Test trading

Abstract

Disclosed are systems and methods for placing and processing test orders and real orders.

1 . A computerized method for trading instruments and processing test orders comprising:
 receiving, in a trading and processing computer system, real orders and test orders for an instrument;   matching a test order with a real order in said trading and processing computer system;   responsive to said matching said test order with said real order, (1) automatically executing said test order so that said trading and processing computer system reduces a value for a quantity of said instrument associated with said test order and (2) not executing said real order so that a value for a quantity of said instrument associated with said real order remains unchanged.   
     
     
         2 . The method of  claim 1 , wherein said automatically executing in response to said matching comprises updating an electronic order book to indicate changes in said electronic order book to said test order as a result of said executing. 
     
     
         3 . The method of  claim 1 , wherein said executing comprises reducing a test order quantity of said test order by a real order quantity of said real order if said test order quantity exceeds said real order quantity, and removing said test order from said order book if said real order quantity equals or exceeds said test order quantity. 
     
     
         4 . The method of  claim 3 , further comprising logging changes to said test order in a log file in said trading and processing computer system. 
     
     
         5 . The method of  claim 1 , wherein said receiving said real orders and said test orders for an instrument comprises entering said real orders and said test orders for said instrument in an electronic order book for said instrument, wherein read and write access to said electronic order book is controlled by said trading and processing computer system. 
     
     
         6 . The method of  claim 5 , wherein said electronic order book comprises a table for bid orders and a table for offer orders. 
     
     
         7 . The method of  claim 6 , wherein said table for bid orders comprises at least one field indicating whether each bid order is a test bid order or a real bid order. 
     
     
         8 . The method of  claim 7 , wherein said table for offer orders comprises at least one field indicating whether each offer order is a test offer order or a real offer order. 
     
     
         9 . The method of  claim 1 , wherein each one of said test orders and each one of said real orders includes information defining rank, price, quantity, and UID. 
     
     
         10 . The method of  claim 1 , wherein each one of said test orders and each one of said real orders includes information defining order type being at least one of real or test. 
     
     
         11 . The method of  claim 2 , wherein said real order stored in said electronic order book includes information defining whether said real order was matched. 
     
     
         12 . The method of  claim 2  wherein said test order stored in said electronic order book includes information defining identifications of orders to which said test order was matched. 
     
     
         13 . The method of  claim 1  further comprising said trading and processing computer system matching a certain test order to a certain other order, determining if said certain other order contains a parameter value defined in said test order as an order execution prevention value, and if so, not executing said certain test order. 
     
     
         14 . The method of  claim 1 , further comprising transmitting one of said test orders for said instrument from an order originating computer system to said trading and processing computer system. 
     
     
         15 . The method of  claim 14 , further comprising a person manually entering order information defining said one of said test orders into said order originating computer system via a data input device of said order originating computer system. 
     
     
         16 . The method of  claim 14 , further comprising a computer program programmatically generating in said order originating computer system information defining said one of said test orders, and programmatically instructing said order originating computer system to transmit said one of said test orders from said order originating computer system to said trading and processing computer system. 
     
     
         17 . The method of  claim 1 , further comprising matching said test order with said real order in said trading and processing computer system. 
     
     
         18 . The method of  claim 1  further comprising:
 matching a second test order with a second real order in said trading and processing computer system; and 
 responsive to said matching said second test order with said second real order, (1) automatically executing said second test order so that said trading and processing computer system reduces a value for a quantity of said instrument associated with said test order and (2) automatically executing said real order so that a value for a quantity of said instrument associated with said real order changes. 
 
     
     
         19 . A computerized method for trading instruments and processing test orders comprising:
 receiving, in a trading and processing computer system, real orders and test orders for an instrument;   entering said real orders for said instrument in an electronic real order book, wherein read and write access to said electronic real order book is controlled by said trading and processing computer system, and wherein said electronic real order book contains a bid table containing only real bid orders and an offer table containing only real offer orders;   copying said electronic real order book to generate an electronic test order book containing a bid table containing said real bid orders and an offer table containing said real offer orders; and   entering into said electronic test order book a test order.   
     
     
         20 . The method of  claim 19  further comprising matching said test order to a real order, and as a result of said matching, executing both said test order and said real order in said electronic test order book. 
     
     
         21 - 27 . (canceled)