Methods and systems for trade fee and rebate computation and order routing

Abstract

Systems and methods for determining a trade fee charged by a trading venue to a market participant, or a rebate credited by a trading venue to a market participant are disclosed. The method may include a computer accessing and storing one or more order information parameters in memory, as well as accessing and storing one or more of market characteristics in memory. The method may further include calculating a trade fee or rebate that is based on at least one of the order information parameters and at least one of the market characteristics stored in memory. A system may include a memory containing instructions for calculating a trade fee or rebate and a processor in communication with the memory, the processor configured to execute the instructions according to the method set out above.

1 .- 8 . (canceled) 
     
     
         9 . A computer-implemented method for calculating dynamic rebates, the method comprising the following steps:
 accessing, by a computer, order information having order information parameters;   storing, by the computer, one or more of the order information parameters in memory;   accessing, by the computer, a market spread based on the order information parameters;   storing, by the computer, the market spread in memory, wherein the market spread comprises one of a plurality of market characteristics; and   calculating, by the computer, a rebate that is based on at least the market spread stored in memory.   
     
     
         10 . The computer-implemented method of  claim 9 , wherein the one or more order information parameters comprises at least one of: symbol, strike price, expiration, type, side, order size, order price, contingency, user identification, origin code, execution time, execution size, execution price or book time. 
     
     
         11 . The computer-implemented method of  claim 9 , wherein the plurality of market characteristics further comprises at least one of: bid and ask, last price, order volume, volatility, or market direction. 
     
     
         12 . The computer-implemented method of  claim 9 , further comprising steps of:
 accessing, by a computer, one or more electronic databases containing rebate variables; and   storing, by the computer, one or more rebate calculation variables in memory.   
     
     
         13 . The computer-implemented method of  claim 12 , wherein the one or more rebate calculation variables is at least one of: a rebate calculation formula or a rebate rate. 
     
     
         14 . The computer-implemented method of  claim 13 , wherein the rebate calculation formula is:
   Rebate=market spread* X *rebate rate,   wherein, X is a numerical value.   
     
     
         15 . The computer-implemented method of  claim 9 , wherein the computer comprises multiple computers in electronic communication with each other via an electronic communications network. 
     
     
         16 . The computer-implemented method of  claim 9 , further comprising transmitting the calculated trade fee to a database, a billing system, or a market participant. 
     
     
         17 .- 23 . (canceled) 
     
     
         24 . A system for calculating dynamic rebates, the system comprising:
 at least one memory, the at least one memory containing instructions for calculating a dynamic rebate; and   a processor in communication with the at least one memory, the processor configured to execute the instructions to:
 access order information having order information parameters; 
 store one or more of the order information parameters in the at least one memory; 
 access a market spread based on the order information parameters; 
 store the market spread in the at least one memory, wherein the market spread comprises one of a plurality of market characteristics; and 
 calculate a rebate that is based on at least the market spread in the at least one memory. 
   
     
     
         25 . The system of  claim 24 , wherein the one or more order information parameters comprises at least one of: symbol, strike price, expiration, type, side, order size, order price, contingency, user identification, origin code, execution time, execution size, execution price or book time. 
     
     
         26 . The system of  claim 24 , wherein the plurality of market characteristics further comprises at least one of: bid and ask, last price, order volume, volatility, or market direction. 
     
     
         27 . The system of  claim 24 , wherein the processor is further configured to:
 access one or more electronic databases containing rebate variables; and   store one or more rebate calculation variables in the at least one memory.   
     
     
         28 . The system of  claim 27 , wherein the one or more rebate calculation variables is at least one of: a rebate calculation formula or a rebate rate. 
     
     
         29 . The system of  claim 28 , wherein the rebate calculation formula is:
   Rebate=market spread* X *rebate rate,   wherein, X is a numerical value.   
     
     
         30 . The system of  claim 24 , wherein the processor is further configured to transmit the calculated rebate to a database, a billing system, or a market participant.