Invention Grant
- Patent Title: Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms
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Application No.: US12560981Application Date: 2009-09-16
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Publication No.: US08346652B2Publication Date: 2013-01-01
- Inventor: Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
- Applicant: Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
- 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: G06Q40/00
- IPC: G06Q40/00
Abstract:
A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
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