| CPC G06Q 40/04 (2013.01) | 24 Claims |
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1. A computer-implemented method for improving data throughput on an electronic exchange system, the method comprising:
in the electronic exchange system comprising a programmed computer coupled to one or more participant computers, one or more external market data sources, and a display book system embodied on a computing device and comprising a display, each in communication with the electronic exchange system through a network, the programmed computer comprising non-transitory memory and at least one processor executing computer-readable instructions stored in the non-transitory memory, the computer-readable instructions causing the programmed computer to perform the functions of:
monitoring, in real-time by the programmed computer, fluctuations to external market data from the one or more external market data sources;
determining, by the programmed computer, an exchange best bid or offer (BBO) of the electronic exchange system that fluctuates in response to the monitored fluctuations in the external market data;
maintaining, by the programmed computer, one or more data values displayed on said display of the display book system and actionable via the display book system, said maintaining comprising:
receiving, by the programmed computer, broker interests via the one or more participant computers, the broker interests including a broker interest as instructions to buy or sell a security at a first price with a discretionary price range, a floor price, a ceiling price, a maximum trade size and a maximum discretionary volume size, wherein the maximum discretionary volume size is less than the maximum trade size, the floor price and the ceiling price comprising the discretionary price range,
automatically and continually comparing the broker interests to the fluctuating BBO, responsive to the monitored fluctuations,
automatically identifying, responsive to the comparing, one or more ineligible broker interests among the broker interests that do not match the fluctuating BBO, said one or more ineligible broker interests ineligible for display via the display book system and therefore ineligible for execution by the programmed computer,
when the one or more ineligible broker interests are within the discretionary price range and prior to the one or more ineligible broker interests being automatically removed from the display of the display book system and becoming unactionable, —automatically correcting the one or more ineligible broker interests to match the fluctuating BBO to form one or more corrected broker interests such that said one or more corrected broker interests are displayed by the programmed computer on said display of the display book system as actionable indicators that are continuously actionable, such that selecting at least one of the actionable indicators results in an automatic initiation of a selective execution operation;
automatically removing any of the one or more of the broker interests not corrected by the programmed computer from said display of the display book system such that those broker interests not corrected are unactionable; and
receiving, by the programmed computer, one or more orders from among the one or more participant computers responsive to a displayed broker interest among the actionable indicators on the display book system, the received one or more orders causing the programmed computer to execute further computer-readable instructions, thereby causing the programmed computer to further perform the function of:
selectively executing the displayed broker interest against the received one or more orders for the security, comprising:
receiving an order from among the one or more orders for the security with an order trade size, wherein the order for the security is an order to sell if the displayed broker interest is to buy, and the order for the security is an order to buy if the displayed broker interest is to sell,
determining whether the order trade size is or is not less than the maximum trade size,
responsive to determining that the order trade size is less than the maximum trade size, trading at least part of the displayed broker interest against the order up to the maximum discretionary volume size, and
responsive to determining that the order trade size is not less than the maximum trade size, trading no part of the displayed broker interest against the order.
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