US 11,861,703 B2
Multi-modal trade execution with smart order routing
José Antonio Acuña-Rohter, Des Plaines, IL (US); Pearce Peck-Walden, Chicago, IL (US); and Ari Studnitzer, Northbrook, IL (US)
Assigned to Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed by Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed on Oct. 8, 2021, as Appl. No. 17/497,433.
Application 17/497,433 is a continuation of application No. 15/132,676, filed on Apr. 19, 2016, granted, now 11,164,248.
Claims priority of provisional application 62/240,282, filed on Oct. 12, 2015.
Prior Publication US 2022/0027998 A1, Jan. 27, 2022
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 20 Claims
OG exemplary drawing
 
1. A computer implemented method for matching, without disrupting a structure of an electronic market, each of a plurality of orders to trade a financial product in the electronic market with one or more of a set of previously received unmatched orders for the financial product which are counter thereto, the computer implemented method comprising:
receiving, by a market segment gateway, a first electronic data transaction request message from a client computer of a user via a network, the first electronic data transaction request message comprising data indicative of a first order of the plurality of orders, the first order specifying the financial product, a first quantity, a first value, and data indicative of a preference for a first matching algorithm of a plurality of matching algorithms, whereby the market segment gateway is configured to operate in multiple modes simultaneously to accept and match the plurality of orders for the same financial product to increase liquidity for that financial product;
routing, by the market segment gateway, based on the data indicative of the preference for the first matching algorithm, the first order to one of a plurality of order books, each order book of the plurality of order books stored in a non-transitory memory, providing a separate pool of liquidity for the financial product, and coupled with one of a plurality of hardware matching processors, each hardware matching processor implementing one of the plurality of matching algorithms which is different from all other matching algorithms implemented by the other plurality of hardware matching processors for that financial product and which is not altered during trading hours for that financial product to follow a different matching algorithm, each hardware matching processor configured to execute orders for each order book according to the implemented matching algorithm, the routing further comprising:
selecting, by the market segment gateway, based on the data indicative of the preference, a first order book from the plurality of order books for the financial product, the first order book coupled with a first hardware matching processor of the plurality of hardware matching processors, the first hardware matching processor following the first matching algorithm; and
routing, by the market segment gateway, the first order to the first order book; and
attempting to match, with the first hardware matching processor, the first order with a previously received but unsatisfied order counter thereto to the first order stored in the first order book.