Matching techniques for data transaction requests with private attributes

• US 10,395,302 B2
• Filed: 07/01/2016
• Issued: 08/27/2019
• Est. Priority Date: 07/02/2015
• Status: Active Grant

• Current Assignee: Nasdaq, Inc.
• Original Assignee: Nasdaq, Inc.
• Inventors: Noviello, Joseph, Cooper, Steven, Golubovsky, Leo, Wang, Chung-Sin, Wakefield, Jonathan
• Primary Examiner(s): Palavecino, Kathleen
• Application Number:
  US15/200,902
• Publication Number:
  US 20170004563A1
• Time in Patent Office: 1,152 Days
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer system is provided that includes a paired list of data transaction requests on which a matching process is performed. There are multiple different types of data transaction requests that are stored in the paired list including data transaction requests with midpoint attributes and data transaction requests with discretion attributes. The computer system may determine how the multiple different types of data transaction requests may be match against each other. Two matching processes can be used to determine if a match exists between the first and second sides of the paired list. Matches that are determined at private values are not disseminated to third-parties via public market data feeds.

Claims

1. A computing system for processing different types of data transaction requests, the computing system comprising:

a computer storage system configured to store;

at least a first list pair that is composed of a first list and a second list, where a plurality of pending data transaction requests is included in the first and/or second list, where list matches are determined between data transaction requests associated with the first list to data transaction requests associated with the second list, the plurality of pending data transaction requests including a first data transaction request in the first list, wherein the first data transaction request includes a public value, a private discretion attribute, and an elect attribute that indicates a first participant group identifier out of a plurality of possible participant group identifiers;

a transceiver configured to receive, from remote computing devices, electronic data messages that each include a respective data transaction requests, where a new electronic data message of the electronic data messages includes a new data transaction request;

a processing system that includes at least one hardware processor coupled to the computer storage system and the transceiver, the processing system configured to;

perform, against the first list of the first list pair, a matching process for the new data transaction request, wherein the matching process includes;

determining if the elect attribute of the first data transaction request corresponds to a second participant group identifier that is associated with the new data transaction request, and

as a result of determining the elect attribute of the first data transaction request corresponds to the second participant group identifier, matching the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request;

cause the transceiver to, as a result of the matching of the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request, transmit execution details of the match to a first participant associated with the first data transaction request and a second participant that is associated with the new data transaction request, where no details of the match are transmitted as updates over public real-time market data feeds.

2. The computing system of claim 1, wherein the private discretion attribute includes a reserve quantity or a total quantity of the first data transaction request, and

wherein an amount of the first data transaction request that is matched to a corresponding amount of the new data transaction request is based on the reserve quantity or the total quantity of the private discretion attribute.

3. The computing system of claim 1, wherein the private discretion attribute includes a discretion price or a discretion increment, and

wherein a price at which the first data transaction request is matched to the new data transaction request is determined by using the discretion price or the discretion increment of the private discretion attribute.

4. The computing system of claim 1, wherein the private discretion attribute of the first data transaction request is only used in the matching process if and only if a counter-party data transaction request is associated with a participant group identifier that corresponds to the first participant group indicated by the elect attribute of the first data transaction request.

5. The computing system of claim 1, wherein the processing system is further configured to:

automatically add a participant group identifier to the new data transaction request based on determination of which client computer system submitted the new data transaction request.

6. The computing system of claim 1, wherein the processing system is further configured to:

perform the matching process for a second new data transaction request, where performance of the matching process for the second new data transaction request includes;

determining that the elect attribute of a second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request; and

as a result of determining that the elect attribute of the second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request, matching the second new data transaction request without relying on the private discretion attribute of the second pending data transaction request.

7. The computing system of claim 1, wherein the processing system is further configured to:

filter out, as part of the matching process, those pending data transaction requests that exclude the second participant group identifier.

8. A method of matching different types of data transaction requests by a computer system that includes electronic memory, a transceiver, and a processing system that includes at least one processor coupled to the electronic memory and the transceiver, the method comprising:

storing, to a computer storage system, at least a first list pair that is composed of a first list and a second list, where a plurality of pending data transaction requests is included in the first and/or second list, where list matches are determined between data transaction requests associated with the first list to data transaction requests associated with the second list, the plurality of pending data transaction requests including a first data transaction request in the first list, wherein the first data transaction request includes a public value, a private discretion attribute, and an elect attribute that indicates a first participant group identifier out of a plurality of possible participant group identifiers;

receiving a new data transaction request;

performing, against the first list of the first list pair, a matching process for the new data transaction request, the matching process including;

determining if the elect attribute of the first data transaction request corresponds to a second participant group identifier that is associated with the new data transaction request;

as a result of determining the elect attribute of the first data transaction request corresponds to the second participant group identifier, matching the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request;

causing the transceiver to, as a result of matching of the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request, transmit execution details of the match to a first participant computer system associated with the first data transaction request and a second participant computer system that is associated with the new data transaction request, where no details of the match are transmitted as updates over public real-time market data feeds.

9. The method of claim 8, wherein the private discretion attribute includes a reserve quantity or a total quantity of the first data transaction request,

wherein a quantity of the first data transaction request that is matched to the new data transaction request is determined by using the reserve quantity or the total quantity of the first data transaction request.

10. The method of claim 8, wherein the private discretion attribute of the first data transaction request includes a discretion price or a discretion increment,

wherein a price at which the first data transaction request is matched to the new data transaction request is determined based on the discretion price or the discretion increment.

11. The method of claim 8, further comprising:

automatically adding a participant group identifier to the new data transaction request based on determination of which client computer system submitted the new data transaction request.

12. The method of claim 8, further comprising:

perform the matching process for a second new data transaction request, where performance of the matching process for the second new data transaction request includes;

determining that the elect attribute of a second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request; and

as a result of determining that the elect attribute of the second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request, matching the second new data transaction request without relying on the private discretion attribute of the second pending data transaction request.

13. The method of claim 8, further comprising:

filtering out, as part of the matching process, those pending data transaction requests that exclude the second participant group identifier.

14. A non-transitory computer readable storage medium having stored thereon computer readable instructions for use with a computer system that includes at least one processor, electronic memory, and a transceiver, the electronic memory configured to store a first list pair, where a plurality of pending data transaction requests is included in the first and/or second list of the first list pair, the plurality of pending data transaction requests including a first data transaction request in the first list, wherein the first data transaction request includes a public value, a private discretion attribute, and an elect attribute that indicates a first participant group identifier out of a plurality of possible participant group identifiers, the stored computer readable instructions comprising instructions that cause the computer system to:

accept, from remote computing devices, electronic data messages that each include a respective data transaction request, where a new electronic data message of the electronic data messages includes a new data transaction request;

perform, against the first list of the first list pair, a matching process for the new data transaction request, where the matching process includes;

determining if the elect attribute of the first data transaction request corresponds to a second participant group identifier that is associated with the new data transaction request;

as a result of determining that the elect attribute of the first data transaction request indicates the second participant group identifier, matching the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request;

cause the transceiver to, as a result of matching of the first data transaction request to the new data transaction request by using the private discretion attribute of the first data transaction request, transmit execution details of the match to a first participant computer system associated with the first data transaction request and a second participant computer system that is associated with the new data transaction request, where no details of the match are transmitted in real-time as an update over a public market data feed.

15. The non-transitory computer readable storage medium of claim 14, wherein the private discretion attribute includes is-a reserve quantity or a total quantity of the first data transaction request.

16. The non-transitory computer readable storage medium of claim 15, wherein the private discretion attribute of the first data transaction request includes a discretion price or a discretion increment,

wherein a price at which the first data transaction request is matched to the new data transaction request is determined based on the discretion price or the discretion increment.

17. The non-transitory computer readable storage medium of claim 15, wherein the private discretion attribute of the first data transaction request is only used in the matching process if and only if a counter-party data transaction request is associated with a participant group identifier that corresponds to the first participant group indicated by the elect attribute of the first data transaction request.

18. The non-transitory computer readable storage medium of claim 15, wherein stored computer readable instructions comprise further instructions that cause the computer system to:

automatically add a participant group identifier to the new data transaction request based on determination of which client computer system submitted the new data transaction request.

19. The non-transitory computer readable storage medium of claim 15, wherein stored computer readable instructions comprise further instructions that cause the computer system to:

perform the matching process for a second new data transaction request, where performance of the matching process for the second new data transaction request includes;

determining that the elect attribute of a second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request; and

as a result of determining that the elect attribute of the second pending data transaction request does not correspond to the second participant group identifier of the second new data transaction request, matching the second new data transaction request without relying on the private discretion attribute of the second pending data transaction request.

20. The non-transitory computer readable storage medium of claim 15, wherein the matching process further includes filtering out those pending data transaction requests that exclude the second participant group identifier.