System and method for setting and using a sweep liquidity replenishment price in an hybrid auction market
First Claim
1. A method implemented at least partially in a programmed computer for managing security trading sweeps comprising:
- automatically determining price of a best bid;
automatically determining a proposed bid sweep liquidity replenishment price by subtracting five cents from the price of the best bid;
automatically and incrementally decreasing the proposed bid sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder; and
automatically setting a bid sweep liquidity replenishment price equal to the proposed bid sweep liquidity replenishment price.
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Accused Products
Abstract
The price of a best bid is determined, and a proposed bid sweep liquidity replenishment price is determined by subtracting five cents from the price of the best bid. The proposed bid sweep liquidity replenishment price is incrementally decreased by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder. The bid sweep liquidity replenishment price is set equal to the proposed bid sweep liquidity replenishment price. In a similar fashion an offer sweep liquidity replenishment price is determined by adding five cents to the price of the best offer and incrementally increasing by 0, 1, 2, 3 or 4 cents until the offer sweep liquidity price is divisible by 5 without any remainder.
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Citations
68 Claims
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1. A method implemented at least partially in a programmed computer for managing security trading sweeps comprising:
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automatically determining price of a best bid; automatically determining a proposed bid sweep liquidity replenishment price by subtracting five cents from the price of the best bid; automatically and incrementally decreasing the proposed bid sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder; and automatically setting a bid sweep liquidity replenishment price equal to the proposed bid sweep liquidity replenishment price.
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2. A method implemented at least partially in a programmed computer for managing security trading sweeps comprising:
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automatically determining price of a best offer; automatically determining a proposed offer sweep liquidity replenishment price by adding five cents to the price of the best offer; automatically and incrementally increasing the proposed offer sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed offer sweep liquidity replenishment price is divisible by 5 without any remainder; and automatically setting an offer sweep liquidity replenishment price equal to the proposed offer sweep liquidity replenishment price.
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3. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to buy the security with a price that is greater than the sweep liquidity replenishment price for the security; automatically determining a published best offer price for the security, and size associated with the published best offer price for the security; automatically executing a portion of the limit order at the published best offer price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against limit orders for the security on a book; and automatically locking the book. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10)
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11. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to sell the security with a price that is less than the sweep liquidity replenishment price for the security; automatically determining a published best bid price for the security, and size associated with the published best bid price for the security; automatically executing a portion of the limit order at the published best bid price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against limit orders for the security on a book; and automatically locking the book. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18)
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19. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to buy the security with a price that is equal to the sweep liquidity replenishment price for the security; automatically determining a published best offer price for the security, and size associated with the published best offer price for the security; automatically executing a portion of the limit order at the published best offer price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against orders for the security on a limit order book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to sell the security with a price that is equal to the sweep liquidity replenishment price for the security; automatically determining a published best bid price for the security, and size associated with the published best bid price for the security; automatically executing a portion of the limit order at the published best bid price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against orders for the security on a limit order book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38)
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39. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to buy the security with a price that is greater than the sweep liquidity replenishment price for the security; automatically determining a published best offer price for the security, and size associated with the published best offer price for the security; automatically executing a portion of the limit order at the published best offer price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against limit orders for the security on a book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (40, 41, 42, 43, 44, 45)
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46. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a limit order to sell the security with a price that is less than the sweep liquidity replenishment price for the security; automatically determining a published best bid price for the security, and size associated with the published best bid price for the security; automatically executing a portion of the limit order at the published best bid price for the security; automatically sweeping the limit order at the sweep liquidity replenishment price for the security against limit orders for the security on a book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (47, 48, 49, 50, 51, 52)
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53. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a market order to buy the security; automatically determining a published best offer price for the security, and size associated with the published best offer price for the security; automatically executing a portion of the market order at the published best offer price for the security; automatically sweeping the market order at the sweep liquidity replenishment price for the security against orders for the security on a limit order book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (54, 55, 56, 57)
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58. A method implemented at least partially in a programmed computer for executing a securities order comprising:
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automatically determining a sweep liquidity replenishment price for a security; automatically receiving a market order to sell the security; automatically determining a published best bid price for the security, and size associated with the published best bid price for the security; automatically executing a portion of the market order at the published best bid price for the security; automatically sweeping the market order at the sweep liquidity replenishment price for the security against orders for the security on a limit order book; and automatically changing a quote from fast to slow, wherein a fast quote indicates a hybrid market with both automated and auction market executions, and a slow quote indicates only auction market executions. - View Dependent Claims (59, 60, 61, 62)
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63. A system implemented at least partially in a programmed computer for managing security trading sweeps, comprising:
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means for automatically determining price of a best bid; means for automatically determining a proposed bid sweep liquidity replenishment price by subtracting five cents from the price of the best bid; means for automatically and incrementally decreasing the proposed bid sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder; and means for automatically setting a bid sweep liquidity replenishment price equal to the proposed bid sweep liquidity replenishment price.
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64. A computer-readable medium having computer executable software code stored thereon, the code for managing security trading sweeps, the code comprising:
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code to determine price of a best bid; code to determine a proposed bid sweep liquidity replenishment price by subtracting five cents from the price of the best bid; code to incrementally decrease the proposed bid sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder; and code to set a bid sweep liquidity replenishment price equal to the proposed bid sweep liquidity replenishment price.
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65. A programmed computer for managing security trading sweeps, comprising:
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a memory having at least one region for storing computer executable program code; and a processor for executing the program code stored in the memory;
wherein the program code comprises;code to determine price of a best bid; code to determine a proposed bid sweep liquidity replenishment price by subtracting five cents from the price of the best bid; code to incrementally decrease the proposed bid sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed bid sweep liquidity replenishment price is divisible by 5 without any remainder; and code to set a bid sweep liquidity replenishment price equal to the proposed bid sweep liquidity replenishment price.
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66. A system implemented at least partially in a programmed computer for managing security trading sweeps, comprising:
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means for automatically determining price of a best offer; means for automatically determining a proposed offer sweep liquidity replenishment price by adding five cents to the price of the best offer; means for automatically and incrementally increasing the proposed offer sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed offer sweep liquidity replenishment price is divisible by 5 without any remainder; and means for automatically setting an offer sweep liquidity replenishment price equal to the proposed offer sweep liquidity replenishment price.
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67. A computer-readable medium having computer executable software code stored thereon, the code for managing security trading sweeps, the code comprising:
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code to determine price of a best offer; code to determine a proposed offer sweep liquidity replenishment price by adding five cents to the price of the best offer; code to incrementally increase the proposed offer sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed offer sweep liquidity replenishment price is divisible by 5 without any remainder; and code to set an offer sweep liquidity replenishment price equal to the proposed offer sweep liquidity replenishment price.
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68. A programmed computer for managing security trading sweeps, comprising:
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a memory having at least one region for storing computer executable program code; and a processor for executing the program code stored in the memory;
wherein the program code comprises;code to determine price of a best offer; code to determine a proposed offer sweep liquidity replenishment price by adding five cents to the price of the best offer; code to incrementally increase the proposed offer sweep liquidity replenishment price by 0, 1, 2, 3 or 4 cents until the proposed offer sweep liquidity replenishment price is divisible by 5 without any remainder; and code to set an offer sweep liquidity replenishment price equal to the proposed offer sweep liquidity replenishment price.
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Specification