TRANSMISSION LATENCY LEVELING APPARATUSES, METHODS AND SYSTEMS
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Accused Products
Abstract
Embodiments of the transmission latency leveling apparatuses, methods and systems provide an electronic bidding order management infrastructure, such as a “point-of-presence,” which receives and routes electronic trading orders from different trading entities at a server via a transmission medium to create a certain amount of transmission latency before the trading orders could arrive at and be executed at electronic exchanges to reduce latency arbitrage and/or order book arbitrage that may be experienced by high frequency trading participants. A similar transmission latency may be applied to the egress transmission of market data updates issued by an electronic exchange. Other techniques for facilitating electronic trading are also disclosed.
5 Citations
51 Claims
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1-30. -30. (canceled)
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31. A computer-implemented method for posting orders in an electronic trading system, the method comprising:
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maintaining an electronic order book that records orders in a storage medium; determining, by at least one processor, whether a buy or sell price of an order is more aggressive than a midpoint price of a national best bid/offer (NBBO); posting said order to said electronic book with a revised buy or sell price equaling said midpoint price if said buy or sell price is more aggressive than said midpoint price; and posting said order to said electronic book without revising said buy or sell price if said buy or sell price is not more aggressive than said midpoint price. - View Dependent Claims (32, 33, 34, 35, 36, 37)
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38. A computer system for posting orders in an electronic trading system, the computer system comprising:
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at least one storage medium for maintaining an electronic order book that records orders; at least one processor coupled to the at least one storage medium and configured to; determine whether a buy or sell price of an order is more aggressive than a midpoint price of a national best bid/offer (NBBO); post said order to said electronic book with a revised buy or sell price equaling said midpoint price if said buy or sell price is more aggressive than said midpoint price; and post said order to said electronic book without revising said buy or sell price if said buy or sell price is not more aggressive than said midpoint price. - View Dependent Claims (39, 40, 41, 42, 43, 44)
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45. A non-transitory computer-readable medium having code for causing at least one computer processor to post orders in an electronic trading system, the computer-readable medium comprising:
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code for maintaining an electronic order book that records orders in a storage medium; code for determining whether a buy or sell price of an order is more aggressive than a midpoint price of a national best bid/offer (NBBO); code for posting said order to said electronic book with a revised buy or sell price equaling said midpoint price if said buy or sell price is more aggressive than said midpoint price; and code for posting said order to said electronic book without revising said buy or sell price if said buy or sell price is not more aggressive than said midpoint price. - View Dependent Claims (46, 47, 48, 49, 50, 51)
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Specification