发明申请
- 专利标题: Unpriced order auction and routing
- 专利标题(中): 无价格的订单拍卖和路由
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申请号: US11416913申请日: 2006-05-03
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公开(公告)号: US20060253380A1公开(公告)日: 2006-11-09
- 发明人: Paul Adcock , Michael Cormack , Thomas Haller , Robert Hill
- 申请人: Paul Adcock , Michael Cormack , Thomas Haller , Robert Hill
- 专利权人: Archipelago Holdings, Inc.
- 当前专利权人: Archipelago Holdings, Inc.
- 主分类号: G06Q40/00
- IPC分类号: G06Q40/00
摘要:
An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.
公开/授权文献
- US10885582B2 Unpriced order auction and routing 公开/授权日:2021-01-05