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US 2014/0279339 A1Published application
Method and Apparatus for a Composite Trading Exchange System
OwnerJoseph Horowitzinventor
Life of this patent
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Abstract
A method and apparatus of a composite exchange for the trading of instruments under multiple types of rules is described. Participants in the composite exchange use known trading rules that are processed in a fair manner. This ensures that liquidity on the composite exchange is maximized while trading remains fair to all parties.
Claims20
An apparatus comprising:
- an exchange, wherein the exchange has an exchange rule set;
- a plurality of trades, where each trade has a trade attribute set, wherein the trade attribute set for each trade comprises trade quantity, trade price, trade time, trade instrument and trade type;
- a plurality of sub-exchanges, wherein the plurality of sub-exchanges comprise a first sub-exchange having a first sub-exchange rule set and a second sub-exchange having a second sub-exchange rule set and wherein the first sub-exchange rule set and the second sub-exchange rule set differ based on the trade attribute set for the trade placed in their respective exchanges;
- wherein the plurality of sub-exchanges operate under the governance of the exchange rule set;
- wherein the exchange rule set governs the placement of each trade within a specific sub-exchange based on the trade attribute set for that trade;
- wherein the exchange rule set governs the execution of each trade based on the trade attribute set for that trade.
3 more elements
A method comprising:
- establishing an exchange, wherein the exchange has an exchange rule set;
- processing a plurality of trades, where each trade has a trade attribute set, wherein the trade attribute set for each trade comprises trade quantity, trade price, trade time, trade instrument and trade type;
- establishing a plurality of sub-exchanges, wherein the plurality of sub-exchanges comprise a first sub-exchange having a first sub-exchange rule set and a second sub-exchange having a second sub-exchange rule set and wherein the first sub-exchange rule set and the second sub-exchange rule set differ based on the trade attribute set for the trade placed in their respective exchanges;
- operating the plurality of sub-exchanges under the governance of the exchange rule set;
- governing the placement of each trade within a specific sub-exchange by the exchange based on the trade attribute set for that trade;
- governing the execution of each trade by the exchange based on the trade attribute set for that trade.
3 more elements
Dependencies are inferred from the claim text.