Methods and systems for matching and executing test trading orders

Abstract

In various embodiments, real and test trading orders are received, processed, conditionally matched and results are transmitted back to the entities originating the orders.

1 . An apparatus comprising:
 at least one processor; and   memory, wherein the memory stores instructions that, when executed by the at least one processor, direct the at least one processor to:
 receive a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price; 
 receive a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
 wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order; 
 
 match the first order with at least the second order; 
 determine, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order; 
 determine whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order; 
 determine whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was not previously matched with the first order; 
 perform at least one of:
 executing the first order, wherein executing the first order comprises reducing the first quantity of the instrument; 
 executing the second order, wherein executing the second order comprises reducing the second quantity of the instrument; and 
 
 setting the flag value for the second order to indicate that the second order was matched with the first order. 
   
     
     
         2 . The apparatus of  claim 1 , wherein even though the first order and the second order are matched, the second order is not executed such that the second quantity of the instruments remains unchanged. 
     
     
         3 . The apparatus of  claim 1 , wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 receive a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price;   receive a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
 wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order; 
   match the first order with at least the second order;   determine, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order;   determine whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order;   determine whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was previously matched with the first order; and   prevent execution of the first order and the second order based at least in part on the determination that the second order was previously matched with the first order.   
     
     
         4 . The apparatus of  claim 1 , wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 receive a third order for the instrument, and a third indicator, wherein the third indicator indicates that the third order is one of a real order or a test order, wherein the third order is a real order, and wherein the third order specifies a third quantity of the instrument and a third price;   match the third order with at least the first order;   determine whether the third order is a test order or a real order, wherein determining whether the third order is a test order or a real order comprises determining that the third order is a real order;   determine whether the third order was or was not previously matched with the first order, wherein determining whether the third order was or was not previously matched with the first order comprises verifying a flag value for the third order, the flag value indicating the third order was not previously matched with the first order; and   further execute the first order, wherein further executing the first order comprises:   further reducing the first quantity of the instrument.   
     
     
         5 . The apparatus of  claim 4 , wherein even though the first order and the third order are matched, the third order is not executed such that the third quantity of the instrument remains unchanged. 
     
     
         6 . The apparatus of  claim 1 ,
 wherein receiving the first order for the instrument and the first indicator comprises:
 receiving the first order for the instrument from a first computer system; and 
   wherein receiving the second order for the instrument and the second indicator comprises receiving the second order for the instrument from a second computer system.   
     
     
         7 . The apparatus of  claim 1 , wherein the first computer system and the second computer system are different computer systems. 
     
     
         8 . The apparatus of  claim 1 , wherein the first computer system comprises the second computer system. 
     
     
         9 . The apparatus of  claim 1 , wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 generate a response for the first order, wherein the response at least indicates that the first order has been matched; and   send the response to the first computer system.   
     
     
         10 . The apparatus of  claim 1 , wherein even though the second order and the first order are matched, no response related to the matching of the second order with the first order is sent to an originator of the second order. 
     
     
         11 . A method comprising:
 receiving, by at least one processor, a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price;   receiving, by the at least one processor, a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
 wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order; 
   matching, by the at least one processor, the first order with at least the second order;   determining, by the at least one processor, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order;   determining, by the at least one processor, whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order;   determining, by the at least one processor, whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was not previously matched with the first order;   performing, by the at least one processor, at least one of:
 executing the first order, wherein executing the first order comprises reducing the first quantity of the instrument; 
 executing the second order, wherein executing the second order comprises reducing the second quantity of the instrument; and 
   setting the flag value for the second order to indicate that the second order was matched with the first order.   
     
     
         12 . The method of  claim 11 , wherein even though the first order and the second order are matched, the second order is not executed such that the second quantity of the instruments remains unchanged. 
     
     
         13 . The method of  claim 11 , further comprising:
 receiving, by the at least one processor, a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price;   receiving, by the at least one processor, a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
 wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order; 
   matching, by the at least one processor, the first order with at least the second order;   determining, by the at least one processor, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order;   determining, by the at least one processor, whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order;   determining, by the at least one processor, whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was previously matched with the first order; and   preventing, by the at least one processor, execution of the first order and the second order based at least in part on the determination that the second order was previously matched with the first order.   
     
     
         14 . The method of  claim 11 , further comprising:
 receiving, by the at least one processor, a third order for the instrument, and a third indicator, wherein the third indicator indicates that the third order is one of a real order or a test order, wherein the third order is a real order, and wherein the third order specifies a third quantity of the instrument and a third price;   matching, by the at least one processor, the third order with at least the first order;   determining, by the at least one processor, whether the third order is a test order or a real order, wherein determining whether the third order is a test order or a real order comprises determining that the third order is a real order;   determining, by the at least one processor, whether the third order was or was not previously matched with the first order, wherein determining whether the third order was or was not previously matched with the first order comprises verifying a flag value for the third order, the flag value indicating the third order was not previously matched with the first order; and   further executing, by the at least one processor, the first order, wherein further executing the first order comprises further reducing the first quantity of the instrument.   
     
     
         15 . The method of  claim 14 , wherein even though the first order and the third order are matched, the third order is not executed such that the third quantity of the instrument remains unchanged. 
     
     
         16 . The method of  claim 11 ,
 wherein receiving, by the at least one processor, the first order for the instrument and the first indicator comprises receiving the first order for the instrument from a first computer system; and   wherein receiving, by the at least one processor, the second order for the instrument and the second indicator comprises receiving the second order for the instrument from a second computer system.   
     
     
         17 . The method of  claim 16 , wherein the first computer system and the second computer system are different computer systems. 
     
     
         18 . The method of  claim 16 , wherein the first computer system comprises the second computer system. 
     
     
         19 . The method of  claim 11 , further comprising:
 generating, by the at least one processor, a response for the first order, wherein the response at least indicates that the first order has been matched; and   sending, by the at least one processor, the response to the first computer system.   
     
     
         20 . The apparatus of  claim 11 , wherein even though the second order and the first order are matched, no response related to the matching of the second order with the first order is sent to an originator of the second order.