Delay-free matching for deemphasizing effects of speed differentials among price-makers

A system of providing delay-free matching in an electronic trading venue, the system comprising:

• a computer system comprising one or more physical processors programmed by computer program instructions that, when executed, programs the computer system to:
• receive a taker order for a financial instrument, the taker order specifying a price of the financial instrument that triggers matching with one or more maker orders for the financial instrument;
• identify multiple maker orders relating to the financial instrument in an electronic order book based on the price, each maker order placed in the electronic order book, without an intentional system-imposed delay resulting from an initial batching or randomization operation, upon receipt at the computer system and each having an electronic payload that includes a timestamp at which the maker order was received;
• analyze the payload of each of the multiple maker orders in the electronic order book to obtain their respective timestamps;
• generate, responsive to receipt of the taker order, an order batch queue comprising at least a first maker order and a second maker order from among the multiple maker orders based on the analyzing, wherein generating the order batch queue comprises interrogating the payload of and batching together selected maker orders if their timestamps are within a first batching period;
• shuffle an order of the selected maker orders in the order batch queue so as to arrive at a random ordering;
• and
• match at least one of the maker orders in the order batch queue with the taker order based on the randomization.

A non-transitory computer readable medium storing computer instructions for of providing delay-free matching in an electronic trading venue, the instructions, when executed by one or more physical processors of a computer system, program the computer system to:

• receive a taker order for a financial instrument, the taker order specifying a price of the financial instrument that triggers matching with one or more maker orders for the financial instrument;
• identify multiple maker orders relating to the financial instrument in an electronic order book based on the price, each maker order placed in the electronic order book, without an intentional system-imposed delay resulting from an initial batching or randomization operation, upon receipt at the computer system and each having an electronic payload that includes a timestamp at which the maker order was received;
• analyze the payload of each of the multiple maker orders in the electronic order book to obtain their respective timestamps;
• generate, responsive to receipt of the taker order, an order batch queue comprising at least a first maker order and a second maker order from among the multiple maker orders based on the analyzing, wherein generating the order batch queue comprises interrogating the payload of and batching together selected maker orders if their timestamps are within a first batching period;
• shuffle an order of the selected maker orders in the order batch queue so as to arrive at a random ordering;
• and
• match at least one of the maker orders in the order batch queue with the taker order based on the randomization.