ELECTRONIC TRADING SYSTEM AND METHOD FOR MUTUAL FUNDS AND EXCHANGE TRADED FUNDS

摘要

Data messages representative of orders for funds are received via a network from market participant terminals. Each data message contains a fund identifier, an indication of a number of units, and a market-participant identifier. Pending orders for mutual funds and exchange traded funds (ETFs) are generated from the data messages. A permissions matrix can be used to restrict pending orders to permitted market participants. Pending orders are accumulated for an indeterminate amount of time in batches. An indication of price is received for each of the funds from remote systems. Preferred fill times for the market participants can be obtained from a fill preference matrix, and accumulated orders are filled according to any preferred fill times.