Patent attributes
A procedure is a template that specifies trigger conditions and what to do when the trigger conditions occur, or do not occur within a specified time. Generally, a procedure corresponds to an order handling strategy used by a trader. A menu of standard procedures exist, and custom procedures are accommodated after being qualified for use in the present system. An interest represents an intent to trade. In contrast, an order is a definite commitment to buy or sell a certain amount. Generally, an institution or professional trader will know that they wish to trade when conditions are right, but will not be quite ready to submit an order. The institution or trader thus represents untapped market liquidity. By representing such liquidity as interests, the liquidity can be more efficient coupled to markets. Typically, a trader creates an interest by selecting a procedure from a menu, then supplying parameters representing what the trader wishes to trade and the conditions that will convert the general interest to a specific order. The interest is sent to a procedure processor. The procedure processor stores interests in an interest book, stores procedures in a procedure book, and when the triggers for the procedures specified in the interests occur, the procedure processor executes the procedures to spawn orders or notifications to block trading systems of willingness to negotiate. Thus, the liquidity represented by the interests is injected into markets.
