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Order price threshold for automated market system

  • US 7,406,444 B2
  • Filed: 10/08/2002
  • Issued: 07/29/2008
  • Est. Priority Date: 09/23/1999
  • Status: Expired due to Term
First Claim
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1. A method for trading a security in an electronic market, the method comprises:

  • entering an order at a client station for executing against any market participant that can at least in part satisfy the order;

    determining a threshold for executing the entered order based on an inside price of the security in the electronic market, wherein the threshold is based on one of an inside bid minus a percentage of the inside bid and an inside offer plus a percentage of the inside offer;

    matching a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold; and

    returning any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold.

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