Corporate debt options exchange
AssigneeThe NASDAQ OMX Group, Inc.
InventorDaniel R. CARRIGAN
Life of this patent
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Abstract
A method, apparatus, and system are provided for matching orders for corporate debt options in a corporate debt options exchange. A corporate debt options exchange receives an order for a corporate debt option, determines one or more conditions for purchase/sale on the order for the corporate debt option, and matches the order for the corporate debt option with a stored order in an order book in the corporate debt options exchange based on the one or more determined conditions. The order is stored in the order book when no match for the order is found.
Claims20
An order processing method for matching orders for corporate debt options in an electronic corporate debt options exchange, the corporate debt options exchange having one or more processors, the method comprising:
- receiving, by a communications interface of the corporate debt options exchange, an order message for a Trade Reporting And Compliance Engine (TRACE) eligible corporate debt option;
- determining, by a processor of the corporate debt options exchange, one or more conditions for purchase/sale on an order comprised in said order message for the TRACE-eligible corporate debt option;
- determining, by the processor of the corporate debt options exchange, if the order for the TRACE-eligible corporate debt option matches with a stored order in an electronic order book in the corporate debt options exchange based on the one or more determined conditions;
- storing, by a non-volatile memory, an electronic copy of the order in the electronic order book if no match for the order is found;
- and
- issuing, by the communications interface of the corporate debt options exchange, an electronic TRACE report message for subsequent dissemination to an Options Price Reporting Authority,
- wherein the TRACE-eligible corporate debt option is an option on a TRACE-eligible corporate debt security, the option allowing the TRACE-eligible corporate debt security to be traded at a predetermined price on or before a predetermined expiration date.
A non-transitory computer-readable storage medium having computer readable code embodied therein and capable of being stored in a memory as computer program instructions, which when executed by a computer having one or more processors, performs functionality comprising:
- receiving an order for a TRACE-eligible corporate debt option determining one or more conditions for purchase/sale on the order for the TRACE-eligible corporate debt option;
- determining if the order for the TRACE-eligible corporate debt option matches with a stored order in an order book in the corporate debt options exchange based on the one or more determined conditions;
- and
- storing the order in the order book if no match for the order is found, wherein the TRACE-eligible corporate debt option is an option on a TRACE-eligible corporate debt security, the option allowing the TRACE-eligible corporate debt security to be traded at a predetermined price on or before a predetermined expiration date.
A corporate debt option exchange apparatus, comprising:
- a memory configured to store orders for TRACE-eligible corporate debt options in an order book;
- and
- one or more processors, coupled to the memory, configured to match orders for TRACE-eligible corporate debt options in the corporate debt options exchange apparatus and configured to:
- receive an order for a TRACE-eligible corporate debt option;
- determine one or more conditions for purchase/sale on the order for the TRACE-eligible corporate debt option;
- determine if the order for the TRACE-eligible corporate debt option matches with a stored order in the order book in the corporate debt exchange apparatus based on the one or more determined conditions;
- and
- store the order in the order book if no match for the order is found,
- wherein the TRACE-eligible corporate debt option is an option on a TRACE-eligible corporate debt security, the option allowing the TRACE-eligible corporate debt security to be purchased/sold at a predetermined price on or before a predetermined expiration date.
A corporate debt option exchange system, comprising:
- a broker apparatus having:
- one or more processors configured to create orders;
- a memory, coupled to the one or more processors, configured to store the created orders, and
- a first data transceiver device for transmitting the created orders;
- and
- a corporate debt option exchange apparatus having:
- a memory configured to store orders for TRACE-eligible corporate debt options in an order book,
- a second data transceiver device for receiving the created orders, and
- one or more processors, coupled to the memory, configured to match orders for TRACE-eligible corporate debt options in the corporate debt option exchange apparatus and configured to:
- receive an order for a TRACE-eligible corporate debt option;
- determine one or more conditions for purchase/sale on the order for the TRACE-eligible corporate debt option;
- determine if the order for the TRACE-eligible corporate debt option matches with a stored order in the order book in the corporate debt exchange apparatus based on the one or more determined conditions;
- and
- store the order in the order book if no match for the order is found,
- wherein the TRACE-eligible corporate debt option is an option on a TRACE-eligible corporate debt security, the option allowing the TRACE-eligible corporate debt security to be purchased/sold at a predetermined price on or before a predetermined expiration date.
Dependencies are inferred from the claim text.