System and method for regulating order entry in an electronic trading environment
A system and method are provided for defining slop parameters to an individual spread order or a customized group of orders. The system and method may be used to, for example, define inside slop, outside slop, and/or adjustable range parameters to one or more orders. The inside slop, outside slop, and/or adjustable range parameters may be input by a trader, and, among other things, allow a trader to prioritize orders, set parameters so that some orders are re-priced more aggressively than other spread orders. Alternatively, slop parameters associated with a spread order may also apply more restrictive slop parameters to orders within the same adjustable range. Slop parameters associated with a spread order can also be configured and modified by a trader based on the trader's preferences. Other features and advantages are described herein.
1. A method for trading in an electronic trading environment, the method including:
receiving by a computing device a definition for a trading strategy, wherein the trading strategy includes a first leg and a second leg, wherein the first leg corresponds to a first tradeable object and the second leg corresponds to a second tradeable object;
receiving by the computing device a desired strategy price for a strategy order according to the definition for the trading strategy;
automatically sending by the computing device a first leg order at a first price for the first tradeable object in response to receiving the desired strategy price for the strategy order, wherein the first leg order is associated with the strategy order, wherein the first price is determined according to the definition for the trading strategy based on the desired strategy price and market data for the second tradeable object;
receiving by the computing device a command to individually select the strategy order, wherein the command includes a tolerance parameter;
assigning by the computing device the tolerance parameter to the individually selected strategy order in response to receiving the command; and
working by the computing device the first leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the tolerance parameter assigned to the individually selected strategy order.
2. The method of claim 1 , wherein the tolerance parameter includes at least one of an inside slop and an outside slop.
3. The method of claim 1 , further including:
receiving by the computing device a second command to deactivate the tolerance parameter; and
continuing to work the first leg order without respect to the deactivated tolerance parameter in response to receiving the second command.
4. The method of claim 1 , further including:
receiving by the computing device a second command to modify the tolerance parameter to a different tolerance parameter; and
continuing to work the first leg order based on the different tolerance parameter.
5. The method of claim 1 , further including:
displaying a strategy order indicator representing the desired strategy price on a graphical interface along a value axis; and
displaying a tolerance indicator representing the tolerance parameter assigned to the individually selected strategy order along the value axis.
6. The method of claim 5 , wherein the tolerance indicator is adapted to allow a user to modify the tolerance parameter.
7. The method of claim 6 , further including:
repositioning the tolerance indicator to modify the tolerance parameter.
8. The method of claim 1 , further including:
receiving by the computing device a second desired strategy price for a second strategy order according to the definition for the trading strategy;
receiving by the computing device a command to individually select the second strategy order, wherein the command includes a second tolerance parameter;
assigning by the computing device the second tolerance parameter to the individually selected second strategy order in response to receiving the command; and
working by the computing device a second leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the second tolerance parameter assigned to the individually selected second strategy order.
9. The method of claim 1 , wherein the computing device includes a client device.
10. The method of claim 9 , wherein the client device includes software running on the client device which provides a trading screen to a user.
11. A system for trading in an electronic trading environment, the system including:
a client device adapted to receive a definition for a trading strategy, wherein the trading strategy includes a first leg and a second leg, wherein the first leg corresponds to a first tradeable object and the second leg corresponds to a second tradeable object, the client device further adapted to receive a desired strategy price for a strategy order according to the definition for the trading strategy, the client device further adapted to automatically send a first leg order at a first price for the first tradeable object in response to receiving the desired strategy price for the strategy order, wherein the first leg order is associated with the strategy order, wherein the first price is determined according to the definition for the trading strategy based on the desired strategy price and market data for the second tradeable object, the client device further adapted to receive a command to individually select the strategy order, wherein the command includes a tolerance parameter, the client device further adapted to assign the tolerance parameter to the individually selected strategy order in response to receiving the command, the client device further adapted to work the first leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the tolerance parameter assigned to the individually selected strategy order.
12. The system of claim 11 , wherein the tolerance parameter includes at least one of an inside slop and an outside slop.
13. The system of claim 11 , wherein the client device is further adapted to receive a second command to deactivate the tolerance parameter, wherein the client device is further adapted to continue to work the first leg order without respect to the deactivated tolerance parameter in response to receiving the second command.
14. The system of claim 11 , wherein the client device is further adapted to receive a second command to modify the tolerance parameter to a different tolerance parameter, wherein the client device is further adapted to continue to work the first leg order based on the different tolerance parameter.
15. The system of claim 11 , wherein the client device is further adapted to display a strategy order indicator representing the desired strategy price on a graphical interface along a value axis, wherein the client device is further adapted to display a tolerance indicator representing the tolerance parameter assigned to the individually selected strategy order along the value axis.
16. The system of claim 15 , wherein the tolerance indicator is adapted to allow a user to modify the tolerance parameter.
17. The system of claim 16 , wherein the client device is further adapted to allow the user to reposition the tolerance indicator to modify the tolerance parameter.
18. The system of claim 11 , wherein the client device is further adapted to receive a second desired strategy price for a second strategy order according to the definition for the trading strategy, wherein the client device is further adapted to receive a command to individually select the second strategy order, wherein the command includes a second tolerance parameter, wherein the client device is further adapted to assign the second tolerance parameter to the individually selected second strategy order in response to receiving the command, wherein the client device is further adapted to work a second leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the second tolerance parameter assigned to the individually selected second strategy order.
19. The system of claim 11 , wherein the client device includes software running on the client device which provides a trading screen to a user.
20. A computer readable medium having stored therein instructions executable by a processor, wherein the instructions are executable to:
receive a definition for a trading strategy, wherein the trading strategy includes a first leg and a second leg, wherein the first leg corresponds to a first tradeable object and the second leg corresponds to a second tradeable object;
receive a desired strategy price for a strategy order according to the definition for the trading strategy;
automatically send a first leg order at a first price for the first tradeable object in response to receiving the desired strategy price for the strategy order, wherein the first leg order is associated with the strategy order, wherein the first price is determined according to the definition for the trading strategy based on the desired strategy price and market data for the second tradeable object;
receive a command to individually select the strategy order, wherein the command includes a tolerance parameter;
assign the tolerance parameter to the individually selected strategy order in response to receiving the command; and
work the first leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the tolerance parameter assigned to the individually selected strategy order.
21. The computer readable medium of claim 20 , wherein the tolerance parameter includes at least one of an inside slop and an outside slop.
22. The computer readable medium of claim 20 , wherein the instructions are further executable to:
receive a second command to deactivate the tolerance parameter; and
continue to work the first leg order without respect to the deactivated tolerance parameter in response to receiving the second command.
23. The computer readable medium of claim 20 , wherein the instructions are further executable to:
receive a second command to modify the tolerance parameter to a different tolerance parameter; and
continue to work the first leg order based on the different tolerance parameter.
24. The computer readable medium of claim 20 , wherein the instructions are further executable to:
display a strategy order indicator representing the desired strategy price on a graphical interface along a value axis; and
display a tolerance indicator representing the tolerance parameter assigned to the individually selected strategy order along the value axis.
25. The computer readable medium of claim 24 , wherein the tolerance indicator is adapted to allow a user to modify the tolerance parameter.
26. The computer readable medium of claim 25 , wherein the instructions are further executable to:
reposition the tolerance indicator to modify the tolerance parameter.
27. The computer readable medium of claim 20 , wherein the instructions are further executable to:
receive a second desired strategy price for a second strategy order according to the definition for the trading strategy;
receive a command to individually select the second strategy order, wherein the command includes a second tolerance parameter;
assign the second tolerance parameter to the individually selected second strategy order in response to receiving the command; and
work a second leg order according to the definition for the trading strategy based on the desired strategy price, the market data for the second tradeable object, and the second tolerance parameter assigned to the individually selected second strategy order.