System and method for regulating order entry in an electronic trading environment

Abstract

A system and method are provided for defining slop parameters to an individual spread order or a customized group of orders. The system and method may be used to, for example, define inside slop, outside slop, and/or adjustable range parameters to one or more orders. The inside slop, outside slop, and/or adjustable range parameters may be input by a trader, and, among other things, allow a trader to prioritize orders, set parameters so that some orders are re-priced more aggressively than other spread orders. Alternatively, slop parameters associated with a spread order may also apply more restrictive slop parameters to orders within the same adjustable range. Slop parameters associated with a spread order can also be configured and modified by a trader based on the trader's preferences. Other features and advantages are described herein.

1 . (canceled) 
     
     
         2 . A method including:
 receiving by a computing device a definition for a trading strategy, wherein the trading strategy includes a first leg and a second leg, wherein the first leg corresponds to a first tradeable object and the second leg corresponds to a second tradeable object;   receiving by the computing device a desired strategy price for a strategy order according to the definition for the trading strategy;   sending by the computing device a first leg order at a first leg order price for the first tradeable object in response to receiving the desired strategy price for the strategy order, wherein the first leg order is associated with the strategy order, wherein the first leg order price is determined according to the definition for the trading strategy based on the desired strategy price and market data for the second tradeable object;   receiving by the computing device a command to individually select the strategy order, wherein the command includes a tolerance parameter;   assigning by the computing device the tolerance parameter to the individually selected strategy order in response to receiving the command; and   determining by the computing device a plurality of acceptable prices for the individually selected strategy order based on the assigned tolerance parameter;   determining by the computing device a change in a conditional event associated with the individually selected strategy order, wherein the conditional event includes a change in a price for the first leg order from the first leg order price to a second leg order price;   determining by the computing device that the second leg order price is not within the plurality of acceptable prices determined based on the tolerance parameter; and   replacing by the computing device the first leg order with a second leg order at the second spread order price, based on the second leg order price being outside the tolerance parameter.   
     
     
         3 . The method of  claim 2 , wherein the tolerance parameter includes at least one of an inside slop value, an outside slop value, or an adjustable range parameter. 
     
     
         9 . The method of  claim 2 , further including:
 receiving by the computing device a second desired strategy price for a second strategy order according to the definition for the trading strategy;   sending by the computing device a third leg order at a third leg order price for the first tradeable object in response to receiving the second desired strategy price for the second strategy order, wherein the third leg order is associated with the second strategy order, wherein the third leg order price is determined according to the definition for the trading strategy based on the second desired strategy price and market data for the second tradeable object;   receiving by the computing device a command to individually select the second strategy order, wherein the command includes a second tolerance parameter;   determining by the computing device a second plurality of acceptable prices for the individually selected second strategy order based on the assigned second tolerance parameter;   determining by the computing device a change in a second conditional event associated with the individually selected second strategy order, wherein the second conditional event includes a change in a price for the third leg order from the third leg order price to a fourth leg order price;   determining by the computing device that the fourth leg order price is not within the second plurality of acceptable prices determined based on the second tolerance parameter; and   based on the fourth leg order price being outside the second tolerance parameter, replacing by the computing device the third leg order with a fourth leg order at the fourth leg order price.   
     
     
         10 . The method of  claim 9 , wherein the second tolerance parameter includes at least one of an inside slop value, an outside slop value, or an adjustable range parameter. 
     
     
         11 . The method of  claim 10 , further including:
 receiving, via an interactive range window displayed on the computing device, an instruction to assign the tolerance parameter to the individually selected strategy order and the second tolerance parameter to the second individually selected strategy order.   
     
     
         12 . The method of  claim 9 , further including:
 receiving by the computing device a command to deactivate at least one of the tolerance parameter or the second tolerance parameter.   
     
     
         13 . The method of  claim 2 , further including:
 receiving by the computing device a command to modify the tolerance parameter.   
     
     
         14 . The method of  claim 2 , further including:
 displaying by the computing device a strategy order indicator representing the individually selected strategy order on a graphical interface of the computing device along a value axis; and   displaying by the computing device a tolerance indicator representing the tolerance parameter assigned to the individually selected strategy order along the value axis.   
     
     
         15 . The method of  claim 14 , wherein the tolerance indicator is adapted to allow a user to modify the tolerance parameter. 
     
     
         16 . The method of  claim 15 , further including:
 receiving by the computing device a command to reposition the tolerance indicator to modify the tolerance parameter.   
     
     
         17 . The method of  claim 2 , wherein the computing device includes a client device. 
     
     
         18 . The method of  claim 17 , wherein the client device includes software running on the client device which provides a trading screen to a user.