System and method for using trader lists in an electronic trading system to route a trading order with a reserved size
A system for managing trading orders comprises a memory operable to store a trader list that is associated with a first trader and that designates one or more other traders. The system further comprises a processor communicatively coupled to the memory and operable to receive a trading order from the first trader, wherein the trading order is for an order quantity of a first trading product. The processor is further operable to determine a first portion and a second portion of the order quantity. The processor is further operable to disclose the first portion of the order quantity to a plurality of traders. If a configurable condition is satisfied, the processor is further operable to disclose the second portion of the order quantity to one or more traders that are not designated by the trader list and to prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.
1 . A system for managing trading orders, comprising:
a memory operable to store a trader list that is associated with a first trader and that designates one or more other traders;
a processor communicatively coupled to the memory and operable to:
receive a trading order from the first trader, wherein the trading order is for an order quantity of a first trading product;
determine a first portion and a second portion of the order quantity;
disclose the first portion of the order quantity to a plurality of traders; and
if a configurable condition is satisfied:
disclose the second portion of the order quantity to one or more traders that are not designated by the trader list; and
prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.
2 . The system of claim 1 , wherein:
the trading order is a first trading order;
the determination of the first portion and the second portion of the order quantity from the first trading order is based at least in part on a first preference associated with the first trader; and
the processor is further operable to:
receive from the first trader a second trading order for an order quantity of a second trading product;
determine a first portion and a second portion of the order quantity from the second trading order, wherein the determination of the first portion and the second portion of the order quantity from the second trading order is based at least in part on a second preference associated with the first trader; and
disclose the first portion of the order quantity from the second trading order to a plurality of traders.
3 . The system of claim 2 , wherein the determined first portion of the order quantity from the first trading order is different than the determined first portion of the order quantity from the second trading order.
4 . The system of claim 2 , wherein the first preference is associated with the first trading product and the second preference is associated with the second trading product.
5 . The system of claim 2 , wherein:
the trader list is a first trader list associated with the first trading product;
the configurable condition is a first configurable condition associated with the first trading product;
the first trader is associated with:
a second configurable condition associated with the second trading product; and
a second trader list designating one or more other traders; and
the processor is further operable to:
if the second configurable condition is satisfied:
disclose the second portion of the order quantity from the second trading order to one or more traders that are not designated by the second trader list; and
prevent the disclosure of the second portion of the order quantity from the second trading order to the one or more designated traders from the second trader list.
6 . The system of claim 5 , wherein the second trader list is different from the first trader list.
7 . The system of claim 5 , wherein the second configurable condition is different from the first configurable condition.
8 . The system of claim 1 , wherein the determination of the first portion and the second portion of the order quantity is based at least in part on one or more preferences associated with the first trader.
9 . The system of claim 8 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on a configurable percentage of the order quantity.
10 . The system of claim 8 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on current market data.
11 . The system of claim 8 , wherein the processor is further operable to allow the first trader to input the one or more preferences.
12 . The system of claim 1 , wherein the processor is further operable to allow the first trader to input the configurable condition.
13 . The system of claim 1 , wherein:
the trading order is a first trading order; and
the configurable condition is that a second trading order aggress at least part of the first portion of the order quantity from the first trading order.
14 . The system of claim 1 , wherein:
the trading order is a first trading order; and
the configurable condition is that:
a second trading order aggress at least part of the first portion of the order quantity from the first trading order; and
the second trading order is not from a trader designated by the trader list.
15 . The system of claim 1 , wherein the configurable condition is that a best bid price or a best offer price in a trading system satisfy a configurable threshold.
16 . The system of claim 1 , wherein the configurable condition is that a trading volume associated with the first trading product satisfy a configurable threshold.
17 . The system of claim 1 , wherein each of the one or more traders designated by the trader list are market makers that specialize in trading the first trading product.
18 . The system of claim 1 , wherein the trading order is part of a substantially real-time order price feed from the first trader.
19 . The system of claim 1 , wherein disclosing the first portion of the order quantity to a plurality of traders comprises transmitting the first portion of the order quantity to the plurality of traders.
20 . A method for managing trading orders, comprising:
receiving a trading order from a first trader, wherein:
the trading order is for an order quantity of a first trading product; and
the first trader is associated with a trader list designating one or more other traders;
determining a first portion and a second portion of the order quantity;
disclosing the first portion of the order quantity to a plurality of traders; and
if a configurable condition is satisfied:
disclosing the second portion of the order quantity to one or more traders that are not designated by the trader list; and
preventing the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.
21 . The method of claim 20 , wherein:
the trading order is a first trading order;
the determination of the first portion and the second portion of the order quantity from the first trading order is based at least in part on a first preference associated with the first trader;
and further comprising:
receiving from the first trader a second trading order for an order quantity of a second trading product;
determining a first portion and a second portion of the order quantity from the second trading order, wherein the determination of the first portion and the second portion of the order quantity from the second trading order is based at least in part on a second preference associated with the first trader; and
disclosing the first portion of the order quantity from the second trading order to a plurality of traders.
22 . The method of claim 21 , wherein the determined first portion of the order quantity from the first trading order is different than the determined first portion of the order quantity from the second trading order.
23 . The method of claim 21 , wherein the first preference is associated with the first trading product and the second preference is associated with the second trading product.
24 . The method of claim 21 , wherein:
the trader list is a first trader list associated with the first trading product;
the configurable condition is a first configurable condition associated with the first trading product; and
the first trader is associated with:
a second configurable condition associated with the second trading product; and
a second trader list designating one or more other traders;
and further comprising:
if the second configurable condition is satisfied:
disclosing the second portion of the order quantity from the second trading order to one or more traders that are not designated by the second trader list; and
preventing the disclosure of the second portion of the order quantity from the second trading order to the one or more designated traders from the second trader list.
25 . The method of claim 24 , wherein the second trader list is different from the first trader list.
26 . The method of claim 24 , wherein the second configurable condition is different from the first configurable condition.
27 . The method of claim 20 , wherein the determination of the first portion and the second portion of the order quantity is based at least in part on one or more preferences associated with the first trader.
28 . The method of claim 27 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on a configurable percentage of the order quantity.
29 . The method of claim 27 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on current market data.
30 . The method of claim 27 , further comprising allowing the first trader to input the one or more preferences.
31 . The method of claim 20 , further comprising allowing the first trader to input the configurable condition.
32 . The method of claim 20 , wherein:
the trading order is a first trading order; and
the configurable condition is that a second trading order aggress at least part of the first portion of the order quantity from the first trading order.
33 . The method of claim 20 , wherein:
the trading order is a first trading order; and
the configurable condition is that:
a second trading order aggress at least part of the first portion of the order quantity from the first trading order; and
the second trading order is not from a trader designated by the trader list.
34 . The method of claim 20 , wherein the configurable condition is that a best bid price or a best offer price in a trading system satisfy a configurable threshold.
35 . The method of claim 20 , wherein the configurable condition is that a trading volume associated with the first trading product satisfy a configurable threshold.
36 . The method of claim 20 , wherein each of the one or more traders designated by the trader list are market makers that specialize in trading the first trading product.
37 . The method of claim 20 , wherein the trading order is part of a substantially real-time order price feed from the first trader.
38 . The method of claim 20 , wherein disclosing the first portion of the order quantity to a plurality of traders comprises transmitting the first portion of the order quantity to the plurality of traders.
39 . Logic for managing trading orders, the logic encoded in computer-readable media and operable when executed to:
receive a trading order from a first trader, wherein:
the trading order is for an order quantity of a first trading product; and
the first trader is associated with a trader list designating one or more other traders;
determine a first portion and a second portion of the order quantity;
disclose the first portion of the order quantity to a plurality of traders; and
if a configurable condition is satisfied:
disclose the second portion of the order quantity to one or more traders that are not designated by the trader list; and
prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.
40 . The logic of claim 39 , wherein:
the trading order is a first trading order;
the determination of the first portion and the second portion of the order quantity from the first trading order is based at least in part on a first preference associated with the first trader; and
the logic is further operable when executed to:
receive from the first trader a second trading order for an order quantity of a second trading product;
determine a first portion and a second portion of the order quantity from the second trading order, wherein the determination of the first portion and the second portion of the order quantity from the second trading order is based at least in part on a second preference associated with the first trader; and
disclose the first portion of the order quantity from the second trading order to a plurality of traders.
41 . The logic of claim 40 , wherein the determined first portion of the order quantity from the first trading order is different than the determined first portion of the order quantity from the second trading order.
42 . The logic of claim 40 , wherein the first preference is associated with the first trading product and the second preference is associated with the second trading product.
43 . The logic of claim 40 , wherein:
the trader list is a first trader list associated with the first trading product;
the configurable condition is a first configurable condition associated with the first trading product;
the first trader is associated with:
a second configurable condition associated with the second trading product; and
a second trader list designating one or more other traders; and
the logic is further operable when executed to, if the second configurable condition is satisfied:
disclose the second portion of the order quantity from the second trading order to one or more traders that are not designated by the second trader list; and
prevent the disclosure of the second portion of the order quantity from the second trading order to the one or more designated traders from the second trader list.
44 . The logic of claim 43 , wherein the second trader list is different from the first trader list.
45 . The logic of claim 43 , wherein the second configurable condition is different from the first configurable condition.
46 . The logic of claim 39 , wherein the determination of the first portion and the second portion of the order quantity is based at least in part on one or more preferences associated with the first trader.
47 . The logic of claim 46 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on a configurable percentage of the order quantity.
48 . The logic of claim 46 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on current market data.
49 . The logic of claim 46 , further comprising allowing the first trader to input the one or more preferences.
50 . The logic of claim 39 , further comprising allowing the first trader to input the configurable condition.
51 . The logic of claim 39 , wherein:
the trading order is a first trading order; and
the configurable condition is that a second trading order aggress at least part of the first portion of the order quantity from the first trading order.
52 . The logic of claim 39 , wherein:
the trading order is a first trading order; and
the configurable condition is that:
a second trading order aggress at least part of the first portion of the order quantity from the first trading order; and
the second trading order is not from a trader designated by the trader list.
53 . The logic of claim 39 , wherein the configurable condition is that a best bid price or a best offer price in a trading system satisfy a configurable threshold.
54 . The logic of claim 39 , wherein the configurable condition is that a trading volume associated with the first trading product satisfy a configurable threshold.
55 . The logic of claim 39 , wherein each of the one or more traders designated by the trader list are market makers that specialize in trading the first trading product.
56 . The logic of claim 39 , wherein the trading order is part of a substantially real-time order price feed from the first trader.
57 . The logic of claim 39 , wherein disclosing the first portion of the order quantity to a plurality of traders comprises transmitting the first portion of the order quantity to the plurality of traders.