Match System that Uses a Non-Indexed Collection of Orders

Abstract

Match engine systems and methods that allow for rapid processing of orders are provided. Pending orders are arranged as a non-indexed collection of orders and may be stored in the cache memory of a processor. The physical locations of pending orders stored in the cache memory may correspond to the order in which they were received at a match engine. New orders are compared to orders in the non-indexed collection of orders in an attempt to match orders.

1 . A computer-implemented method of matching orders for financial instruments, the method comprising: 
 (a) receiving at a match engine an order for a financial instrument; and    (b) comparing the order in (a) to a plurality of pending orders arranged in a non-indexed collection of substantially sequential orders located on a computer-readable medium.    
     
     
         2 . The method of  claim 1 , further including: 
 (i) encoding the order before (b).    
     
     
         3 . The method of  claim 2 , wherein (b) is performed at a first processor and (i) is performed at a second processor.  
     
     
         4 . The method of  claim 3 , further including: 
 (ii) storing the encoded order in a memory module; and    (iii) at the second processor periodically checking for new orders stored in the memory module.    
     
     
         5 . The method of  claim 1 , wherein (b) is performed at a processor and the computer-readable medium consists of a memory module located within the processor.  
     
     
         6 . The method of  claim 1 , wherein the plurality of orders are stored in a solid-state memory module.  
     
     
         7 . The method of  claim 1 , wherein the comparison is initiated at a commencing location on the computer-readable medium and is conducted in a substantially sequential manner and continues according to the proximate physical location of the plurality of pending orders on the computer-readable medium.  
     
     
         8 . The method of  claim 1 , further including: 
 (i) formatting and distributing market data.    
     
     
         9 . The method of  claim 8 , wherein (b) is performed at a first processor and (i) is performed at a second processor.  
     
     
         10 . The method of  claim 1 , wherein the plurality of pending orders have a common a fixed length.  
     
     
         11 . A match engine configured to match orders for financial instruments, the match engine comprising: 
 a computer-readable medium containing a non-indexed collection of substantially sequential pending orders; and    a first processor configured to sequentially compare a new order to at least a portion of the orders included in the non-indexed collection of substantially sequential pending orders.    
     
     
         12 . The match engine of  claim 11 , further including: 
 a second processor configured to receive orders and encode the received orders.    
     
     
         13 . The match engine of  claim 12 , further including: 
 a memory module coupled to the first processor and the second processor and that stores encoded orders.    
     
     
         14 . The match engine of  claim 13 , wherein the first processor is configured to periodically check for new orders stored in the memory module.  
     
     
         15 . The match engine of  claim 11 , wherein the computer-readable medium consists of a memory module located within the first processor.  
     
     
         16 . The match engine of  claim 11 , wherein the computer-readable medium comprises a solid-state memory module.  
     
     
         17 . The match engine of  claim 11 , wherein the computer-readable medium consists of a memory module having no moving parts.  
     
     
         18 . The match engine of  claim 11 , further including: 
 a backup computer-readable medium containing a backup copy of the non-indexed collection of substantially sequential pending orders; and    a backup processor configured to sequentially compare a new order to at least a portion of the orders included in the backup copy of the non-indexed collection of substantially sequential pending orders.    
     
     
         19 . The match engine of  claim 18 , wherein the backup computer-readable medium consists of a memory module located within backup processor.  
     
     
         20 . The match engine of  claim 18 , wherein the backup computer-readable medium comprises a solid-state memory module.  
     
     
         21 . The match engine of  claim 18 , wherein the backup computer-readable medium consists of a memory module having no moving parts.  
     
     
         22 . The match engine of  claim 18 , further including a synchronization module that synchronizes the computer-readable medium and the backup computer-readable medium.  
     
     
         23 . A system for matching orders for financial instruments, the system comprising: 
 a first match engine comprising a first computer-readable medium containing a first non-indexed collection of substantially sequential pending orders and a first processor configured to sequentially compare a new order to at least a portion of the orders included in the non-indexed collection of substantially sequential pending orders;    a second match engine comprising a second computer-readable medium containing a second non-indexed collection of substantially sequential pending orders and a second processor configured to sequentially compare a new order to at least a portion of the orders included in the second non-indexed collection of substantially sequential pending orders; and    an output gateway coupled to the first match engine and the second match engine and configured to filter redundant messages.    
     
     
         24 . The system of  claim 23 , further including an input gateway configured to receive orders, assign identifying information and transmit orders to at least one match engine.  
     
     
         25 . The system of  claim 24  wherein the output gateway filters redundant messages based at least in part on the identifying information assigned by the input gateway.  
     
     
         26 . The system of  claim 23 , wherein the first processor includes a memory that contains the first non-indexed collection of substantially sequential pending orders.  
     
     
         27 . The system of  claim 23 , wherein the second processor includes a memory that contains the second non-indexed collection of substantially sequential pending orders.