Event triggered trading

Abstract

Networks, systems and methods for event triggered trading of investment vehicles are disclosed. Orders that are conditioned upon events occurring outside a market may be submitted to an exchange. The conditional orders may be held or stored until the occurrence or non-occurrence of the event. An event data feed is provided to provide information identifying the occurrence or non-occurrence of the event. In response to receiving information via the data feed identifying the event, the orders conditioned upon the event will be triggered, matched, and executed.

1 . A computer-implemented system, comprising:
 an order receiving device configured to receive a conditional order for a financial instrument, the conditional order being triggered upon the occurrence of a predetermined event corresponding to a triggering condition;   an order storage device configured to store the conditional order in an exchange for the financial instrument;   an event feed providing data corresponding to an occurrence of the predetermined event outside of a market for the financial instrument;   a matching engine configured to trigger the conditional order in response to the data of the event feed; and   an order processing device configured to execute the conditional order triggered by the matching engine.   
     
     
         2 . The system of  claim 1 , the matching engine comprising:
 a matching event engine configured to determine if data of the event feed matches the conditional order; and   a matching order engine configured to receive the conditional order from the matching event engine and to determine if market conditions match the conditional order.   
     
     
         3 . The system of  claim 2 , the matching event engine further configured to remove the triggering condition of the conditional order before sending the conditional order to the matching order engine, if the data of the event feed matches the triggering condition of the conditional order. 
     
     
         4 . The system of  claim 2 , where the conditional order comprises a plurality of triggering conditions, the matching event engine further configured to remove one of the plurality of triggering conditions of the conditional order if the data of the event feed matches one of the plurality of triggering conditions. 
     
     
         5 . The system of  claim 1 , the order storage device comprising a memory, the memory being divided into a plurality of storage areas, where each of the plurality of storage areas corresponds to a different triggering condition. 
     
     
         6 . The system of  claim 5 , where the conditional order is stored in a storage area corresponding to the triggering condition of the conditional order, the storage area behaving as a queue. 
     
     
         7 . The system of  claim 1 , comprising a data storage device configured to store a plurality of predetermined triggering conditions corresponding to the occurrence of predetermined events outside of the market for the financial instrument. 
     
     
         8 . The system of  claim 1 , comprising an order entry device configured to permit a user to submit the conditional order to the exchange, the order entry device accessing the data storage device to obtain a plurality of predetermine triggering conditions for selection by the user. 
     
     
         9 . The system of  claim 1 , the data of the event feed being structured in a predetermined format, the system comprising:
 an event feed comparator to compare the data of the event feed with a plurality of predetermined values indicating the occurrence of a triggering event.   
     
     
         10 . The system of  claim 1 , the financial instrument being of a type selected from the group consisting of futures, contracts, options, bonds, securities, commodities, annuities, currencies, and combinations thereof. 
     
     
         11 . A computer-implemented method, comprising:
 receiving a conditional order for a financial instrument, where the conditional order comprises a financial instrument identifier and a triggering condition, the triggering condition corresponding to an occurrence of a predetermined event outside of a market for the financial instrument;   storing the conditional order in a storage device of an exchange for the financial instrument;   receiving data via an event feed, the data corresponding to the occurrence of a predetermined event outside of the market for the financial instrument;   if the data of the event feed corresponds to the triggering condition of the conditional order and the conditional order is not expired, then executing the conditional order; and   if the conditional order is expired, then submitting the conditional order for cancellation.   
     
     
         12 . The method of  claim 11 , comprising:
 generating a message to report the execution of the conditional order for the financial instrument.   
     
     
         13 . The method of  claim 11 , the conditional order comprising a plurality of triggering conditions, the method comprising:
 if the data of the event feed matches one of the plurality of triggering conditions of the conditional order, then removing the one of the plurality of triggering conditions from the conditional order and storing the conditional order in the order storage device.   
     
     
         14 . The method of  claim 11 , where storing the conditional order in a storage device includes identifying an appropriate queue in a storage area of the storage device for temporarily storing the conditional order. 
     
     
         15 . The method of  claim 14 , where a first conditional order with a first triggering condition is assigned a higher priority in the queue in the storage area than a second conditional order with the same first triggering condition, when the first conditional order is received at the exchange before the second conditional order. 
     
     
         16 . A computer-readable medium comprising computer-executable instructions for performing a method comprising:
 receiving a conditional order for a financial instrument, where the conditional order comprises a financial instrument identifier and a triggering condition, the triggering condition corresponding to an occurrence of a predetermined event outside of a market for the financial instrument;   storing the conditional order in a storage device of an exchange for the financial instrument;   receiving data via an event feed, the data corresponding to the occurrence of a predetermined event outside of the market for the financial instrument;   comparing the data received via the event feed with the triggering condition of the conditional order; and   executing the conditional order if the comparing results in a match.   
     
     
         17 . The computer-readable medium of  claim 16 , where the method comprises:
 identifying an appropriate queue in a storage area of the storage device for temporarily storing the conditional order.   
     
     
         18 . An order entry device comprising:
 a memory configured to store computer-executable instructions;   a processor configured to execute the computer-executable instructions to perform a method comprising:
 generating a graphical user interface to permit a user to create a conditional order; 
 displaying a plurality of triggering conditions for user selection; 
 receiving a financial instrument identifier for the conditional order; 
 receiving a triggering condition for the conditional order; and 
 submitting the conditional order to an exchange. 
   a visual display for displaying the graphical user interface; and   a user input device for receiving the financial instrument identifier and the triggering condition.   
     
     
         19 . The device of  claim 18 , the processor performs a method comprising: displaying an indication of a status of the conditional order. 
     
     
         20 . A method of sending data of an event feed to an exchange for financial instruments, the method comprising:
 monitoring to determine an occurrence of a predetermined event;   if the predetermined event has occurred, then transmitting a predetermined data via the event feed to the exchange, where the exchange stores conditional orders configured to trigger after receiving the predetermined data.   
     
     
         21 . The method of  claim 20 , comprising:
 receiving a plurality of predetermined events from the exchange, the plurality of predetermined events including the predetermined event to be monitored to determine its occurrence.   
     
     
         22 . The method of  claim 20 , where the predetermined data is transmitted as a structured data packet comprising information related to the predetermined event and a source of the predetermined data.