System and method for linking and managing linked orders in an electronic trading environment

Abstract

A system and method for linking and managing linked orders are described. According to one method, a trader may first link two or more orders into a linked order, and then one or more parameters associated with one of the orders may be dynamically changed based on user inputs or information being received from an exchange. For example, a trader may link any two orders as an order cancel order, and each linked order may be associated with the same or different tradable objects, order quantities, and may be submitted to one or more exchanges. The order quantities may be then dynamically updated based on updates being received from the one or more exchanges and further based on a quantity ratio between the two orders. Further, the linked order may be submitted upon detecting a fill for another order.

1 . (canceled) 
     
     
         2 . A method for managing pending orders, the method comprising:
 submitting a first order for a first tradeable object and a second order for a second tradeable object from a computing device in response to receiving a user command via a user input device associated with the computing device, where the second order comprises at least one parameter determined according to a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange;   receiving, via the computing device, an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and   submitting, via the computing device, an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter.   
     
     
         3 . The method of  claim 2  where the at least one parameter of the second order is further determined according to at least one parameter of the first order. 
     
     
         4 . The method of  claim 2  where the first order comprises a first quantity of a first tradeable object at a first price and the second order comprises a second quantity of a second tradeable object at a second price. 
     
     
         5 . The method of  claim 4  where the update message comprises any of a cancel command for the second order, a new second order for the second tradeable object, an updated second quantity of the second tradeable object, and combinations thereof. 
     
     
         6 . The method of  claim 5  where the updated second quantity is determined according to the predetermined relationship. 
     
     
         7 . The method of  claim 4  further comprising submitting a change message to the second electronic exchange to change the second quantity in response to a change in the first quantity. 
     
     
         8 . The method of  claim 7  where the second quantity is changed according to the predetermined relationship. 
     
     
         9 . The method of  claim 7  where the change message comprises a cancel order for the second order and submission of a new second order for a changed second quantity of the second tradeable object. 
     
     
         10 . The method of  claim 4 , further comprising submitting a change message to the second electronic exchange to change the second quantity in response to a change in the first price. 
     
     
         11 . The method of  claim 10  where the second quantity is changed according to the predetermined relationship. 
     
     
         12 . The method of  claim 4 , further comprising submitting a change message to the second electronic exchange to change the second price in response to a change in the first price. 
     
     
         13 . The method of  claim 12  where the second quantity is changed according to the predetermined relationship. 
     
     
         14 . The method of  claim 4  where the first updated order parameter comprises any of an update to the first quantity, the first price and combinations thereof. 
     
     
         15 . The method of  claim 2  where the first electronic exchange is different from the second electronic exchange. 
     
     
         16 . The method of  claim 2  where the first electronic exchange comprises the second electronic exchange. 
     
     
         17 . The method of  claim 2 , further comprising submitting a delete message to the second electronic exchange to delete the second order executable by the second electronic exchange in response to any of deletion and cancellation of the first order. 
     
     
         18 . The method of  claim 2  where the first order is submitted in response to detecting a predetermined condition associated with a third order executable at a third electronic exchange. 
     
     
         19 . The method of  claim 18  where the predetermined condition comprises a fill update associated with the third order. 
     
     
         20 . The method of  claim 19  where the first order comprises a first quantity determined based on a filled order quantity identified in the fill update. 
     
     
         21 . The method of  claim 2  where the predetermined relationship comprises a ratio.