Method and system for providing aggregation of trading on multiple alternative trading systems
View Patent ↗A method for performing financial trading amongst a plurality of alternative trading systems using a common financial computer platform. The method including the steps of receiving at the common financial computer platform a buy-order for a prescribed number shares at a prescribed price. Electronic communication is then established between the common financial computer platform and each of the plurality of alternative trading systems. At least a portion of the buy-order is then submitted from the common financial computer platform to each of the plurality of alternative trading systems. The common financial common platform then monitors each of the plurality of alternative trading systems to determine if at least a portion of the buy-order was executed by one of the plurality of alternative trading systems. And if yes, then that indicated execution for one of the plurality of alternative trading systems is automatically accepted and automatically canceled are the remaining buy orders that were submitted to the other alternative trading system which were not yet executed.
1. A computer implemented method for performing financial trading amongst a plurality of electronic trading systems comprising the steps of:
sending electronic communications from a computer to the plurality of electronic trading systems to cause at least a portion of an order for a specified number of shares of an asset to be available for execution by each of the plurality of electronic trading systems; and
causing cancellation of at least one portion that was not at least partially executed by one of the plurality of electronic trading systems at about the time and based on at least one of the other portions being at least partially executed by one of the plurality of electronic trading systems.
2. The method of claim 1 , wherein the order is a buy order.
3. The method of claim 1 , wherein the order is a sell order.
4. The method of claim 1 , wherein the electronic trading systems include an alternative trading system.
5. The method of claim 4 , wherein the alternative trading system accepts non-binding orders.
6. The method of claim 1 , wherein the step of sending electronic communications includes causing a plurality of order portions to be available for execution by the plurality of electronic trading systems.
7. The method of claim 6 , wherein the plurality of order portions are all equal in size.
8. The method of claim 6 , wherein the plurality of order portions are not all equal in size.
9. The method of claim 6 , wherein each order portion is made available for execution on a different electronic trading system.
10. The method of claim 6 , wherein the step of sending electronic communications includes transmitting each order portion electronically from the computer to an electronic trading system.
11. The method of claim 10 , wherein the transmitting step is performed by a smart router based on historical data.
12. The method of claim 1 , further comprising the step of computing a remaining balance of shares of the order that has not been executed.
13. The method of claim 12 , further comprising a second step of sending electronic communications to one or more of the electronic trading systems to cause the remaining balance of shares to be available for execution.
14. The method of claim 13 , wherein the second step of sending electronic communications causes one or more order portions for the remaining balance of shares to be available for execution on one or more of the electronic trading systems.
15. The method of claim 1 , wherein the step of causing cancellation occurs upon a determination by the computer that at least one order portion was at least partially executed by one of the electronic trading systems.
16. The method of claim 1 , wherein the step of causing cancellation includes causing cancellation of all order portions that were not at least partially executed.
17. A system for performing financial trading amongst a plurality of electronic trading systems comprising:
a computer system configured to communicate with each of the electronic trading systems and further configured to send electronic communications to the plurality of electronic trading systems to (a) cause at least a portion of an order for a specified number of shares of an asset to be available for execution by each of the plurality of electronic trading systems; and (b) cause cancellation of at least one order portion that was not at least partially executed by one of the plurality of electronic trading systems at about the time and based on at least one of the other order portions being at least partially executed by one of the plurality of electronic trading systems.
18. The system of claim 17 , wherein said computer system includes a smart router configured to send electronic communications to at least one of the electronic trading systems to cause an order portion to be available for execution thereon based upon historical data.
19. The system of claim 17 , wherein the electronic trading systems include an alternative trading system.
20. The system of claim 19 , wherein the alternative trading system accepts non-binding offers.
21. The system of claim 17 , wherein said computer system is further configured to divide a number of shares prescribed in the order by a number equal to the number of electronic trading systems contained in the plurality of electronic trading systems.
22. The system of claim 17 , wherein said computer system is further configured to divide a number of shares prescribed in the order into a plurality of order portions which are not all equal in size.
23. The system of claim 22 , wherein said computer system is further configured to receive a percentage of the order to be available for execution on each electronic trading system.
24. The system of claim 17 , wherein said computer system is further configured to receive a percentage of the order to be worked over the course of the day.
25. The system of claim 17 , wherein said computer system is further configured to calculate a remaining balance of shares of the order that has not been executed.
26. The system of claim 25 , wherein said computer system is further configured to cause the remaining balance of shares to be available for execution on one or more of the electronic trading systems.
27. The system of claim 17 , wherein said computer system is further configured to immediately withdraw an unexecuted order portion upon determining that one or more of the order portions has been at least partially executed by one of the electronic trading systems.
28. The system of claim 17 , wherein said computer system is further configured to cause all order portions that were not at least partially executed by one of the plurality of electronic trading systems to no longer be available for execution.
29. The system of claim 17 , wherein said computer system is a common computer platform in electronic communication with said plurality of electronic trading systems.