摘要:
An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.
摘要:
A method of starting operation of a fuel cell system which includes at least a fuel cell stack. the method includes opening an anode inlet valve to allow fuel to enter an anode volume of the fuel cell stack; then operating an air compressor in fluid communication with a cathode air inlet of the fuel cell stack to allow air to enter a cathode volume of the fuel cell stack; monitoring the temperature of the cathode inlet and/or outlet and operating a water injection system to inject water into the cathode volume once the temperature of fluid passing through the cathode inlet and/or outlet exceeds a preset level, wherein a current drawn from the fuel cell stack is limited to prevent a voltage measured across one or more cells in the fuel cell stack from falling below a first voltage threshold.
摘要:
A fuel cell assembly supplies water and water vapour by-product to a cooling water circuit delivered to a thermal storage tank from which it can be recycled to the fuel cell stack as direct input to the membrane electrode assemblies, for use as fuel/oxidant preheat and/or direct water injection to the membrane electrode assembly. The purity of water delivered to the membrane is thereby assured. The thermal storage tank allows for a decoupling of the thermal and electrical loads on the fuel cell stack in a combined heat and electrical power delivery unit. Under low external electrical loads, the fuel cell stack and its cooling circuit may be used at high capacity to provide hot water.
摘要:
A tracking liquidity order and related market center and process are disclosed which allow posting market centers (e.g. exchanges) to fill routable, smaller orders that would have otherwise routed off the posting market center. Such tracking liquidity orders increase the liquidity of that posting market center and allow it to execute more orders internally, without having to route them to an away market center.
摘要:
A passive liquidity order and related market center and process are disclosed which allows market participants to trade without displaying any part of their order to the public order book, while still directly interacting with the public marketplace according to price/time priority rules that give preference to displayed trading interest over nondisplayed trading interest at the same price level. The passive liquidity order is a nondisplayed order type which allows participants to provide liquidity to the marketplace without publicly divulging their trading intentions.
摘要:
An enhanced system and method for the “smart” routing of orders in an electronic options environment is disclosed. The method of routing includes different rules and protocols for orders that are allowed to route using a traditional intermarket linkage than for orders that are allowed to route using an alternative private direct connection or third-party service provider. The system and method of routing has at its basis a configurable, rules-based routing table that allows orders to be routed using different protocols based on the account type of the incoming order.
摘要:
An enhanced system and method for the “smart” routing of orders in an electronic options environment is disclosed. The method of routing includes different rules and protocols for orders that are allowed to route using a traditional intermarket linkage than for orders that are allowed to route using an alternative private direct connection or third-party service provider. The system and method of routing has at its basis a configurable, rules-based routing table that allows orders to be routed using different protocols based on the account type of the incoming order.
摘要:
A method of shutting down operation of a fuel cell system comprising a fuel cell stack, the method comprising the sequential steps of: i) ceasing a supply of fuel to the fuel cell stack; ii) closing a shut-off valve on an exhaust line in fluid communication with a cathode system of the fuel cell system, the cathode system comprising a cathode fluid flow path passing through the fuel cell stack; iii) pressurising the cathode system with an air compressor in fluid communication with a cathode air inlet port in the fuel cell stack; and iv) ejecting water from the cathode flow path.
摘要:
An enhanced system and method for the “smart” routing of orders in an electronic options environment is disclosed. The method of routing includes different rules and protocols for orders that are allowed to route using a traditional intermarket linkage than for orders that are allowed to route using an alternative private direct connection or third-party service provider. The system and method of routing has at its basis a configurable, rules-based routing table that allows orders to be routed using different protocols based on the account type of the incoming order.
摘要:
An enhanced system and method for handling, matching and executing reserve orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the reserve order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when a marketable reserve order is received. Once posted to the order book, only the displayed size of a reserve order is eligible for preferential execution in a market maker entitlement process.