TraderTools LLC (TraderTools) announced today that it has filed for a patent for a "customized automation of financial asset trading" feature from the US Patent and Trademark Office (USPTO).
The technology behind this patent application will enhance the company's AutoFill feature, which was previously announced in November 2004. The USPTO has received and is now processing the application.
AutoFill is a flexible process for automatically filling Foreign Exchange (FX) orders, allowing a trading desk to specify which orders are to be filled against streaming executable rates. FX orders, whether Limit or Stop, are maintained in an Order Book by a trading desk, and are monitored until market conditions are met, thus triggering their execution. Traditionally, the execution of an order is a manual activity performed by a trader. AutoFill allows for execution without human intervention, based on customizable rules. This fully-automated feature facilitates execution without slippage and enables Straight-Through Processing (STP) of an FX order.
"Last November, we said that, according to our research, AutoFill is the only feature of its kind available to the foreign exchange industry to date," stated Mark Mayerfeld, Executive VP, International Sales at TraderTools. "This patent application solidifies our position as the eFX experts."