Apparatus and method for trade aggregation of trade allocations and settlements
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United States of America Patent
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Oct 1, 2019
Grant Date -
Jan 4, 2018
app pub date -
Sep 18, 2017
filing date -
Jun 30, 2008
priority date (Note) -
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status (Latency Note)
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Abstract
A post-trade aggregation system for financial instrument trading systems, wherein a trader manages a plurality of trade orders to be executed by one or more executing brokers on behalf of customers via a data interface system. The plurality of trade orders includes at least one wrap block order and at least one institutional block order. The plurality of trade orders are merged into a single merged block order, apportioned into a plurality of smaller electronic trade orders, and transmitted to a plurality of order destinations. One or more computer systems are in electronic communication with the data interface system and with a clearing system, and configured to compress individual executions from the plurality of order destinations corresponding to the plurality of smaller electronic trade orders into a single net marked-up step-out for wrap orders and a single average-priced block for institutional orders.
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