| CPC G06Q 40/04 (2013.01) [G06Q 10/087 (2013.01)] | 11 Claims |
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1. A computer-implemented electronic trading system comprising:
a processor;
a storage device; and
a non-transitory memory coupled with the processor and storing computer-executable instructions executable by the processor to cause the processor to implement:
an electronic order receiving device that receives, from a first user via a first graphical user interface of an electronic order entry device implemented by a second processor, in advance of an occurrence of at least one of a plurality of predefined conditions which occur external to the electronic trading system, at least one conditional order of a plurality of conditional orders for a financial instrument over a communication network coupled with the electronic order receiving device disposed between the electronic order entry device and a matching order engine, the at least one received conditional order specifying at least one of the plurality of predefined conditions which occur external to the electronic trading system subsequent to receipt of the conditional order, wherein the electronic order receiving device is further operative to process the conditional order, determine that the at least one of the plurality of predefined conditions cannot occur until a future time, and store the processed conditional order in the storage device coupled therewith, the storage device being divided into a plurality of storage areas, wherein a plurality of processed conditional orders specifying the same at least one predefined condition are stored together in a same storage area of the plurality of storage areas in an order of receipt while awaiting occurrence of the at least one of the plurality predefined conditions, each storage area of the plurality of storage areas corresponding to a different predefined condition of the plurality of predefined conditions, wherein the at least one received conditional order is not based solely on a price of the financial instrument;
an electronic event feed comparator operative to receive, from a data source external to the electronic trading system, data corresponding to an occurrence of any of the plurality of predefined conditions, wherein the event feed comparator is further operative to compare the data received from the data source external to the electronic trading system with a plurality of predetermined data values indicating the occurrence of at least one of the plurality of predefined conditions and based thereon determine when the data received from the data source external to the electronic trading system indicates that at least one of the plurality of predefined conditions has occurred, wherein the occurrence of the at least one of the plurality of predefined condition causes a triggering of a retrieval of each of the plurality of processed conditional orders stored in the same storage area of the plurality of storage areas by a matching event engine and an execution of each of the plurality of processed conditional orders by a matching order engine;
an electronic matching engine coupled with the storage device and the electronic event feed comparator and including:
the matching event engine operative to, based on the determination that at least one of the plurality of predefined conditions has occurred, retrieve from the storage device, each of the plurality of processed conditional orders stored therein in the same storage area of the plurality of storage areas associated with each of the at least one of the plurality of predefined conditions which was determined to have occurred; and
the matching order engine coupled with the matching event engine and operative to execute each of the retrieved processed conditional orders in the order in which those retrieved processed conditional orders were stored in the same storage area of the plurality of storage areas associated with each of the at least one of the plurality of predefined conditions which was determined to have occurred,
wherein each of the retrieved processed conditional orders are executed by the matching order engine prior to any other orders transmitted over the communication network to the electronic trading system subsequent to having been generated external thereto based on any of the at least one of the plurality of predefined conditions which was determined to have occurred, wherein the execution of the plurality of retrieved processed conditional orders prior to the any other orders is based on a reduced network latency of the plurality of retrieved processed conditional orders not having to travel over the communications network and not having to be processed following the occurrence of the at least one of the plurality of predefined conditions compared with the network latency of the any other orders that have to travel over the communication network and having to be processed following the occurrence of the at least one of the plurality of predefined conditions,
wherein the occurrence of the at least one of the plurality of predefined condition causes a triggering of the generation and transmission over the communication network of the any other orders to the electronic trading system, and
wherein the electronic order receiving device processes the any other orders subsequent to the occurrence of the at least one of the plurality of predefined conditions.
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