| 序号 | 专利名 | 申请号 | 申请日 | 公开（公告）号 | 公开（公告）日 | 发明人 |
|---|---|---|---|---|---|---|
| 61 | METHOD AND SYSTEM FOR PROVIDING ORDER ROUTING TO A VIRTUAL CROWD IN A HYBRID TRADING SYSTEM AND EXECUTING AN ENTIRE ORDER | US15018418 | 2016-02-08 | US20160358255A1 | 2016-12-08 | Edward T. Tilly; Anthony Montesano; Eileen C. Smith |
| A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market includes receiving a marketable order at the exchange, wherein the exchange price differs from a national best bid or offer (NBBO) price, routing the order to a trade engine, disseminating a request for price message, the request for price message including a price equal to the NBBO price, receiving a response message, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, allocating at least a portion of the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order, and allocating any remaining portion of the order to at least one predetermined market maker guarantor for execution at the NBBO price. | ||||||
| 62 | SECURITIES MARKET AND MARKET MAKER ACTIVITY TRACKING SYSTEM AND METHOD | US12901743 | 2010-10-11 | US20110029423A1 | 2011-02-03 | Stephen Cutler; William MacKenzie, III |
| A method, system and computer program to monitor securities market activity to seek out imbalances in market activity that could lead to a price change in a particular security. Level 1 and/or level 2 data is analyzed to track the activity of market makers and to derive indicators of momentary upward or downward price pressure. The indicators can be displayed to a user. | ||||||
| 63 | System and Method for Securities Liquidity Flow Tracking, Display and Trading | US12014751 | 2008-01-15 | US20080183639A1 | 2008-07-31 | Dean F. DiSalvo |
| A method, system and computer program that receives, processes, and displays level one, level two, and time and sales securities data. Through a variety of charts, the data is analyzed to identify liquidity trade imbalances and trends in trading liquidity. A logic based trading algorithm utilizes the current market maker activity information and the historical liquidity tiers to execute trades automatically. | ||||||
| 64 | System and method for securities liquidity flow tracking, display and trading | US11106423 | 2005-04-14 | US20060235786A1 | 2006-10-19 | Dean DiSalvo |
| A method, system and computer program that receives, processes, and displays level one, level two, and time and sales securities data. Through a variety of charts, the data is analyzed to identify liquidity trade imbalances and trends in trading liquidity. A logic based trading algorithm utilizes the current market maker activity information and the historical liquidity tiers to execute trades automatically. | ||||||
| 65 | SYSTEM AND METHOD FOR ENABLING SERVICE PROVIDERS TO CREATE REAL-TIME REVERSE AUCTIONS FOR LOCATION BASED SERVICES | PCT/US2008000691 | 2008-01-18 | WO2008091545A3 | 2008-09-25 | FAMOLARI DAVID; LOEB SHOSHANA K |
| A system and method facilitates the matching of service providers based on certain criteria such as, but not limited to, location of the provider in relation to a customer location, customer requests based on the location of the customer, the type of service requested and other possible attributes such as customer profile, customer past behavior and preferences and service price and quality. Service providers create real¬ time reverse auctions by using advanced data collection, filtering and disseminating algorithms. In addition, market-makers can provide value-added services, such as realtime traffic conditions and route planning, to their local affiliates. Such a scheme can allow market-makers to economically service customer requests by leveraging the real¬ time conditions and circumstances of their vast network of local service affiliates. Open competition will drive down prices for these services and increase revenues for the market-makers who will be able to service customer requests at the best prices available. This system will also benefit local service affiliates by notifying them and allowing them to compete for a broader number of service requests. A feedback mechanism will also encourage superior customer service since affiliates will want to ensure that they are considered for more jobs. | ||||||
| 66 | Directed order | US14685193 | 2015-04-13 | US09898783B2 | 2018-02-20 | Michael A. Cormack; Jennifer L. Drake; Thomas F. Haller; Robert A. Hill |
| 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. | ||||||
| 67 | DIRECTED ORDER | US14549244 | 2014-11-20 | US20150081515A1 | 2015-03-19 | Michael A. Cormack; Jennifer L. Drake; Thomas F. Haller; Robert A. Hill |
| 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. | ||||||
| 68 | System and method for implementing an anonymous trading method | US12572595 | 2009-10-02 | US08326734B2 | 2012-12-04 | Steve Swanson; Julian Greim; Nicholas Stech |
| A system and appertaining method are provided in which a brokerage firm transmits confidential information about security trading intentions to an anonymous server that follows through on a trade only if there is a likelihood that the trade can be completed. Pricing inputs are obtained that help a price engine determine pricing information for securities. The trade itself is executed by a primary trading system. If the trade is not completed, then the confidential information is not shared with a market maker or other purchasing or selling entity. When security is low and trust is high, for speed purposes, among other things, the anonymous server may be located with a market maker. When security is high and trust is low, any or all of the anonymous server, price engine, and primary trading system can be collocated on site with the broker in a secure environment. | ||||||
| 69 | SYSTEM AND METHOD FOR IMPLEMENTING AN ANONYMOUS TRADING METHOD | US12572595 | 2009-10-02 | US20100057637A1 | 2010-03-04 | Steve Swanson; Julian Greim; Nicholas Stech |
| A system and appertaining method are provided in which a brokerage firm transmits confidential information about security trading intentions to an anonymous server that follows through on a trade only if there is a likelihood that the trade can be completed. Pricing inputs are obtained that help a price engine determine pricing information for securities. The trade itself is executed by a primary trading system. If the trade is not completed, then the confidential information is not shared with a market maker or other purchasing or selling entity. When security is low and trust is high, for speed purposes, among other things, the anonymous server may be located with a market maker. When security is high and trust is low, any or all of the anonymous server, price engine, and primary trading system can be collocated on site with the broker in a secure environment. | ||||||
| 70 | Hybrid trading system for concurrently trading through both electronic and open-outcry trading mechanisms | US11291086 | 2005-11-30 | US20060149659A1 | 2006-07-06 | Anthony Carone; Mark Esposito; Stuart Kipnes; Anthony Montesano; Eileen Smith; Edward Tilly |
| A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, and providing market making rights of varying degrees to entities having a physical presence on the floor of the exchange and entities remotely located away from the trading floor. The system includes a trade engine configured for receiving orders from market makers on and away from the trading floor. The system also includes executable instructions for allocating to designated primary market makers a portion of an incoming order remaining after first trading against public customer orders. | ||||||
| 71 | NETWORK AND METHOD FOR TRADING DERIVATIVES BY PROVIDING ENHANCED RFQ VISIBILITY | PCT/US2003/032820 | 2003-10-15 | WO2004036368A2 | 2004-04-29 | BRADY, Neal; CAREY, Noah; ERWIN, William, R.; GILMORE, John; QUATTROCKI, Michael; STONE, Frank; THORNBURGH, Mark |
A computer network and method for electronically trading derivatives. One preferred method of trading includes providing indicative quotes to market participants (which typically includes subscribers, but may also include markets) to provide a non-binding indication of how the market makers are likely to price the particular derivative. A participant may then submit an RFQ, which is a request for a binding quote for the derivative. The RFQ preferably causes the current order book to be displayed on all subscriber’s terminals, typically in the form of a row indicating the derivative of interest along with the current binding bid and binding ask prices. The indicative bid and ask prices may also be displayed, as well as the quantity (if any) requested in the RFQ. Market participants may then elect to submit an order for the corresponding derivative. Typically, the market participants will await an indication that a market maker has submitted a binding quote. |
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| 72 | SYSTEM, METHOD, AND APPARATUS FOR UNBIASED ACCESS IN MARKET VENUES | PCT/US2017/040980 | 2017-07-06 | WO2018009719A1 | 2018-01-11 | SPINKA, Kristofer |
Systems and methods for adapting held order flow to enhance order execution performance are configured to determine a latency radius for participants in one or more market venues as orders are processed by market venues (e.g., market makers, ATSs, or registered exchanges). The latency radius may be used to create an equilibrium between market participants to remove the advantages inherent in varying latency market communications. |
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| 73 | Securities market and market marker activity tracking system and method | US10167950 | 2002-06-12 | US07680721B2 | 2010-03-16 | Stephen Cutler |
| A method, system and computer program to monitor securities market activity to seek out imbalances in market activity that could lead to a price change in a particular security. Level 1 and/or level 2 data is analyzed to track the activity of market makers and to derive indicators of momentary upward or downward price pressure. The indicators associated with each selected security are displayed to a user. | ||||||
| 74 | Automated price improvement protocol processor | JP2014042926 | 2014-03-05 | JP2014123400A | 2014-07-03 | HOWARD LUTNICK; STUART A FRASER; BIJOY PAUL |
| PROBLEM TO BE SOLVED: To provide a highly structured trading protocol in accordance with which a data processing system for executing transaction management of auction-based trading for specialized items (for example, items such as fixed income instruments) is implemented through a sequence of trading paradigms.SOLUTION: A user workstation 10 is linked to a central server 20 including controlling software. Access to trading activity is accomplished at a communication server 30 and a remote server 40. In accordance with the protocol, bids and successful bids can be inputted to the system or be deleted, or participants can be given the opportunity to revise their bids and successful bids, depending on the trading state. The protocol enhances trading efficiency, rewards market makers, and fairly distributes trading opportunity to system users. | ||||||
| 75 | Multi site solution for security trading | JP2011005213 | 2011-01-13 | JP2011123907A | 2011-06-23 | WINBOM HAKAN |
| PROBLEM TO BE SOLVED: To provide a method and a system for trading in securities at a primary site. SOLUTION: The trading is carried out according to information received from market makers and traders, the information including limited order and orders for one or more documents. The method includes the reception and storing of the information at the primary site, and using the information to create deals in the securities, the deals also being stored at the primary site. The method additionally includes the use of a secondary site, where replicas of the orders and deals are stored, with the deals stored at the secondary site being used to update the orders stored at the secondary site. The information regarding the replicas stored at the secondary site can be forwarded from the primary site, at which the information on which the replicas are based is first received from the market makers and traders, or it can be received at the secondary site directly from the market makers or traders. COPYRIGHT: (C)2011,JPO&INPIT | ||||||
| 76 | Stock price index future trading system | JP2010117573 | 2010-05-21 | JP2011248397A | 2011-12-08 | OTA SHOZO |
| PROBLEM TO BE SOLVED: To provide a stock price index future trading of which dealing object is a stock price index itself in spot stock trading while offering an environment where a trading loss for an orderer is suitably restricted.SOLUTION: Transaction processing is performed against order information entered by an orderer of a stock price index future transaction into an orderer terminal. For the processing, a bid price and/or an offer price made by a market maker who offers such price in stock price index future transactions of which dealing object is a stock price index in spot stock trading is used. In daily mark-to-market processing at the end of a trading date, interests and dividends for unsettled transactions owned by the orderer at the time of transaction termination is calculated for the period between the transaction date and the next transaction date. A processing for delivering the calculated interests and dividends between buyer and seller of unsettled transactions is performed. In addition, a balance gain and loss of an unsettled transaction is calculated with the mark-up price of the trading date. | ||||||
| 77 | Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services | US14668359 | 2015-03-25 | US09928550B2 | 2018-03-27 | Ross G. Kaminsky; Richard A. Angell; Gordon D. Evora |
| An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer then compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group. The computer may also automatically regenerate quotes that have been filled. | ||||||
| 78 | System and method for managing the execution of trades between market makers | JP2011093145 | 2011-04-19 | JP2011141903A | 2011-07-21 | RENTON NIGEL J; SWEETING MICHAEL |
| <P>PROBLEM TO BE SOLVED: To provide a system and method for managing the execution of trades between market makers on a trading market. <P>SOLUTION: According to one embodiment, a method of managing trading is provided. A first bid for a first instrument is received from a first market maker at a first bid price. A first offer for the first instrument is received from a second market maker at a first offer price, the first offer price being lower than the first bid price. As a result of a decrease in the first offer price below the first bid price, the first bid price is automatically decreased to match the first offer price, so that a first timer having a predetermined duration is started. If the first timer expires and both the first bid and the first offer exist at the first offer price when the first timer expires, a trade between the first bid and the first offer is automatically executed. <P>COPYRIGHT: (C)2011,JPO&INPIT | ||||||
| 79 | Bourse exchange margin transaction system and conversion method for foreign currency-based settlement profit and loss | JP2008269088 | 2008-10-17 | JP2010097503A | 2010-04-30 | SAITO JIRO |
| <P>PROBLEM TO BE SOLVED: To reduce a burden on a transaction participant in an inter-foreign-currency transaction. <P>SOLUTION: A bourse exchange margin transaction system for executing an exchange margin transaction through a bourse includes: a storage part storing first currency-based margin deposit information and foreign currency-based margin deposit information except first currency of a market maker, and first currency-based margin deposit information of an orderer; and a conversion processing part netting a foreign currency-based settlement profit and loss in the inter-foreign-currency exchange transaction based on order information and bid/offer information with foreign currency-based margin of the market maker, and executing conversion processing of transferring first currency-based settlement profit and loss corresponding to the netted foreign currency-based settlement profit and loss between first currency-based margin of the market maker and first currency-based margin of the orderer. <P>COPYRIGHT: (C)2010,JPO&INPIT | ||||||
| 80 | 옵션 거래소의 자동화된 개장을 위한 방법 및 장치 | KR1019997002301 | 1997-09-08 | KR1020000036229A | 2000-06-26 | 리카르드존티; 루피엔윌리암에이 |
| PURPOSE: A device is provided to open option series when the transactions are opened at option exchange, and to improve the distribution of unbance which is public order in market maker. CONSTITUTION: A computer based system for determining a set of opening prices for a number of series of options traded on an options exchange and for allocating public order imbalances at the opening of trading. Market makers input a current position, a desired target position and market maker orders (104) for options series from market maker terminals. An order entry system receives public orders (102) for options series. A controller (2) determines a set of implied volatilizes (prices) for each options series that will maximize a weighted volume of trades across all options series at the opening. Contraorders than can be matched at the opening price are then executed. If there is a residual imbalance of non executed public orders, the residual imbalance of non executed public orders is assigned to individual ones of the plurality of market makers so as to minimize a cumulative measure of deviation between the desired target position and the current position of each market maker. The system is applicable to an options exchange, this term including any facility operating an over the market in options | ||||||
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