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公开(公告)号：US20080228622A1
公开(公告)日：2008-09-18
申请号：US11881064
申请日：2007-07-25
申请人： Paul Adcock , Michael Cormack , Amy Farnstrom , Thomas Haller , Robert Hill
发明人： Paul Adcock , Michael Cormack , Amy Farnstrom , Thomas Haller , Robert Hill
IPC分类号： G06Q40/00
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.
摘要翻译： 公开了一种用于在电子选项环境中处理，匹配和执行预订订单的增强的系统和方法。 市场交易者的权益与备用订单处理相结合，使得如果收购市场准备订单时，营销商处于NBBO，则制造商可以保证交易的分配。 一旦发布到订单，只有备用订单的显示尺寸才有资格在制造商授权过程中优先执行。
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公开(公告)号：US08738484B2
公开(公告)日：2014-05-27
申请号：US11881789
申请日：2007-07-27
申请人： Paul Adcock , Michael Cormack , Amy Farnstrom , Thomas Haller , Robert Hill
发明人： Paul Adcock , Michael Cormack , Amy Farnstrom , Thomas Haller , Robert Hill
IPC分类号： G06Q40/00
摘要： An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.
摘要翻译： 公开了一种用于在电子选项环境中处理，匹配和执行自由裁量订单的增强的系统和方法。 市场商权利与自由裁量订单处理相结合，使得如果收到订单或优于NBBO的订单订单，则营销商处于NBBO时，营销商可以保证交易分配。 如果进入的自由裁量的订单不能使用其显示价格在NBBO执行，则如果制造商在NBBO报价时，它将使用所需的酌情权来参与制造商的权利，并执行对订单和 路线在NBBO的市场报价。 一旦发布到订单，只有自由裁量权的显示价格才有资格在制造者授权过程中优先执行。
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公开(公告)号：US10198767B2
公开(公告)日：2019-02-05
申请号：US11880852
申请日：2007-07-24
申请人： Peter Armstrong , Amy Farnstrom , Jon Werts
发明人： Peter Armstrong , Amy Farnstrom , Jon Werts
摘要： An enhanced system and method for executing options trades are disclosed. The lead market maker entitlements are integrated with sophisticated order types, including dark order types, so that the lead marker maker is guaranteed an allocation of the trade if the lead market maker is at the NBBO when an order priced at or better than the NBBO is received. The lead market maker is not provided an opportunity to price improve to execute with a specific incoming order. Additionally, market makers who are not the lead market maker in an option series may be granted the privileges of a lead market maker for the purpose of executing with a specific incoming directed order if the designated market maker is at the NBBO when a directed order priced at or better than the NBBO is received. The system and method disclosed encourages market makers to quote the best price possible, which in turn has the effect of narrowing spreads. Furthermore, as only displayed orders at the NBBO are eligible to execute ahead of market makers quoting at the NBBO, the system and method encourages users to display their best prices and sizes to the marketplace.
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