METHOD AND APPARATUS FOR A FAIR EXCHANGE
First Claim
1. A method including:
- determining by a host exchange a first time based on a first travel time and a first receipt time, wherein the first travel time is a travel time from a first network device to the host exchange, wherein the first receipt time is a time a first transaction message is received by the host exchange, wherein the first transaction message is received by the first network device from a first client device before being received by the host exchange, wherein the first time is an approximation of the time at which the first network device sent the first transaction message;
determining by the host exchange a second time based on a second travel time and a second receipt time, wherein the second travel time is a travel time from a second network device to the host exchange, wherein the second receipt time is a time a second transaction message is received by the host exchange, wherein the second transaction message is received by the second network device from a second client device before being received by the host exchange, wherein the second time is an approximation of the time at which the second network device sent the second transaction message; and
prioritizing by the host exchange the first transaction message and the second transaction message based on the first time and the second time.
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Accused Products
Abstract
A fair exchange is disclosed to reduce potential inequities in an electronic trading environment. Market data is sent from a host system to client devices through one or more synchronized local communication servers such that the data can be displayed simultaneously or nearly simultaneously at each client device. Market data sent to client devices might include price information. Likewise, a host system may transaction data sent from client devices via the local communication servers. The ordering of transaction data is based, at least in part, on when the local communication servers received the transaction data from the client devices. Transaction data sent to a host system might include order information.
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Citations
26 Claims
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1. A method including:
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determining by a host exchange a first time based on a first travel time and a first receipt time, wherein the first travel time is a travel time from a first network device to the host exchange, wherein the first receipt time is a time a first transaction message is received by the host exchange, wherein the first transaction message is received by the first network device from a first client device before being received by the host exchange, wherein the first time is an approximation of the time at which the first network device sent the first transaction message; determining by the host exchange a second time based on a second travel time and a second receipt time, wherein the second travel time is a travel time from a second network device to the host exchange, wherein the second receipt time is a time a second transaction message is received by the host exchange, wherein the second transaction message is received by the second network device from a second client device before being received by the host exchange, wherein the second time is an approximation of the time at which the second network device sent the second transaction message; and prioritizing by the host exchange the first transaction message and the second transaction message based on the first time and the second time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer readable medium having stored therein instructions executable by a processor, wherein the instructions are executable to:
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determine by a host exchange a first time based on a first travel time and a first receipt time, wherein the first travel time is a travel time from a first network device to the host exchange, wherein the first receipt time is a time a first transaction message is received by the host exchange, wherein the first transaction message is received by the first network device from a first client device before being received by the host exchange, wherein the first time is an approximation of the time at which the first network device sent the first transaction message; determine by the host exchange a second time based on a second travel time and a second receipt time, wherein the second travel time is a travel time from a second network device to the host exchange, wherein the second receipt time is a time a second transaction message is received by the host exchange, wherein the second transaction message is received by the second network device from a second client device before being received by the host exchange, wherein the second time is an approximation of the time at which the second network device sent the second transaction message; and prioritize by the host exchange the first transaction message and the second transaction message based on the first time and the second time. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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Specification