Automated exchange for trading derivative securities
DC CAFC
First Claim
Patent Images
1. An automated exchange for trading a financial instrument wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
- an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations; and
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means, wherein the allocating parameters include parameters for allocating a first portion of the incoming order or quotation against previously received customer orders and allocating a remaining portion of the incoming order or quotation preferentially against professional orders and quotations with larger size.
3 Assignments
Litigations
1 Petition
Accused Products
Abstract
An automated exchange is provided for matching incoming orders for the purchase or sale of financial instruments, such as options contracts, with previously received orders. The exchange allocates the matching of orders first to fill customer orders and then to fill professional orders on a pro rata basis. A primary market maker is given preference over other market professionals. Market professionals that enter larger orders into the book receive a proportionally larger portion of the incoming order. The exchange automatically maintains a minimum size by deriving orders for professionals across a range of prices when orders at the market price are exhausted. The exchange automatically derives orders for professionals to join with market-improving orders when the market-improving orders are less than the minimum market size.
586 Citations
75 Claims
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1. An automated exchange for trading a financial instrument wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations; and
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means, wherein the allocating parameters include parameters for allocating a first portion of the incoming order or quotation against previously received customer orders and allocating a remaining portion of the incoming order or quotation preferentially against professional orders and quotations with larger size. - View Dependent Claims (2, 3, 6, 7, 8, 9, 10, 11)
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4. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations;
processor means for allocating portions of the incoming order among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means;
means for matching a first portion of the incoming order or quotation against customer orders and a remaining portion of the incoming order or quotation against professional orders and quotations, wherein the parameters stored in the system memory include a minimum allocation percentage and wherein the processor means further comprises means for matching the remaining portion based on a formula that allocates the minimum allocation percentage of the remaining portion to the quotation identified with the primary market maker, and wherein the minimum allocation percentage is N% and the percentage of the remaining portion allocated to the order identified with the primary market maker is;
- View Dependent Claims (5)
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12. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations;
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means; and
means for identifying one of the previously received quotations with a primary market maker, wherein the system memory means further comprises means for storing a small order preference limit, and wherein the processor means further comprises means for matching the incoming order or quotation with the previously received quotation identified with the primary market maker if the size of the incoming order or quotation is less than the small order preference limit.
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13. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations;
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means, wherein the book memory means further comprisesmeans for ranking the plurality of previously received orders and quotations in order of price from a best price to a worst price, the best price being the highest price order or quotation for purchasing the instrument or the lowest price order or quotation for selling the instrument;
wherein the parameters stored in the system memory further comprisea quotation table associated with at least one of the plurality of previously received quotations at the best price, and wherein the processor means further comprises means for storing a generated quotation in the book memory means as a previously received quotation at a price one or more minimum trading increments worse than the best price with a size based on the quotation table when all previously received orders and quotations at the best price are matched with the incoming order or quotation. - View Dependent Claims (14, 15)
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16. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations; and
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means, wherein the parameters stored in the system memory means further comprise a maximum derived order value and a minimum market size, and, wherein the processor means further comprises means for determining that a price for the incoming order or quotation is better than the best price, and, means for computing a difference between the size of the incoming order or quotation and the minimum market size, and, if the difference is less than the maximum derived order value, and means for deriving an order at the better price and storing the incoming order or quotation and the derived order in the book memory means. - View Dependent Claims (17, 18, 19, 20, 21)
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22. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations;
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means; and
away market querying means for determining an away market price for the instrument, and wherein the processor means determines a best price for the instrument and compares the best price with the away market price, and, if the best price is as good or better than the away market price, the processor means executes the trade. - View Dependent Claims (23, 24, 25, 26, 27)
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28. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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an interface for receiving an incoming order or quotation to trade the instrument, the incoming order or quotation having a size associated therewith;
book memory means for storing a plurality of previously received orders or quotations to trade a corresponding plurality of quantities of the instrument, the previously received orders and quotations each having a size associated therewith and the previously received orders including public customer orders previously entered for public customers and professional orders or quotations previously entered for one or more professionals;
system memory means for storing allocating parameters for allocating trades between the incoming order or quotation and the previously received orders and quotations;
processor means for allocating portions of the incoming order or quotation among the plurality of previously received orders and quotations in the book memory means based on the allocating parameters in the system memory means;
fast market process means for introducing a delay prior to the trade for determining the price for the trade, wherein the fast market process means comprises;
fast market detecting means for detecting a market volatility and for determining a fast market condition based on that volatility;
delay means for causing the processor means to pause a predetermined period of time prior to allocating the incoming order or quotation;
accumulating means for accumulating a plurality of incoming orders and quotations during the predetermined period of time; and
price determining means for determining a price for trades of the accumulated orders and quotations. - View Dependent Claims (29, 30, 31, 32, 33, 34)
price selecting means for selecting a current price;
order clearance testing means for determining if a trade at the current price would clear all market orders of the plurality of accumulated orders and quotations; and
next price selecting means for selecting a next worse price as the current price.
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31. The exchange according to claim 30, wherein the price determining means finds an offer price and a bid price as current prices and further comprises trade price determining means for selecting among the bid price and offer price based on a number of accumulated orders and quotations that would be cleared.
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32. The exchange according to claim 31, further comprising tie breaking means for selecting a trade price when the number of accumulated orders and quotations that would be cleared is the same for the bid price and offer price.
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33. The exchange according to claim 32, wherein the tie breaking means determines the trade price based on a price movement of a underlying stock.
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34. The exchange according to claim 33, wherein the tie breaking means selects the trade price based on a current date.
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35. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
first matching a first portion of the incoming order or quotation against the public customer order stored in the book memory based on the allocating parameter; and
second matching a remaining portion of the incoming order or quotation preferentially against professional orders and quotations with larger size based on the allocating parameter. - View Dependent Claims (36, 37, 38, 39, 43, 44, 45)
transmitting a message to a clearance entity reporting a price and size of the order or quotation matched in the steps of first and second matching;
executing a financial transaction by the clearance entity to guarantee payment to a seller of the matched order or quotation; and
generating a number of new options contracts by the clearance entity equal to the size of the matched order or quotation for a purchaser.
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45. The process according to claim 43, further comprising transmitting a message to a reporting entity communicating the size and price of the order or quotation matched in the steps of first and second matching.
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40. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter;
identifying one of the professional quotations with a primary market maker, wherein the allocating parameter includes a small order preference limit, and wherein the step of matching further comprises;
determining that the size of the incoming order or quotation is less than or equal to the small order preference limit; and
matching the incoming order or quotation with the professional quotation identified with the primary market maker. - View Dependent Claims (41)
determining an allocation formula based on the minimum allocation percentage; and
matching the incoming order or quotation with the professional orders and quotations based on the allocation formula.
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42. A process for trading a financial instrument on an automatic exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter, wherein the allocating parameter includes a small order preference limit and a minimum allocation percentage;
identifying one of the professional quotations with a primary market maker;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
first matching a first portion of the incoming order or quotation with the customer order;
clearing the customer order matched with the first portion from the book memory;
determining that the size of the incoming order is less than or equal to the small order preference limit;
determining an allocation formula based on the minimum allocation percentage; and
matching the remaining portion with the professional orders and quotations based on the allocation formula, wherein the minimum allocation percentage is N% and the allocation formula is;
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46. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
establishing a quotation table;
determining that orders stored in the book memory at the best price have been exhausted; and
storing a generated quotation in the book memory at a price one or more trading increments worse than the best price with a size based on the quotation table. - View Dependent Claims (47, 48)
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49. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter, wherein the allocating parameter includes a maximum derived order value;
determining that a price of the incoming order or quotation is better than the best price;
determining that a size of the incoming order or quotation is less than a minimum market size;
calculating a difference between the size of the incoming order or quotation and the minimum market size;
determining that the difference is less than the maximum derived order value; and
storing a quotation in the book memory at the better price with a size equal to the difference. - View Dependent Claims (50, 51, 52)
determining that the difference is greater than the maximum derived order value; and
matching the incoming order or quotation with a primary market maker quotation at the better price.
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51. The process according to claim 49, further comprising determining the maximum derived order value based on a price difference between the best price and the better price.
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52. The process according to claim 51, wherein the step of determining the maximum derived order value further comprises retrieving a matrix.
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53. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter, wherein the allocating parameter includes a step-up value and a minimum market size;
determining that a size of orders and quotations at the best price is less than the minimum market size;
calculating a difference between the size of orders and quotations at the best price and the minimum market size;
determining that the difference is less than the step-up value; and
deriving an order. - View Dependent Claims (54, 55)
determining that the difference is greater than the step-up value;
canceling a professional order or quotation at the best price; and
deriving an order for a professional at a price one or more trading increments worse than the best price with a size determined from the quotation table.
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56. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter;
querying an away market to determine an away market price;
comparing the best price with the away market price; and
, if the best market price is as good or better than the away market price,executing the step of matching. - View Dependent Claims (57, 58, 59, 60, 61)
computing a price difference between the best price and the away market price;
determining a size of the trade;
determining a matching size based on the difference; and
matching the incoming order or quotation at the away market price if the size of the incoming order or quotation is less than the matching size.
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58. The process according to claim 57, wherein the step of querying further comprises receiving market price information from a reporting entity.
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59. The process according to claim 58, wherein the step of determining the matching size further comprises reading an away market matching table, the matching table including a plurality of matching sizes associated with a corresponding plurality of price differences.
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60. The process according to claim 59, wherein smaller price differences in the matching table are associated with larger matching sizes.
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61. The process according to claim 57, wherein if the size of the incoming order or quotation is greater than the matching size, further comprising generating an alert signal.
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62. A process for trading a financial instrument on an automated exchange wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the process comprising:
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storing a public customer order to trade the instrument in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations entered for one or more professionals to trade the instrument in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the instrument;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the instrument, the incoming order or quotation having a size associated therewith;
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter;
determining that a fast market condition exists;
accumulating a plurality of incoming orders and quotations for a predetermined period of time;
determining a trade price for trades of the accumulated orders and quotations; and
matching the accumulated orders and quotations at the determined trade price after the predetermined period of time. - View Dependent Claims (63, 64, 65, 66, 67)
establishing a plurality of fast market levels;
establishing a plurality of predetermined periods of time corresponding to the fast market levels;
determining which fast market level corresponds to the fast market condition; and
accumulating incoming orders and quotations for a period of time corresponding to the determined fast market level.
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64. The process according to claim 62, wherein the step of determining the trade price comprises:
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determining which of the accumulated orders are market orders;
determining that the predetermined period of time has expired;
bid selecting a highest bid price of the orders on the book that are bids as a current bid price;
bid predicting whether all the market orders that are bids will trade at the current bid price;
if all market orders that are bids will not trade at the current bid price, selecting a next worse price as the current bid price and repeating the steps of bid predicting and bid selecting until the current bid price equals a primary market maker bid price;
offer selecting a lowest offer price of the orders on the book that are offers as the current offer price;
offer predicting whether all the market orders that are offers will trade at the current offer price;
if all the market orders that are offers will not trade at the current offer price, selecting a next worse price as the current offer price and repeating the steps of offer predicting and offer selecting until the current offer price equals a primary market maker offer price; and
selecting from among the current bid price and current offer prices a trade price that maximizes a number of orders traded.
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65. The method according to claim 64, further comprising:
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determining that the current offer price and current bid price will result in the same number of orders traded;
determining that a number of trading increments between the current offer price and the current bid price is an even number; and
establishing the trade price as the average of the current bid price and current offer price.
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66. The process according to claim 64, wherein the financial instrument is an option contract and further comprising:
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determining that the number of trading increments between the current bid price and current offer price is one;
determining a price movement of an underlying stock;
if the stock movement is upward, selecting the current offer price as the trade price for call options and the current bid price as the trade price for put options; and
if the stock movement is downward, selecting the current bid price as the trade price for call options and selecting the current offer price as the trade price for put options.
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67. The process according to claim 66, further comprising:
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determining that the stock movement is neither upward nor downward; and
selecting the trade price based on a current date.
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68. A process for trading option contracts on an automatic exchange wherein the trade may be one of a purchase of a quantity of the contracts and a sale of a quantity of the contracts, the process comprising:
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storing a public customer order to trade the contracts in a book memory, the public customer order having a size;
storing a plurality of professional orders or quotations to trade the contracts in the book memory, the professional orders or quotations having a respective plurality of sizes;
establishing a best price for the contracts;
establishing an allocating parameter;
receiving an incoming order or quotation for the purchase or sale of the contracts, the incoming order or quotation having a size associated therewith;
determining that a fast market condition exists;
accumulating a plurality of incoming orders and quotations for a predetermined period of time;
determining which of the accumulated orders are market orders;
determining that the predetermined period of time has expired;
bid selecting a highest bid price of the orders on the book that are bids as a current bid price;
bid predicting whether all the market orders that are bids will trade at the current bid price;
if all market orders that are bids will not trade at the current bid price, selecting a next worse price as the current bid price and repeating the steps of bid predicting and bid selecting until the current bid price equals a primary market maker bid price;
offer selecting a lowest offer price of the orders on the book that are offers as the current offer price;
offer predicting whether all the market orders that are offers will trade at the current offer price;
if all the market orders that are offers will not trade at the current offer price, selecting a next worse price as the current offer price and repeating the steps of offer predicting and offer selecting until the current offer price equals a primary market maker offer price;
determining the number of trading increments between the current bid price and the current offer price is greater than one;
calculating a value, N, which is the number of trading increments between the current bid price and the current offer price minus two;
if the stock movement is upward, selecting the current offer price minus N trading increments as the trade price for call options, and the current bid price plus N trading increments as the trade price for put options; and
if the stock movement is downward, selecting the current bid price plus N trading increments as the trade price for call options and the current offer price minus N trading increments as the trade price for put options; and
matching the incoming order or quotation against the orders and quotations stored in the book memory based on the allocating parameter. - View Dependent Claims (69)
determining that the stock movement is neither upward nor downward; and
selecting a trade price based on a current date.
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70. An automated exchange for trading a financial instrument, wherein the trade may be one of a purchase of a quantity of the instrument and a sale of a quantity of the instrument, the exchange comprising:
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a book memory adapted to store a quotation for purchasing or selling the financial instrument, the quotation having a size associated therewith;
an interface adapted to receive an incoming order for the purchase or sale of the instrument, the incoming order being associated with one of a plurality of types of entities and having a size associated therewith, wherein the types of entities include public customers, professionals, and market makers on other exchanges; and
a processor including;
a discriminator adapted to determine which of the plurality of types of entities the incoming order is associated with;
a system memory adapted to store a set of preference quantities, the preference quantities being associated with respective ones of the plurality of entity types; and
a trade matching process adapted to execute the trade between a portion of the quotation and the incoming order and wherein a size of the portion is based on the preference quantity associated with the entity type determined by the discriminator. - View Dependent Claims (71, 72, 73, 74, 75)
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Specification
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Litigation Data
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Current AssigneeInternational Securities Exchange LLC (Nasdaq, Inc.)
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Original AssigneeInternational Securities Exchange LLC (Nasdaq, Inc.)
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InventorsGary, Katz
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Primary Examiner(s)Stamber, Eric W.
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Assistant Examiner(s)Young, John Leonard
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Application NumberUS09/433,613Time in Patent Office1,407 DaysField of Search705/37, 705/36, 705/26US Class Current705/36.00RCPC Class CodesG06Q 40/00 Finance; Insurance; Tax str...G06Q 40/04 Trading; Exchange, e.g. sto...G06Q 40/06 Asset management; Financial...
