US20170109824A1 - Stock trading system - Google Patents

Stock trading system Download PDF

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Publication number
US20170109824A1
US20170109824A1 US15/314,513 US201515314513A US2017109824A1 US 20170109824 A1 US20170109824 A1 US 20170109824A1 US 201515314513 A US201515314513 A US 201515314513A US 2017109824 A1 US2017109824 A1 US 2017109824A1
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Prior art keywords
trading
data processing
trading platform
order
trader
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Abandoned
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US15/314,513
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English (en)
Inventor
Anton Gunzinger
Edgar Blum
Hans Burkhard
Rico Piantoni
David Müller
Markus Berner
Samuel Zahnd
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Swisstradingbox AG
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Swisstradingbox AG
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Assigned to SWISSTRADINGBOX AG reassignment SWISSTRADINGBOX AG ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: GUNZINGER, ANTON, BLUM, EDGAR, MÜLLER, David, BURKHARD, HANS, PIANTONI, Rico, BERNER, MARKUS, ZAHND, SAMUEL
Publication of US20170109824A1 publication Critical patent/US20170109824A1/en
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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04J—MULTIPLEX COMMUNICATION
    • H04J3/00—Time-division multiplex systems
    • H04J3/02—Details
    • H04J3/06—Synchronising arrangements
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04J—MULTIPLEX COMMUNICATION
    • H04J3/00—Time-division multiplex systems
    • H04J3/02—Details
    • H04J3/06—Synchronising arrangements
    • H04J3/0635—Clock or time synchronisation in a network
    • H04J3/0638—Clock or time synchronisation among nodes; Internode synchronisation
    • H04J3/0647—Synchronisation among TDM nodes
    • H04J3/065—Synchronisation among TDM nodes using timestamps
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04J—MULTIPLEX COMMUNICATION
    • H04J3/00—Time-division multiplex systems
    • H04J3/02—Details
    • H04J3/06—Synchronising arrangements
    • H04J3/0635—Clock or time synchronisation in a network
    • H04J3/0638—Clock or time synchronisation among nodes; Internode synchronisation

Definitions

  • the present invention relates to a stock exchange trading system, as well as to a method for operating a stock exchange trading system.
  • a trading platform as its key component comprises at least one so-called “matcher” (trading platform data processing device, i.e. an order accounting and implementation unit), in which orders are stored in an order book or are carried out.
  • the matcher is connected on the one hand—generally via at least one switch—to the traders, and on the other hand to a backoffice (order post-processing system), in which the execution of the order is completed and the respective financial transaction is processed for example.
  • a trader If a trader is interested in a stock trade, then he places an order at the trading platform. This order comprises the title concerned, information as to whether the title should be bought or sold (buy/sell), the desired quantity as well as the price.
  • the trading platform manages the order book. An incoming order is examined as to whether there is a matching, stored order. If not, then the order is stored in the order book and acknowledgment of receipt is given to the ordering party (client). If yes, then the trade is executed, registered in the sales ledger and both parties are informed. Information concerning the accomplished trade, in an anonymous form (i.e. without information as to the identity of two involved traders), then also goes to all traders (broadcast).
  • a network for rapid electronic trading should assist these communication patterns. It is particularly with the communication a) (trader ⁇ trading system) that it is a question of fairness. For this reason, it should not be possible for one of the traders to be able manipulate this procedure and gain advantages on account of this. Moreover, those traders who obtain information on a price change first of all are, at an advantage in such a system. Fairness should also be ensured here. This is not possible with the application of traditional networks—even in the field of super-computers—without special complicated measures. Moreover, one should also ensure that the system cannot become overstretched in such networks. High-availability communication systems should also be available.
  • the network speed, the processing speed in the trading system and the processing speed in the trader system are crucially important with this application. Many endeavours have therefore been made in the stock trading business, in order to improve these various speeds.
  • Standard networks from the world of supercomputers have already been suggested for certain applications, in order to improve the speed of communication networks, due to the fact that such standard networks are counted as belonging to the quickest networks worldwide.
  • Such supercomputer networks on the one hand are optimised for point-to-point communication and on the other hand for multicast/broadcast.
  • Point-to-point communication is particularly important to supercomputers, since in many applications, many “equally authorised” computers operate on a single task, and a communication with an “arbitrary” (set by the task) partner is necessary.
  • a message is sent to a group which is defined in advance, in the case of a multicast or broadcast.
  • a network from the application “supercomputer” therefore has characteristics other than those required in the application “stock exchange”.
  • stock [exchange] trading application it would be disruptive if, as is envisaged with supercomputer networks, another trader computer is inundated with information due to an error or a wanted action, to the extent that it can no longer operate properly.
  • the complete system can come to a standstill and stop, if an individual one of the trader computers does not accept the broadcast notification, be it due to a technical problem or deliberately.
  • a further challenge is the intelligent receiving of information on the part of the trader. With a high-performance system, there can be times, at which the trader data processing device is no longer capable of processing and sorting the flood of information inundating it.
  • a stock exchange trading system which comprises:
  • a “trader data processing device” can be an integrated computer. However, it does not need to be a unit in the context of a “personal computer”. It can also be divided onto several units which are spatially separated as the case may be, wherein the same applies to other data processing devices which are described in this application.
  • the trading system can be constructed in a tree-like hierarchical manner with several levels, and this applies to all aspects of the invention, wherein the network nodes of the levels are formed in each case by switches, each with at least one uplink connection and several downlink connections.
  • At least one trader data processing device comprises a network interface (in particular a network card), via which the trader data processing device is connected to the trading platform, and the time generator is integrated into the network interface.
  • a network interface in particular a network card
  • time generator of all trader data processing devices being identical and being provided by the system operator.
  • each trader obtaining a network interface which is provided by the system operator and which is identical for all traders, and only being able to communicate with the trading platform via this.
  • the trading platform as is known per se comprises a matcher as its key component, i.e. a trading platform data processing device which is configured to manage an order book and to execute the function of the matching (assignment), i.e. bringing together offers and requests, in accordance with predefined rules (matching rules).
  • a matcher as its key component, i.e. a trading platform data processing device which is configured to manage an order book and to execute the function of the matching (assignment), i.e. bringing together offers and requests, in accordance with predefined rules (matching rules).
  • the trading system comprises at least one network switch (switch), and the trader data processing devices are connected to the matcher via this switch.
  • the switch can serve as an aggregation switch in the case of a network architecture which results for the application described here.
  • a switch is generally to indicate a network node which permits a selective transfer to certain (individual or several, under certain circumstances selectively also to all) connected devices - in the present context, the switch at the minimum permits an incoming order from a trader data processing device to be led further onto one or more trading platform data processing device(s) and not for example also to all other trader data processing devices.
  • a switch is a device ensuring this functionality, independently of whether all elements belonging thereto are arranged physically close to one another (for example in a common housing) or not.
  • the at least one switch can thereby be considered as part of the trading platform, which does not mean that it is physically present at the location of the matcher. At least if the switch(es) is/are considered at part of the trading platform, the capability of incoming orders being processed by the trading platform strictly in accordance with the sequence specified by the timestamp, is a characteristic of the trading platform itself, i.e. the trading platform is capable of processing the incoming orders strictly in the sequence of the timestamp.
  • this switch which then also comprises a suitably configured buffer.
  • the switch then always firstly relays that order with the oldest time.
  • the orders are then worked off in the matcher, according to the sequence defined by the timestamps.
  • the sorting can also be effected and/or confirmed in a prioritiser which is part of the trading platform data processing device or is serially connected in front of this (for example in a direct manner).
  • such a prioritiser can moreover suppress the second of two identical incoming messages.
  • the time generator of the trader data processing devices has an important function. There are various possibilities concerning measures which ensure that all trader data processing devices are with the same time:
  • a stock exchange trading system which comprises:
  • Unacknowledged messages are messages for which no acknowledgement of receipt has yet been received.
  • the maximal number corresponds to a message credit, which is available to each trader data processing device.
  • the number of messages which are underway (i.e. sent, but not yet acknowledged) may not exceed a maximal number.
  • Such a buffer of the trading system in particular can be a buffer which according to the first aspect of the invention is applied for the order sorting.
  • Such a buffer of the trading system for example can be a buffer of a switch. Thereby, it can be a dedicated (i.e. reserved for the downward link to the trader) buffer, whose size then corresponds at least to that of the maximal number of messages.
  • a buffer can alternatively also be a central buffer for several traders (i.e. either a central buffer of a switch or a buffer of a switch at a higher network level, for its part connected to several switches).
  • the preferred criterion “size of the buffer is matched to the maximal number in a manner such that the buffer cannot overflow” applies at least to the buffer/buffers of the switch, in which the/a sorting takes place.
  • each network node in the case of a tree-like network structure, so as to intermediately store all unanswered messages of the trader data processing devices assigned to the network nodes—with the switch of the lowermost level according to the trader data processing devices connected to the switch, with a switch of the second level according to trader data processing devices connected via a switch of the lowermost level (or possibly directly) to the switch of the second level, etc.
  • the trading platform is designed redundantly, i.e. all components are present in duplicate, so that in principle (at least) two trading platforms result.
  • Redundancy per se is also known with stock exchange trading systems per se.
  • a corresponding, equivalent component is provided in the case of the failure of a system-relevant component—for example of the matcher. If need be, this is used instead of the failed component, wherein switch-on and synchronisation procedures are necessary for this. The same applies to the transition back to the standard component, when this is capable of functioning again.
  • the two trading platforms are constructed identically and applied on equal terms during normal operation. All transactions are thus implemented on both trading platforms.
  • the trading platforms are therefore configured such that with simultaneous operation, it is ensured at all times, that both matchers (or with a plurality of matchers per trading platform, the matchers corresponding to one another) have identical order books at all times. This for example can be particularly ensured, by way of the orders being sorted on the basis of the timestamp, according to the first aspect of the invention, and/or, as the case may be, a credit system being applied, according to the second aspect.
  • the pseudo random number generators of the two trading platforms are designed identically and operate with the same starting values.
  • the switch or the system of switches which is used for connection to the trader data processing devices is preferably also present in a redundant manner and thus at least in duplicate.
  • the same of course also applies to the connections between the switches and connections from these to the trading platform data processing device or trader data processing device.
  • Each switch of a lower hierarchy level in each case is then only connected to one switch of the hierarchy level lying above this, and not for example also to the corresponding switch of the second parallel system, although this is not to be completely ruled out.
  • the switches of the uppermost level are connected to both trading platform data processing devices (or if the tasks of the matcher are distributed in a segmented manner onto several matchers, are connected in each case to both trading platform data processing devices of each segment).
  • each matcher on arrival of an order, transferring this order to its counterpart (i.e. the other matcher). In both cases therefore, each order arrives twice at each assigned matcher during normal operation of the trading system without any failure of network components.
  • a prioritiser for example of the above described type, or also without the function of the sorting according to timestamp—can also be present, and this, with embodiments which also correspond to the first aspect, carries out a sorting according to the timestamp (inasmuch as this has not already been effected in a switch) and which in particular suppresses identical messages.
  • a unit which further processes the first valid message (for example transfers this) and suppresses identical copies can (also) be present on the part of each trader data processing device.
  • trading platform data processing devices or with the segmentation into several trading platform data processing devices with different competences, one can optionally envisage the two trading platform data processing devices corresponding to one another having a direct “private” connection, via which they can also be synchronised with one another.
  • the invention also relates to a method for operating an electronic trading system according to the first, second and/or third aspect of the invention.
  • a method in order to synchronise a unit (a trader or matcher for example) with other units of the system, for example in the case that this unit has failed or has been temporarily separated from the system, due to a malfunction. It is necessary for certain condition data—for example the order book, if this is open—to be available to all participants, for a fair stock exchange trading operation, and it is only the respectively informed participant who can participate in the markets.
  • condition data is continuously sent in a packet-wise manner to all participants (broadcast mode) during operation, wherein each packet contains a part of the condition data. This is carried out intermittently with the sending of current messages, which is to say up-to-date messages (orders, confirmations, information on orders/transactions, to the market participants), until all data elements have been distributed, whereupon condition data is sent afresh.
  • condition data and current messages are always sent alternately.
  • condition data packets can be sent successively, before a current message is again sent, or possibly also vice versa.
  • condition data is current and correct at the point in time of the sending.
  • a data element for example can comprise the number of offered papers of a certain title at a certain price. If now a message with regard to a data element arrives, this message is processed and the data element updated accordingly, if the data element concerned has already been synchronised, i.e. if for this data element a condition data packet has already been sent. If however a synchronisation has not yet been effected since the last failure of the unit concerned, and the respective data element does not yet comprise data, then the message is ignored.
  • the method according to the fourth aspect can be used, in order to synchronise the trader data processing devices and/or matchers (in a redundant system).
  • the application solely for trader data processing devices in combination with another method for the matchers is also an option, apart from the favourable application to both.
  • the matcher can be configured as a dedicated logic circuit.
  • a dedicated logic circuit is a hardware component or a group of hardware components, in which the logic functions, by way of which signals or data are processed, are implemented in a predefined manner by way of given circuits which are present in the hardware itself. This is in contrast to main processors of conventional computers (including server-computers) which are designed as “generic”, universally useable microprocessors which work off a sequence of commands which are provided in a memory (as software), wherein it is only this software and not the circuit itself which is for a specific purpose.
  • FPGAs field programmable gate arrays
  • ASICs application specific integrated circuits
  • the relevant limits for each trading participant e.g. the total value of all orders etc. which are present in the book
  • these two measures which can be realised in each case individually or in combination serve for a possible self-regulation of the markets.
  • FIG. 1 a schematic overview of a trading system
  • FIG. 2 a trading system with several matchers
  • FIG. 3 in a schematic manner, in inner circuitry of a switch S as well as elements of traders and of a trading platform;
  • FIG. 4 a redundant trading system
  • FIG. 5 a redundant trading system with several matchers
  • FIG. 6 the synchronisation after the loss of a participant (for example a trader) after a failure.
  • FIG. 1 Network architecture which is favourable for the rapid communications for stock exchange systems is represented in FIG. 1 . It is thereby the case of a hierarchical network which is optimally adapted to the communication requirements in stock exchange applications.
  • M indicates the matcher.
  • S 0,0 is the central switch, via which the traders (here indicated as clients C 0 , . . . C n ) communicate with the matcher.
  • An optional further switch level with decentralised switches S 1,0 , . . . S 1,m is moreover drawn in the represented embodiment example, wherein at least one client (generally several clients) are connected to each of these decentralised switches.
  • An expansion to yet further levels and accordingly yet further architecture branching in a tree-like manner is also possible.
  • the approach with the decentralised switches permits a good scalability and may be appropriate when the central switch does not physically have enough interfaces to all traders. It can be advantageous if each trader is connected to the central switch via the same number of levels, since the transfer times are then roughly identical and, with the approach with a sorting according to a timestamp and which is discussed above, the waiting time before a message (for example order) is transferred upwards can be kept shorter.
  • the switching logic of the at least one switch can optionally be such that it only permits messages from a trader data processing device to the trading platform data processing device, from the trading platform data processing device to a certain trader data processing device and from the trading platform data processing device to all trader data processing devices—which means that the communication pattern resulting in the electronic stock exchange trade is implemented in the switching logic of the network at the very beginning.
  • matcher A division of the function of the matcher onto several matchers is also possible, and this is represented symbolically in FIG. 2 .
  • Each matcher is then responsible for one or more titles.
  • the transfer to the correct matcher can be effected by the uppermost switch, for example on account of the target address.
  • the uppermost switch i.e. the uppermost network node
  • the uppermost switch can moreover optionally have a further output which stores all relevant messages which are transferred by this switch, in an archive A and thus makes this information available for example to the backoffice, for further processing.
  • This option exists independently of whether only one matcher or, as in FIG. 2 , several matchers are applied. However, this option is particularly favourable with the application of several matchers, since it permits a central archiving. Alternatively, each matcher can also have an individual archive.
  • the inner circuitry of a switch S is represented symbolically in FIG. 3 .
  • the construction which is represented in FIG. 3 for example is applied in particular in the switch of the uppermost level, i.e. the uppermost network node.
  • components generally belonging to so-called uplinks have a “U” in the reference
  • components belonging to downlinks have a “D”.
  • a message (data packet; in particular with an order) is transmitted from the trader C 0 . . . C n via a transmitter Tx (a transmitter component). Thereby, a conversion for example into a serial data format takes place. This is received in the switch S and again converted in parallel (KDRx 0 . . . KDRx n ) and written into the buffer (UB 0 . . . UB n ). Thereby, a dedicated buffer is assigned to each first receiver (KDRx 0 . . . KDRx n ; i.e. to each downlink), in the drawn embodiment example. It would also be possible to provide a central buffering in alternative embodiments.
  • the first arbiter UA decides on which packet is transferred further and controls the multiplexer UM accordingly.
  • the data is now converted by the first switch transmitter KUTx again into a serial protocol, transmitted and converted again into parallel format by a matcher receiver MRx.
  • the message reaches the matcher M via an optional matcher buffer MB.
  • the matcher M sends a message (for example the acknowledgment of receipt of an order) to a specific trader Co . . . Cn
  • this message is converted via a matcher transmitter MTx again into a serial format, transmitted and received by the second switch receiver KURx and converted again into a parallel format.
  • the second arbiter DA by way of the address, now decides which trader C 0 . . . C n is to obtain the message, and closes the respective switch DD 0 , DD 1 . . . or DD n .
  • the message is subsequently transmitted via a second switch transmitter KTDx 0 . . . KDTx n to the respective trader-receiver Rx 0 . . . Rx n and is now available to the trader C n for further processing.
  • matcher to all traders C 0 . . . C n .
  • This case differs from the specific case in that the second arbiter DA recognises that it is the case of a broadcast message and now closes all switches DD 0 . . . DD n , so that finally the data packets are transmitted to all traders C 0 . . . C n .
  • each trader is provided with a time generator, here in the form of a precisely synchronised clock CLK 0 . . . CLK n .
  • the time reference for this clock can thereby be set by the matcher or by the uppermost network node (the uppermost switch), by way of this periodically sending out reference time messages, which then reset the local clocks CLK 0 . . . CLK n .
  • the actual clock cycle can thereby be produced by a local oscillator or also by the global network cycle which in turn is set by the matcher M.
  • each message from the client C 0 . . .
  • C n is now provided with a timestamp, and the network system ensures that older messages always arrive at the matcher first of all; the network therefore “sorts” the messages on account of the time.
  • This function here is effected by way of the first arbiter UA transferring the older message first of all.
  • the arbiter must await at least the time (waiting time) which arises due to unequal construction manners (e.g. cable lengths, component tolerances), so that this selection take its course fairly. Only then can the arbiter make its decision.
  • the messages are therefore ordered strictly according to time, on each uplink or at least on the uplink of the uppermost network node, and with this arrive at the trading system M in the correct temporal sequence (also via several switch levels).
  • a credit system can be introduced according to the second aspect, in order to prevent this: the trading system allots credits to all traders C 0 . . . C n .
  • a credit permits the trader to send an order (or more generally: a message). The number of credits is so large that an individual trader can still operate at full speed in the case of a non-loaded system and that the individual buffers do not overflow even with a highly loaded system.
  • a credit is deducted per message and is only credited when an acknowledgment of receipt has been sent from the matcher to the trader.
  • FIG. 4 A system which is redundant according to the third aspect of the invention is shown in FIG. 4 .
  • the principle of duplication is illustrated here by way of an embodiment example, with which the matcher is responsible for all titles.
  • the matcher M is duplicated to M*, as well as the network with the switches Si,j with Si,j*, in FIG. 4 .
  • One of the two matchers M or M* can thereby set the time (time master, i.e. the network cycle as well as the reference time), and the other matcher then adopts this time. In the case of a failure of one matcher, the other becomes the time master, if it was not already hitherto the time master.
  • Both matchers are constructed in a completely identical manner with regard to the actual processing of orders, and the accounting and execution of the orders take place in both independently of one another.
  • the received message flows are transferred to the respective other trading system (PS(t) and PS*(t)), in order to ensure that both trading systems are in possession of all information, even with a partial failure of the network. So that their individual message flows are not favoured by the transmission, these are delayed by a delay time TD and TD*.
  • the prioritisers P and P* now ensure that messages with earlier timestamps are taken first of all. Identical messages (which arrive via the two independent networks) are moreover suppressed in the prioritiser P. One can therefore guarantee that identical, temporarily ordered message flows are transmitted to the actual trading systems M and M*.
  • both matchers can continuously inform over the course of time, and the information of the one matcher M serves for the synchronisation of the one clock CLK, whilst the other matcher M* synchronises the other clock CLK*.
  • only the one time basis is used for the timestamp of the message sent twice, so that the timestamp is completely identical on both channels.
  • matchers M 1 , . . . M m with different competences is possible without further ado and is represented in FIG. 5 .
  • At least one matcher preferably all matchers is/are present in duplicate and each are connected to both uppermost network nodes S 0,0 , S 0,0 *.
  • an archive A is connected to the uppermost network node, this can also be designed in a redundant manner, i.e. be present in duplicate, as is represented in FIG. 5 by way of the archive A′.
  • the switches S 0 , S and S 0 ′, S′ of both systems of switches are not connected to one another.
  • the signals run independently of one another in both systems (and in duplicate as described above), but come together in the respective matchers.
  • connections C 1 . . . Cm in FIG. 5 indicate optional “private” connections between the matchers which correspond to one another and which permit a direct data exchange bypassing the network.
  • connections C 1 . . . Cm in FIG. 5 can be used for example for the synchronisation of the matchers corresponding to one another.
  • a further challenge is the resynchronisation of a trader C 0 . . . C n or of a matcher in the case that such a unit is also to participate again in the current trading affairs after an interruption.
  • a lot of data which is based on the already executed transactions is produced by the complete trading system in normal operation. In the case of a restart, this places very high demands upon all participants, due to the fact that they need to synchronise again.
  • This, as a rule was effected in the past by a “reference picture” of the current status and a tracking of all transactions since the reference picture. However, in this manner it can last a very long time until the unit is synchronised again, if the system is operated at the very limits of its capacity and no longer has any capacity for the tracking.
  • the synchronisation is effected in steps.
  • the functioning manner is explained in FIG. 6 by way of a simple linear array; more complex data structures can mostly be put together by way of several such arrays.
  • the array as is represented in FIG. 6 for example can represent the order book for a certain title.
  • the respective orders with the details specifications for instructions, for example sorted according to their temporal sequence are contained in this.
  • the order book in these embodiments consists of different central data structures of a fixed size, in each case with clearly defined data elements for the respective data structure.
  • entries which have a grey background in FIG. 6 show entries of the array which have already been synchronised afresh after a failure, and those fields with a white background are not yet synchronised.
  • the synchronisation in particular is effected by the matcher or, given a redundant system, inasmuch as the fault does originate from one of the two matchers, by both matchers.
  • the synchronisation follows linearly or logically linearly along the data structure, as is represented.
  • At least one individual entry can be synchronised for example after each transaction in the trading system (point in time t). If the trading system is not used to capacity, then several entries can also be effected. If now a new transaction (for example a change of an existing order, due to a part having been implemented by a purchase or sale) is effected on an entry which was already renewed (point in time t+1 in FIG. 6 ), then the respective entry is directly replaced. If an entry if effected on a part which has not yet been renewed (point in time t+2) then this is simply ignored. The resynchronisation of the unit which is newly adopted or readopted into the trading system is successively advanced in this manner, whilst the units which are not affected are in no way compromised. The data distribution begins afresh again when all data elements of the trading system have been distributed.
  • the trading system does not need to be “bothered” at all as to whether of the trader data processing devices C 0 . . . C n or partner trading systems are presently re-synchronising thanks to this mechanism; the trading system simply does its task and arbitrary subsystems can autonomously resynchronise again. A large number of traders can simultaneously resynchronise in an autonomous manner thanks to this procedural manner.

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US15/314,513 2014-06-05 2015-06-03 Stock trading system Abandoned US20170109824A1 (en)

Applications Claiming Priority (3)

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