Methods of matching orders on an electronic trading system and an electronic trading system for matching orders

Abstract

Electronic messages regarding a current order status of an order book of an electronic exchange system are transmitted to users including information concerning identities of parties having placed orders stored in the order book. The current order status is associated with a queue of orders stored in the order book. Each stored order has associated properties and an associated queue number. A higher queue number indicates a lower trading priority than a lower queue number. An electronic order message is received to trade selecting an order stored in the order book having a queue number of two or higher than over a lower queue number order stored in the order book. Both the selected order and the lower queue number order have properties matching both the selected order and the lower queue number order. The received message is identified as including information that selects the order stored in the order book having a queue number of two or higher. The received message is matched with the selected order stored in the order book having a queue number of two or higher. The lower queue number order remains stored in the order book after the matching.

1 . A method of matching orders on an electronic exchange system, comprising of:
 transmitting to users, by electronic circuitry, electronic messages regarding a current order status of an order book of the electronic exchange system including information concerning identities of parties having placed orders stored in the order book, the current order status being associated with a queue of orders stored in the order book, each stored order having associated properties and an associated queue number,   where a higher queue number indicates a lower trading priority than a lower queue number;   receiving, by electronic circuitry, an electronic order message to trade selecting an order stored in the order book having a queue number of two or higher than over a lower queue number order stored in the order book,   where both the selected order and the lower queue number order have properties matching both the selected order and the lower queue number order; and   identifying that the received electronic order message includes information that selects the order stored in the order book having a queue number of two or higher; and   matching, by electronic circuitry, the received electronic order message with the selected order stored in the order book having a queue number of two or higher,   wherein the lower queue number order remains stored in the order book after the matching.   
     
     
         2 . The method according to  claim 1 , wherein the matching the received electronic order message with the selected order having a queue number of two or higher includes a partial matching, and wherein a remaining part of the partially matched order forms a new order in the order book. 
     
     
         3 . The method according to  claim 1 , wherein the properties matching the selected order having a queue number of two or higher and the lower queue number order are based on one or more of an submitter name, an order number, a queue number, a price, or a volume. 
     
     
         4 . The method according to  claim 1 , wherein the transmitted order status further comprises identity information identifying each submitter of each order in the queue, and wherein the order is selected from the order book based in part on the identity of the submitter. 
     
     
         5 . An electronic trading system comprising:
 electronic matching circuitry configured to match orders submitted by users;   a memory configured to store an order book associated with the electronic matching circuitry with unmatched orders stored in one or more queues,   transmission circuitry configured to transmit to users electronic messages regarding current order status of the order book indicating identities of parties having placed orders stored in the order book, the current order status being associated with a queue of orders stored in the order book, each stored order having associated properties and an associated queue number,   where a higher queue number indicates a lower trading priority than a lower queue number, and   receiving circuitry configured to identify that a received order includes information that selects the order stored in the order book having a queue number of two or higher over an order stored in the order book having a lower queue number,   where both the selected order having a queue number of two or higher and the order having a lower queue number have properties matching the selected order,   wherein the electronic matching circuitry is configured to match an incoming designated order selecting the order in the order book having a queue number of two or higher over the order stored in the order book having a lower queue number without matching the order with the lower queue number, and   wherein the order having a queue number of two or higher remains stored in the order book after the matching.   
     
     
         6 . The electronic trading system of  claim 5 , wherein the electronic matching circuitry is further configured to:
 select a particular order in the order book, and   compare one or more properties of the designated order and the particular order, and   attempting to match the designated order with the particular order to a predetermined degree of correlation between the designated order and the selected order.   
     
     
         7 . The electronic trading system according to  claim 6 , wherein selection of a particular order is based on one or more of an order submitter name, an order number, a queue number, a price, or a volume.