公开(公告)号：US11055775B2

公开(公告)日：2021-07-06

申请号：US13399364

申请日：2012-02-17

申请人： Frank Kmiec ,  Ari Studnitzer ,  Donald Mendelson ,  Zachary Bonig ,  Priteshkumar Soni ,  Arkadiusz Koziol ,  Jacques Doornebos

发明人： Frank Kmiec ,  Ari Studnitzer ,  Donald Mendelson ,  Zachary Bonig ,  Priteshkumar Soni ,  Arkadiusz Koziol ,  Jacques Doornebos

IPC分类号： G06Q40/04

摘要： Systems and methods for communication of financial messages from an Exchange to market participants whereby messages directed to particular market participants may be consolidated with other messages directed to all market participants and communicated via the same communications medium while preserving the anonymity of those market participants to which messages are particularly directed. Accordingly, redundant communications are eliminated, reducing the overall volume of communicated data and the resources necessary in support thereof; inhibition of any one market participant intentionally or unintentionally influencing the market via exposure of their activities, or otherwise unfairly impinging on the exposed activities of other market participants, is maintained; and inequitable information access is eliminated as the consolidated messages are transmitted to all market participants substantially simultaneously over the same medium thereby minimizing or eliminating any advantage or opportunity one market participant may have to receive market information ahead of the other market participants.

公开(公告)号：US20110258109A1

公开(公告)日：2011-10-20

申请号：US13171877

申请日：2011-06-29

申请人： Paul J. Callaway ,  Michael E. Culhane, II ,  Sunil K. Cutinho ,  Frank Kmiec ,  Ari Studnitzer

发明人： Paul J. Callaway ,  Michael E. Culhane, II ,  Sunil K. Cutinho ,  Frank Kmiec ,  Ari Studnitzer

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/025 ,  G06Q40/06 ,  G06Q40/08

摘要： Systems and method for mediating risks associated with orders in an electronic trading system are provided. A front end component includes a plurality of trading engines that receive orders from traders. A back-end component includes a match system. The system includes a credit control module, which may be located at the back-end (e.g., clearinghouse), front end, a combination thereof, or other location that communicates with the plurality of trading engines. The credit control may monitor aggregate risk parameters for the trading engines and requests credits from trading engines.

摘要翻译： 提供了与电子交易系统中的订单相关风险的调节系统和方法。 前端组件包括从交易者接收订单的多个交易引擎。 后端组件包括匹配系统。 该系统包括可以位于后端（例如，票据交换所），前端，其组合或与多个交易引擎通信的其他位置的信用控制模块。 信用控制可以监控交易引擎的总体风险参数，并从交易引擎请求信用。

公开(公告)号：US20070118453A1

公开(公告)日：2007-05-24

申请号：US11600984

申请日：2006-11-17

申请人： Paul Bauerschmidt ,  Ari Studnitzer ,  William Albert ,  Lori Flemm ,  Paul Callaway ,  James Farrell ,  A. Thiruthuvadoss

发明人： Paul Bauerschmidt ,  Ari Studnitzer ,  William Albert ,  Lori Flemm ,  Paul Callaway ,  James Farrell ,  A. Thiruthuvadoss

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q10/10 ,  G06Q20/381 ,  G06Q40/00 ,  G06Q40/02 ,  G06Q40/025 ,  G06Q40/06 ,  G06Q40/08

摘要： The disclosed systems and methods relate to allowing trading of over the counter (“OTC”) foreign exchange (“FX”) contracts on a centralized matching and clearing mechanism, such as that of the Chicago Mercantile Exchange's (“CME”'s) futures exchange system (the “Exchange”). The disclosed systems and methods allow for anonymous transactions, centralized clearing, efficient settlement and the provision of risk management/credit screening mechanisms to lower risk, reduce transaction costs and improve the liquidity in the FX market place. In particular, the disclosed embodiments increase speed of execution facilitating growing demand for algorithmic trading, increased price transparency, lower cost of trading, customer to customer trading, and automated asset allocations, recurring trades as well as clearing and settlement efficiencies.

摘要翻译： 所披露的系统和方法涉及允许在集中式配对清算机制（例如芝加哥商品交易所（CME））期货交易柜台（“OTC”）外汇交易（“外汇”）合约 交换系统（“交换”）。 所披露的系统和方法允许匿名交易，集中清算，有效结算和提供风险管理/信用审查机制，降低风险，降低交易成本，提高外汇市场的流动性。 特别地，所公开的实施例增加执行速度，促进对算法交易的日益增长的需求，增加的价格透明度，降低交易成本，客户到客户交易以及自动资产分配，经常性交易以及结算和结算效率。

公开(公告)号：US10733669B2

公开(公告)日：2020-08-04

申请号：US13564886

申请日：2012-08-02

申请人： Ari Studnitzer ,  Nathan Ball ,  Wayne G. Arner, II ,  Giuseppe Scimeca ,  John Scheerer ,  Christopher Reithel ,  Jacob Doornebos ,  Brian Wolf

发明人： Ari Studnitzer ,  Nathan Ball ,  Wayne G. Arner, II ,  Giuseppe Scimeca ,  John Scheerer ,  Christopher Reithel ,  Jacob Doornebos ,  Brian Wolf

IPC分类号： G06Q40/04

摘要： Systems and methods are provided for scoring the use of financial market messages. Uses of messages that are efficient and/or improve market liquidity receive positive scores. Traders are charge fees or receive rewards that are dependent upon message quality scores.

公开(公告)号：US08756146B2

公开(公告)日：2014-06-17

申请号：US13461296

申请日：2012-05-01

申请人： Ari Studnitzer ,  Frank Kmiec ,  Ryan Scott Eavy

发明人： Ari Studnitzer ,  Frank Kmiec ,  Ryan Scott Eavy

IPC分类号： G06Q40/00

CPC分类号： G06Q40/025 ,  G06Q40/04 ,  G06Q40/06 ,  G06Q40/08

摘要： Systems, apparatuses, methods, and computer readable media may be configured for informing a first node of a first fine precision algorithm for calculating a first credit utilization associated with a trading entity, and of whether to use a first coarse precision algorithm instead of the first fine precision algorithm as long as the first credit utilization remains below a first credit threshold, receiving first credit information data from the first node and second credit information data associated with the trading entity from a second node, and determining aggregate credit information data for the trading entity based on the first credit utilization data and the second credit utilization data.

公开(公告)号：US20130198054A1

公开(公告)日：2013-08-01

申请号：US13564234

申请日：2012-08-01

申请人： Ari Studnitzer ,  Pearce Peck-Walden ,  James W. Farrell ,  Paul J. Callaway ,  Barry L. Galster

发明人： Ari Studnitzer ,  Pearce Peck-Walden ,  James W. Farrell ,  Paul J. Callaway ,  Barry L. Galster

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04

摘要： The disclosure describes systems and methods for using enhanced RFQs and incoming enhanced orders to assist in detecting implied orders using an implied spread determination module. In one example, a system includes a processor and memory storing a search list and computer-executable instructions, where the instructions determine whether the financial instrument associated with an eRFQ or new enhanced order is on the search list, and then determine if an implied order exists in combination with that financial instrument and CCP attribute designations. In some embodiments, a timer may be used to track a predetermined amount of time to spend towards determining if implied orders exist for a particular financial instrument at particular clearing houses.

摘要翻译： 本公开描述了使用增强型RFQ和传入增强型命令来辅助使用隐含扩展确定模块来检测隐含命令的系统和方法。 在一个示例中，系统包括处理器和存储搜索列表和计算机可执行指令的存储器，其中指令确定与eRFQ或新的增强型订单相关联的金融工具是否在搜索列表上，然后确定隐含顺序 存在与该金融工具和CCP属性指定相结合。 在一些实施例中，定时器可以用于跟踪预定量的时间来花费以确定是否存在特定金融工具在特定结算所的隐含订单。

公开(公告)号：US08355980B2

公开(公告)日：2013-01-15

申请号：US13171877

申请日：2011-06-29

申请人： Paul J. Callaway ,  Michael E. Culhane ,  Sunil K. Cutinho ,  Frank Kmiec ,  Ari Studnitzer

发明人： Paul J. Callaway ,  Michael E. Culhane ,  Sunil K. Cutinho ,  Frank Kmiec ,  Ari Studnitzer

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/025 ,  G06Q40/06 ,  G06Q40/08

摘要： Systems and method for mediating risks associated with orders in an electronic trading system are provided. A front end component includes a plurality of trading engines that receive orders from traders. A back-end component includes a match system. The system includes a credit control module, which may be located at the back-end (e.g., clearinghouse), front end, a combination thereof, or other location that communicates with the plurality of trading engines. The credit control may monitor aggregate risk parameters for the trading engines and requests credits from trading engines.

摘要翻译： 提供了与电子交易系统中的订单相关风险的调节系统和方法。 前端组件包括从交易者接收订单的多个交易引擎。 后端组件包括匹配系统。 该系统包括可以位于后端（例如，票据交换所），前端，其组合或与多个交易引擎通信的其他位置的信用控制模块。 信用控制可以监控交易引擎的总体风险参数，并从交易引擎请求信用。

公开(公告)号：US20120254012A1

公开(公告)日：2012-10-04

申请号：US13461451

申请日：2012-05-01

申请人： Ari Studnitzer ,  Frank Kmiec ,  Ryan Scott Eavy

发明人： Ari Studnitzer ,  Frank Kmiec ,  Ryan Scott Eavy

IPC分类号： G06Q40/04

CPC分类号： G06Q40/06 ,  G06Q40/08

摘要： Systems, apparatuses, methods, and computer readable media may be configured for informing a first node of a first fine precision algorithm for calculating a first credit utilization associated with a trading entity, and of whether to use a first coarse precision algorithm instead of the first fine precision algorithm as long as the first credit utilization remains below a first credit threshold, receiving first credit information data from the first node and second credit information data associated with the trading entity from a second node, and determining aggregate credit information data for the trading entity based on the first credit utilization data and the second credit utilization data.

公开(公告)号：US20120197779A1

公开(公告)日：2012-08-02

申请号：US13437583

申请日：2012-04-02

申请人： Ari Studnitzer

发明人： Ari Studnitzer

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04

摘要： The disclosure describes a regulated trading platform capable of communicating with a plurality of clearing houses. In particular, aspects of the disclosure relate to submitting enhanced request for quotes (RFQs) to request quote data with differentiated prices quotes for the same or underlying financial product/instrument based on the different clearing houses at which it may be cleared. The trading platform may allow anonymous counterparties in a multi-clearinghouse environment, and with full transparency and improved liquidity. The trading platform may also allow for non-anonymous counterparties in some situations.

摘要翻译： 本公开描述了能够与多个结算所通信的受监管的交易平台。 特别地，本公开的方面涉及提交增强的报价请求（RFQ）以基于可以被清除的不同结算所的相同或相关金融产品/工具的差异价格报价来请求报价数据。 交易平台可能允许匿名交易对手在多交易所环境中，并具有充分的透明度和更好的流动性。 在某些情况下，交易平台也可能允许非匿名交易对手。

公开(公告)号：US20110119173A1

公开(公告)日：2011-05-19

申请号：US13010527

申请日：2011-01-20

申请人： Ari Studnitzer ,  Seshadri Sundaram ,  Kevin Kometer ,  Sana Fathallah-Shaykh ,  James Krause

发明人： Ari Studnitzer ,  Seshadri Sundaram ,  Kevin Kometer ,  Sana Fathallah-Shaykh ,  James Krause

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q20/102 ,  G06Q40/04

摘要： Systems and methods are provided for processing and distributing market data. Critical data, such as data showing that a market price has changed is distributed without further delay. When the market data does not result in a change in a market price or does not meet another critical criteria, the market data is aggregated with market data for similar events and distributed when the aggregated market data passes a quantity threshold.

摘要翻译： 提供系统和方法来处理和分发市场数据。 关键数据，如显示市场价格发生变化的数据，不再拖延地分配。 当市场数据不会导致市场价格变化或不符合另一个关键标准时，市场数据与类似事件的市场数据相结合，并在汇总的市场数据通过数量阈值时分配。