| 摘要 |
A system is provided for trading complex orders for financial instruments, including complex orders that include legs that are to be executed on different markets. The legs of the order are optionally specified to be executed in a particular ratio, at net price, and/or at a range of net prices. The system halts trading for all legs in one market, determines a quantity and price to execute a second leg of the order on the other market to achieve a specified ratio or net price and then submits the second leg for execution on the other market if the second leg remains marketable on the other market. If an execution is received from the other market, then the legs in the first market are executed and the series unfrozen. If the other market has not responded after a predetermined time, then the legs in the first market are unfrozen and trading continues. |
