Products and processes for order distribution

Abstract

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

1 . (canceled) 
     
     
         2 . A method for a network computing device to facilitate fulfilling orders at a plurality of remote computer system venues communicatively coupled to one another and the network computing device over a communication network, the method comprising:
 determining, by the network computing device, a first distribution of first sub-parts for a first desire of a participant to engage in an exchange of an instrument, in which the first distribution assigns each of the first sub-parts to a respective matching computer system venue of the plurality of remote computer system 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 the plurality of remote computer system venues to fulfill the first desire through the plurality of remote computer system 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 computer system venue of the plurality of remote computer system venues, an indication identifying a change to a desired quantity of the exchange of the instrument pending at the at least one matching computer system venue;   receiving continuously, in real time over the communication network, by the network computing device, from at least one second remote computer system venue of the plurality of remote computer system venues, a second indication of updated order fulfillment method information indicating an order fulfillment method used by the at least one second remote computer system venue to fill a given order pending on the at least one second remote computer system venue; and   automatically in response to receiving the indication and the second indication, in real time, by the network computing device,
 determining an estimate of an order fulfillment method used to fill a given order pending at the least one second remote computer system venue based on the updated order fulfillment method information, in which the estimate of the order fulfillment method is determined using information not fully identifying the order fulfillment method; 
 determining a second distribution of second sub-parts for the first desire through the plurality of remote computer system venues based at least in part on the change and the estimate of the order fulfillment method used at the least one second remote computer system venue, and to provide an expected speed of fulfillment of the first desire through the plurality of remote computer system venues that is greater than if the first desire for the exchange of the instrument was submitted in full to a single given remote computer system venue; and 
 transmitting, over the communication network, to the plurality of remote computer system venues, 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 computer system venues according to the second distribution of second sub-parts. 
   
     
     
         3 . The method of  claim 2 , in which the indication identifying the change to the desired quantity includes an indication of a fulfillment of at least a portion of the first desire. 
     
     
         4 . The method of  claim 2 , in which the transmitting of the second distribution information causes placing each of a plurality of requests on one of the plurality of remote computer system venues in accordance with the second distribution. 
     
     
         5 . The method of  claim 2 , in which at least one third of the plurality of remote computer system venues fulfills desires in at least a partially pro-rata fashion. 
     
     
         6 . The method of  claim 5 , in which the at least one third of the plurality of remote computer system venues fulfills orders in a hybrid pro-rata and FIFO fashion. 
     
     
         7 . The method of  claim 2 , in which the second distribution is based at least in part on an expected quantity of a second desire expected to be received by at least one third of the plurality of remote computer system venues, in which the second desire involves the instrument and an opposite side of the exchange. 
     
     
         8 . The method of  claim 7 , in which the expected quantity is based on a history of desires received by the at least one third of the plurality of remote computer system venues. 
     
     
         9 . The method of  claim 2 , in which the second distribution is based on an expected rate of desire fulfillment of at least one third of the plurality of remote computer system venues. 
     
     
         10 . The method of  claim 9 , further 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 desire among the plurality of remote computer system 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, to at least one third of the plurality of remote computer system venues, 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 the at least one third of the plurality of remote computer system venues based on the third distribution.   
     
     
         11 . The method of  claim 2 , in which the second distribution is based at least in part on a chance that at least one second desire pending on at least one of the plurality of remote computer system venues will not be fulfilled by a third desire received by the at least one of the plurality of remote computer system venues because a quantity associated with the at least one second desire is small. 
     
     
         12 . The method of  claim 2 , 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 computer system venues. 
     
     
         13 . The method of  claim 2 , further 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, from at least one first matching computer system venue of the plurality of remote computer system venues an indication of a rate at which desires to engage in the exchange for the instrument are expected to be fulfilled by the at least one first matching computer system venue;   receiving, by the network computing device over the communication network, from at least one third matching computer system venue of the plurality of remote computer system venues, an indication of at least one quantity from a second desire for the exchange pending on the at least one third matching computer system venue;   receiving, by the network computing device over the communication network, from the at least one third matching computer system venue an indication of a second method used by the at least one third matching computer system venue to fulfill desires pending on the at least one third matching computer system venue when matching desires are received by the third matching computer system venue; and   in which determining the first distribution includes determining the first distribution based at least in part on the rate, the at least one quantity, and the second method.   
     
     
         14 . The method of  claim 2 , in which the second distribution is based on calculating an expected rate of desire fulfillment through the each of the plurality of remote computer system venues, and calculating the second distribution to increase an expected overall rate of desire fulfillment using the plurality of remote computer system venues. 
     
     
         15 . The method of  claim 2 , 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 computer system venue of the plurality of remote computer system 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. 
     
     
         16 . The method of  claim 2 , 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. 
     
     
         17 . An apparatus as a network computing device configured to facilitate fulfilling orders at a plurality of remote computer system venues communicatively coupled to one another and the network computing device over a communication network, the apparatus comprising:
 a processor configured to:   determine a first distribution of first sub-parts for a first desire of a participant to engage in an exchange of an instrument, in which the first distribution assigns each of the first sub-parts to a respective matching computer system venue of the plurality of remote computer system venues;   in response to computing the first distribution, attempt, by transmission of first distribution information, over the communication network, to the plurality of remote computer system venues, to fulfill the first desire through the plurality of remote computer system venues according to the first distribution of first sub-parts;   receive, over the communication network from at least one matching computer system venue of the plurality of remote computer system venues, an indication identifying a change to a desired quantity of the exchange of the instrument pending at the at least one matching computer system venue of the plurality of remote computer system venues;   receive continuously, in real time over the communication network, from at least one second remote computer system venue of the plurality of remote computer system venues, a second indication of updated order fulfillment method information indicating an order fulfillment method used by the at least one second remote computer system venue to fill a given order pending on the at least one second remote computer system venue; and   automatically in response to receiving the indication and the second indication, in real time,
 determine an estimate of an order fulfillment method used to fill a given order pending at the least one second remote computer system venue based on the updated order fulfillment method information, in which the estimate of the order fulfillment method is determined using information not fully identifying the order fulfillment method; 
 determine a second distribution of second sub-parts for the first desire through the plurality of remote computer system venues based at least in part on the change and the estimate of the order fulfillment method used at the least one second remote computer system venue, and to provide an expected speed of fulfillment of the first desire through the plurality of remote computer system venues that is greater than if the first desire for the exchange of the instrument was submitted in full to a single given remote computer system venue; and 
 transmit, over the communication network, to the plurality of remote computer system venues, 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 computer system venues according to the second distribution of second sub-parts.