AUTOMATIC ELECTRONIC METHOD FOR EXECUTING STOCK TRADING ORDERS

摘要

An electronic method for executing stock trading orders, typically bond trading orders, including the steps of automatically verifying the actual feasibility of each order received, based on standard checks and specific checks requested by the generic interconnected user (COI), automatically requesting quotations made by pre-selected execution venues (PD), aggregating all quotations thus obtained and sorting them into a synthetic aggregate list of quotations based on the value of the already defined total consideration, sending the order to that execution venue which offers the best overall quotations (depending on the characteristics of the selected execution venue, the order may be of the AON (all or none) or RFQ (request for quotation) type), returning the executed order to the client, storing all previous steps into a database, possibly resorting to Manual Care (CM) or Automatic Care (CA) or Magnet (M), automatically calculating a behaviour coefficient for MR, MTFt and MTFa, automatically calculating, for each liquidity supplier, a coefficient defined as Execution Ratio.

主权项

1. An electronic system for executing stock trading orders, comprising an electronic processing unit that receives such the orders from clients, translated into electronic format, said unit being in communication with other external processing units from which, through data banks, said unit obtains availability of financial stocks to be exchanged, wherein said unit comprises a plurality of electronic means exchanging information with one another, the plurality of electronic means comprising:
means for receiving, processing and storing quotations from one or more financial stock trading markets and means for receiving electronic stock trading orders from clients means for generating trading orders to be sent to a market, while also decoding and normalizing market quotations, means for generating and processing a list of possible electronic orders for each order received, which comprises at least price, quantity, time of last update, and settlement date parameters.