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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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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。
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公开(公告)号：US20060253381A1
公开(公告)日：2006-11-09
申请号：US11416942
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 , G06Q30/0601 , G06Q40/00
摘要： A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.
摘要翻译： 公布了一个重新定价订单和相关的市场中心和流程，自动将贴现的限价订单重新交付给市场上较低价格的块交易的价格，该价格在离市场中心发布限价单的市场上较低。
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公开(公告)号：US20060253378A1
公开(公告)日：2006-11-09
申请号：US11416710
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 , G06Q30/0633 , G06Q40/00
摘要： An anti-internalization order modifier and related market center and process are disclosed which prevent orders sent from the same trading firm from executing against one another on the posting market center the orders are posted on.
摘要翻译： 披露了反内部化秩序修正和相关的市场中心和流程，防止同一贸易公司发出的订单在发布的市场中心上发布订单。
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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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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
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。
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