Throttling modification messages
The present embodiments relate to intelligently throttling a modification message based on a period of time that a trade order is required to remain in a market. In an embodiment, intelligently throttling a modification message includes intelligently selecting a transmission time of a modification message based on a period of time that a trade order is required to remain in a market. The modification message is transmitted at the selected time to ensure that the modification order is received at an electronic exchange at or shortly after, but not before, the period of time has expired. As a result, the modification order is accepted (e.g., not rejected) by the electronic exchange. The modification order does not need to be resent to the electronic exchange.
1. A method comprising:
sending, from a computing device to an electronic exchange, a trade order for a tradeable object listed at the electronic exchange;
determining, using the computing device, a time to send a modification message to the electronic exchange based on expiration of a period of time that the trade order is required to remain pending in a market at the electronic exchange further based on when the trade order is modifiable and a modification message transmission time, wherein the modification message transmission time is an amount of time for the modification message to travel from the computing device to the electronic exchange, wherein the modification message comprises a modification to the trade order; and
sending, using the computing device, the modification message at the determined time, wherein the modification message is not received at the electronic exchange before a modification time determined based on the period of time that the trade order is required to remain pending in the market.
2. The method of claim 1 , further comprising selecting the transmission time of the modification message.
3. The method of claim 1 , further comprising queuing the modification message until the determined time.
4. The method of claim 1 , further comprising calculating when the pending trade order is modifiable without being rejected from the electronic exchange, wherein determining the time to send the order message is based on when the pending trade order is modifiable without being rejected.
5. The method of claim 1 , further comprising receiving, at the computing device, an instruction from a user to send the modification message.
6. The method of claim 1 , further comprising determining, using the computing device, the period of time that the trade order is required to remain pending in the market, based on requirements of the market.