US 12,597,071 B2Granted

Systems and methods of switching between a first execution mode and second execution mode for match processing

AssigneeNasdaq, Inc.

InventorsLeo Golubovsky, Chung-Sin Wang

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Abstract

An electronic exchange computing system is provided that includes a computer storage system, at least one transceiver, and a processing system. The storage system stores an electronic order book. The transceiver receives data transaction requests and transmits messages of an electronic data feed. The processing system determines that a first order has priority and generates a new order ID for the first order. The first order is maintained in the electronic order book (e.g., with a quantity of 0). Additional order instructions are received from a client computer system and are associated with the first order. A match is found based on the additional order instructions. A data feed update message is generated and transmitted as part of a real-time data feed and includes the newly generated order ID for the first order.

Claims20

Dependent claims

A computer system comprising:

memory configured to store an electronic order book;
a processing system that includes at least one hardware processor coupled to the memory, the processing system configured to perform operations comprising:
executing a matching engine process that processes data transaction requests against the electronic order book, the matching engine process switchable between a first execution mode and a second execution mode in which processing is performed differently than the first execution mode;
while the matching engine process is in the first execution mode:
a) processing, against the electronic order book, data transaction requests that have been newly received;
b) causing update messages to be generated, based on how the matching engine process has processed the data transaction requests, for transmission to clients via an electronic data communications feed;
c) as a result of determination of a match between a first order, which is identified by a first order identifier, and at least a second order, determining that a switch condition has been satisfied;
d) switching the matching engine process to a second mode based on determination that the switch condition has been satisfied;
activating, in accordance with the matching engine process being switched to the second execution mode, a second mode timer and newly generating one or more second mode order identifiers, wherein at least one of the one or more second mode order identifiers is linked to the first order;
while the second mode timer is active, executing the matching engine process in the second execution mode, including processing additional data transaction requests that are each identified by at least one of the newly generated one or more second mode order identifiers, wherein processing performed in the second execution mode excludes processing of one or more of the data transaction requests already present in the electronic order book at activation of the second execution mode;
causing, in accordance with a further match identified via the processing performed in the second execution mode, an update message to be transmitted using the electronic data communications feed, wherein the update message includes:
one of the second mode order identifiers and data indicating a matched amount;
and
as a result of expiration of the second mode timer, switching the matching engine process back to the first execution mode.

11 more elements

A non-transitory computer-readable storage medium storing computer readable instructions for use with an electronic exchange computing system that includes a computer storage system and a processing system that includes at least one hardware processor, the computer readable instructions comprising instructions that cause the processing system to performing operations comprising:

storing, to memory, a plurality of pending data transaction requests as part of an electronic order book;
executing a matching engine process that processes data transaction requests against the electronic order book, the matching engine process switchable between a first execution mode and a second execution mode in which processing is performed differently than the first execution mode;
while the matching engine process is in the first execution mode:
a) processing, against the electronic order book, data transaction requests that have been newly received;
b) causing update messages to be generated, based on how the matching engine process has processed the data transaction requests, for transmission to clients via an electronic data communications feed;
c) as a result of determination of a match between a first order, which is identified by a first order identifier, and at least a second order, determining that a switch condition has been satisfied;
d) switching the matching engine process to a second mode based on determination that the switch condition has been satisfied;
activating, in accordance with the matching engine process being switched to the second execution mode, a second mode timer and generating one or more second mode order identifiers, wherein at least one of the one or more second mode order identifiers is linked to the first order;
while the second mode timer is active, executing the matching engine process in the second execution mode, including processing additional data transaction requests that are each identified by at least one of the generated one or more second mode order identifiers, wherein processing performed in the second execution mode excludes processing of one or more of the data transaction requests already present in the electronic order book at activation of the second execution mode;
causing, in accordance with a further match identified via the processing performed in the second execution mode, an update message to be transmitted using the electronic data communications feed, wherein the update message includes:
one of the second mode order identifiers and data indicating a matched amount;
and
as a result of expiration of the second mode timer, switching the matching engine process back to the first execution mode.

10 more elements

A method comprising:

storing, to memory, a plurality of pending data transaction requests as part of an electronic order book;
executing a matching engine process that processes data transaction requests against the electronic order book, the matching engine process switchable between a first execution mode and a second execution mode in which processing is performed differently than the first execution mode;
while the matching engine process is in the first execution mode:
a) processing, against the electronic order book, data transaction requests that have been newly received;
b) causing update messages to be generated, based on how the matching engine process has processed the data transaction requests, for transmission to clients via an electronic data communications feed;
c) as a result of determination of a match between a first order, which is identified by a first order identifier, and at least a second order, determining that a switch condition has been satisfied;
d) switching the matching engine process to a second mode based on determination that the switch condition has been satisfied;
activating, in accordance with the matching engine process being switched to the second execution mode, a second mode timer and generating one or more second mode order identifiers, wherein at least one of the one or more second mode order identifiers is linked to the first order;
while the second mode timer is active, executing the matching engine process in the second execution mode, including processing additional data transaction requests that are each identified by at least one of the generated one or more second mode order identifiers, wherein processing performed in the second execution mode excludes processing of one or more of the data transaction requests already present in the electronic order book at activation of the second execution mode;
causing, in accordance with a further match identified via the processing performed in the second execution mode, an update message to be transmitted using the electronic data communications feed, wherein the update message includes:
one of the second mode order identifiers and data indicating a matched amount;
and
as a result of expiration of the second mode timer, switching the matching engine process back to the first execution mode.

10 more elements

Dependencies are inferred from the claim text.

Facts

Application: 18/745,746Filed 17 Jun 2024 · continuation
Priority: 8 Oct 2015
Published: US 2024/0338384 A110 Oct 2024
Granted: 7 Apr 2026
Term ends: Not estimatedThe source records don’t support an estimate.

Classification5 codes

G06Q 40/04
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: trading; Exchange, e.g. stocks, commodities, derivatives or currency…
G06F 16/27
Of structured data, e.g. relational data: replication, distribution or synchronisation of data between databases or within a distributed database…
G06F 16/93
Details of database functions independent of the retrieved data types: document management systems
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

Application62/239,173Us provisional application · filed 8 Oct 2015
Application14/928,753Parent of this continuation · filed 30 Oct 2015
Application16/032,789Parent of this continuation · filed 11 Jul 2018
US 10,042,909 B2Parent of this continuation · filed 7 Aug 2018
Application17/063,471Parent of this continuation · filed 5 Oct 2020
US 10,831,780 B2Parent of this continuation · filed 10 Nov 2020
Application18/146,186Parent of this continuation · filed 23 Dec 2022
US 11,567,968 B2Parent of this continuation · filed 31 Jan 2023
US 2024/0338384 A1Pre-grant publication · published 10 Oct 2024
US 12,056,154 B2Parent of this continuation
US 2017/0103115 A1Published application
US 2018/0322180 A1Published application
US 2021/0019330 A1Published application
US 2023/0127902 A1Published application
US 12,597,071 B2This patent

From the US filing history. Foreign family members aren’t listed.