DIRECTED ORDER

摘要

A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.

主权项

1. A method for populating a guarantee order book, comprising:
providing a posting market center having a guarantee order book, wherein the guarantee order book is specified for a designated market maker to populate the guarantee order book with guarantee orders for a specific order sending firm that is permissioned to send directed orders to the designated market maker; receiving a plurality of guarantee orders on the posting market center from the designated market maker intended for a specific order sending firm and wherein the received guarantee orders vary in size, price and type; and populating the guarantee order book with the received plurality of guarantee orders.