Systems and methods for processing and transmitting test orders

Abstract

In various embodiments, test trading orders are generated, transmitted and ranked.

1 . A method for processing a test order comprising:
 generating a test order for an instrument in a trader's computer system;   transmitting said test order from said trader's computer system to a trading and processing computer system;   ranking said test order in said trading and processing computer system;   entering said test order in an order book for said instrument in said trading and processing computer system;   generating a response for said test order indicating at least whether said test order executed; and   transmitting said response for said test order from said trading and processing computer system to said trader's computer system.   
     
     
         2 . The method of  claim 1  further comprising executing said test order. 
     
     
         3 . The method of  claim 1  further comprising canceling said test order without having executed said test order. 
     
     
         4 . The method of  claim 1  further comprising matching said test order to a real order, and, in response to said matching, executing said test order and not executing said real order. 
     
     
         5 . The method of  claim 1  further comprising matching said test order to a second test order, and, in response to said matching, not executing said test order. 
     
     
         6 . The method of  claim 1  further comprising matching said test order to a second test order, and, in response to said matching, executing said test order. 
     
     
         7 . The method of  claim 1  further comprising determining that said test order exceeds a risk threshold. 
     
     
         8 . The method of  claim 1  further comprising matching, executing, and transacting real orders in said trading and processing computer system. 
     
     
         9 . The method of  claim 1  further comprising determining in said trading and processing computer system that said test order is a test order. 
     
     
         10 . The method of  claim 1  further comprising matching said test order to a second order;
 determining if execution criteria associated with said test order are met by said second order, and if so, then executing said test order, and if not, then not executing said test order.   
     
     
         11 . The method of  claim 1  wherein said response indicates that said test order did not execute, and said response further includes information indicating time interval prior to entry of said test order in said order book of another order in said order book that could have matched said test order. 
     
     
         12 . The method of  claim 1  wherein said response indicates that said test order did not execute, and said response further includes information indicating price differential of price of said test order in said order book to another order in said order book while said test order was in said order book, said price differential and said price of said test order indicating a price at which said test order could have executed. 
     
     
         13 . The method of  claim 1  wherein said response indicates that said test order did not execute, and said response further includes information indicating risk differential of risk of said test order in said order book to another order in said order book, said risk differential and said risk of said test order indicating a risk at which said test order could have executed.