公开(公告)号：US08380610B1

公开(公告)日：2013-02-19

申请号：US12509937

申请日：2009-07-27

申请人： Robert T. Nagle ,  Daniel Abbatemarco ,  Christopher Ferreri ,  Richard Raymond May

发明人： Robert T. Nagle ,  Daniel Abbatemarco ,  Christopher Ferreri ,  Richard Raymond May

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A data processing system for implementing transaction management of auction-based trading is disclosed. The disclosed data processing system provides a structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a matching engine and a plurality of workstations. The protocol and its programmed controlling logic enhances trading efficiency, rewards market makers, and fairly distributes market opportunity to system users. In some preferred embodiments, the structured trading protocol permits traders to enter hidden bids or offers during a clearing period that may be converted to transactable bids and offers when the clearing period terminates. In addition, in some preferred embodiments, the structured protocol permits traders to enter orders that specify an initial price and a better, hidden price. The system is programmed to improve the price of a trader's order within the cap established by the hidden price in particular circumstances in order to permit the trader to maintain priority in the order book when a better-priced order enters the market.

摘要翻译： 披露了实施拍卖交易管理的数据处理系统。 所披露的数据处理系统提供通过一系列交易范例实现的结构化交易协议。 该系统采用将匹配引擎和多个工作站连接在一起的分布式计算机处理网络。 该协议及其编程控制逻辑提高了交易效率，奖励市场人员，并向市场机会公平分配市场机会。 在一些优选实施例中，结构化交易协议允许交易者在结算期间输入隐藏的出价或报价，当清算期终止时，可以转换为可交易的出价和报价。 此外，在一些优选实施例中，结构化协议允许交易者输入指定初始价格和更好的隐藏价格的订单。 该系统被编程为提高在特定情况下由隐藏价格确定的上限内的交易者订单的价格，以便在更好的订单进入市场时允许交易者保持订单的优先级。