公开(公告)号：US10417708B2

公开(公告)日：2019-09-17

申请号：US13715476

申请日：2012-12-14

申请人： Eileen C. Smith ,  Anthony Montesano ,  Edward T. Tilly ,  Mark A. Esposito ,  Stuart J. Kipnes ,  Anthony J. Carone

发明人： Eileen C. Smith ,  Anthony Montesano ,  Edward T. Tilly ,  Mark A. Esposito ,  Stuart J. Kipnes ,  Anthony J. Carone

IPC分类号： G06Q40/04 ,  G06Q40/00

摘要： 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.

公开(公告)号：US20130185185A1

公开(公告)日：2013-07-18

申请号：US13686472

申请日：2012-11-27

申请人： Edward T. Tilly ,  Anthony Montesano ,  Eileen C. Smith

发明人： Edward T. Tilly ,  Anthony Montesano ,  Eileen C. Smith

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： An automated system for matching orders from a virtual trading crowd in an exchange configured for trading securities or derivatives is disclosed including an electronic trade engine operative to receive an order or a quote for a security or derivative at the exchange, the trade engine further operative to disseminate a request for a price message to a plurality of market makers quoting a class in response to receiving the order or the quote, an electronic book in communication with the electronic trade engine, the electronic book operative to store at least one order or quote received by the electronic trade engine, a database including an allocation algorithm, the database in communication with the electronic trade engine, and a trade processor in communication with the database, the trade processor operative to analyze and execute orders or quotes according to the allocation algorithm selected from the database.

摘要翻译： 披露一种自动化系统，用于匹配交易证券或衍生工具交易所中的虚拟交易人群中的订单的自动化系统，其中包括操作以在交易所接收证券或衍生品的订单或报价的电子交易引擎，所述交易引擎进一步操作 向响应于接收订单或报价的引用类的多个市场制作者发送价格信息的请求，与电子交易引擎通信的电子书，操作以存储至少一个订单或报价的电子书 通过电子交易引擎，包括分配算法的数据库，与电子交易引擎通信的数据库以及与数据库通信的交易处理器，所述交易处理器根据所选择的分配算法来分析和执行订单或报价 从数据库。

公开(公告)号：US08473403B2

公开(公告)日：2013-06-25

申请号：US13226315

申请日：2011-09-06

申请人： Eileen C. Smith ,  William M. Speth ,  David Wegener

发明人： Eileen C. Smith ,  William M. Speth ,  David Wegener

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： The present invention includes a method comprising receiving a first electronic BUY STRIP order; receiving a second electronic SELL STRIP order; matching the first STRIP order with the second STRIP order, wherein the first STRIP order is a contra order to the second STRIP order; executing the matched first and second STRIP orders; generating a first plurality of tradable component financial product trades based on the executed first STRIP order; generating a second plurality of tradable component financial product trades based on the executed second STRIP order; matching the first plurality of tradable component financial product trades with the second plurality of tradable component financial product trades, wherein the first plurality of tradable component financial product trades are contra trades to the second plurality of tradable component financial product trades; and executing the matched first and second plurality of tradable component financial product trades.

摘要翻译： 本发明包括一种方法，包括接收第一电子购买STRIP订单; 接收第二个电子卖出订单; 将所述第一STRIP顺序与所述第二STRIP顺序匹配，其中所述第一STRIP顺序是与所述第二STRIP顺序相反的顺序; 执行匹配的第一和第二STRIP订单; 基于所执行的第一STRIP订单产生第一多个可交易的金融产品交易; 基于所执行的第二STRIP订单产生第二多个可交易成分金融产品交易; 将第一批多种可交易成分金融产品交易与第二种多种可交易成分金融产品交易进行匹配，其中第一批多种可交易成分金融产品交易与第二种多种可交易成分金融产品交易相互交易; 并且执行匹配的第一和第二多个可交易组件金融产品交易。

公开(公告)号：US07613650B2

公开(公告)日：2009-11-03

申请号：US10423201

申请日：2003-04-24

申请人： Eileen C. Smith ,  Anthony Montesano ,  Edward T. Tilly ,  Mark A. Esposito ,  Stuart J. Kipnes ,  Anthony J. Carone

发明人： Eileen C. Smith ,  Anthony Montesano ,  Edward T. Tilly ,  Mark A. Esposito ,  Stuart J. Kipnes ,  Anthony J. Carone

IPC分类号： G06Q99/00

CPC分类号： G06Q40/04 ,  G06Q40/00

摘要： 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.

摘要翻译： 提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。 一种方法包括允许将多个报价传播到市场，但将市场制造限于只有在交易所的地板上具有实体存在的实体。 增强混合电子和开放式交换交换的方法还包括自动消除交叉引号和锁定报价，同时允许某些订单与锁定报价进行交易。

公开(公告)号：US08326743B1

公开(公告)日：2012-12-04

申请号：US13428444

申请日：2012-03-23

申请人： Eileen C. Smith

发明人： Eileen C. Smith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/025

摘要： A system and method of trading combined orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes receiving an incoming order having a first order component and a second order component at an electronic trade engine and routing the first and second order components to a first electronic database. The first and second order components are matched and executed against order components maintained in the first and second electronic databases, respectively. Any unexecuted first and second order components are placed in an electronic book according to a predetermined program if the first or second order component cannot be completely matched against any order components maintained in one of the first or second electronic databases. The system includes a trade engine configured for receiving combined orders from market makers.

摘要翻译： 提供了一种通过组合电子交易和开放式交易机制交易的交易所交易合并订单的系统和方法。 一种方法包括在电子交易引擎处接收具有一阶分量和二阶分量的输入顺序，并将第一和第二阶分量路由到第一电子数据库。 分别对第一和第二电子数据库中维护的订单组件进行匹配和执行第一和第二阶分量。 如果第一或第二阶分量不能与在第一或第二电子数据库之一中保持的任何订单分量完全匹配，则根据预定程序将任何未执行的第一和第二订单分量放置在电子书中。 该系统包括配置用于接收来自制造商的组合订单的交易引擎。

公开(公告)号：US08296218B2

公开(公告)日：2012-10-23

申请号：US12649047

申请日：2009-12-29

申请人： Edward T. Tilly ,  Anthony J. Carone ,  Stuart J. Kipnes ,  James Gazis ,  Anthony Montesano ,  Eileen C. Smith

发明人： Edward T. Tilly ,  Anthony J. Carone ,  Stuart J. Kipnes ,  James Gazis ,  Anthony Montesano ,  Eileen C. Smith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/08 ,  G06Q40/06

摘要： A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.

摘要翻译： 披露了一种在交易所内提供用于购买或出售证券或衍生品的内部化自动化拍卖的方法。 该方法可以包括在电子交易引擎处接收订单，响应于接收到该订单向至少一个用户传播价格消息请求，响应于请求的请求接收表示参与者类型的单侧响应消息 价格消息，从多个分配算法中选择分配算法，启动所选择的分配算法，并且在所选拍卖终止时根据参与者类型分配订单。 该系统可以包括电子交易引擎，其被配置为响应于订单传播拍卖消息，分配算法的数据库以及用于根据所述分配算法之一发起拍卖的交易处理器，并且在定义的提前终止事件时终止拍卖 。

公开(公告)号：US20120130882A1

公开(公告)日：2012-05-24

申请号：US13226315

申请日：2011-09-06

申请人： Eileen C. Smith ,  William M. Speth ,  David Wegener

发明人： Eileen C. Smith ,  William M. Speth ,  David Wegener

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04

摘要： The present invention includes a method comprising receiving a first electronic BUY STRIP order; receiving a second electronic SELL STRIP order; matching the first STRIP order with the second STRIP order, wherein the first STRIP order is a contra order to the second STRIP order; executing the matched first and second STRIP orders; generating a first plurality of tradable component financial product trades based on the executed first STRIP order; generating a second plurality of tradable component financial product trades based on the executed second STRIP order; matching the first plurality of tradable component financial product trades with the second plurality of tradable component financial product trades, wherein the first plurality of tradable component financial product trades are contra trades to the second plurality of tradable component financial product trades; and executing the matched first and second plurality of tradable component financial product trades.

摘要翻译： 本发明包括一种方法，包括接收第一电子购买STRIP订单; 接收第二个电子卖出订单; 将所述第一STRIP顺序与所述第二STRIP顺序匹配，其中所述第一STRIP顺序是与所述第二STRIP顺序相反的顺序; 执行匹配的第一和第二STRIP订单; 基于所执行的第一STRIP订单产生第一多个可交易的金融产品交易; 基于所执行的第二STRIP订单产生第二多个可交易成分金融产品交易; 将第一批多种可交易成分金融产品交易与第二种多种可交易成分金融产品交易进行匹配，其中第一批多种可交易成分金融产品交易与第二种多种可交易成分金融产品交易相互交易; 并且执行匹配的第一和第二多个可交易组件金融产品交易。

公开(公告)号：US20110178913A1

公开(公告)日：2011-07-21

申请号：US12909619

申请日：2010-10-21

申请人： Eileen C. Smith

发明人： Eileen C. Smith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/025

摘要： A system and method of trading combined orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes receiving an incoming order having a first order component and a second order component at an electronic trade engine and routing the first and second order components to a first electronic database. The first and second order components are matched and executed against order components maintained in the first and second electronic databases, respectively. Any unexecuted first and second order components are placed in an electronic book according to a predetermined program if the first or second order component cannot be completely matched against any order components maintained in one of the first or second electronic databases. The system includes a trade engine configured for receiving combined orders from market makers.

摘要翻译： 提供了一种通过组合电子交易和开放式交易机制交易的交易所交易合并订单的系统和方法。 一种方法包括在电子交易引擎处接收具有一阶分量和二阶分量的输入顺序，并将第一和第二阶分量路由到第一电子数据库。 分别对第一和第二电子数据库中维护的订单组件进行匹配和执行第一和第二阶分量。 如果第一或第二阶分量不能与在第一或第二电子数据库之一中保持的任何订单分量完全匹配，则根据预定程序将任何未执行的第一和第二订单分量放置在电子书中。 该系统包括配置用于接收来自制造商的组合订单的交易引擎。

公开(公告)号：US08612323B1

公开(公告)日：2013-12-17

申请号：US13491338

申请日：2012-06-07

申请人： Eric Frait ,  Eileen C. Smith

发明人： Eric Frait ,  Eileen C. Smith

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04 ,  G06Q30/0207 ,  G06Q30/0234

摘要： Systems and methods for determining a trade fee charged by a trading venue to a market participant, or a rebate credited by a trading venue to a market participant are disclosed. The method may include a computer accessing and storing one or more order information parameters in memory, as well as accessing and storing one or more of market characteristics in memory. The method may further include calculating a trade fee or rebate that is based on at least one of the order information parameters and at least one of the market characteristics stored in memory. A system may include a memory containing instructions for calculating a trade fee or rebate and a processor in communication with the memory, the processor configured to execute the instructions according to the method set out above.

摘要翻译： 公开了确定交易场所向市场参与者收取的交易费用或由交易场所向市场参与者记入的折扣的系统和方法。 该方法可以包括计算机访问和存储存储器中的一个或多个顺序信息参数，以及访问和存储存储器中的一个或多个市场特征。 该方法还可以包括基于存储在存储器中的订单信息参数和至少一个市场特征中的至少一个来计算交易费用或折扣。 系统可以包括存储器，其包含用于计算交易费用或回扣的指令以及与存储器通信的处理器，所述处理器被配置为根据上述方法执行指令。

公开(公告)号：US08346653B2

公开(公告)日：2013-01-01

申请号：US12605127

申请日：2009-10-23

申请人： Edward T. Tilly ,  Anthony Montesano ,  Eileen C. Smith

发明人： Edward T. Tilly ,  Anthony Montesano ,  Eileen C. Smith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： An automated system for matching orders from a virtual trading crowd in an exchange configured for trading securities or derivatives is disclosed including an electronic trade engine operative to receive an order or a quote for a security or derivative at the exchange, the trade engine further operative to disseminate a request for a price message to a plurality of market makers quoting a class in response to receiving the order or the quote, an electronic book in communication with the electronic trade engine, the electronic book operative to store at least one order or quote received by the electronic trade engine, a database including an allocation algorithm, the database in communication with the electronic trade engine, and a trade processor in communication with the database, the trade processor operative to analyze and execute orders or quotes according to the allocation algorithm selected from the database.

摘要翻译： 披露一种自动化系统，用于匹配交易证券或衍生工具交易所中的虚拟交易人群中的订单的自动化系统，其中包括操作以在交易所接收证券或衍生品的订单或报价的电子交易引擎，所述交易引擎进一步操作 向响应于接收订单或报价的引用类的多个市场制作者发送价格信息的请求，与电子交易引擎通信的电子书，操作以存储至少一个订单或报价的电子书 通过电子交易引擎，包括分配算法的数据库，与电子交易引擎通信的数据库以及与数据库通信的交易处理器，所述交易处理器根据所选择的分配算法来分析和执行订单或报价 从数据库。