System and method for publishing liquidity replenishment prices in a hybrid auction market

• US 20060015442A1
• Filed: 07/15/2005
• Published: 01/19/2006
• Est. Priority Date: 07/15/2004
• Status: Active Grant

• Current Assignee: New York Stock Exchange LLC (Intercontinental Exchange, Inc.)
• Original Assignee: New York Stock Exchange LLC (Intercontinental Exchange, Inc.)
• Inventors: Burkhardt, Roger, McSweeney, Robert J., Allen, Anne E., Pastina, Louis G.
• Granted Patent: US 8,024,247 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A sweep liquidity offer price is determined, and a momentum liquidity offer price is determined. If the sweep liquidity offer price is less than the momentum liquidity offer price, the sweep liquidity offer price is published. If the sweep momentum liquidity offer price is greater than the momentum liquidity offer price, the momentum liquidity offer price is published. In a similar fashion a sweep liquidity bid price and a momentum liquidity bid price are determined, compared and one is published.

Claims

1. A method for publishing security offer information comprising:

determining a sweep liquidity offer price;

determining a momentum liquidity offer price;

if the sweep liquidity offer price is less than the momentum liquidity offer price, publishing the sweep liquidity offer price; and

if the sweep momentum liquidity offer price is greater than the momentum liquidity offer price, publishing the momentum liquidity offer price.

2. A method for publishing security bid information comprising:

determining a sweep liquidity bid price;

determining a momentum liquidity bid price;

if the sweep liquidity bid price is greater than the momentum liquidity bid price, publishing the sweep liquidity bid price; and

if the sweep momentum liquidity bid price is less than the momentum liquidity bid price, publishing the momentum liquidity bid price.

3. A system for publishing security offer information, comprising:

means for determining a sweep liquidity offer price;

means for determining a momentum liquidity offer price;

if the sweep liquidity offer price is less than the momentum liquidity offer price, means for publishing the sweep liquidity offer price; and

if the sweep momentum liquidity offer price is greater than the momentum liquidity offer price, means for publishing the momentum liquidity offer price.

4. A computer-readable medium having computer executable software code stored thereon, the code for publishing security offer information, the code comprising:

code to determine a sweep liquidity offer price;

code to determine a momentum liquidity offer price;

if the sweep liquidity offer price is less than the momentum liquidity offer price, code to publish the sweep liquidity offer price; and

if the sweep momentum liquidity offer price is greater than the momentum liquidity offer price, code to publish the momentum liquidity offer price.

5. A programmed computer for publishing security offer information, comprising:

a memory having at least one region for storing computer executable program code; and

a processor for executing the program code stored in the memory;

wherein the program code comprises;

code to determine a sweep liquidity offer price;

code to determine a momentum liquidity offer price;

if the sweep liquidity offer price is less than the momentum liquidity offer price, code to publish the sweep liquidity offer price; and

if the sweep momentum liquidity offer price is greater than the momentum liquidity offer price, code to publish the momentum liquidity offer price.