Nasdaq, Inc.
In-Order Processing of Transactions

Abstract:

The described technology relates to a real-time order processing systems such as, for example, an electronic trading application for equities and other tradable investment instruments. An example system relates to reordering messages received at a server over a communication network from distributed clients, in order to, among other things, eliminate or at least substantially reduce the effects of jitter (delay variance) experienced in the network. The reordering of messages may enable the example electronic trading system to improve the consistency of executing orders (e.g., performing transactions for buying/selling electronic inventories) in the time order of when the client's order entered the trading system's network.