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US 11,887,191 B2Granted
On-demand auction
AssigneeCboe Exchange, Inc.
InventorsAdam Inzirillo, William Ciabattoni
Life of this patent
Estimating the term…
Abstract
A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.
Claims19
A method implemented via an exchange computer system, the method comprising:
- receiving a security transaction order that includes an auction request for an auction, wherein the security transaction order is an order to (i) buy an asset at a bid price, or (ii) sell an asset at an offer price;
- receiving, from a first device, a first matching order that includes a request for participation;
- obtaining a first signal comprising data for a delay timer, the first signal provided by at least one of (i) the exchange computer system, or (ii) from a network connected to the exchange computer system;
- determining a first period of time for the delay timer based on the data;
- in response to receiving the first matching order and determining the first period of time, configuring the delay timer to run for the first period of time;
- initiating (i) the auction corresponding to the security transaction order and the first matching order and (ii) an auction timer that limits the auction to run for a second period of time;
- receiving, during the second period of time, one or more additional matching orders from one or more additional devices;
- determining that the second period of time has expired;
- in response to determining that the second period of time has expired, determining a best-priced matching order based on a price of the first matching order and a price of each of the one or more additional matching orders;
- and
- executing a transaction based on the security transaction order and the best-priced matching order, wherein the security transaction order is traded with the best-priced matching order,
- wherein the first device is configured to process orders at a first latency and at least one device from the one or more additional devices is configured to process orders at a second latency, wherein the first latency is smaller than the second latency.
9 more elements
An exchange computer system comprising an order routing system, an order matching system, and an auction engine, the exchange computer system configured to perform operations comprising:
- receiving, by the order routing system, a security transaction order that includes a request for an auction, wherein the security transaction order is an order to (i) buy an asset at a bid price, or (ii) sell an asset at an offer price;
- receiving, from a first device and by the order routing system, a first matching order that includes a request for auction participation;
- obtaining, by the auction engine, a first signal comprising data for a delay timer, the first signal provided by at least one of (i) the exchange computer system, or (ii) from a network connected to the exchange computer system;
- determining, by the auction engine, a first period of time for the delay timer based on the data;
- in response to receiving the first matching order and determining the first period of time, configuring, by the auction engine, the delay timer to run for the first period of time;
- initiating, by the auction engine, (i) an auction corresponding to the security transaction order and the first matching order and (ii) an auction timer that limits the auction to run for a second period of time;
- receiving, during the second period of time and by the order routing system, one or more additional matching orders from one or more additional devices;
- determining, by the auction engine, that the second period of time has expired;
- in response to determining that the second period of time has expired, determining, by the order matching system, a best-priced matching order based on a price of the first matching order and a price of each of the one or more additional matching orders;
- and
- executing, by the order matching system, a transaction based on the security transaction order and the best-priced matching order, wherein the security transaction order is traded with the best-priced matching order,
- wherein the first device is configured to process orders at a first latency and at least one device from the one or more additional devices is configured to process orders at a second latency, wherein the first latency is smaller than the second latency.
9 more elements
A non-transitory computer-readable storage medium storing instructions that executed by an exchange computer system, cause the exchange computer system to perform operations comprising:
- receiving a security transaction order that includes a request for an auction, wherein the security transaction order is an order to (i) buy an asset at a bid price, or (ii) sell an asset at an offer price;
- receiving, from a first device, a first matching order that includes a request for auction participation;
- obtaining a first signal comprising data for a delay timer, the first signal provided by at least one of (i) the exchange computer system, or (ii) from a network connected to the exchange computer system;
- determining a first period of time for the delay timer based on the data;
- in response to receiving the first matching order and determining the first period of time, configuring the delay timer to run for the first period of time;
- initiating (i) an auction corresponding to the security transaction order and the first matching order and (ii) an auction timer that limits the auction to run for a second period of time;
- receiving, during the second period of time, one or more additional matching orders from one or more additional devices;
- determining that the second period of time has expired;
- in response to determining that the second period of time has expired, determining a best-priced matching order based on a price of the first matching order and a price of each of the one or more additional matching orders;
- and
- executing a transaction based on the security transaction order and the best-priced matching order, wherein the security transaction order is traded with the best-priced matching order,
- wherein the first device is configured to process orders at a first latency and at least one device from the one or more additional devices is configured to process orders at a second latency, wherein the first latency is smaller than the second latency.
9 more elements
Dependencies are inferred from the claim text.