Cover-OCO For Legged Order

Abstract

A position associated with a synthetic spread order may be managed where a status of a synthetic spread order is identified as legged. The synthetic spread order may have at least one child hedge order pending at an electronic exchange and in response, a bracket order is submitted to an electronic exchange for the tradeable object associated with a filled leg of the synthetic spread. In response to execution of the bracket order, the child hedge order may be cancelled.

1 . (canceled) 
     
     
         2 . A method including:
 receiving by a graphical user interface of a computing device a command to place a synthetic trading strategy order for a synthetic trading strategy, wherein the synthetic trading strategy includes a quoting leg for a first tradeable object and a hedge leg for a second tradeable object;   submitting by the computing device, in response to receiving the command to place the synthetic trading strategy order, a quoting order for the first tradeable object to a first electronic exchange;   submitting by the computing device, in response to receiving a confirmation of a fill of at least part of the quoting order, a hedge order for the second tradeable object to a second electronic exchange;   determining by the computing device that the synthetic trading strategy order includes a filled leg and an unfilled leg, wherein the quoting order is at least partially filled and the hedge order is unfilled;   monitoring by the computing device an inside market for the first tradeable object;   determining by the computing device, based on the monitoring of the inside market for the first tradeable object, that the inside market for the first tradeable object has moved a predetermined amount;   submitting by the computing device, in response to determining that the synthetic trading strategy order includes the filled leg and the unfilled leg and determining that the inside market has moved the predetermined amount, a bracket order for the first tradeable object to the first electronic exchange; and   displaying by the graphical user interface of the computing device an order descriptor representing a status of the synthetic trading strategy order.   
     
     
         3 . The method of  claim 2 , further including:
 submitting by the computing device, in response to execution of the bracket order, a message to the second electronic exchange to cancel the hedge order.   
     
     
         4 . The method of  claim 2 , wherein the unfilled leg includes at least one child hedge order for the second tradeable object. 
     
     
         5 . The method of  claim 4 , wherein the at least one child hedge order includes at least a partial quantity pending execution at the second electronic exchange. 
     
     
         6 . The method of  claim 5 , further including:
 submitting by the computing device, in response to execution of the bracket order, a message to the second electronic exchange to cancel the at least one child hedge order.   
     
     
         7 . The method of  claim 2 , wherein the bracket order includes any one of a cover order and an order-cancels-order. 
     
     
         8 . The method of  claim 2 , wherein a price for the bracket order is determined according to a position associated with the filled leg. 
     
     
         9 . The method of  claim 8 , wherein the position associated with the filled leg is an open position. 
     
     
         10 . The method of  claim 8 , further including:
 determining by the computing device the price according to a user request.   
     
     
         11 . The method of  claim 2 , wherein the bracket order is submitted a predetermined amount of time after determining that the synthetic trading strategy order includes the filled leg and the unfilled leg. 
     
     
         12 . The method of  claim 2 , wherein the bracket order is based on a defined parent-child relationship for the synthetic trading strategy order. 
     
     
         13 . The method of  claim 2 , wherein the first exchange is the same as the second exchange. 
     
     
         14 . The method of  claim 2 , wherein the first exchange is different than the second exchange.