Patent
Price improvement processor for electronic trading of financial instruments
TLDR
In this article, a price improvement processor is proposed to effectuate more rapid matching of bids and offers of financial instruments by conducting a rapid automated auction in which certain market participants may provide price improvement in increments that are finer than the prevailing standard minimum price variation and are provided a certain allocation as an incentive for such price improvements.Abstract:
A price improvement processor to effectuate more rapid matching of bids and offers of financial instruments by conducting a rapid automated auction in which certain market participants may provide price improvement in increments that are finer than the prevailing standard minimum price variation and are provided a certain allocation as an incentive for such price improvements.read more
Citations
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Patent
Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms
Eileen C. Smith,Anthony Montesano,Edward T. Tilly,Mark A. Esposito,Stuart J. Kipnes,Anthony J. Carone +5 more
TL;DR: In this paper, a system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided, where one method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange.
Patent
System and method for managing trading using alert messages for outlying trading orders
TL;DR: In this article, a method of managing trading is provided, where a determination is made of whether a particular trading order is an outlying trading order by determining whether the trading order differs from at least one comparison price by more than a threshold value.
Patent
Trading application program interface
TL;DR: In this paper, an electronic trading system including various rules is described, and the aggressor may elect to change the price point at which he controls the trade to a new price point which is more favorable to him.
Patent
Auction system for remote bidding and method
TL;DR: In this article, a system for interactive auctions with remote bidders is presented, which includes an auction system operable to maintain information related to a subject of an auction and a remote bidder system in communication with the auction system.
Patent
Multiple quote risk management
Paul Andrew Bauerschmidt,Ari Studnitzer,William J. Albert,Lori Flemm,Paul J. Callaway,James W. Farrell,A. Shanthi Thiruthuvadoss +6 more
TL;DR: In this paper, the Chicago Mercantile Exchange's (CME's) futures exchange system (the "Exchange") is proposed to allow anonymous transactions, centralized clearing, efficient settlement and the provision of risk management/credit screening mechanisms to lower risk, reduce transaction costs and improve the liquidity in the FX market place.
References
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Patent
Automated exchange for trading derivative securities
TL;DR: In this article, an automated exchange is provided for matching incoming orders for the purchase or sale of financial instruments, such as options contracts, with previously received orders, and the exchange allocates the matching of orders first to fill customer orders and then to fill professional orders on a pro rata basis.
Patent
Automated price improvement protocol processor
TL;DR: In this article, a data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments is presented, which provides a highly structured trading protocol implemented through a sequence of trading paradigms.
Patent
Auction market with price improvement mechanism
TL;DR: In this paper, a system for auctioning financial products over a distributed, networked computer system includes a plurality of workstations for entering orders for financial products into the distributed, computer system.
Patent
Optimal order choice: evaluating uncertain discounted trading alternatives
Holly Horrigan,John K. Wald +1 more
TL;DR: In this article, a method for determining whether to execute an order (or list of orders) immediately, or delay execution in exchange for a possible price savings is presented, which can be used in conjunction with dynamic cost control techniques.
Patent
Secure anonymous information exchange in a network
Ralf Hauser,Gene Tsudik +1 more
TL;DR: In this paper, the authors describe a protocol for securely exchanging data in a network that provides a public key infrastructure and an anonymous communication possibility between network users, in which both parties, sender and addressee, compose data sets, i.e. requests and replies, that are based on received data and/or prior knowledge.