Invention Grant
US07653588B2 Method and system for providing order routing to a virtual crowd in a hybrid trading system
有权
用于向混合交易系统中的虚拟人群提供订单路由的方法和系统
- Patent Title: Method and system for providing order routing to a virtual crowd in a hybrid trading system
- Patent Title (中): 用于向混合交易系统中的虚拟人群提供订单路由的方法和系统
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Application No.: US11321065Application Date: 2005-12-29
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Publication No.: US07653588B2Publication Date: 2010-01-26
- Inventor: Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith
- Applicant: Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith
- Applicant Address: US IL Chicago
- Assignee: Chicago Board Options Exchange, Incorporated
- Current Assignee: Chicago Board Options Exchange, Incorporated
- Current Assignee Address: US IL Chicago
- Agency: Brinks Hofer Gilson & Lione
- Main IPC: G06Q99/00
- IPC: G06Q99/00

Abstract:
A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market is disclosed. The method may include receiving a marketable order for a security or derivative at the exchange, wherein the exchange has a price that differs from a national best bid or offer price, routing the marketable order to a trade engine, disseminating a request for price message to all market makers quoting a class in response to receiving the marketable order, the request for price message including a price equal to the national best bid or offer price, receiving a response message at the electronic trade engine in response to the request for price message from at least one market maker, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, and allocating the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order.
Public/Granted literature
- US20060167789A1 Method and system for providing order routing to a virtual crowd in a hybrid trading system Public/Granted day:2006-07-27
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