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

CPC分类号： G06Q40/04 ,  G06Q30/06 ,  G06Q40/00 ,  G06Q40/06

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。

公开(公告)号：US20060253380A1

公开(公告)日：2006-11-09

申请号：US11416913

申请日：2006-05-03

申请人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/08

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.

摘要翻译： 披露了无价格的订单拍卖和相关的市场中心和流程，其允许发布市场中心（例如，交易所）来仅安排包括无定价（市场）订单的拍卖。 这种无价格的订单拍卖在NBBO的中点执行，确保交叉反映了整个市场中最优惠的价格，同时阻止了对发布市场中心的拍卖价格的操纵。 所公开的拍卖也同时执行，但与常规连续匹配过程分开。

公开(公告)号：US07949596B2

公开(公告)日：2011-05-24

申请号：US11881788

申请日：2007-07-27

申请人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/06 ,  G06Q40/00 ,  G06Q40/06

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.

摘要翻译： 公开了一种用于在电子选项环境中处理，匹配和执行不同组限价订单的增强的系统和方法。 公布的大多数订单类型都会随着NBBO的变化而自动重新定位并重新发布，从而增加其执行机会。 市场制造商的权利与订单处理相结合，使得如果收购订单或NBBO以上的订单，则营销商处于NBBO时，营销商可以保证交易分配。 一旦发布到订单，订单的显示价格可能有资格在制作商授权过程中优先执行，无论显示的价格是原始还是自动重新定价。

公开(公告)号：US20070078753A1

公开(公告)日：2007-04-05

申请号：US11525363

申请日：2006-09-22

申请人： Michael Cormack ,  Jennifer Drake ,  Thomas Haller ,  Robert Hill

发明人： Michael Cormack ,  Jennifer Drake ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/08 ,  G06Q40/06

摘要： A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.

摘要翻译： 公开了定向订单流程和相关的市场中心，其中市场中心授予许可以命令发送公司向参与指定的市场制造者发送定向订单流。 这些指定的制造商为每个获得许可的订单发送公司创建一个虚拟保证订单。 如果订单发送公司向市场中心发送有针对性的虚拟担保订单的定向订单，则市场中心将自动将订单配对为双向定向交叉订单指令，该指令对市场中的任何优越交易权益执行 先交叉前。

公开(公告)号：US20060253382A1

公开(公告)日：2006-11-09

申请号：US11416943

申请日：2006-05-03

申请人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

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.

摘要翻译： 公开了跟踪流动性秩序和相关的市场中心和过程，其允许发布市场中心（例如交易所）来填充否则将从发布市场中心路由的可路由的较小订单。 这种跟踪流动性订单增加了该过帐市场中心的流动性，并允许其在内部执行更多订单，而无需将其转移到离开的市场中心。

公开(公告)号：US20060253379A1

公开(公告)日：2006-11-09

申请号：US11416756

申请日：2006-05-03

申请人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

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.

摘要翻译： 被动流动性秩序和相关的市场中心和流程被公开，允许市场参与者在没有向公共订单簿显示任何部分订单的同时进行交易，同时仍然根据优先考虑的价格/时间优先权规则直接与公共市场进行交互 以相同的价格水平显示非交易性交易利益的交易权益。 被动流动性秩序是一种非显示的订单类型，允许参与者在没有公开透露其交易意图的情况下向市场提供流动性。

公开(公告)号：US08600862B2

公开(公告)日：2013-12-03

申请号：US12807338

申请日：2010-09-02

申请人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/06 ,  G06Q40/00 ,  G06Q40/06

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。

公开(公告)号：US20100332374A1

公开(公告)日：2010-12-30

申请号：US12807338

申请日：2010-09-02

申请人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/06 ,  G06Q40/00 ,  G06Q40/06

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。

公开(公告)号：US20080228623A1

公开(公告)日：2008-09-18

申请号：US11881789

申请日：2007-07-27

申请人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Amy Famstrom ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q30/00

CPC分类号： G06Q40/04 ,  G06Q30/06 ,  G06Q40/00 ,  G06Q40/06

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。

公开(公告)号：US20060253375A1

公开(公告)日：2006-11-09

申请号：US11345421

申请日：2006-01-31

申请人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

发明人： Paul Adcock ,  Michael Cormack ,  Thomas Haller ,  Robert Hill

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A program trade order process and related market center are disclosed which accumulate program trade orders throughout the trading day and execute the accumulated program trade orders at a designated time. The process disclosed provides trade reporting and order surveillance capabilities as well.

摘要翻译： 披露了一个程序交易订单流程和相关的市场中心，在整个交易日累积了程序交易订单，并在指定的时间执行了累积的程序交易订单。 所披露的过程也提供贸易报告和订单监控功能。