Methods and systems for processing orders
View Patent ↗Methods and systems for processing orders are provided. In some embodiments, methods for processing orders are provided, the methods comprising: receiving a user selection of a routing style; receiving a user selection of a post destination; routing at least a portion of an order according to the routing style; and posting at least a portion of the order at the posting destination selected by the user.
1. A method for processing orders in an electronic trading system, comprising:
receiving, by a hardware processor, a user selection of a size of a security to be traded;
receiving, by a hardware processor, a user selection of a routing style specifying a manner in which a plurality of routing style orders, each to trade at least a portion of the size of the security, are to be executed;
receiving, by a hardware processor, a user selection of a post destination to which a posting order for at least a portion of the size of the security is to be posted after the plurality of routing style orders are routed according to the routing style;
routing, by a hardware processor, the plurality of routing style orders according to the routing style; and
posting, by a hardware processor, the posting order at the posting destination selected by the user.
2. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be sequentially sent to different markets.
3. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be simultaneously at different markets.
4. The method of claim 1 , wherein the routing style cause the plurality of routing style orders to be sequentially sent to different markets and sent to dark pools.
5. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be simultaneously at different markets and sent to darks pools.
6. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be routed only to dark pools.
7. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be routed only to markets having manual quotes.
8. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be routed only to one or more primary markets for the security.
9. The method of claim 1 , wherein the routing style causes the plurality of routing style orders to be routed only to ECNs.
10. The method of claim 1 , wherein the posting destination is an explicit destination.
11. The method of claim 10 , wherein the posting destination is a specific open market.
12. The method of claim 1 , wherein the posting destination is a synthetic destination.
13. The method of claim 12 , wherein the posting destination is a destination that is most-quoted.
14. The method of claim 12 , wherein the posting destination is a destination that is the last to post a quote in the security.
15. The method of claim 12 , wherein the posting destination is a destination that is a primary market for the security.
16. The method of claim 12 , wherein the posting destination is a destination that has protected quotes in the security.
17. The method of claim 12 , wherein the posting destination is a destination showing orders at the National Best Bid and Offer (NBBO) in the security.
18. The method of claim 12 , wherein the posting destination is a destination that is an alternative trading system.
19. The method of claim 12 , wherein the posting destination is a dark pool.
20. The method of claim 12 , further comprising:
receiving a user selection of a percentage at which at least a portion of the size of the security will be posted to dark pools; and
posting the percentage of the size of the security at one or more dark pools.
21. A system for process orders, comprising:
at least one processor that:
receives a user selection of a size of a security to be traded;
receives a user selection of a routing style specifying a manner in which a plurality of routing style orders, each to trade at least a portion of the size of the security, are to be executed;
receives a user selection of a post destination to which a posting order for at least a portion of the size of the security is to be posted after the plurality of routing style orders are routed according to the routing style;
routes the plurality of routing style orders according to the routing style; and
posts the posting order at the posting destination selected by the user.
22. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be sequentially sent to different markets.
23. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be simultaneously at different markets.
24. The system of claim 21 , wherein the routing style cause the plurality of routing style orders to be sequentially sent to different markets and sent to dark pools.
25. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be simultaneously at different markets and sent to darks pools.
26. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be routed only to dark pools.
27. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be routed only to markets having manual quotes.
28. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be routed only to one or more primary markets for the security.
29. The system of claim 21 , wherein the routing style causes the plurality of routing style orders to be routed only to ECNs.
30. The system of claim 21 , wherein the posting destination is an explicit destination.
31. The system of claim 30 , wherein the posting destination is a specific open market.
32. The system of claim 21 , wherein the posting destination is a synthetic destination.
33. The system of claim 32 , wherein the posting destination is a destination that is most-quoted.
34. The system of claim 32 , wherein the posting destination is a destination that is the last to post a quote in the security.
35. The system of claim 32 , wherein the posting destination is a destination that is a primary market for the security.
36. The system of claim 32 , wherein the posting destination is a destination that has protected quotes in the security.
37. The system of claim 32 , wherein the posting destination is a destination showing orders at the National Best Bid and Offer (NBBO) in the security.
38. The system of claim 32 , wherein the posting destination is a destination that is an alternative trading system.
39. The system of claim 32 , wherein the posting destination is a dark pool.
40. The system of claim 32 , wherein the at least one processor also:
receives a user selection of a percentage at which at least a portion of the size of the security will be posted to dark pools; and
posts the percentage of the size of the security at one or more dark pools.