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US 10,311,515 B2Granted
System and method for a semi-lit market
AssigneeIEX Group, Inc.
InventorsBradley Katsuyama, Daniel Aisen
Life of this patent
Estimating the term…
Abstract
A number of techniques for improving electronic trading are disclosed. According to some embodiments, an electronic trading system may selectively disclose to, or withhold from, trade participants order book data depending on whether each participant's trade order meets a predetermined threshold price and/or threshold size or other criteria.
Claims15
A computer-implemented method for electronic trading in a semi-lit market environment, the method comprising:
- maintaining an order book in an electronic trading system, said electronic trading system comprising:
- (a) a matching engine configured to receive trading orders via a communication interface or client gateway and to execute said trading orders, (b) storage medium configured to record said order book, and (c) an interface for communicating electronic data to trade participants;
- imposing an additional latency on transmission of data signals containing said incoming trading orders to the matching engine, said additional latency being imposed by routing said data signals through a physical medium of chosen physical parameters to delay an arrival or processing of said trading orders at the matching engine by a period of time;
- regulating, by at least one computer processor, a conditional distribution of electronic information of said order book to the trade participants by:
- determining, based on a comparison of at least one price parameter of an order submitted by a trade participant with respect to a predetermined threshold price point, whether to permit the trade participant to access a selected portion of said order book;
- and
- selectively disclosing order book data to or withholding order book data from the trade participant, on the interface for communicating electronic data to trade participants, based on the step of determining, thereby facilitating a semi-lit market environment in said electronic trading system.
4 more elements
A computer-implemented apparatus for electronic trading in a semi-lit market environment, the apparatus comprising:
- a matching engine configured to receive trading orders from trade participants and to execute said trading orders, wherein an additional latency is imposed on transmission of data signals containing said trading orders to the matching engine, said additional latency being imposed by routing said data signals through a physical medium of chosen physical parameters to delay an arrival or processing of said trading orders at the matching engine by a period of time;
- at least one computer processor configured to maintain an order book;
- a storage medium configured to record said order book;
- and
- a communication interface configured for communicating electronic data to the trade participants;
- the at least one computer processor being further configured to regulate a conditional distribution of electronic information of said order book to the trade participants by:
- determining, based on a comparison of at least one price parameter of an order submitted by a trade participant with respect to a predetermined threshold price point, whether to permit the trade participant to access a selected portion of said order book;
- and
- selectively disclosing order book data to or withholding order book data from the trade participant, on the interface for communicating electronic data to trade participants, based on the step of determining, thereby facilitating a semi-lit market environment in said electronic trading system.
6 more elements
An electronic trading system with a semi-lit market environment, the system comprising:
- a matching engine comprising at least one computer processor and configured to receive trading orders via a communication interface or client gateway and to execute said trading orders, wherein an additional latency is imposed on transmission of data signals containing said trading orders to the matching engine, said additional latency being imposed by routing said data signals through a physical medium of chosen physical parameters to delay an arrival or processing of said trading orders at the matching engine by a period of time;
- storage medium coupled to said matching engine;
- and
- an interface, coupled to said matching engine, for communicating electronic data to trade participants;
- said electronic trading system being programmed to regulate a conditional distribution of electronic information of an order book to the trade participants by:
- maintaining said order book in said storage medium of said electronic trading system,
- determining, based on a comparison of at least one price parameter of an order submitted by a trade participant with respect a predetermined threshold price point, whether to permit the trade participant to access a selected portion of said order book;
- and
- selectively disclosing order book data to or withhold order book data from the trade participant, on the interface for communicating electronic data to trade participants, based on the step of determining, thereby facilitating a semi-lit market environment in said electronic trading system.
6 more elements
Dependencies are inferred from the claim text.