METHODS OF MATCHING ORDERS ON AN ELECTRONIC TRADING SYSTEM AND AN ELECTRONIC TRADING SYSTEM FOR MATCHING ORDERS

摘要

Electronic messages regarding a current order status of an order book of an electronic exchange system are transmitted to users including information concerning identities of parties having placed orders stored in the order book. The current order status is associated with a queue of orders stored in the order book. Each stored order has associated properties and an associated queue number. A higher queue number indicates a lower trading priority than a lower queue number. An electronic order message is received to trade selecting an order stored in the order book having a queue number of two or higher than over a lower queue number order stored in the order book. Both the selected order and the lower queue number order have properties matching both the selected order and the lower queue number order. The received message is identified as including information that selects the order stored in the order book having a queue number of two or higher. The received message is matched with the selected order stored in the order book having a queue number of two or higher. The lower queue number order remains stored in the order book after the matching.

主权项

1. A method of matching orders on an electronic exchange system, comprising of:
transmitting to users, by electronic circuitry, electronic messages regarding a current order status of an order book of the electronic exchange system including information concerning identities of parties having placed orders stored in the order book, the current order status being associated with a queue of orders stored in the order book, each stored order having associated properties and an associated queue number, where a higher queue number indicates a lower trading priority than a lower queue number; receiving, by electronic circuitry, an electronic order message to trade selecting an order stored in the order book having a queue number of two or higher than over a lower queue number order stored in the order book, where both the selected order and the lower queue number order have properties matching both the selected order and the lower queue number order; and identifying that the received electronic order message includes information that selects the order stored in the order book having a queue number of two or higher; and matching, by electronic circuitry, the received electronic order message with the selected order stored in the order book having a queue number of two or higher, wherein the lower queue number order remains stored in the order book after the matching.