MARKET PARTICIPANT ISSUE SELECTION SYSTEM AND METHOD
First Claim
1. An options class allocation system for determining which market participants for an exchange are authorized to disseminate quotes on a trading facility for a particular options class, the options class allocation system comprising:
- a memory having an options class selection database, the options class selection database comprising a listing of a plurality of options classes available for trading on the trading facility, wherein each options class is associated with a ranking based on a trading parameter associated with the options class;
a communication module configured for communicating with a trade engine of the exchange; and
a processor in communication with the trade engine via the communication module and in communication with the memory, the processor configured to;
receive a request to obtain a right to submit quotes in a subset of the plurality of available options classes from a market participant having an ownership interest in the exchange, wherein the ownership interest of the market participant is less than an amount necessary to obtain a right to submit quotes in all available options classes;
automatically determine if a total value of trading rights associated with each of the available options classes in the subset of available options classes in the request is within a value of the ownership interest associated with the market participant, where each options class in the subset of the plurality of available options classes is assigned a trading rights value corresponding to the ranking in the options class selection database; and
automatically transmit an approval of the request when the request is within the value of the ownership interest associated with the market participant.
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0 Petitions
Accused Products
Abstract
A system and method of allocating rights for quoting issues on a trading facility such as an exchange is described. The method may include providing market participants such as remote market makers with a listing of issues available for remote quote streaming where the available issues are ranked according to predetermined trading parameters. A market participant requests allocations of rights to certain issues and the request is filtered according to a value associated with the ranking of the selected issues. The system includes an issue selection database having a listing of issues available for trading where each issue is ranked based on a trading parameter. An issue selection communication module communicates with the issue selection database and is configured to list available issues and rankings. An issue allocation filter receives a market participant request and compares the selected issues in that request to one or more exchange-based rules.
14 Citations
11 Claims
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1. An options class allocation system for determining which market participants for an exchange are authorized to disseminate quotes on a trading facility for a particular options class, the options class allocation system comprising:
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a memory having an options class selection database, the options class selection database comprising a listing of a plurality of options classes available for trading on the trading facility, wherein each options class is associated with a ranking based on a trading parameter associated with the options class; a communication module configured for communicating with a trade engine of the exchange; and a processor in communication with the trade engine via the communication module and in communication with the memory, the processor configured to; receive a request to obtain a right to submit quotes in a subset of the plurality of available options classes from a market participant having an ownership interest in the exchange, wherein the ownership interest of the market participant is less than an amount necessary to obtain a right to submit quotes in all available options classes; automatically determine if a total value of trading rights associated with each of the available options classes in the subset of available options classes in the request is within a value of the ownership interest associated with the market participant, where each options class in the subset of the plurality of available options classes is assigned a trading rights value corresponding to the ranking in the options class selection database; and automatically transmit an approval of the request when the request is within the value of the ownership interest associated with the market participant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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Specification