×

Method and system for providing an automated auction for internalization and complex orders in a hybrid trading system

  • US 20060106713A1
  • Filed: 10/11/2005
  • Published: 05/18/2006
  • Est. Priority Date: 04/24/2003
  • Status: Active Grant
First Claim
Patent Images

1. A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange configured for trading securities or derivatives, the method comprising:

  • receiving an order at an electronic trade engine;

    disseminating a request for price message from the electronic trade engine to at least one user in response to receiving the order;

    receiving a one-sided response message representative of a participant-type at the electronic trade engine in response to the request for price message from the at least one user;

    selecting an allocation algorithm from a plurality of allocation algorithms, each allocation algorithm representative of an auction-type and having at least one starting price associated therewith;

    initiating the selected allocation algorithm, wherein the auction occurs for a period between M and N seconds; and

    allocating the order according to the participant-type upon termination of the selected auction.

View all claims
  • 3 Assignments
Timeline View
Assignment View
    ×
    ×