Products and processes for order distribution

Abstract

Systems and methods for trading financial instruments through multiple trading intermediaries are described.

1 - 30 . (canceled) 
     
     
         31 . A method for a network computing device to facilitate fulfilling orders on an order distribution network including a plurality of remote venues communicatively coupled to one another and the network computing device over a communication network, the method comprising:
 computing, by the network computing device, a first distribution of first sub-parts for a participant's first desire to engage in an exchange of an instrument , in which the first distribution assigns each of the first sub-parts to a respective matching venue of the plurality of remote venues;   in response to computing the first distribution, attempting, by the network computing device, by transmission of first distribution information over the communication network, to fulfill the participant's first desire through the plurality of remote venues according to the first distribution of first sub-parts;   receiving, by the network computing device, over the communication network from at least one matching venue of the plurality of remote venues, an indication identifying a change to a desired quantity of the same exchange of the instrument pending at the at least one matching venue;   automatically in response to receiving the indication, computing, by the network computing device, a second distribution of second sub-parts for the first desire through the plurality of remote venues based at least in part on the change; and   automatically in response to computing the second distribution, transmitting over the communication network by the network computing device, second distribution information describing the second distribution of second sub-parts and indicating an attempt by the network computing device to fulfill the first desire through the plurality of remote venues according to the second distribution of second sub-parts.   
     
     
         32 . The method of  claim 31 , in which the indication identifying the change to the sum includes an indication of a fulfillment of at least a portion of at least one of the plurality of second desires. 
     
     
         33 . The method of  claim 31 , in which the indication identifying the change to the sum includes an indication of a fulfillment of at least a portion of the first desire. 
     
     
         34 . The method of  claim 31 , in which the transmitting of the second distribution information causes placing each of a plurality of requests on one of the plurality of remote venues in accordance with the second distribution. 
     
     
         35 . The method of  claim 31 , in which at least one second of the plurality of remote venues fulfills desires in at least a partially pro-rata fashion. 
     
     
         36 . The method of  claim 35 , in which the at least one second of the plurality of remote venues fulfills orders in a hybrid pro-rata and FIFO fashion. 
     
     
         37 . The method of  claim 31 , in which the second distribution is based at least in part on an expected quantity of a third desire expected to be received by at least one second of the plurality of remote venues, in which the third desire involves the instrument and an opposite side of the exchange. 
     
     
         38 . The method of  claim 37 , in which the expectation of the quantity is based on a history of desires received by the at least one second of the plurality of remote venues. 
     
     
         39 . The method of  claim 31 , in which the second distribution is based on an expected rate of desire fulfillment of at least one second of the plurality of remote venues. 
     
     
         40 . The method of  claim 39 , comprising:
 receiving, by the network computing device over the communication network, an indication of a change to the expected rate; and   automatically in response to receiving the indication of the change to the expected rate, computing, by the network computing device, a third distribution of third sub-parts of the first order among the plurality of remote venues based at least in part on the change to the expected rate; and   automatically in response to computing the third distribution, transmitting over the communication network by the network computing device, third distribution information describing the third distribution of third sub-parts and indicating an attempt by the network computing device to fulfill the first desire through at least one second of the plurality of remote venues based on the third distribution.   
     
     
         41 . The method of  claim 31 , in which the second distribution is determined based on a method of fulfilling desires performed by at least one second of the plurality of matching venues. 
     
     
         42 . The method of  claim 31 , in which the second distribution is based at least in part on a chance that at least one second desire pending on the at least one of the plurality of remote venues will not be fulfilled by a third desire received by the at least one of the plurality of remote venues because a quantity associated with the at least one second desire is small. 
     
     
         43 . The method of  claim 31 , in which the second distribution defines a respective portion of a quantity associated with the first desire to be placed through each of the plurality of remote venues. 
     
     
         44 . The method of  claim 31 , comprising:
 receiving, by the network computing device over the communication network, an indication identifying the first desire;   receiving, by the network computing device over the communication network, an indication of a rate at which desires to engage in the exchange for the instrument are expected to be fulfilled by at least one first matching venue of the plurality of remote venues;   receiving, by the network computing device over the communication network, an indication of at least one quantity from a third desire for the same exchange pending on at least one second matching venue of the plurality of remote venues;   receiving, by the network computing device over the communication network, an indication of a method used by at least one third matching venue of the plurality of remote venues to fulfill desires pending on the matching venue when matching desires are received by the third matching venue; and   in which computing the first distribution includes computing the first distribution based at least in part on the rate, the at least one quantity, and the method.   
     
     
         45 . The method of  claim 31 , in which the second distribution is based on calculating an expected rate of desire fulfillment through the each of the plurality of remote venues, and calculating the distribution to increase an expected overall rate of desire fulfillment using the plurality of remote venues. 
     
     
         46 . The method of  claim 31 , in which the first distribution is determined by calculating a distribution that has an increase in expected speed of fulfillment compared to an expected speed of fulfillment of submitting the first desire to a single matching venue of the plurality of remote venues, and in which the second distribution is determined by calculating a distribution that has an increase in expected speed of fulfillment compared to the first distribution. 
     
     
         47 . The method of  claim 31 , in which the first desire includes a first order for an instrument to be traded and identifies a quantity of the instrument to be traded and a side of trades for the instrument. 
     
     
         48 . The method of  claim 47 , in which each second desire of the plurality of second desires identifies a respective quantity of the instrument to be traded and the same side of trades for the instrument. 
     
     
         49 . An apparatus as a network computing device configured to facilitate fulfilling orders on an order distribution network including a plurality of remote venues communicatively coupled to one another and the network computing device over a communication network, the apparatus comprising:
 a processor, and   a non-transitory machine readable medium having stored thereon a plurality of instructions that when executed by the processor cause the network computing device to:   compute a first distribution of first sub-parts for a participant's first desire to engage in an exchange of an instrument, in which the first distribution assigns each of the first sub-parts to a respective matching venue of the plurality of remote venues;   in response to computing the first distribution, attempt, by the network computing device, by transmission of first distribution information over the communication network, to fulfill the participant's first desire through the plurality of remote venues according to the first distribution of first sub-parts;   receive, by the network computing device, over the communication network from at least one matching venue of the plurality of remote venues, an indication identifying a change to a desired quantity of the same exchange of the instrument pending at the at least one matching venue of the plurality of remote venues;   automatically in response to receiving the indication, compute a second distribution of second sub-parts for the first desire through the plurality of matching venues based at least in part on the change; and   automatically in response to computing the second distribution, transmit over the communication network by the network computing device, second distribution information describing the second distribution of second sub-parts and indicating an attempt by the network computing device to fulfill the first desire through the plurality of remote venues according to the second distribution of second sub-parts.   
     
     
         50 . An apparatus as a network computing device configured to facilitate fulfilling orders on an order distribution network including a plurality of remote venues communicatively coupled to one another and the network computing device over a communication network, the apparatus comprising:
 a processor, and   a non-transitory machine readable medium having stored thereon a plurality of instructions that when executed by the computing device cause the network computing device to:   receiving, by the network computing device, over the communication network, an indication identifying a change to a desired quantity of an exchange of an instrument pending at at least one matching venue of the plurality of remote venues;   in response to receiving the indication, computing, by the computing device, a distribution of second sub-parts for the first desire among the plurality of remote venues based at least in part on the change, in which the distribution assigns each of the second sub-parts to a respective matching venue of the plurality of remote venues; and   automatically in response to computing the second distribution, transmit over the communication network by the network computing device, distribution information describing the distribution of second sub-parts and indicating an attempt by the network computing device to fulfill the first desire through the plurality of remote venues according to the second distribution of second sub-parts.