Trade Order Parameter Configuration via Dynamic Pre-setting
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Solution Overview
Problem
Traders face difficulties in efficiently and accurately configuring multiple trade order parameters across various electronic exchanges, leading to increased time consumption and error rates due to the complexity of manual configuration processes.
Innovation Solution
A system and method that allow traders to pre-configure customer and order parameters, which are then dynamically populated into an order entry window based on the selection of a customer and a tradeable object, reducing the need for manual input and minimizing errors by utilizing a weight and precedence system for parameter matching.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traders manually configure each trade order parameter individually, then each parameter can be precisely set, but the time required and error rate increase significantly
Solution Approach 1:
The system performs preliminary configuration by pre-setting trade order parameters based on customer profiles, order types, and tradeable objects. When a trader initiates an order, the system has already prepared appropriate parameter templates in advance, eliminating the need for manual configuration of each parameter during the trading moment.
Solution Approach 2:
The system automatically populates trade order parameters by matching customer selections with pre-configured parameter sets. The configuration process serves itself through automated template selection and population, rather than requiring manual trader input for each parameter, thus reducing both time and potential errors.
2Adaptability or versatility
If the system provides extensive configurability for multiple order types and parameters, then traders have more options to react to market conditions, but the complexity of managing these configurations increases
Solution Approach 1:
The system segments the complex configuration task into distinct components: customer parameters, order type parameters, and tradeable object parameters. Each segment is independently configured and stored as a template, allowing traders to work with modular, manageable units rather than a monolithic complex configuration.
Solution Approach 2:
The system creates universal parameter templates that can be applied across multiple order types and scenarios. A single customer parameter template can serve various order types, and order type templates can be reused for different tradeable objects, reducing the overall complexity while maintaining versatility.
3Reliability
If traders configure multiple different trade order parameters for different exchanges, then they can optimize for each exchange's specific requirements, but the difficulty and error-proneness of configuration increases
Solution Approach 1:
The system applies local quality by configuring parameters specifically tailored to each exchange's requirements through exchange-specific templates. Each exchange (e.g., CME Globex) has its own parameter template set that reflects its specific rules and requirements, allowing optimization for each exchange while managing complexity through localization.
Solution Approach 2:
Exchange-specific parameters are pre-configured in advance for each exchange platform. When a trader selects an exchange, the system has already prepared the appropriate parameter templates, eliminating the need for traders to manually research and configure exchange-specific parameters at the moment of trading.
Data Source
AI summary
The example methods and systems described herein provide for configuration of one or more trade order parameters to associate with one or more trade orders, where the trade orders may be submitted to one or more electronic exchanges. According to an example embodiment, rather than having the trader manually configure each individual parameter associated with each trade order, a trader can pre-configure customer and order parameters. A user, for example a trader, broker, or market maker, can configure trade order parameters to associate with one or more customers, one or more order types, and/or internal messages to associate with any of the configured customers or orders. Based on the selected customer and tradeable object, the trading system evaluates the pre-configured customer and associated order parameters and determines which trade order parameters best match. The trading system then dynamically populates the order entry window with the specific trade order parameters associated with the best match.