Order centric tracking system and protocol for communications with handheld trading units
View Patent ↗A computerized method and system for tracking orders implemented on a trading floor exchange is disclosed. The system is order-centric and is configured to route orders to a booth and floor broker in accordance with a symbol associated with the particular security being traded. Floor brokers communicate with the trading system through handheld devices connected to a handheld server via a wireless interface. A specific protocol for messaging protocol for communications between the handheld devices and the handheld server is also disclosed.
1. A handheld computing device implemented method for processing an order for a security traded on a floor of a trading exchange, the method comprising:
receiving from a computer server an order message comprising a request to trade a security associated with a symbol;
processing the received order message in the handheld computing device to extract data identifying the symbol associated with the request to trade;
generating in the handheld computing device an order reply message that indicates whether the order message is accepted or rejected;
sending the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and
in the instance where the order reply message indicates that the handheld computing device accepted the order, sending to the computer server an execution message comprising: the symbol, an execution price, and an execution quantity.
2. The method of claim 1 , further comprising, in the instance where the order reply message indicates that the handheld computing device rejected the order, placing the order message in a holding state.
3. The method of claim 1 , further comprising:
generating a list of outstanding orders associated with received order messages and aggregating leaves of like orders;
determining a number of shares to buy and sell, and acceptable prices based on the maintained list of outstanding orders and aggregated leaves of like orders.
4. The method of claim 1 , further comprising receiving from the computer server, an execution allocation message comprising a quantity of shares allocated to the order and a current leaves for the order.
5. The method of claim 4 , further comprising receiving effects information associated with the order allocation.
6. The method of claim 5 , further comprising sending an order recall message to the computer server.
7. A non-transitory processor-readable medium storing processor-issuable instructions to:
receive from a computer server an order message comprising a request to trade a security associated with a symbol;
process the received order message to extract data identifying the symbol associated with the request to trade;
generate an order reply message that indicates whether the order message is accepted or rejected;
send the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and
in the instance where the order reply message indicates that the order has been accepted, send to the computer server an execution message comprising: the symbol, an execution price, and an execution quantity.
8. The method of claim 7 , further comprising instructions to, in the instance where the order reply message indicates that the handheld computing device rejected the order, place the order message in a holding state.
9. The method of claim 7 , further comprising instructions to:
generate a list of outstanding orders associated with received order messages and aggregating leaves of like orders;
determine a number of shares to buy and sell, and acceptable prices based on the maintained list of outstanding orders and aggregated leaves of like orders.
10. The method of claim 7 , further comprising instructions to receive from the computer server, an execution allocation message comprising a quantity of shares allocated to the order and a current leaves for the order.
11. The method of claim 10 , further comprising instructions to receive effects information associated with the order allocation.
12. The method of claim 11 , further comprising instructions to send an order recall message to the computer server.
13. A system for processing an order for a security traded on a floor of a trading exchange, comprising:
a memory;
a processor disposed in communication with said memory, and configured to issue a plurality of processing instructions stored in the memory, wherein the processor issues instructions to:
receive from a computer server an order message comprising a request to trade a security associated with a symbol;
process the received order message to extract data identifying the symbol associated with the request to trade;
generate an order reply message that indicates whether the order message is accepted or rejected;
send the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and
in the instance where the order reply message indicates that the order has been accepted, send to the computer server an execution message comprising: the symbol, an execution price, and an execution quantity.