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1.发明授权Diverse options order types in an electronic guaranteed entitlement environment 有权电子保证权利环境中的多种选项订单类型公开(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
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。
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2.发明申请Diverse options order types in an electronic guaranteed entitlement environment 有权电子保证权利环境中的多种选项订单类型公开(公告)号：US20090157539A1
公开(公告)日：2009-06-18
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
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。
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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
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：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
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：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
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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6.发明授权Diverse options order types in an electronic guaranteed entitlement environment 有权电子保证权利环境中的多种选项订单类型公开(公告)号：US08311930B2
公开(公告)日：2012-11-13
申请号：US13068881
申请日：2011-05-23
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
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。
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公开(公告)号：US20110231298A1
公开(公告)日：2011-09-22
申请号：US13068881
申请日：2011-05-23
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
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.
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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：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
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。
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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。
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