Apparatus and methods for processing composite trading orders

Abstract

A system for processing a composite trading order comprises a memory operable to store market data received from one or more market centers. The system further comprises a processor operable to generate a composite value based at least in part on the market data. The processor is further operable to receive a composite trading order associated with at least a portion of the composite value. The processor is further operable to generate a plurality of constituent trading orders that, when filled, combine to satisfy the composite trading order.

1 . (canceled) 
     
     
         2 . A method comprising:
 controlling, by at least one processor:   determining that a plurality of different trading products being electronically traded among a plurality of computers via a communication network are related to but different from a first trading product, in which a quantity of the first trading product is determined to be substantially equivalent to a quantity of each of the plurality of different trading products;   receiving, over the communication network, from a remote computing device of at least one market center, market data related to the first trading product and the plurality of different trading products;   determining, based at least in part on the market data, a composite value for the first trading product and the plurality of different trading products;   generating, based on the composite value, at least one constituent trading order that is configured to satisfy at least a portion of a composite trading order determined from the composite value; and   transmitting, over the communication network, on behalf of a trader, the at least one constituent trading order to the at least one market center.   
     
     
         3 . The method of  claim 2 , in which the first trading product is of a first type and at least one of the plurality of different trading products is of a second type that is different from the first type. 
     
     
         4 . The method of  claim 3 , in which the first type is a 5-year treasury note and the second type is a 10-year treasury note. 
     
     
         5 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor, determining a relationship between the first trading product and at least one of the plurality of different trading products.   
     
     
         6 . The method of  claim 5 , in which the determining the relationship between the first trading product and the at least one of the plurality of different trading products further comprises:
 determining that the first trading product and the at least one of the plurality of different trading products are issued by a same entity.   
     
     
         7 . The method of  claim 5 , in which the determining the relationship between the first trading product and at least one of the plurality of different trading products further comprises:
 determining that the first trading product and the at least one of the plurality of different trading products share a similar performance trend.   
     
     
         8 . The method of  claim 2 , in which the determining the composite value further comprises:
 determining a liquidity for each of the plurality of different trading products; and   generating the composite value based at least in part on the liquidity of each of the plurality of different trading products.   
     
     
         9 . The method of  claim 2 , in which the determining the composite value further comprises:
 determining a relationship among each of the plurality of different trading products; and   generating the composite value based at least in part on the relationship among each of the plurality of different trading products.   
     
     
         10 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor, displaying the composite value.   
     
     
         11 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor, receiving, via a single input, a request to submit the composite trading order based on the composite value.   
     
     
         12 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor, monitoring whether the at least one constituent trading order completely satisfies the composite trading order.   
     
     
         13 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor:   determining that a remaining portion of the composite trading order is not satisfied by the at least one constituent trading order;   receiving, over the communication network, updated market data from the at least one market center;   determining, based at least in part on the updated market data, at least one additional constituent trading order that is configured to be substantially equivalent to the remaining portion of the composite trading order; and   transmitting, over the communication network, on behalf of the trader, the at least one additional constituent trading order to the at least one market center.   
     
     
         14 . An apparatus comprising:
 at least one processor configured to control:   determining that a plurality of different trading products being electronically traded among a plurality of computers via a communication network are related to but different from a first trading product, in which a quantity of the first trading product is determined to be substantially equivalent to a quantity of each of the plurality of different trading products;   receiving, over the communication network, from a remote computing device of at least one market center, market data related to the first trading product and the plurality of different trading products;   determining, based at least in part on the market data, a composite value for the first trading product and the plurality of different trading products;   generating, based on the composite value, at least one constituent trading order that is configured to satisfy at least a portion of a composite trading order determined from the composite value; and   transmitting, over the communication network, on behalf of a trader, the at least one constituent trading order to the at least one market center.   
     
     
         15 . The apparatus of  claim 14 , in which the first trading product is of a first type and at least one of the plurality of different trading products is of a second type that is different from the first type. 
     
     
         16 . The apparatus of  claim 15 , in which the first type is a 5-year treasury note and the second type is a 10-year treasury note. 
     
     
         17 . The apparatus of  claim 14 , in which the at least one processor is configured to control:
 determining a relationship between the first trading product and at least one of the plurality of different trading products.   
     
     
         18 . The apparatus of  claim 17 , in which the at least one processor is configured to control:
 determining that the first trading product and the at least one of the plurality of different trading products share a similar performance trend.   
     
     
         19 . The apparatus of  claim 14 , in which the at least one processor is configured to control:
 determining a liquidity for each of the plurality of different trading products; and   generating the composite value based at least in part on the liquidity of each of the plurality of different trading products.   
     
     
         20 . The apparatus of  claim 14 , in which the at least one processor is configured to control:
 determining a relationship among each of the plurality of different trading products; and   generating the composite value based at least in part on the relationship among each of the plurality of different trading products.   
     
     
         21 . A non-transitory storage medium configured to store instructions which, when executed by at least one processor, control:
 determining that a plurality of different trading products being electronically traded among a plurality of computers via a communication network are related to but different from a first trading product, in which a quantity of the first trading product is determined to be substantially equivalent to a quantity of each of the plurality of different trading products;   receiving, over the communication network, from a remote computing device of at least one market center, market data related to the first trading product and the plurality of different trading products;   determining, based at least in part on the market data, a composite value for the first trading product and the plurality of different trading products;   generating, based on the composite value, at least one constituent trading order that is configured to satisfy at least a portion of a composite trading order determined from the composite value; and   transmitting, over the communication network, on behalf of a trader, the at least one constituent trading order to the at least one market center.