Match-off of order flow in electronic market system
AssigneeThe NASDAQ OMX Group, Inc.
InventorsSTUART SERKIN, JOHN MALITZIS
Life of this patent
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Abstract
A market system that includes an internal execution process is described. The system includes an order execution process that receives orders and matches orders against quotes posted in the system on a time priority basis and an order match-off process that checks if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer price in the system.
Claims18
A method of executing an order in a market system comprises:
- receiving an order from a market participant;
- and
- for the order, checking if a market participant identification associated with the order matches a market participant identification representing a quote in the system which is at the best bid or best offer price in the system.
A market system comprises:
- an order execution process that receives orders and matches orders against quotes posted in the system on a time priority basis;
- an order match-off process that checks if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer price in the system.
A computer program product for operating a market system comprises instructions for causing a computer to:
- receive orders and matches orders against quotes posted in the system on a time priority basis;
- check if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer price in the system.
Dependencies are inferred from the claim text.