any number of additional components and / or alternative components. For example, in some implementations, a single bus may be used, the interface may be a separate machine, a separate rules processing engine may be used, an event engine and a matching engine may be combined, and additional desired Any other component that provides this functionality may be included.

  Matching engine 207 may include one or more machine components. In some implementations, the matching engine may include one or more processors. Such a processor may include a general purpose processor configured to match orders. Such configuration may be done via hardware and / or software (eg, programming and / or writing). The matching engine may be dedicated to specific financial products, specific events, specific order types, specific financial product types, types of feature adjustments to orders, etc., as desired. In some implementations, the matching engine may include a machine component (eg, processor) that identifies an order match for a financial instrument and fulfills a transaction that satisfies the matching order. In some implementations, the matching engine relates to matching so that if multiple buy orders match a single sell order, the buy order with the highest priority in the queue is selected as the matching buy order. A buy order queue that holds prioritized orders and a sell order queue may be maintained.

  Matching engine 207 may include a financial product buy order queue 217. The buy order queue may include a prioritized collection of financial product buy orders. Orders can be given priority in any desired manner. For example, an order is associated with the time placed in the queue, the time the exchange received the order, the time the order was created, the time the matching engine received the order, and the event that triggered the creation of the order Priorities may be given based on time, order size, order price, and the like. In one embodiment, priority may be given to queues primarily, for example, so that the highest priority is given to the highest price buy order for each financial instrument. In some implementations, the queue may be secondarily prioritized so that buy orders of the same price are prioritized based on the time placed in the queue. It should be appreciated that any prioritization may be used in various embodiments. That the queue may include any collection prioritized in any way, and that the word queue requires any additional attributes to the attributes described herein. It should be appreciated that it should not be read, nor should it be read that such an attribute exclusion is necessary.

  Matching engine 207 may include a financial product sell order queue 219. The sell order queue may include a prioritized collection of financial product sell orders. Orders can be given priority in any desired manner. For example, an order is associated with the time placed in the queue, the time the exchange received the order, the time the order was created, the time the matching engine received the order, and the event that triggered the creation of the order Priorities may be given based on time, order size, order price, and the like. In one embodiment, priority may be given to the queue primarily, for example, so that the highest priority is given to the lowest price sell order for each financial instrument. In some implementations, the queue may be secondarily prioritized so that sell orders of the same price are prioritized based on the time placed in the queue. It should be appreciated that any prioritization may be used in various embodiments.

  In some implementations, the queue may include memory (eg, RAM, registers, solid state memory, hard disk drives, etc.). In some implementations, the order of elements in the memory may correspond to the order of priority in the queue. In some implementations, priority may be given, for example, by linking from the first prioritized memory location to the next memory location, and so on, to the memory location set that contains the order. In other implementations, physical memory locations may have a static priority. In other implementations, any other method of ordering memory and / or prioritizing orders may be used.

  In some implementations, placeholder orders may be placed in a queue. For example, such an order may be used to maintain a priority based on the time of the order deleted from the queue (eg, temporarily). Such a placeholder order, for example, by adding a node to a list that indicates where the order is, but indicates to the matching engine that the order should not actually be used for order matching. Can be placed in a queue. In other embodiments, the previous order may be flagged as inactive, so that the previous order is not subject to matching and such a flag may be changed later to restore the order.

  In some implementations, multiple buy order queues and / or multiple sell order queues may be used. For example, in some implementations, a very large order may use a separate queue from other orders, a limit order may use a separate queue from market orders, Queues can be used to balance the order load, etc.

  In some embodiments, the matching engine may receive order instructions. Such instructions may be received from a remote system, event engine, etc. over a bus, another communication network. The matching engine (eg, in response to receiving an order instruction) may add the order in the appropriate queue with the appropriate priority level. For example, if the order is a buy order, the order may be added to the buy order queue at a priority level according to the matching engine's prioritization procedure. In some implementations, instructions that add orders to the queue may be added to the instruction stack. The instruction stack may include a collection of instructions that the matching engine is asked to process in some priority order (eg, FIFO). When the matching engine has finished processing other higher priority instructions in the instruction stack, it may process instructions that add orders to the queue, thereby causing the matching engine to add orders to the queue.

  In some embodiments, the matching engine may include an arithmetic logic unit and / or other processing elements that perform the processing of the matching engine. For example, such a processing unit may execute instructions from the instruction stack. Such a processing element may make a determination as to whether the two orders match. Such a processing element may operate if the two orders match. The matching engine may have any number of such processing elements that can be general and / or dedicated to the desired purpose. For example, in some implementations, the matching engine may include a processing element that adds an order to the queue and a processing element that determines whether there is a match in the queue and operates accordingly.

  In some embodiments, the matching engine may determine whether an order in the buy order queue matches an order in the sell order queue. For example, the processing element may determine whether a highest priority buy order matches a highest priority sell order. In some implementations, multiple orders may match a single order. In some implementations, multiple orders may match multiple orders. For example, if an order is the opposite side of a transaction for the same financial instrument and is of the same price and / or overlapping price range, the order may match another order. In some implementations, an order may match if it is of a similar quantity (eg, an order may only match orders with a quantity that is at least 10% of that order's quantity). In some implementations, multiple smaller orders may match a single larger order. In some implementations, the order may partially match. Partially matching orders may be removed from the queue, non-matching portions may be left in the queue, and so on.

  In some embodiments, in response to determining that the first and second orders match, the matching engine may fulfill a transaction that satisfies at least a portion of each of the two orders. Implementation may include, for example, sending an indication that execution should be performed. In some implementations, fulfillment may include, for example, changing information about orders stored in the database to indicate that the orders have been fulfilled with respect to each other. In some implementations, fulfillment may include clearing, money transfer, ownership transfer, backend processing, and the like. In some implementations, some or all of the performance-related operations may be performed by a remote system, exchange, matching engine, person, etc. It should be appreciated that any action that transfers ownership of a financial instrument can be used in various embodiments as an implementation.

  As described above, the exchange 201 may include an interface 209. Interface 209 may be useful for communication of information between an exchange and outside the exchange (eg, communication network 205). The interface may include a network interface, as is well known. The interface may process incoming communications and direct communications to various components of the exchange, such as an event engine and a matching engine. Interface 209 may accept indications of exchange events (eg, trade fulfillment) and direct information to the destination via communication network 205.

  In some embodiments, interface 209 may receive information about events associated with the exchange. For example, such information may include order queue information, price information, rate of change information, fulfillment information, transaction volume information, and the like. Such information may also be received from other elements of the exchange (eg, matching engine, event engine, etc.) and / or from outside the exchange (eg, information source). Such information can be reported outside the exchange. By doing so, the exchange can serve as an information source for such information. By obtaining information about events that have occurred on a transaction from an exchange rather than an external information source, delays in information can be reduced.

  In some embodiments, the interface 209 may include one or more machine components. Such components may include one or more processors, memories, etc. It should be appreciated that interface 209 is provided as an example only, and in other embodiments, no interface and / or source components may be included.

  Communication network 211 may be useful for communication between components of exchange 201. The communication network 211 may include a single machine data bus and / or any other communication network (eg, a LAN, etc.).

  As described above, the exchange 201 may include an event engine 213. Event engine 213 may include one or more computer components. For example, event engine 213 may include a processor, memory, and / or any other component. In some embodiments, the event engine may include a machine component (eg, a processor) that determines when a condition is met based on the occurrence of the event. In some embodiments, the condition may include a precondition that may occur before the condition is met. A condition may include one or more events that may occur before the condition is met. Any number of operations may depend on the conditions satisfied.

  In some embodiments, the event engine 213 receives information identifying one or more events and information identifying one or more orders that may be conditioned on all or some of the occurrences of the events. obtain. Event engine 213 may store information about orders and events (eg, in a database, memory, etc.). In one example embodiment, event engine 213 may receive an electronic message transmitted from participant 203 through communication network 211. It should be understood that the message may be subject to any number of variations, may be divided into a number of packets or sub-messages, may be received as multiple separate or connected messages, etc. . In one example, the message may indicate that a buy order for ESpeed 100 shares should be submitted to the exchange if the trading volume of ESpeed shares reaches a threshold level. It should be appreciated that the embodiments are not limited to simple market orders, and that various embodiments may include any type of order.

  In some embodiments, the event engine 213 receives information identifying one or more events and information identifying one or more actions that may be conditioned on all or some of the occurrences of the events. obtain. Event engine 213 may store information about operations and events (eg, in a database, memory, etc.). In one example embodiment, event engine 213 may receive an electronic message transmitted from participant 203 through communication network 211. It should be understood that the message may be subject to any number of variations, may be divided into a number of packets or sub-messages, may be received as multiple separate or connected messages, etc. . In one example, the message may indicate that an ESpeed 100 share buy order should be changed to an ESpeed 50 share buy order if the ESpeed share price reaches a certain threshold. In another example, the message may indicate that the buy order for ESpeed 100 shares should be removed from the queue if a sell order for a number of ESpeed shares exceeding a certain threshold is received. The message may indicate that an ESpeed 100 share buy order should be returned to the queue if at least the threshold portion of the 100 share sell order is met. As yet another example, the message may indicate that a passive buy order for ESpeed 100 shares should be changed to an aggressive buy order for ESpeed 100 shares if the number of buy orders for ESpeed shares reaches a threshold level. It should be appreciated that these examples are non-limiting and are given as illustrations of particular embodiments.

  In some implementations, such information is processed to facilitate analysis of whether or not an event has occurred and / or what happens if any order is submitted when the event occurs, And / or may be memorized. For example, a database in which such information is stored may be keyed based on the event so that when an event occurs, all operations that are conditional on the event can be easily referenced in the database.

  In some embodiments, the event engine 213 may receive information regarding the occurrence of one or more events. Such events may include, for example, events that occur at an exchange, events that occur outside an exchange, and the like. For example, information about the event may be received through the communication network 211. Such information may be received from an external source, from an exchange matching engine, from an exchange remote machine or the like. In one example, the electronic message may indicate an event such as the value of the trading volume of an ESpeed stock.

  In some embodiments, the event engine may determine whether information received about the event meets one or more conditions conditioned by the order and / or action. In some implementations, the event engine may make such a determination periodically, randomly, and / or at any other time in response to receiving event information. In some implementations, such a determination can be made, for example, by referring to information stored about the condition. In some implementations where an order and / or action may be conditional on multiple events, a flag may be set (eg, in the database) to indicate that the event has occurred. If all conditions are flagged, the condition can be met. If an event occurs such that a condition is no longer met (eg, transaction volume is reduced), the flag may be unset. It should be appreciated that some orders may be conditioned on some and / or all of the conditions being met. For example, an order may be subject to a complex set of conditions, such as (condition A AND condition B) OR (condition C BUT NOT condition D) OR (condition E) in some implementations.

  In some embodiments, the event engine may determine whether a condition conditioned by the order and / or action has been met. For example, if an order is only conditional on the ESpeed transaction volume reaching a certain level and receiving event information indicating that such level has been reached, the event engine will satisfy the condition that the order is conditional on. It can be determined that For example, in some implementations, the event engine searches a database or collection of other conditions and / or queries to determine whether a condition associated with the order and / or action is flagged. Can be judged. It should be appreciated that such a determination can be made in any desired manner, including but not limited to periodic queries to the database, messages caused by the database, and the like. For more complex conditioning, the event engine may determine whether the condition set that causes the order has been met (eg, from the above example, if A and B are true, C is true, but D is true If not, or if E is true).

  In some embodiments, for one or more fulfilled orders and / or actions, the event engine may submit one or more orders and / or perform one or more actions. Can promote. It should be appreciated that in some embodiments, any number of orders may be submitted and / or any number of actions may be performed if conditions are met.

  In the example of an ESpeed order, the event engine 213 may facilitate submitting a buy order for 100 ESpeed stocks. The order may be submitted according to any other information received regarding the order, as described above. In some embodiments, facilitating order submission by the event engine may include having the matching engine 207 add the order to the order queue. In the ESpeed brand example, the event engine may cause a buy order for 100 ESpeed brands to be added to the matching engine's buy order queue.

  As another example, a first buy order for ESpeed 100 shares may be placed in a queue at a price of $ 100 per share. Adjustment instructions and conditions may be received. Adjustment instructions and conditions may be received along with instructions for the first order. Conditions and adjustments may identify that an adjustment should be made to the order if the conditions are met.

  For example, if a large sell order for ESpeed stock is received (eg, an order exceeding a threshold, a sell order exceeding 1000 shares), the required adjustment may be to remove a buy order for 100 shares from the queue. In some implementations, the second condition and action may be received. The second condition and action is when some of the sell orders are satisfied (eg, the threshold portion is satisfied, etc.), when the total quantity associated with the sell order is reduced (eg, some threshold amount (And below) and / or if any other event occurs, the order may be returned to the queue. The exchange may monitor these conditions as they occur and facilitate adjustments to orders accordingly.

  As another example, if a sell order price change occurs (eg, a large increase or decrease), the required adjustment may be to increase or decrease the quantity associated with the order. For example, if the price is reduced, the quantity can be increased, and if the price is increased, the quantity can be reduced.

  As another example, if a sell order quantity change occurs, the first order may be changed from a passive order to an aggressive order. For example, if the quantity of available sell orders is reduced below a threshold, a passive buy order may be changed to an aggressive buy order. In some implementations, the quantity may vary as well.

  Exemplary operations and conditions are non-limiting, and in various embodiments, any combination of the above operations and / or conditions, any associated operations and / or conditions, and / or any other It should be appreciated that actions and / or conditions may be used. For example, an increase in offered and / or bid price, a decrease in offered and / or bid price, an increase in demand and / or quantity offered, a reduction in demand and / or quantity offered, and / or others Any combination of any of the following events may change the order status from passive to aggressive, change the order type, change the order price, change the order quantity, cancel the order, submit the order, and / or any other Can cause any combination of actions, such as desired actions.

  In some implementations, processing event occurrences by an event engine that is part of an exchange may reduce delays related to order submission and / or actions subject to the event occurrence. For example, if such information is not processed by event engine 213 but is processed off-site by participant 203, the delay associated with receiving event information may increase (eg, event information When related to events occurring at an exchange, such as when a participant has a slower connection to an information source than the exchange), delays in order submission and / or action may increase (eg, through the communication network 205). By sending) etc.

  In some implementations, a delay associated with sending information about an order (eg, order submission, order adjustment, order deletion, etc.) to the matching engine sends information about the order to the matching engine. It may be based on a communication network as a medium. Various embodiments reduce the length of the communication network to reduce such delay, increase the bandwidth of the communication network, reduce such delay, and prioritize order information on the communication network. A degree of delay can be provided to reduce such delays, a communication network can be dedicated to such functions, and so on.

  In some embodiments, the communication network 215 may include a data bus. The data bus may allow communication from the event engine to the matching engine. The data bus may be a dedicated bus that allows such communication. Such communication can be unidirectional or bidirectional. In some implementations, such a bus may directly couple an event engine and a matching engine in the same machine. In some implementations, the data bus may include an event injection bus. In some implementations, orders received over the bus can serve as interrupts to the matching engine. In some implementations, order and / or action instructions sent to the matching engine over the bus may be added to the instruction queue so that they are processed before at least one other pending instruction. For example, instructions that process orders and / or actions may be added to the top of the instruction stack so that the orders and / or actions are then processed by the matching engine. In some implementations, instructions for processing orders and / or actions may be added before instructions for processing other pending orders and / or actions. In some implementations, such instructions may include orders and / or actions received from other sources (eg, orders and / or actions not received from the event engine, orders received from participant 203 and / or Or may be added to be processed prior to operation, etc.). In some implementations, a separate instruction queue may be maintained for orders and / or actions from the event engine that may be processed before other orders and / or actions.

  In some embodiments, the data bus may include a communication network used to transmit information to / from machine components. In some implementations, the data bus may provide much faster data transfer than a communication network that involves communication between multiple remote machines. In some implementations, the data bus can also provide direct memory access and direct register access so that data and events can be injected from one machine component to another.

  In some implementations, orders and / or actions received from the event engine are given higher priority than orders and / or actions received from other sources, It can be processed earlier and / or with higher priority than other orders and / or actions and / or can affect the order queue. This may be performed even if the matching engine receives other orders and / or actions prior to orders and / or actions from the event engine.

  In some implementations, prioritizing orders from the event engine may reduce the delay between the occurrence of an event and the order being added to the order queue. Such priority may increase the priority level received by an order if the matching engine is configured to give priority to the order based on when the order was added to the order queue.

  In some embodiments, orders and / or actions may be time stamped. Such a time stamping may be used to assist the prioritization in the order queue by the matching engine. In some implementations, for example, the order and / or action sent from the event engine includes the time when the event occurred, the time when the indication of event occurrence was processed by the event engine, the original order being adjusted or added May be time-stamped using time originally associated with the event occurrence, such as time originally submitted or otherwise time-stamped, and / or any other desired time. The matching engine may process the order and / or action using the time stamp to place the order at a location in the queue regardless of when the matching engine received the order and / or action. Thus, in some such implementations, based on time stamps, even if orders and / or actions are received and processed by a matching engine after orders and / or actions from another source. Within the order queue, orders and / or actions from the event engine may be given higher priority than other orders and / or actions. Other orders may have, for example, a late time stamp and / or no time stamp. If other orders are not time stamped, they may be processed as if they had a time stamp equal to the time added to the queue or when another event occurred.

  It should be appreciated that the descriptions of the individual components of FIG. 2A are given as examples only. It should also be appreciated that the exchange of FIG. 2A is provided as an example only. In various embodiments, any combination of components and any set of components may be used. Such components may include, for example, security components, credit components, reporting components, clearing components, and the like.

  FIG. 2B illustrates an example embodiment in which the communication network 215 is configured to allow direct memory access from the event engine 213 to the queues 217 and 219. In such an embodiment, the order information in the queue may be changed by direct memory access of the information. For example, order information (eg, order price, order quantity, order time stamp, etc.) may be stored in a memory location. The memory location may be accessed (eg, by an event engine or some other component) to read information and / or change information to adjust the order. In some embodiments, through direct memory access, a queue may be searched for a specific order to identify a memory location (eg, by following a series of links in a linked list to find an order, etc.) . In some implementations, the event engine may track the memory location based on communication with the matching engine (e.g., the matching engine may record information for the event engine to later adjust the order, such as An indication of the memory location where the order is located may be sent to the event engine). Such communication may be performed with all orders, some orders, orders placed by the event engine, and so on. In some implementations, orders may be added and / or deleted using such direct memory access (eg, by adding a node in the list, deleting a node from the list, etc.). .

  FIG. 2C shows another embodiment of an exchange having a separate rule or action processing element 221. Rule or action processing may handle actions such as order adjustments, similar to the event engine described above. For example, a rule or action processing element may track the conditions that an action is conditioned on and facilitate actions that satisfy the condition. A rule or action processing element may receive information about the event from an event engine, a matching engine, and / or an external source. Coordination may occur through communication networks 215 and / or 211.

  The example exchanges of FIGS. 2A, 2B, and 2C are given as such examples and / or any other desired configuration or element, and are merely examples and any of the elements from other embodiments It should be recognized that a combination of

  FIG. 3 illustrates an example embodiment of an exchange 301 that includes an event engine 303, a plurality of matching engines 305, and a communication network 307. In some implementations, the event engine 303 may interact with each matching engine 305 in a manner similar to the above interaction of FIG. 2A.

  As described above, the matching engine may be dedicated to one or more financial products, one or more order types for financial products, one or more order size ranges, one or more operation types, etc. . Thus, multiple matching engines may be included in an exchange to provide more services for transactions involving a single financial instrument and / or multiple financial instruments. In some implementations, for each matching engine, a particular subset of all orders in the exchange may be a task. In other implementations, the matching engine may operate in parallel on the same order set to share the load of order processing, such as very liquid goods.

  In some embodiments, one or more event engines 303 may be coupled to multiple matching engines 305. The event engine 303, shown here as one engine, may provide orders and / or actions to the matching engine based on the occurrence of the event, as described above with respect to FIG. 2A. It should be appreciated that multiple event engines may be paired with a single matching engine or multiple event engines may be paired with multiple matching engines as desired. For example, the event engine may be designed to handle specific types of events, specific types of orders, and the like.

  In one example embodiment, event engine 303 may process orders for ESpeed financial instruments. Each of the matching engines may process one each of ESpeed's receivables, ESpeed's preferred stock, ESpeed's common stock, and ESpeed's stock futures. The event engine may process orders associated with all such items. The event engine may handle events related to such merchandise and / or any other event.

  Communication network 307 may include a data bus as described above. The data bus can be a bus shared by multiple matching engines, as shown. In other embodiments, a dedicated data bus may couple each matching engine to the event engine.

  3 considers a configuration similar to FIG. 2A, but other embodiments include direct queue access as discussed with respect to FIG. 2B, a separate rules engine discussed with respect to FIG. 2C, and / or any other desired It should be appreciated that the above-described components and / or configurations may be incorporated.

  FIG. 4 shows yet another example exchange. As shown in FIG. 4, the exchange 401 may be implemented with multiple systems (eg, blades, servers, machines, general purpose computers, etc.). This example exchange includes four order clusters 403, an event controller 405, an event network 407, an interface 409, a communication network 411, and an additional component 413.

  The order cluster 403 may include any number of matching engines and event engines combined in any manner, as described above. Order clusters can be implemented with blades, servers, and the like. An order cluster may process orders, events, and / or actions associated with a particular financial instrument, event type, action type, and / or order type. An exchange may have any number and / or configuration of order clusters.

  The order cluster can receive and / or transmit event information (eg, from other event engines, to other event engines, from external sources, to external sources, to event controller 405, from event controller 405, etc. ), Which may include an event engine coupled to the communication network. Such a communication network is shown as event network 407 in FIG. The event network may include a communication network that allows event information to be communicated between different systems and / or components. Such a network may be dedicated to event communication to reduce delays associated with communication of event information. For example, an event may relate to something that has occurred in a first order cluster, and a second order cluster may be necessary to determine whether an order should be generated. A high-speed communication network dedicated to event information may reduce the delay associated with such communication of such information. However, it should be appreciated that in other embodiments such a dedicated network may not be included, and in various embodiments, any configuration of communication network may be used.

  In some embodiments, the event controller 405 may receive information about the event and send the information to one or more order clusters using an event network or any other communication network. In some embodiments, an event controller may not be included. In some embodiments, the event engine is not included in the cluster and the event controller may operate as the event engine. In some embodiments, the event engine may provide any desired event processing, such as intermediate event processing, variable setting, communication of event information outside the network, and the like.

  In some embodiments, the order cluster may include an interface for communicating information such as receipt of orders, receipt of conditions for orders, and the like. Such an interface may be coupled to communication network 411. The communication network 411 may operate as a general communication network between exchange components. In other embodiments, any configuration of communication network may be used.

  Interface 409 may interface between external sources such as participants, information sources, and the exchange. Information may be sent and received through a communication network 411 that enables exchange components to communicate with external sources.

  Additional components 413 may include any other desired component of the exchange. For example, such components may include a clearinghouse, a credit function, a security function, a separate rule processing function, and the like.

  It should be appreciated that this example exchange is non-limiting and that in various embodiments, any configuration of exchange components can be combined in any manner. In some embodiments, for example, multiple configurations as shown in FIG. 4 may be combined in any way to create a larger exchange. Such an abstraction can be made any number of times to produce an exchange of any size that can accommodate any number of orders desired. Although the order cluster is described as being similar to the configuration of FIG. 2A, other embodiments may include direct queue access as described in FIG. 2B, a separate rule processor as described in FIG. 2C, and / or any desired It should be appreciated that configurations including the following components and / or configurations may be included.

  FIG. 5 illustrates an example method 500 that may be implemented in some embodiments. Method 500 may be performed by one or more processors and / or other components of an exchange such as a matching engine, event engine, interface, and the like.

  As shown in block 501, method 500 may include receiving a condition indication. This indication may be received from a remote computer. A condition may define one or more events. The condition can be met when an event occurs, as described above.

  As shown in block 503, the method 500 may include receiving an order instruction. This indication may be received from a remote computer. The remote computer may be the same computer as the computer from which the condition instruction is sent. The condition instructions and order instructions may be received together (eg, simultaneously in one electronic message, etc.), may be one instruction, may be separate instructions, etc. An order defines the side of a transaction for a financial instrument.

  As shown in block 505, the method 500 may include determining that an event has occurred. Such a determination can be made by the processor. For example, such a determination can be made by the event engine of the exchange. In some implementations, for example, such a determination is made when an indication that an event has occurred is received (eg, from an external source, a matching engine, another component of an exchange, etc.). Alternatively, it may be performed when an event database is searched, or may be performed when an event occurs at an exchange (for example, when a matching engine uses a transaction). In some implementations, the event occurrence indication may be received and transmitted by an exchange component and / or an external source.

  As shown in block 507, the method 500 may include sending an order instruction to the matching engine. Such an indication may be transmitted over a communication bus. The communication bus may couple a processor (eg, an event engine) to another processor (eg, a matching engine). Such an indication may be sent in response to a determination at block 505.

  As shown in block 509, the method 500 may include adding an order to an order queue. The order queue may be part of a processor (eg, a matching engine). The matching engine may be configured to identify an order match and fulfill a transaction that satisfies the matching order, as described above.

  It should be appreciated that the method 500 is merely an example and that other methods can include any set of operations. For example, various embodiments may include time stamping, order fulfillment, order clearing, addition to the instruction stack, order reporting, and the like.

  FIG. 6 illustrates an example method 600 that may be implemented in some embodiments. The method 600 may be performed by one or more processors and / or other components of an exchange such as an event engine.

  As shown in block 601, method 600 may include receiving an indication that an event has occurred. Such an indication may be received from a remote computer, such as an information source outside the exchange. Such an indication may be received from a processor such as a matching engine, event controller or the like. Such an indication may be received from any desired information source.

  As shown in block 603, the method 600 may include determining that the conditions conditioned by the order have been met. An order may define the side of a transaction for a financial instrument. This identification may be performed by an exchange processor. This identification can be done by an event engine. This specification can be performed by searching stored information such as a database storing order and condition information.

  As shown in block 605, the method 600 may include sending an instruction to add the order to the order queue. The order queue may be maintained by an exchange matching engine. Transmission can be performed over a data bus. The data bus may couple an exchange processor (eg, an event engine that performs the method and a matching engine that maintains a queue). The transmission may be performed in response to the identification of block 603.

  It should be appreciated that the method 600 is merely an example and that other methods can include any set of operations. For example, in various embodiments, timestamping, order receipt, order storage, condition storage, stored information retrieval, order fulfillment, order clearing, addition to the instruction stack, order reporting , Event reports, etc. may be included.

  FIG. 7 illustrates an example method 700 that may be implemented in some embodiments. Method 700 may be performed by one or more processors and / or other components of an exchange, such as a matching engine, event engine, interface, and the like.

  As shown in block 701, the method 700 may include receiving a condition indication. The instructions may be received from a remote computer. A condition may define one or more events. The condition can be met when an event occurs, as described above.

  As shown in block 703, the method 700 may include receiving an operational instruction. The instructions may be received from a remote computer. The remote computer may be the same computer as the condition instruction source. Conditional instructions and operational instructions may be received together (eg, simultaneously in one electronic message, etc.), may be one instruction, may be separate instructions, and so on. The action defines an order adjustment for the financial instrument. Adjustments may include cancellations, temporary removal from the queue (eg, until another event occurs), quantity changes, price changes, placement of alternative orders in the queue, etc. The action may include any other desired action to be taken if the condition is met.

  As shown in block 705, the method 700 may include determining that an event has occurred. Such identification can be performed by a processor. For example, such identification may be performed by an exchange event engine. In some implementations, for example, such identification may be performed upon receiving an indication that an event has occurred (eg, from an external source, a matching engine, another component of an exchange, etc.). It may be performed when the event database is searched, or may be performed when the event occurs at the exchange (for example, when the matching engine fulfills the transaction). In some implementations, the event occurrence indication may be received from an exchange component and / or an external source and / or transmitted to the exchange component and / or an external source. Some example events include a change in the value of a second financial product, a change in the volume of a second financial product, an announcement of financial results by a company, submission of an order on the opposite side of the transaction (eg, a price with a certain quantity) Orders that meet specific conditions with points, etc.), changes in regulations that regulate the industry, changes in corporate credit ratings, and the like.

  As shown in block 707, the method 700 may include sending an order adjustment instruction to the matching engine. Such an indication may be transmitted over a communication bus. The communication bus may couple a processor (eg, event engine, rules processor, etc.) to another processor (eg, matching engine). Such an indication transmission may be performed in response to the identification of block 705.

  As shown in block 709, the method 700 may include adjusting the order. Adjustments may include cancellations, temporary removal from the queue (eg, until another event occurs), quantity changes, price changes, placement of alternative orders in the queue, etc. Order adjustment may include adjusting orders pending in the matching engine queue, adding orders to the matching engine queue, and / or deleting queues in the matching engine queue. The matching engine may be configured to identify order matches, fulfill trades and fill matching orders, as described above.

  In some embodiments, order adjustment may include the order being adjusted by the matching engine before executing at least one instruction pending in the instruction stack. For example, an order reconciliation instruction may be added to the matching engine instruction stack before the at least one instruction (eg, using interrupts, direct memory access, etc.). The at least one instruction may include at least one of adding and deleting another order to one of the buy order queue and the sell order queue.

  In some embodiments, order reconciliation may include sending information to a matching engine memory location. Information may include instructions, orders, adjustments to orders, and the like. In some implementations, the memory location may include a memory location associated with an order in the queue. In such an implementation, order adjustment may include changing information about the order stored in the memory location (eg, using direct memory access).

  In some embodiments, order reconciliation may include removing the order from the matching engine queue. Deleting an order from the queue may stop fulfilling the transaction for the order. Order reconciliation may include adding an alternative order to the matching engine queue. Alternative orders may include orders with adjusted parameters (eg, size, price, type, etc.). In one embodiment, the original order is a passive order (eg, an order waiting for a match to be found) and an alternative order is an aggressive order (eg, order to take / lift an order)). In some implementations, alternative orders may be added to the queue with a priority based on the same time as the original order. For example, the event engine and / or matching engine may place a timestamp of the original order in the alternative order. For example, an instruction may be sent to the matching engine indicating that the first order should be deleted and the second order should be added to the queue with the same time stamp as the first order. In some implementations, the order may be deleted without adding an alternative (eg, always, immediately after another event occurs, etc.). For example, in one implementation, if a new order is received that is opposite to a trading order, and the new order is of a quantity that exceeds a threshold, the order may be removed from the queue. If the quantity associated with the opposite order falls below another threshold amount (eg, if the new order is satisfied, if the new order is canceled, etc.), the order may be returned to the queue.

  In one example, the order may not be pending in the queue at the time associated with the occurrence of the event. For example, when an event occurs or when an event generation process is executed, the order may not be pending in the matching engine queue. Order adjustment may include adding an order to a queue. The order may have been previously pending in the queue (eg, before being deleted because the previous adjustment was conditional on the previous event). Adding an order to the queue may include adding the order to the queue with a priority based on the time associated with the order if the order has been previously held in the queue. For example, such an action may result in a reduction in the quantity associated with the order on the opposite side of the trade for the order's financial instrument (eg, quantity has previously exceeded a threshold and triggered the deletion of the order from the queue. After). In some implementations, a time-based priority may be maintained along with a time stamp (eg, by adding an order to a queue with a time stamp that the order previously had). Such a time stamp may be monitored and maintained by the event engine when the order is deleted (eg, by storing such information in a database associated with the event, order, and / or action). In some embodiments, time-based priority retention is placed in the queue through the queue's direct memory access so that the order is located in the queue if it was not deleted. Can be promoted by adding In some implementations, a processor (eg, event engine, rules processor, etc.) may track where an order may be in the queue if the order is not canceled and place the order later as a placeholder. Placeholder orders may be placed in the queue so that they can be placed in the position.

  It should be appreciated that the method 700 is merely an example and that other methods can include any set of operations. For example, in various embodiments, time stamping, order fulfillment, order clearing, addition to the instruction stack, order reporting, etc. may be included.

  FIG. 8 illustrates an example method 800 that may be implemented in some embodiments. Method 800 may be performed by one or more processors and / or other components of an exchange such as an event engine.

  As shown in block 801, the method 800 may include receiving an indication that an event has occurred. Such an indication may be received from a remote computer, such as an information source outside the exchange. Such an indication may be received from a processor such as a matching engine, event controller or the like. Such an indication may be received from any desired information source.

  As shown in block 803, the method 800 may include determining that the condition conditioned by the action has been met. The action may include an adjustment to an order that defines the side of the transaction for the financial instrument. The identification may be performed by an exchange processor. The identification can be performed by an event engine. The identification can be done by searching stored information, such as a database in which order, action, and / or condition information is stored.

  As shown in block 805, the method 800 may include sending an order adjustment instruction to the matching engine. Transmission can be performed over a data bus. The data bus may couple the exchange's processor (eg, an event engine that performs the method and a matching engine that maintains a queue). The transmission may be performed in response to the identification of block 803.

  It should be appreciated that the method 800 is merely an example and that other methods can include any set of operations. For example, in various embodiments, timestamping, order receipt, order storage, condition storage, stored information retrieval, order fulfillment, order clearing, addition to the instruction stack, order reporting , Event reports, etc. may be included.

  FIG. 9 illustrates an example method 900 that may be implemented in some embodiments. The method 900 may be performed by one or more processors and / or other components of an exchange such as a matching engine, event engine, interface, and the like. Method 900 may include a method of placing an order in a queue, later deleting it from the queue, and later restoring the queue.

  As shown at 901, the method 900 may include receiving an order instruction. As shown at 903, the method 900 may include receiving an operation indication and a condition indication. Each action may include any number of conditions that the action may be conditioned on. An operation may be unavailable for execution until another operation is performed. For example, returning an order to a queue may not be available until the order is first removed from the queue.

  As shown at 905, the method 900 may include placing the order in a queue. As described above, the queue can be maintained by the matching engine.

  As indicated at 907, it may be determined that the condition for the first operation has been met. A condition may include, for example, the occurrence of any number of events. In one example, the condition can be the occurrence of a price change. In another example, the condition may be that an order opposite the trading order has reached a certain quantity of financial instrument.

  As indicated at 909, actions may be taken in response to the identification. For example, the action shown is the deletion of an order from the queue. It should be appreciated that in other examples, any other desired action can be taken. Orders are placed in the matching engine queue by placing an order from the queue maintained by the matching engine, flagging the inactive flag, and replacing the order in the matching engine queue with a placeholder order, And / or may be deleted by performing any other desired action.

  As indicated at block 911, it may be determined that the condition for the second operation has been met. A condition may include, for example, the occurrence of any number of events. The condition may include that the first action has been taken. In one example, the condition may be the occurrence of a price change (eg, the price returning to the previous range). In another example, the condition is that the order on the opposite side of the trading order has reached a certain quantity of financial instrument (for example, returning to a close range when the first action is taken). obtain.

  As indicated at 913, a second action may be taken in response to the identification. For example, the action shown is the addition of an order to the queue. It should be appreciated that in other examples, any other desired action can be taken. An order can be placed by placing the order in a queue maintained by the matching engine, flagging orders in the matching engine queue, replacing placeholders with orders, and / or other desired Can be added by performing any of the operations. Orders may be placed with a priority based on the same time as they were previously in the queue.

  It should be appreciated that the example processes and system examples are given as non-limiting illustrations only. Other embodiments may include different operations, steps, components, elements, configurations, orders, and the like.

XII. Further embodiments The following should be construed as exemplary embodiments, rather than as claims.

A. A matching engine,
Receiving order instructions, each order defining each side of a financial instrument transaction, receiving
Adding each order to one of the buy and sell order queues for financial instruments;
Configured to determine that at least the first order in the buy order queue and the second order in the sell order queue are consistent, and fulfill a transaction that satisfies the first order and the second order A matching engine,
An event engine,
Receiving an event indication,
It is determined that the adjustment to the order is conditional on the occurrence, and the order defines and determines the trading side of the financial product, and in response to the determination, the order adjustment instruction is sent through the data bus. An event engine configured to perform sending to the matching engine;
And a data bus configured to enable communication of an order addition instruction from the event engine to the matching engine.

  A. 1. The data bus and the matching engine are configured to, when the matching engine receives an order addition instruction, the matching engine add an order before executing at least one instruction pending in the instruction stack. A device according to A.

  A. 1.1. The claim A.1, wherein the at least one instruction comprises an order adjustment instruction. The apparatus according to 1.

  A. 1.1.1. The order adjustment instruction includes at least one of an instruction to change an order quantity and an instruction to change an order price. The apparatus according to 1.1.

  A. 1.1.2. The order adjustment instruction includes an order deletion instruction. The apparatus according to 1.1.

  A. 1.1.2.1. The order adjustment instruction includes an instruction to add an alternative order. Device according to 1.1.2.

  A. 1.1.2.1.1. Claim A. The order includes a passive order and the alternative order includes an aggressive order. The apparatus according to 1.1.2.1.

  A. 1.1.2.1.2. The adjustment instruction includes an instruction to add an alternative order having a priority based on the same time as the order. The apparatus according to 1.1.2.1.

  A. 1.1.2.2. The event of claim A.1, wherein the event includes submission of an order on the opposite side of a transaction for a financial instrument associated with a quantity exceeding a threshold. Device according to 1.1.2.

  A. 1.2. The data bus is configured to transmit information to a memory location of the matching engine, and the matching engine is configured to read data from the memory location. The apparatus according to 1.

  A. 1.3. The at least one instruction includes an instruction to process an instruction to add another order to at least one of the sell order queue and the buy order queue, the instruction to add another order is received by the matching engine from the data bus Claim A. instructions that have not been made. The apparatus according to 1.

A. 2. The event
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The apparatus of claim A, comprising at least one of a regulatory change that regulates an industry and a change in a corporate credit rating.

  A. 3. The apparatus of claim A, wherein the event engine is configured to receive an occurrence indication from a remote information source.

  A. 4). The apparatus of claim A, wherein the event engine is configured to receive an occurrence indication from the matching engine.

  A. 5. The apparatus of claim A, wherein at the time associated with the event, the order is not pending in the matching engine queue and the order adjustment instruction includes an instruction to add the order to the matching engine queue.

  A. 5.1. The order adding instruction includes an instruction to add an order with a priority based on the time associated with the order if the order was previously in the queue. 5. The apparatus according to 5.

  A. 5.2. The event according to claim A.1, wherein the event includes a reduction in quantity associated with an order on the opposite side of the transaction for the financial instrument. 5. The apparatus according to 5.

B. A method of conducting a transaction,
Receiving an indication of a condition from a remote computer, where the condition defines an event, and if the event occurs, the condition is met, receiving
Receiving a first action instruction from a remote computer, wherein the action defines an adjustment to an order for a financial instrument;
The exchange processor determines that the event has occurred,
In response to the determination, sending an order adjustment instruction to the exchange matching engine through a communication bus that couples the processor and the matching engine, the matching engine identifying an order match and identifying the matching order. A method comprising: configuring to fulfill a satisfying transaction, sending and reconciling an order.

  B. 1. The method of claim B, wherein the condition indication and the action indication are received as a single communication.

  B. 2. The method of claim B, wherein adjusting the order includes adjusting the order with a matching engine before executing at least one instruction pending in the instruction stack.

  B. 2.1. The at least one instruction includes at least one of an instruction to add another order to the one of a buy order queue and a sell order queue and an instruction to delete. 2. The method according to 2.

  B. 3. The method of claim B, wherein adjusting the order includes the processor sending information to a memory location of the matching engine.

  B. 3.1. The memory location includes a memory location associated with the order in the queue, and adjusting the order includes the processor modifying information about the order stored in the memory location. 3. The method according to 3.

B. 4). The event
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The method of claim B, comprising at least one of a regulatory change that regulates the industry and a change in the credit rating of the enterprise.

  B. 5. The method of claim B, further comprising receiving an occurrence indication from a remote information source.

  B. 6). The method of claim B, further comprising receiving an occurrence indication from the matching engine.

  B. 7). The method of claim B, wherein adjusting the order includes changing at least one of an order quantity and an order price.

  B. 8). The method of claim B, wherein adjusting the order includes deleting the order from the matching engine queue.

  B. 8.1. Adjusting an order includes adding an alternative order to a matching engine queue. 9. The method according to 8.

  B. 8.1.1. Claim B. The order includes a passive order and the alternative order includes an aggressive order. The method according to 8.1.

  B. 8.1.2. Claim B. Adding the alternative order to the queue includes adding an alternative order having a priority based on the same time as the order. The method according to 1.

  B. 8.2. The event of claim B.B., wherein the event includes submission of an order opposite to a trading order associated with a quantity exceeding a threshold. 9. The method according to 8.

  B. 9. The method of claim B, wherein at the time associated with the event, the order is not pending in the matching engine queue and the order adjustment instruction includes an instruction to add the order to the matching engine queue.

  B. 9.1. The order addition instruction includes an instruction to add an order with a priority based on a time associated with the order if the order was previously in the queue. 9. The method according to 9.

  B. 9.2. The event includes a reduction in quantity associated with an order on the opposite side of the transaction for the financial instrument. 9. The method according to 9.

C. Receiving an indication from the remote computer that an event has occurred;
The processor determines that the action is conditioned, wherein the action includes an adjustment to an order that defines a side of the transaction for the financial instrument;
Responsive to the determination, including sending an order adjustment instruction to the matching engine over a data bus coupling the processor and the matching engine.

  C. 1. The method of claim C, wherein transmitting the adjustment instruction includes transmitting an instruction to adjust at least one of an order price and an order quantity.

  C. 2. The method of claim C, wherein sending the adjustment indication includes sending an indication to delete the order from the matching engine queue.

  C. 2.1. Sending the adjustment indication includes sending an indication to add an alternative order to the queue of the matching engine; 2. The method according to 2.

  C. 2.1.1. Claim C. The order includes a passive order and the alternative order includes an aggressive order. The method according to 2.1.

  C. 2.1.2. The reconciliation instructions include adding an alternative order to the queue having a priority based on the same time as the order. The method according to 2.1.

  C. 2.2. The event includes a submission of an order opposite to a trading order, associated with a quantity that exceeds a threshold. 2. The method according to 2.

  C. 3. The method of claim C, wherein sending the adjustment indication includes sending information to a memory location of the matching engine.

  C. 3.1. The memory location includes a memory location where the order is stored in a queue of the matching engine. 3. The method according to 3.

  C. 3.2. The method of claim C, wherein sending the adjustment indication comprises sending an instruction to the instruction stack of the matching engine.

C. 4). The event
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The method of claim C, comprising at least one of a regulatory change that regulates an industry and a change in a corporate credit rating.

  C. 5. The method of claim C, comprising receiving an event occurrence indication from a remote information source.

  C. 6). The method of claim C, comprising receiving an event occurrence indication from the matching engine.

  C. 7). The method of claim C, wherein at the time associated with the event, the order is not pending in the matching engine queue, and the reconciliation instruction comprises an instruction to add the order to the matching engine queue.

  C. 7.1. The order addition instruction includes an instruction to add an order with a priority based on a time associated with the order if the order was previously queued. 8. The method according to 7.

  C. 7.2. Claim C .. The event includes a reduction in quantity associated with an order on the opposite side of a transaction for a financial instrument. 8. The method according to 7.

(Appendix 1)
A matching engine,
Receiving order instructions that individually define each side of a transaction for a financial instrument;
Adding each order to one of the buy and sell order queues of the financial product;
Determining that at least a first order in the buy order queue and a second order in the sell order queue match, and performing a transaction that satisfies the first order and the second order A matching engine configured to
An event engine,
Receiving event occurrence instructions,
Determining that the adjustment to the order is conditional on the occurrence, wherein the order defines a side of the transaction for the financial instrument, and in response to the determination, the matching engine through the data bus An event engine configured to perform an instruction to adjust the order to
An apparatus comprising: the data bus configured to allow an instruction to add the order to be communicated from the event engine to the matching engine.
(Appendix 2)
The data bus and the matching engine are configured to add the order before executing at least one instruction pending in the instruction stack when the matching engine receives an instruction to add the order. The apparatus according to appendix 1.
(Appendix 3)
The apparatus of claim 2, wherein the at least one instruction includes an instruction to adjust the order.
(Appendix 4)
The apparatus according to claim 3, wherein the order adjustment instruction includes at least one of an instruction to change the quantity of the order and an instruction to change the price of the order.
(Appendix 5)
The apparatus according to claim 3, wherein the order adjustment instruction includes an instruction to delete the order.
(Appendix 6)
The apparatus of claim 5, wherein the order adjustment instruction includes an instruction to add an alternative order.
(Appendix 7)
The apparatus of claim 6, wherein the order comprises a passive order and the alternative order comprises an aggressive order.
(Appendix 8)
The apparatus of claim 6, wherein the reconciliation instruction includes an instruction to add the alternative order having a priority based on the same time as the order.
(Appendix 9)
The apparatus of claim 5, wherein the event includes submission of an order on the opposite side of a transaction for the financial instrument associated with a quantity that exceeds a threshold.
(Appendix 10)
The apparatus of claim 2, wherein the data bus is configured to transmit information to a memory location of the matching engine, and the matching engine is configured to read data from the memory location.
(Appendix 11)
At least one instruction includes an instruction to process an instruction to add another order to at least one of the sell order queue and the buy order queue, and the instruction to add the other order is from the data bus. The apparatus of claim 2, wherein the apparatus is an instruction not received by the matching engine.
(Appendix 12)
The event is
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The apparatus of claim 1, comprising at least one of a change in regulation that regulates the industry and a change in a corporate credit rating.
(Appendix 13)
2. The appendix 1 wherein the order is not pending in the matching engine queue at the time associated with the event, and the order adjustment instruction includes an instruction to add the order to the queue of the matching engine. Equipment.
(Appendix 14)
14. The apparatus of clause 13, wherein the order addition instruction includes an instruction to add the order with a priority based on a time associated with the order if the order was previously in the queue.
(Appendix 15)
The apparatus of claim 13, wherein the event includes a reduction in quantity associated with an order on the opposite side of the transaction for the financial instrument.
(Appendix 16)
A method of operating an exchange,
Receiving an instruction of a condition from a remote computer, wherein the condition defines an event, and when the event occurs, the condition is satisfied;
Receiving a first action instruction from the remote computer, the action defining an adjustment to an order for a financial instrument;
Determining that the event has occurred by a processor of the exchange;
In response to the determination, sending an instruction to adjust the order to the matching engine of the exchange over a communication bus that couples the processor and the matching engine, the matching engine Identifying and configured to fulfill a transaction that satisfies the matching order, and comprising adjusting the order.
(Appendix 17)
The method of claim 16, wherein the condition instruction and the operation instruction are received as a single communication.
(Appendix 18)
Adjusting the order includes adjusting the order by the matching engine before executing at least one instruction pending in the instruction stack;
The method according to appendix 16.
(Appendix 19)
The method of claim 18, wherein the at least one instruction includes at least one of an instruction to add another order to the one of a buy order queue and a sell order queue and an instruction to delete.
(Appendix 20)
The method of claim 16, wherein adjusting the order includes the processor sending information to a memory location of the matching engine.
(Appendix 21)
The memory location includes the memory location associated with the order in a queue, and adjusting the order includes the processor modifying information about the order stored in the memory location. The method according to appendix 20.
(Appendix 22)
The event is
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The method of claim 16, comprising at least one of a regulatory change that regulates the industry and a change in the credit rating of the enterprise.
(Appendix 23)
The method of claim 16, wherein adjusting the order includes changing at least one of a quantity of the order and a price of the order.
(Appendix 24)
The method of claim 16, wherein adjusting the order includes deleting the order from the queue of the matching engine.
(Appendix 25)
The method of claim 24, wherein adjusting the order includes adding an alternative order to the queue of the matching engine.
(Appendix 26)
The method of claim 25, wherein the order comprises a passive order and the alternative order comprises an aggressive order.
(Appendix 27)
26. The method of clause 25, wherein adding the alternative order to the queue includes adding the alternative order having a priority based on the same time as the order.
(Appendix 28)
25. The method of claim 24, wherein the event includes submission of an order opposite to the order of a transaction associated with a quantity that exceeds a threshold.
(Appendix 29)
18. The appendix 16 wherein the order is not pending in the matching engine queue at the time associated with the event and the order adjustment instruction includes an instruction to add the order to the queue of the matching engine. the method of.
(Appendix 30)
30. The method of clause 29, wherein the order addition instruction comprises an instruction to add the order with a priority based on a time associated with the order if the order was previously in the queue.
(Appendix 31)
The method of claim 29, wherein the event includes a reduction in quantity associated with an order on the opposite side of the transaction for the financial instrument.
(Appendix 32)
Receiving an indication from the remote computer that an event has occurred;
The processor determines that the conditioned condition is met, the operation including an adjustment to an order defining a side of the transaction for the financial instrument;
In response to the determination, the method includes sending an instruction to the matching engine to adjust the order through a data bus that couples the processor and the matching engine.
(Appendix 33)
The method of claim 32, wherein sending the adjustment instruction includes sending an instruction to adjust at least one of a price and quantity of the order.
(Appendix 34)
The method of claim 32, wherein sending the adjustment instruction comprises sending an instruction to delete the order from the matching engine queue.
(Appendix 35)
35. The method of clause 34, wherein sending the adjustment indication includes sending an indication to add an alternative order to the queue of the matching engine.
(Appendix 36)
The method of claim 35, wherein the order comprises a passive order and the alternative order comprises an aggressive order.
(Appendix 37)
36. The method of clause 35, wherein the reconciliation instruction includes adding an alternative order to the queue having a priority based on the same time as the order.
(Appendix 38)
35. The method of clause 34, wherein the event includes submission of an order opposite to the order of a transaction associated with a quantity that exceeds a threshold.
(Appendix 39)
33. The method of clause 32, wherein sending the adjustment indication includes sending information to a memory location of the matching engine.
(Appendix 40)
40. The method of clause 39, wherein the memory location includes a memory location where the order is stored in a queue of the matching engine.
(Appendix 41)
40. The method of clause 39, wherein sending the adjustment indication comprises sending an instruction to an instruction stack of the matching engine.
(Appendix 42)
The event is
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
33. The method of appendix 32, comprising at least one of a regulatory change that regulates an industry and a change in a corporate credit rating.
(Appendix 43)
37. The appendix 32, wherein at the time associated with the event, the order is not pending in the matching engine queue and the order adjustment instruction includes an instruction to add the order to the queue of the matching engine. the method of.
(Appendix 44)
44. The method of clause 43, wherein the order addition instruction includes an instruction to add the order with a priority based on a time associated with the order if the order was previously in the queue.
(Appendix 45)
44. The method of clause 43, wherein the event includes a reduction in quantity associated with an order on the opposite side of the transaction for the financial instrument.

Claims (43)

A trading system,
A data bus that is communicably connected to the event engine and the matching engine, and that is configured to communicate instructions from the event engine to the matching engine;
The matching engine,
Receiving orders for orders that individually define each side of a transaction for a financial instrument;
Adding each order to one of the buy and sell order queues of the financial product;
Sending instructions of the memory location where each order is stored to the event engine;
Determining that at least a first order in the buy order queue and a second order in the sell order queue match, and performing a transaction that satisfies the first order and the second order The matching engine configured to:
The event engine,
Receiving an event generation command ;
In response to receiving the event generation instruction , determining that an adjustment to the order is conditional on at least one criterion associated with the generation;
Determining that the at least one criterion associated with the occurrence conditioned by the order is satisfied, and in response to the determination, sending an instruction to adjust the order over the data bus to the matching engine; The event engine;
A transaction system comprising: The matching engine comprises an instruction stack;
Said data bus and said matching engine, the matching engine, when receiving an instruction for adjusting the order in the instruction stack, placing the instruction before the at least one instruction pending
The transaction system according to claim 1. The trading system of claim 2, wherein the at least one instruction includes a second instruction for adjusting the order. The trading system according to claim 2, wherein the instruction to adjust the order includes at least one of an instruction to change a quantity of the order and an instruction to change a price of the order . The trading system according to claim 2, wherein the instruction to adjust the order includes an instruction to delete the order . The order command to adjust, including instructions for adding an order of alternative transaction system according to claim 2. The instructions for adjusting an order, trading system according to comprising instructions, claim 6 for adding an order of the alternatives having a priority based on the same time as the order.   The trading system according to claim 5, wherein the event includes submission of an order on the opposite side of a trade for the financial product associated with a quantity that exceeds a threshold. The data bus is configured to transmit information to a given memory location of the instruction stack of the matching engine, and the matching engine is configured to read data from the given memory location. Item 3. The transaction system according to item 2. The at least one instruction may send another order received by the matching engine to the at least one queue of the sell order and the buy order queue before the order is received by the matching engine. An instruction to add, wherein the instruction to add another order is an instruction not received from the data bus by the matching engine, and the order is not received from the data bus The trading system of claim 2, wherein the order is added before the instruction is executed based on receipt of the order . The event is
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
The trading system of claim 1, comprising at least one of a regulatory change that regulates an industry and a change in a corporate credit rating. The order is not pending in the matching engine queue at a time associated with the event, and the instruction to adjust the order includes an instruction to add the order to the queue of the matching engine. The transaction system according to 1. The order command to add, the case where the order was in the queue before, comprising instructions for adding the order in priority based on the time associated with the order, transaction system according to claim 12. The trading system of claim 12 , wherein the event includes a reduction in a quantity associated with an order on the opposite side of a trade for the financial instrument. A method of operating an exchange,
Receiving an instruction of a condition from a remote computer by an event engine, wherein the condition defines an event, and when the event occurs, the condition is satisfied;
Receiving a first action command from the remote computer, the action defining an adjustment to an order for a financial instrument;
Determining that the event has occurred by the event engine;
Responsive to the determination by the event engine to send an instruction to adjust the order to the matching engine of the exchange over a data bus that couples the event engine and the matching engine, the matching engine Is configured to identify an order match, fulfill a transaction that satisfies the matching order, and send an instruction of the memory location where the order is stored to the event engine ; and Adjusting the order. The method of claim 15 , wherein the condition command and the operation command are received as a single communication. Adjusting the order includes adjusting the order by the matching engine before executing at least one instruction pending in the instruction stack;
The method of claim 15 . The method of claim 17 , wherein the at least one instruction includes at least one of an instruction to add another order to the one of a buy order queue and a sell order queue and an instruction to delete. It includes processor sends instructions information in a given memory location of the stack of the matching engine method of claim 15 for adjusting the order. The given memory location of the instruction stack includes the memory location associated with the order in a queue, and adjusting the order is stored by the processor in the memory location of the instruction stack. The method of claim 19 , comprising changing information about the order. The method of claim 15 , wherein adjusting the order includes at least one of changing a quantity of the order and changing a price of the order. The method of claim 15 , wherein adjusting the order comprises deleting the order from the matching engine queue. 23. The method of claim 22 , wherein adjusting the order includes adding an alternative order to the queue of the matching engine. 24. The method of claim 23 , wherein adding the alternative order to the queue includes adding the alternative order having a priority based on the same time as the order. 23. The method of claim 22 , wherein the event includes submission of an order opposite to the order of a transaction associated with a quantity that exceeds a threshold. The order is not pending in the matching engine queue at a time associated with the event, and the instruction to adjust the order includes an instruction to add the order to the queue of the matching engine. 15. The method according to 15 . The order command to add, when the order was in the queue before, comprising instructions for adding the order in priority based on the time associated with the order, the method of claim 26. 27. The method of claim 26 , wherein the event comprises a reduction in quantity associated with an order on the opposite side of a trade for the financial instrument. The trading event engine receives instructions from the remote computer that an event has occurred;
The event engine determines that an action conditioned condition is met, the action including an adjustment to an order that defines a side of a transaction for a financial instrument;
The event engine, in response to said determination, see contains sending a command to adjust the order through the data bus coupling the event engine and the matching engine to said matching engine,
The matching engine is configured to send an instruction of a memory location where the order is stored to the event engine;
Method. 30. The method of claim 29 , wherein sending the order to adjust comprises sending an order to adjust at least one of the price and quantity of the order . 30. The method of claim 29 , wherein sending the reconciliation instruction comprises sending an instruction to delete the order from the matching engine queue. Sending a command to said adjusting includes transmitting an instruction to add an order of alternate said queue of said matching engine method of claim 31. 35. The method of claim 32 , wherein the adjusting instructions include adding an alternative order to the queue having a priority based on the same time as the order. 32. The method of claim 31 , wherein the event includes submission of an order opposite to the order of a transaction associated with a quantity that exceeds a threshold. 30. The method of claim 29 , wherein sending the adjusting instruction comprises sending information to a given memory location of the matching engine. The memory location given, the order including the memory location stored in the queue of the matching engine method of claim 35. 36. The method of claim 35 , wherein sending the adjusting instruction comprises sending an instruction to the matching engine instruction stack. The order is not pending in the matching engine queue at a time associated with the event, and the instruction to adjust the order includes an instruction to add the order to the queue of the matching engine. 30. The method according to 29 . The order command to add, when the order was in the queue before, comprising instructions for adding the order in priority based on the time associated with the order, the method of claim 38. 40. The method of claim 39 , wherein the event includes a reduction in quantity associated with an order on the opposite side of a trade for the financial instrument. The event engine is configured to record instructions of a memory location sent from the matching engine where the order is stored;
The transaction system according to claim 1 . The at least one instruction to add another order to the at least one sell queue and buy queue constitutes a price that is better than the price of the order;
The transaction system according to claim 10 . A trading system,
A data bus connecting the event engine and the matching engine so that they can communicate with each other, the data bus configured to be able to transmit commands from the event engine to the matching engine;
An instruction stack, and when the data bus and the matching engine receive an instruction to adjust an order from the event engine, the instruction to adjust the order by the matching engine is at least one pending in the instruction stack. A matching engine configured to be added before one instruction,
Receiving orders for orders that individually define each side of a transaction for a financial instrument;
Adding each order to one of the buy and sell order queues of the financial product;
Determining that at least a first order in the buy order queue and a second order in the sell order queue match;
Configured to send to the event engine instructions of a memory location where the order is stored, and fulfill a transaction that satisfies the first order and the second order; The matching engine;
An event engine,
Receives an event generation command,
The event is
A change in the value of the second financial product,
Change in transaction volume of the second financial product,
Announcement of financial results by companies,
Submit orders on the opposite side of the transaction,
Including at least one of a regulatory change that regulates the industry and a change in the credit rating of the company,
Instructions to add orders that are not pending in the matching engine queue at the time of the event to the queue of the matching engine;
In response to receiving the event occurrence instruction, determining whether order adjustments meet at least one criterion associated with the occurrence of the event;
Determining whether at least one criterion related to the occurrence of the event that the order is conditioned is satisfied;
In response to the determination, send an instruction to adjust the order to the matching engine via the data bus;
The event engine configured to record instructions of a memory location where an order is stored, sent from the matching engine;
Trading system with

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