Apparatus and methods to use test orders to determine locking preferences

Abstract

In various embodiments, test trading orders are generated, transmitted and ranked.

1 . (canceled) 
     
     
         2 . A method for processing a test order comprising:
 receiving, by at least one processor, an order for an instrument from a remote computer;   automatically determining, by the at least one processor, based on at least one criteria, that the order is to be executed in a test order mode;   in response to determining that the order is to be executed in the test order mode, identifying, by the at least one processor, a memory usage of a memory;   generating, by the at least one processor, a data structure in a memory for storing the test order, if the memory usage of the memory is below a threshold, in which the data structure is indicative of an order book;   ranking, by the at least one processor, said test order;   storing, by the at least one processor, said test order in the data structure;   generating, by the at least one processor, a response for said test order indicating at least whether said test order executed; and   transmitting, by the at least one processor, said response for said test order to said remote computer.   
     
     
         3 . The method of  claim 2  further comprising canceling, by the at least one processor, said test order without having executed said test order. 
     
     
         4 . The method of  claim 2 , further comprising matching, by the at least one processor, said test order to a second test order, and, in response to said matching, not executing said test order. 
     
     
         5 . The method of  claim 2  further comprising matching, by the at least one processor, said test order to a second test order, and, in response to said matching, executing said test order. 
     
     
         6 . The method of  claim 2  further comprising determining, by the at least one processor, that said test order exceeds a risk threshold. 
     
     
         7 . The method of  claim 2  further comprising determining, by said at least one processor, that said test order is a test order. 
     
     
         8 . The method of  claim 2  further comprising matching, by the at least one processor, said test order to a second order; and
 determining, by the at least one processor, if execution criteria associated with said test order are met by said second order, and if so, then executing said test order, and if not, then not executing said test order. 
 
     
     
         9 . The method of  claim 2  wherein said response indicates that said test order did not execute, and said response further includes information indicating time interval prior to entry of said test order in said order book of another order in said order book that could have matched said test order. 
     
     
         10 . The method of  claim 2  wherein said response indicates that said test order did not execute, and said response further includes information indicating price differential of price of said test order in said order book to another order in said order book while said test order was in said order book, said price differential and said price of said test order indicating a price at which said test order could have executed. 
     
     
         11 . The method of  claim 2  wherein said response indicates that said test order did not execute, and said response further includes information indicating risk differential of risk of said test order in said order book to another order in said order book, said risk differential and said risk of said test order indicating a risk at which said test order could have executed. 
     
     
         12 . An apparatus comprising a at least one processor and a memory, the memory storing instructions that when executed by the at least one processor direct the at least one processor to:
 receive a test order for an instrument from a remote computer;   automatically determine, based on at least one criteria, that the order is to be executed in a test order mode;   in response to determining that the order is to be executed in the test order mode, identify a memory usage of the memory;   generate a data structure in the memory for storing the test order, if the memory usage of the memory is below a threshold, in which the data structure is indicative of an order book;   rank said test order;   store said test order in the data structure;   generate a response for said test order indicating at least whether said test order executed; and   transmit said response for said test order to said remote computer.   
     
     
         13 . The apparatus of  claim 12  wherein the instructions, when executed by the at least one processor, further direct the at least one processor to cancel said test order without having executed said test order. 
     
     
         14 . The apparatus of  claim 12  wherein the instructions, when executed by the at least one processor, further direct the at least one processor to match said test order to a real order, and, in response to said match, execute said test order and not execute said real order. 
     
     
         15 . The apparatus of  claim 12  wherein the instructions, when executed by the at least one processor, further direct the at least one processor to match said test order to a second test order, and, in response to said match, not execute said test order. 
     
     
         16 . The apparatus of  claim 12  wherein the instructions, when executed by the at least one processor, further direct the at least one processor to match said test order to a second test order, and, in response to said match, execute said test order. 
     
     
         17 . The apparatus of  claim 12  wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 match said test order to a second order; and 
 determine if execution criteria associated with said test order are met by said second order, and if so, then execute, by the at least one processor, said test order, and if not, then not execute said test order. 
 
     
     
         18 . The apparatus of  claim 12  wherein said response indicates that said test order did not execute, and said response further includes information indicating time interval prior to entry of said test order in said order book of another order in said order book that could have matched said test order. 
     
     
         19 . The apparatus of  claim 12  wherein said response indicates that said test order did not execute, and said response further includes information indicating price differential of price of said test order in said order book to another order in said order book while said test order was in said order book, said price differential and said price of said test order indicating a price at which said test order could have executed. 
     
     
         20 . The apparatus of  claim 12  wherein said response indicates that said test order did not execute, and said response further includes information indicating risk differential of risk of said test order in said order book to another order in said order book, said risk differential and said risk of said test order indicating a risk at which said test order could have executed.