Reducing data traffic in a computerized trading system
A user terminal for communicating with a computer server is operated on behalf of a first user (a second user terminal is operated on behalf of a second user). The user terminal transmits to the computer server pre-trade information including an order and receives first offset information that indicates a first price offset value, which is different from a second price offset value sent to the second user terminal. The terminals receive a single message from the server that indicates a market price but does not include the first price offset value or the second price offset value. The user terminal modifies the market price using the first price offset value to obtain a first actual price different from a second actual price corresponding to a modification of the market price based on the second price offset value.
1 . A local site first computer terminal at a first local site for communicating with a remote electronic exchange system that communicates with a plurality of local site computer terminals over a computer network, wherein the plurality of local site computer terminals include the first local site computer terminal and a second local site computer terminal, wherein the first local site computer terminal is operable on behalf of a first entity and the second local site computer terminal is operable on behalf of a second entity, the first local site computer terminal comprising:
a transmitting/receiving interface;
at least one hardware processor;
wherein the at least one hardware processor is configured to:
receive from the remote electronic exchange system, via the computer network, first offset information that indicates a first price offset value associated with a price of a financial instrument, where the first price offset value is different from a second price offset value sent from the remote electronic exchange system, via the computer network, to the second local site computer terminal;
receive, after receiving the first offset information, a message transmitted from the electronic exchange system via the computer network to the first local site computer terminal, the message also having been transmitted to the second local site computer terminal, wherein:
(i) the message indicates a market price for a financial instrument, and
(ii) the message does not include the first price offset value or the second price offset value;
wherein the at least one hardware processor is configured to modify the market price for the financial instrument using the first price offset value to obtain a first actual price for the financial instrument that is different from a second actual price for the financial instrument, wherein the second actual price corresponds to a modification of the market price for the financial instrument based on the second price offset value, thereby by eliminating a need for the remote electronic exchange system to transmit duplicated market price messages for the financial instrument to different local site computers trading the financial instrument using different price offset values, which reduces an amount of data needed to be transmitted over the computer network; and
wherein the at least one hardware processor is configured to transmit to the remote electronic exchange system, via the computer network, information including an order with the first actual price for the financial instrument.
2 . The first computer terminal in claim 1 , wherein the first local site computer terminal is of a first type and the second local site computer terminal is of a second type, and wherein the second type and the first type are different.
3 . The first computer terminal in claim 1 , wherein the at least one hardware processor is configured to receive from the remote electronic exchange system, via the computer network, the first price offset value when a predetermined login occurs in the first local site computer terminal.
4 . The first computer terminal in claim 1 , wherein the at least one hardware processor is associated with an application programming interface.
5 . The first computer terminal in claim 1 , wherein when the market price for the financial instrument is an offer price, the at least one hardware processor is configured to add the first price offset value to the offer price, and
wherein when the market price for the financial instrument is a bid price, the at least one hardware processor is configured to subtract the first price offset value from the bid price.
6 . The first computer terminal in claim 1 , wherein the message indicates a published price for the financial instrument.
7 . The first computer terminal in claim 1 , wherein the first and second price offset values are spread offset values.
8 . A method for a first local site computer terminal at a first local site to communicate with a remote electronic exchange system that communicates with a plurality of local site computer terminals over a computer network, wherein the plurality of local site computer terminals include the first local site computer terminal and a second local site computer terminal, and wherein the first local site computer terminal is operated on behalf of a first entity and the second local site computer terminal is operated on behalf of a second entity, the method comprising:
receiving from the remote electronic exchange system, via the computer network, first offset information that indicates a first price offset value associated with a price of a financial instrument, where the first price offset value is different from a second price offset value sent by the remote electronic exchange system to the second local site computer terminal;
receiving, via the computer network, after receiving the first offset information, a message transmitted from the remote electronic exchange system to the first local site computer terminal, the message also having been transmitted to the second local site computer terminal, wherein:
(i) the message indicates a market price for a financial instrument, and
(ii) the message does not include the first price offset value or the second price offset value;
modifying, by at least one hardware processor, the market price for the financial instrument using the first price offset value to obtain a first actual price for the financial instrument that is different from a second actual price for the financial instrument, wherein the second actual price corresponds to a modification of the market price for the financial instrument based on the second price offset value, thereby by eliminating a need for the remote electronic exchange system to transmit duplicated market price messages for the financial instrument to different local site computers trading the financial instrument using different price offset values, which reduces an amount of data needed to be transmitted over the computer network; and
transmitting, via the computer network, to the remote electronic exchange system, information including an order with the first actual price for the financial instrument.
9 . The method in claim 8 , wherein the first local site computer terminal is of a first type and the second local site computer terminal is of a second type, and wherein the second type and the first type are different.
10 . The method in claim 8 , further comprising transmitting to the remote electronic exchange system a query that requests the first price offset value.
11 . The method in claim 10 , further comprising transmitting the query to the remote electronic exchange system in response to the first entity logging in to the remote electronic exchange system at the first local site computer terminal.
12 . The method in claim 8 , wherein the method further comprises:
when the market price for the financial instrument is an offer price, adding the first price offset value to the offer price, and
when the market price for the financial instrument is a bid price, subtracting the first price offset value from the bid price.
13 . The method in claim 8 , wherein the message indicates a published price for a financial instrument.
14 . The method in claim 8 , wherein the first and second price offset values are spread offset values.
15 . A system, comprising:
an electronic exchange including:
one or more memories; and
one or more hardware processors;
wherein the one or more memories and the one or more hardware processors are configured to perform operations that include:
receiving, over a computer network from a first local site computer terminal operable on behalf of a primary entity, information including a first order for a financial instrument;
receiving, over the computer network from a second local site computer terminal operable on behalf of a secondary entity, information including a second order for a financial instrument;
storing the information including the first order and the second order in a database;
transmitting, over the computer network to the first local site computer terminal, first price information associated with the financial instrument;
transmitting, over the computer network to the second local site computer terminal, second price information associated with the financial instrument, wherein the second price information and the first price information are different; and
after transmitting the first price information and the second price information, transmitting over the computer network a message to the first local site computer terminal and to the second local site computer terminal, wherein:
(i) the message indicates a market price for the financial instrument, and
(ii) the message does not include the first price information or the second price information for the financial instrument;
wherein the first price information is useable by the first local site computer terminal to obtain the market price for the financial instrument for the primary entity and the second price information is useable by the second local site computer terminal to modify the market price for the financial instrument to obtain an actual price for the financial instrument for the secondary entity, thereby by eliminating a need for the electronic exchange to transmit duplicated market price messages for the financial instrument to different local site computers trading the financial instrument using different price offset values, which reduces an amount of data needed to be transmitted over the computer network.
16 . The system in claim 15 , wherein the first local site computer terminal is of a first type and the second local site computer terminal is of a second type different from the first type.
17 . The system in claim 15 , wherein the one or more memories and the one or more hardware processors are configured to perform further operations that include receiving from the second local site computer terminal a query that requests the second price information.
18 . The system in claim 15 , wherein the one or more memories and the one or more hardware processors are configured to transmit a post trade message for a matched order for the financial instrument, and wherein the post trade message includes fees and spread offset values associated with the matched order for the financial instrument.
19 . The system in claim 15 , wherein the first price information includes the market price for the financial instrument and the second price information includes a spread offset value useable by the second local site computer terminal to modify the market price for the financial instrument.
20 . The system in claim 15 , wherein:
when the market price for the financial instrument is an offer price, the second price information is usable by the second local site computer terminal to obtain the actual offer price for the financial instrument for the secondary entity, and
when the market price for the financial instrument is a bid price, the second price information is usable by the second local site computer terminal to obtain the actual bid price for the financial instrument for the secondary entity.