Method and Apparatus for a Composite Trading Exchange System

摘要

A method and apparatus of a composite exchange for the trading of instruments under multiple types of rules is described. Participants in the composite exchange use known trading rules that are processed in a fair manner. This ensures that liquidity on the composite exchange is maximized while trading remains fair to all parties.

主权项

1. An apparatus comprising:
an exchange, wherein the exchange has an exchange rule set; a plurality of trades, where each trade has a trade attribute set, wherein the trade attribute set for each trade comprises trade quantity, trade price, trade time, trade instrument and trade type; a plurality of sub-exchanges, wherein the plurality of sub-exchanges comprise a first sub-exchange having a first sub-exchange rule set and a second sub-exchange having a second sub-exchange rule set and wherein the first sub-exchange rule set and the second sub-exchange rule set differ based on the trade attribute set for the trade placed in their respective exchanges; wherein the plurality of sub-exchanges operate under the governance of the exchange rule set; wherein the exchange rule set governs the placement of each trade within a specific sub-exchange based on the trade attribute set for that trade; wherein the exchange rule set governs the execution of each trade based on the trade attribute set for that trade.