Optimizing execution of trading orders based on trading order metric

Abstract

A system for processing trading orders comprises an optimizer module operable to receive a first trading order and a second trading order. The optimizer module is further operable to receive market data associated with at least one market center. The optimizer module is further operable to determine whether to transmit the second trading order to the at least one market center prior to transmitting the first trading order to the at least one market center, the determination based at least in part on the market data.

1 . A method for processing trading orders, comprising: receiving a first trading order; receiving a second trading order; receiving market data associated with at least one market center; and determining whether to transmit the second trading order to the at least one market center prior to transmitting the first trading order to the at least one market center, the determination based at least in part on the market data. 
     
     
         2 . The method of  claim 1 , wherein the determination comprises: calculating a first quality score associated with the first trading order, the first quality score based at least in part on the market data and on the first trading order; calculating a second quality score associated with the second trading order, the second quality score based at least in part on the market data and on the second trading order; and comparing the first quality score associated with the first trading order against the second quality score associated with the second trading order. 
     
     
         3 . The method of  claim 2 , wherein: the first trading order is associated with a first price; the market data comprises a second price; and the first quality score is based at least in part on the first price and the second price. 
     
     
         4 . The method of  claim 2 , wherein: the first trading order is associated with a quantity of a trading product; and the first quality score is based at least in part on the quantity of the trading product. 
     
     
         5 . The method of  claim 2 , wherein the first quality score is based at least in part on whether the first trading order is associated with a machine trader. 
     
     
         6 . The method of  claim 2 , further comprising: transmitting at least one trading order to a queue; receiving updated market data after a configurable interval of time; calculating an updated quality score associated with the at least one trading order in the queue, the updated quality score based at least in part on the updated market data and the at least one trading order; and determining whether to transmit the at least one trading order to the at least one market center, the determination based at least in part on the updated quality score. 
     
     
         7 . The method of  claim 1 , wherein the determination comprises: calculating a first quality score associated with the first trading order, the first quality score based at least in part on the market data and on the first trading order; calculating a second quality score associated with the second trading order, the second quality score based at least in part on the market data and on the second trading order; determining a quality threshold based at least in part on the market data; and comparing the first quality score associated with the first trading order and the second quality score associated with the second trading order against the quality threshold. 
     
     
         8 . The method of  claim 7 , wherein: the first trading order is associated with a first price; the market data comprises a second price; and the first quality score is based at least in part on the first price and the second price. 
     
     
         9 . The method of  claim 7 , wherein: the first trading order is associated with a quantity of a trading product; and the first quality score is based at least in part on the quantity of the trading product. 
     
     
         10 . The method of  claim 7 , wherein the first quality score is based at least in part on whether the first trading order is associated with a machine trader. 
     
     
         11 . The method of  claim 7 , further comprising rejecting or deleting a particular trading order if the particular trading order is associated with a quality score that does not satisfy the quality threshold. 
     
     
         12 . The method of  claim 7 , further comprising transmitting a particular trading order to a queue if the particular trading order is associated with a quality score that does not satisfy the quality threshold. 
     
     
         13 . The method of  claim 12 , further comprising: receiving updated market data after a configurable interval of time; calculating an updated quality score associated with at least one trading order in the queue, the updated quality score based at least in part on the updated market data and the at least one trading order; comparing the updated quality score associated with the at least one trading order against the quality threshold; and if the updated quality score associated with the at least one trading order satisfies the quality threshold, transmitting the at least one trading order to the at least one market center. 
     
     
         14 . The method of  claim 1 , wherein the determination is based at least in part on platform data representing computing capacity and/or storage capacity associated with a computer trading system. 
     
     
         15 . A system for processing trading orders, comprising: an optimizer module operable to: receive a first trading order; receive a second trading order; receive market data associated with at least one market center; and determine whether to transmit the second trading order to the at least one market center prior to transmitting the first trading order to the at least one market center, the determination based at least in part on the market data. 
     
     
         16 . The system of  claim 15 , wherein the optimizer module is operable to make the determination by: calculating a first quality score associated with the first trading order, the first quality score based at least in part on the market data and on the first trading order; calculating a second quality score associated with the second trading order, the second quality score based at least in part on the market data and on the second trading order; and comparing the first quality score associated with the first trading order against the second quality score associated with the second trading order. 
     
     
         17 . The system of  claim 16 , wherein: the first trading order is associated with a first price; the market data comprises a second price; and the first quality score is based at least in part on the first price and the second price. 
     
     
         18 . The system of  claim 16 , wherein: the first trading order is associated with a quantity of a trading product; and the first quality score is based at least in part on the quantity of the trading product. 
     
     
         19 . The system of  claim 16 , wherein the first quality score is based at least in part on whether the first trading order is associated with a machine trader. 
     
     
         20 . The system of  claim 16 , wherein the optimizer module is further operable to: transmit at least one trading order to a queue; receive updated market data after a configurable interval of time; calculate an updated quality score associated with the at least one trading order in the queue, the updated quality score based at least in part on the updated market data and the at least one trading order; and determine whether to transmit the at least one trading order to the at least one market center, the determination based at least in part on the updated quality score. 
     
     
         21 . The system of  claim 15 , wherein the optimizer module is operable to make the determination by: calculating a first quality score associated with the first trading order, the first quality score based at least in part on the market data and on the first trading order; calculating a second quality score associated with the second trading order, the second quality score based at least in part on the market data and on the second trading order; determining a quality threshold based at least in part on the market data; and comparing the first quality score associated with the first trading order and the second quality score associated with the second trading order against the quality threshold. 
     
     
         22 . The system of  claim 21 , wherein: the first trading order is associated with a first price; the market data comprises a second price; and the first quality score is based at least in part on the first price and the second price. 
     
     
         23 . The system of  claim 21 , wherein: the first trading order is associated with a quantity of a trading product; and the first quality score is based at least in part on the quantity of the trading product. 
     
     
         24 . The system of  claim 21 , wherein the first quality score is based at least in part on whether the first trading order is associated with a machine trader. 
     
     
         25 . The system of  claim 21 , wherein the optimizer module is further operable to reject or delete a particular trading order if the particular trading order is associated with a quality score that does not satisfy the quality threshold. 
     
     
         26 . The system of  claim 21 , wherein the optimizer module is further operable to transmit a particular trading order to a queue if the particular trading order is associated with a quality score that does not satisfy the quality threshold. 
     
     
         27 . The system of  claim 26 , wherein the optimizer module is further operable to: receive updated market data after a configurable interval of time; calculate an updated quality score associated with at least one trading order in the queue, the updated quality score based at least in part on the updated market data and the at least one trading order; compare the updated quality score associated with the at least one trading order against the quality threshold; and if the updated quality score associated with the at least one trading order satisfies the quality threshold, transmit the at least one trading order to the at least one market center. 
     
     
         28 . The system of  claim 15 , wherein the determination is based at least in part on platform data representing computing capacity and/or storage capacity associated with a computer trading system. 
     
     
         29 - 42 . (canceled)