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System and method for managing and trading auction limit orders in a hybrid auction market

  • US 20060015441A1
  • Filed: 07/15/2005
  • Published: 01/19/2006
  • Est. Priority Date: 07/15/2004
  • Status: Active Grant
First Claim
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1. A method for handling securities orders in an auction market comprising:

  • receiving a first buy order with a limit price that is above a published best offer;

    representing the first buy order in the auction market;

    determining whether the first buy order is immediately executed; and

    if the first buy order is not immediately executed, quoting the first buy order at a minimum variation better than a published best bid, whereby the price of the quoted first buy order becomes the published best bid.

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