| CPC G06Q 40/04 (2013.01) | 36 Claims |
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1. A computer implemented method for controlling submission of electronic order messages to an electronic trading system for matching, the method comprising:
for each of a first plurality of durations, each characterized by an initiation and a subsequent expiry, the initiation of each of the first plurality of durations being subsequent to expiry of another of the first plurality of durations:
receiving, by a processor subsequent to the initiation of the duration and prior to the expiry thereof, from a party of a plurality of parties trading on the electronic trading system, an electronic order message for trading a first instrument of a plurality of instruments;
storing, by the processor, the received electronic order message in a storage device coupled with the processor, the electronic order message being stored in the storage device together with other stored electronic order messages for trading the first instrument previously received subsequent to the initiating of the duration and prior to the expiry thereof, wherein the electronic order messages received from a same party are further stored together in the storage device; and
upon expiry of the duration, making, by the processor, each of the stored received electronic order messages received subsequent to the initiation of the duration and prior to the expiry thereof available for submission to the electronic trading system for matching thereby, regardless of whether or not all of the stored received electronic order messages received prior to expiry of a previously expired duration of the first plurality of durations have been submitted to the electronic trading system; and
submitting, by the processor, each of the stored received electronic order messages made available therefore to the electronic trading system, by selecting, for each instrument of the plurality of instruments for which there are stored received electronic order messages made available for submission and for each party from which those stored received electronic order messages were received, one of the stored received electronic order messages received from that party and transmitting the selected electronic order message to the electronic trading system, until all of the stored received electronic order messages that have been made available for submission have been transmitted to the electronic trading system.
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