公开(公告)号：US20050108141A1

公开(公告)日：2005-05-19

申请号：US10713126

申请日：2003-11-14

申请人： James Farrell ,  James Krause ,  Mazen Chadid

发明人： James Farrell ,  James Krause ,  Mazen Chadid

IPC分类号： G06F20060101 ,  G06F17/16 ,  G06Q40/00 ,  G06F17/60

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： A system mitigates the effects of a market spike caused by the triggering and the election of a conditional order in an automated matching system. The system includes evaluation logic, delay logic, pricing logic and timing logic. The evaluation logic monitors conditional orders submitted to a trading engine and is configured to compare a price of an order to a first predefined price range. The delay logic delays matching of the orders submitted to the trading engine when the price of the orders lie outside of the first predefined price range. The pricing logic derives an opening price to be used by the trading engine. The timing logic measures a time interval used to delay a matching of the orders until the opening price is within a predefined price range up to a maximum delay time set by a control center. A method of mitigating the effect of a market spike caused by the triggering and the election of a conditional order includes monitoring conditional orders submitted to the trading engine. The method compares the price of a conditional order to a first predefined price range and delays the matching of orders submitted to the trading engine when the price of the conditional order lies outside of the first predetermined price range. The method derives an opening price to be used by the trading engine; and measures a time interval used to delay the matching of the orders until the opening price is within a predefined price range up to a maximum delay time set by a control center.

摘要翻译： 系统减轻了自动匹配系统中触发和选择条件订单引起的市场飙升的影响。 该系统包括评估逻辑，延迟逻辑，定价逻辑和定时逻辑。 评估逻辑监视提交给交易引擎的条件订单，并且被配置为将订单的价格与第一预定价格范围进行比较。 当订单的价格在第一预定价格范围之外时，延迟逻辑延迟提交给交易引擎的订单的匹配。 定价逻辑得出交易引擎使用的开盘价。 定时逻辑测量用于延迟订单匹配的时间间隔，直到开盘价在预定价格范围内，直到由控制中心设置的最大延迟时间为止。 一种减轻由触发和选择条件订单引起的市场飙升效应的方法包括监控提交给交易引擎的有条件订单。 该方法将条件订单的价格与第一预定价格范围进行比较，并且当条件订单的价格在第一预定价格范围之外时，延迟提交给交易引擎的订单的匹配。 该方法得出交易引擎使用的开盘价; 并且测量用于延迟订单匹配的时间间隔，直到开价在达到由控制中心设置的最大延迟时间之前的预定价格范围内。

公开(公告)号：US08924278B2

公开(公告)日：2014-12-30

申请号：US10713126

申请日：2003-11-14

申请人： James Farrell ,  James Krause ,  Mazen Chadid

发明人： James Farrell ,  James Krause ,  Mazen Chadid

IPC分类号： G06Q40/00 ,  G06Q40/04

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： A system and method for mitigating effects of a market spike caused by triggering and election of a conditional order in an automated matching system. The system includes evaluation logic which monitors conditional orders submitted to a trading engine compares a price of an order to a first predefined price range (“first range”) and delay logic which delays matching of the submitted orders when the price thereof lie outside of the first range. Pricing logic derives an opening price for use by the trading engine. Timing logic measures a time interval to delay matching of the orders until the opening price is within a predefined price range up to a maximum delay time set by a control center.

摘要翻译： 一种用于减轻在自动匹配系统中触发和选择条件订单引起的市场刺激影响的系统和方法。 该系统包括评估逻辑，其监视提交给交易引擎的条件订单将订单的价格与第一预定价格范围（“第一范围”）和延迟逻辑进行比较，延迟逻辑延迟所提交的订单的匹配，当其价格位于 第一范围 定价逻辑得出交易引擎使用的开盘价。 定时逻辑测量延迟订单匹配的时间间隔，直到开盘价格在预定价格范围内，直到控制中心设置的最大延迟时间为止。

公开(公告)号：US08266037B2

公开(公告)日：2012-09-11

申请号：US13227729

申请日：2011-09-08

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A system mitigates the effects of a market spike caused by the triggering and the election of a conditional order in an automated matching system. Conditional orders submitted to a trading engine are evaluated to compare a price of an order to a predetermined price range. Matching of the orders may be delayed when the price of the orders lies outside of the predetermined price range. An opening price to be used by the trading engine is derived and a time interval is used to delay a matching of the orders until the opening price is within a predetermined price range up to a maximum delay time set by a control center. Implied spreads are also removed until other instruments within a trading unit are verified open.

公开(公告)号：US20120330816A1

公开(公告)日：2012-12-27

申请号：US13571135

申请日：2012-08-09

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A system mitigates the effects of a market spike caused by the triggering and the election of a conditional order in an automated matching system. Conditional orders submitted to a trading engine are evaluated to compare a price of an order to a predetermined price range. Matching of the orders may be delayed when the price of the orders lies outside of the predetermined price range. An opening price to be used by the trading engine is derived and a time interval is used to delay a matching of the orders until the opening price is within a predetermined price range up to a maximum delay time set by a control center. Implied spreads are also removed until other instruments within a trading unit are verified open.

摘要翻译： 系统减轻了自动匹配系统中触发和选择条件订单引起的市场飙升的影响。 评估提交给交易引擎的条件订单，以将订单的价格与预定的价格范围进行比较。 当订单的价格在预定价格范围之外时，订单的匹配可能会延迟。 导出交易引擎使用的开价，并且使用时间间隔来延迟订单的匹配，直到开价在直到由控制中心设置的最大延迟时间之前的预定价格范围内。 隐含利差也被移除，直到交易单位内的其他工具被证实开放。

公开(公告)号：US08112347B2

公开(公告)日：2012-02-07

申请号：US11900756

申请日：2007-09-13

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A system mitigates the effects of a market spike caused by the triggering and the election of a conditional order in an automated matching system. Conditional orders submitted to a trading engine are evaluated to compare a price of an order to a predetermined price range. Matching of the orders may be delayed when the price of the orders lies outside of the predetermined price range. An opening price to be used by the trading engine is derived and a time interval is used to delay a matching of the orders until the opening price is within a predetermined price range up to a maximum delay time set by a control center. Implied spreads are also removed until other instruments within a trading unit are verified open.

摘要翻译： 系统减轻了自动匹配系统中触发和选择条件订单引起的市场飙升的影响。 评估提交给交易引擎的条件订单，以将订单的价格与预定的价格范围进行比较。 当订单的价格在预定价格范围之外时，订单的匹配可能会延迟。 导出交易引擎使用的开价，并且使用时间间隔来延迟订单的匹配，直到开价在直到由控制中心设置的最大延迟时间之前的预定价格范围内。 隐含利差也被移除，直到交易单位内的其他工具被证实开放。

公开(公告)号：US20050203826A1

公开(公告)日：2005-09-15

申请号：US10986967

申请日：2004-11-12

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06F17/60

CPC分类号： G06Q40/06 ,  G06Q40/04

摘要： Systems and methods are provided for creating and processing implied spread products that include one or more legs having nonstandard tick levels. One or more multiple financial instrument legs consist of underlying financial instruments that have standard tick levels and result in the leg(s) having a nonstandard tick level. The use of underlying financial instruments that have standard tick levels facilitates the linking of spread product markets to markets for the underlying financial instruments.

摘要翻译： 提供了系统和方法，用于创建和处理包含一个或多个具有非标准蜱水平的腿的隐含传播产品。 一个或多个多个金融工具支柱由具有标准滴答程度的相关金融工具组成，并导致支线具有非标准滴答位。 使用具有标准滴答式的基础金融工具有助于将分散的产品市场与相关金融工具的市场联系起来。

公开(公告)号：US20120084194A1

公开(公告)日：2012-04-05

申请号：US13324490

申请日：2011-12-13

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04

摘要： A system mitigates market spike effects caused by conditional ordering triggering and election in an automated matching system. The system monitors trading as a result of cascading triggering of conditional orders. When an order is executed beyond a predetermined price threshold, an instrument may be flagged, allowing matching to occur only at or within the predetermined price threshold. Orders within the price threshold are matched at the price threshold against orders beyond it, dampening any instantaneous damaging effects of the price spike. The system may adjust the price threshold when market appropriate, allowing the order flow to bring the market back to whatever is the true price level. The system mitigates purely conditional order cascade driven price fluctuations, but allows the market to continuously trade in controlled price and time intervals ensuring that true market moves can still occur without price control mechanisms hindering trade matching and true price discovery.

摘要翻译： 系统减轻了在自动匹配系统中条件排序触发和选举引起的市场尖峰效应。 由于级联触发条件订单，系统监控交易。 当订单执行超过预定价格阈值时，可以标记仪器，允许仅在或在预定价格阈值内进行匹配。 在价格门槛内的订单与价格门槛相匹配，超过它的订单，抑制价格上涨的任何瞬时的破坏性影响。 该系统可以在市场适当时调整价格门槛，允许订单流量将市场恢复到真正的价格水平。 该系统减轻了纯粹的有条件订单级联驱动的价格波动，但允许市场以可控的价格和时间间隔持续交易，确保如果没有价格控制机制阻碍贸易匹配和真正的价格发现，真正的市场动向仍然可以发生。

公开(公告)号：US08489488B2

公开(公告)日：2013-07-16

申请号：US13324490

申请日：2011-12-13

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A system mitigates market spike effects caused by conditional ordering triggering and election in an automated matching system. The system monitors trading as a result of cascading triggering of conditional orders. When an order is executed beyond a predetermined price threshold, an instrument may be flagged, allowing matching to occur only at or within the predetermined price threshold. Orders within the price threshold are matched at the price threshold against orders beyond it, dampening any instantaneous damaging effects of the price spike. The system may adjust the price threshold when market appropriate, allowing the order flow to bring the market back to whatever is the true price level. The system mitigates purely conditional order cascade driven price fluctuations, but allows the market to continuously trade in controlled price and time intervals ensuring that true market moves can still occur without price control mechanisms hindering trade matching and true price discovery.

摘要翻译： 系统减轻了在自动匹配系统中条件排序触发和选举引起的市场尖峰效应。 由于级联触发条件订单，系统监控交易。 当订单执行超过预定价格阈值时，可以标记仪器，允许仅在或在预定价格阈值内进行匹配。 在价格门槛内的订单与价格门槛相匹配，超过它的订单，抑制价格上涨的任何瞬时的破坏性影响。 该系统可以在市场适当时调整价格门槛，允许订单流量将市场恢复到真正的价格水平。 该系统减轻了纯粹的有条件订单级联驱动的价格波动，但允许市场以可控的价格和时间间隔持续交易，确保如果没有价格控制机制阻碍贸易匹配和真正的价格发现，真正的市场动向仍然可以发生。

公开(公告)号：US08103576B2

公开(公告)日：2012-01-24

申请号：US11900810

申请日：2007-09-13

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A system mitigates the effects of a market spike caused by the triggering and election of conditional orders in an automated matching system. The system monitors trading that takes place as a result of the cascading triggering of conditional orders. When an order is executed beyond a predetermined price threshold, an instrument may be flagged, allowing matching to take place only at or within the predetermined price threshold. Orders within the price threshold are matched at the price threshold against orders beyond the price threshold, in order to dampen any instantaneous damaging effects of the price spike. The system may adjust the price threshold when market appropriate, allowing the order flow to bring the market back to whatever is the true price level. The system mitigates price fluctuations that are purely conditional order cascade driven, but allows the market to continuously trade in controlled price and time intervals to ensure that a true market move can still occur and not have price control mechanisms hinder trade matching and true price discovery.

摘要翻译： 系统减轻了在自动匹配系统中触发和选择条件订单引起的市场飙升的影响。 系统监视由于级联触发有条件订单而产生的交易。 当执行订单超过预定价格阈值时，可以标记工具，允许仅在或在预定价格阈值内进行匹配。 价格门槛内的订单在价格门槛上匹配超过价格门槛的订单，以抑制价格上涨的任何即时损害影响。 该系统可以在市场适当时调整价格门槛，允许订单流量将市场恢复到真正的价格水平。 该系统减轻了纯粹是有条件的级联驱动的价格波动，但允许市场以可控的价格和时间间隔持续交易，以确保真正的市场动向仍然可以发生，没有价格控制机制阻碍贸易匹配和真正的价格发现。

公开(公告)号：US20080046356A1

公开(公告)日：2008-02-21

申请号：US11900810

申请日：2007-09-13

申请人： James Farrell ,  James Krause

发明人： James Farrell ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A system mitigates the effects of a market spike caused by the triggering and election of conditional orders in an automated matching system. The system monitors trading that takes place as a result of the cascading triggering of conditional orders. When an order is executed beyond a predetermined price threshold, an instrument may be flagged, allowing matching to take place only at or within the predetermined price threshold. Orders within the price threshold are matched at the price threshold against orders beyond the price threshold, in order to dampen any instantaneous damaging effects of the price spike. The system may adjust the price threshold when market appropriate, allowing the order flow to bring the market back to whatever is the true price level. The system mitigates price fluctuations that are purely conditional order cascade driven, but allows the market to continuously trade in controlled price and time intervals to ensure that a true market move can still occur and not have price control mechanisms hinder trade matching and true price discovery.

摘要翻译： 系统减轻了在自动匹配系统中触发和选择条件订单引起的市场飙升的影响。 系统监视由于级联触发有条件订单而产生的交易。 当执行订单超过预定价格阈值时，可以标记工具，允许仅在或在预定价格阈值内进行匹配。 价格门槛内的订单在价格门槛上匹配超过价格门槛的订单，以抑制价格上涨的任何即时损害影响。 该系统可以在市场适当时调整价格门槛，允许订单流量将市场恢复到真正的价格水平。 该系统减轻了纯粹是有条件的级联驱动的价格波动，但允许市场以可控的价格和时间间隔持续交易，以确保真正的市场动向仍然可以发生，而且没有价格控制机制阻碍贸易匹配和真正的价格发现。