System and method for processing composite trading orders at a client

Abstract

An apparatus for processing a composite trading order comprises an interface operable to display a composite value representing a weighted quantity of a plurality of trading products. The apparatus further comprises a processor operable to receive at least one input representing a composite trading order, wherein the at least one input comprises a quantity that is equal to at least a portion of the weighted quantity. The at least one input is usable to generate one or more constituent trading orders that, when filled, combine to satisfy the composite trading order.

1 . (canceled) 
     
     
         2 . An apparatus for processing a composite trading order, comprising:
 at least one processor; and   at least one memory in electronic communication with a display device and having instructions stored thereon which, when executed by the at least one processor, direct the at least one processor to:
 receive, over a communication network, a first trading order for a first quantity of a first financial instrument from a first trading participant; 
 automatically responsive to receiving the first trading order, cause, by transmission of display information over the communication network, display, on a graphical user interface of the display device, of a composite value representing a weighted quantity of a plurality of financial instruments, the plurality of financial instruments comprising at least a second financial instrument that is different from the first financial instrument; 
 determine a composite trading order that, when filled, would substantially satisfy the first trading order, wherein:
 the composite trading order is associated with an amount that is equal to at least a portion of the composite value; and 
 the composite trading order comprises a plurality of constituent trading orders for the plurality of financial instruments that are configured to, if filled, collectively substantially satisfy the composite trading order, in which at least one of the constituent trading orders comprises an order for a second quantity of the second financial instrument that is different from the first financial instrument; 
 
 cause the at least one constituent trading order to be transmitted, over the communication network, to at least one market center; and 
 automatically responsive to receiving to current trading conditions information in one or more market centers over the communication network, cause, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the current trading conditions in the one or more market centers. 
   
     
     
         3 . The apparatus of  claim 2 ,
 wherein the composite value is based at least in part on market data representing trading conditions in one or more market centers,   in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 determine that a market center comprises insufficient liquidity to fill all of the first quantity of the first trading order 
   
     
     
         4 . The apparatus of  claim 2 , wherein the displayed composite value is usable to track, substantially simultaneously, the plurality of financial instruments. 
     
     
         5 . The apparatus of  claim 2 , wherein the weighted quantity of a plurality of financial instruments is substantially equivalent to a particular quantity of a particular trading product. 
     
     
         6 . The apparatus of  claim 2 , wherein the composite value corresponds to available volumes of the plurality of financial instruments in one or more market centers. 
     
     
         7 . The apparatus of  claim 2 , wherein the display of the composite value is based at least in part on at least one of one or more preferences and one or more trading strategies associated with a trader. 
     
     
         8 . The apparatus of  claim 2 , wherein:
 the plurality of constituent trading orders comprises a second trading order and a third trading order;   the second trading order is for one or more notes associated with a first maturity; and   the third trading order is for one or more notes associated with a second maturity.   
     
     
         9 . The apparatus of  claim 2 , wherein:
 the plurality of constituent trading orders comprises a second trading order and a third trading order;   the second trading order is for a particular currency; and   the third trading order is for one or more futures contracts associated with the particular currency.   
     
     
         10 . The apparatus of  claim 2 , wherein:
 the plurality of constituent trading orders comprises a second trading order and a third trading order;   the second trading order is for one or more notes; and   the third trading order is for one or more futures contracts associated with the one or more notes.   
     
     
         11 . The apparatus of  claim 2 , wherein the processor is operable to receive, in a single action, at least one input corresponding to the composite trading order. 
     
     
         12 . The apparatus of  claim 11 , wherein the single action comprises a keystroke or a click of a mouse. 
     
     
         13 . A method for processing a composite trading order, comprising:
 receiving, by the at least one computing device, over a communication network, a first trading order for a first quantity of a first financial instrument from a first trading participant;   automatically responsive to receiving the first trading order, causing, by at least one computing device, by transmission of display information over the communication network, display, on a graphical user interface of the display device, a composite value representing a weighted quantity of a plurality of financial instruments, the plurality of financial instruments comprising at least a second financial instrument that is different from the first financial instrument;   determining, by the at least one computing device, at least one input representing a composite trading order, wherein:
 the at least one input comprises an amount that is equal to at least a portion of the composite value; and 
 the at least one input is usable to generate a plurality of constituent trading orders for the plurality of financial instruments that are configured to, if filled, collectively substantially satisfy the composite trading order, in which at least one of the constituent trading orders comprises an order for the financial instrument that is different from the first trading product; 
   causing, by the at least one computing device, the at least one constituent trading order to be transmitted, over the communication network, to at least one market center; and   automatically responsive to receiving to current trading conditions information in one or more market centers over the communication network, causing, by the at least one computing device, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the current trading conditions in the one or more market centers.   
     
     
         14 . The method of  claim 13 , wherein the displayed composite value is usable to track, substantially simultaneously, the plurality of financial instruments. 
     
     
         15 . The method of  claim 13 , wherein the weighted quantity of a plurality of financial instruments is substantially equivalent to a particular quantity of a particular trading product. 
     
     
         16 . The method of  claim 13 , wherein the composite value corresponds to available volumes of the plurality of financial instruments in one or more market centers. 
     
     
         17 . The method of  claim 13 , wherein the display of the composite value is based at least in part on at least one of one or more preferences and one or more trading strategies associated with a trader. 
     
     
         18 . The method of  claim 13 , wherein:
 the plurality of constituent trading orders comprise a first trading order and a second trading order;   the first trading order is for one or more notes associated with a first maturity; and   the second trading order is for one or more notes associated with a second maturity.   
     
     
         19 . An apparatus, comprising:
 a processor; and   a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to:
 receive, over a communication network, a first trading order for a first quantity of a first trading product from a first trading participant; 
 determine that a particular quantity of the first trading product is available for trade in one or more market centers; 
 determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product; 
 determine a plurality of trading products, wherein the plurality of trading products comprises the first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; 
 receive, over the communication network, market data from the one or more market centers, wherein the market data relates to the plurality of trading products; 
 automatically responsive to receiving the market data and based at least in part on the plurality of trading products, cause, by transmission of display information over the communication network, display, on a graphical user interface of a display device of the first trading participant, a composite value, wherein the composite value comprises a weighted quantity of at least one trading product of the plurality of trading products other than the first trading product and the particular quantity of the first trading product; 
 determine, based at least in part on the composite value, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, combine to satisfy the composite value, and wherein at least two of identifying the plurality of trading products, determining the composite value, and determining the one or more constituent trading orders, are based at least in part on one or more stored preferences of the first trading participant; 
 transmit, on behalf of the first trading participant, over the communication network, the one or more constituent trading orders to the one or more market centers; 
 monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers; 
 determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; 
 determine one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and 
 automatically responsive to receiving updated market data from the one or more market centers over the communication network, cause, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the updated marked data. 
   
     
     
         20 . The apparatus of  claim 2 , in which each of the plurality of financial instruments is different from the first financial instrument with respect to at least one of:
 (1) a financial instrument class, in which a class comprises one of an underlying asset, a future on an underlying asset, and an option on an underlying asset,   (2) a maturity,   (3) a yield, and   (4) a face value.