Method and arrangement for changing market model in an automated exchange
First Claim
Patent Images
1. An automated exchange comprising one or more processors:
- a matching module executable by the one or more processors to match bids and offers, received via an external interface, the matching processor being operatively coupled to a memory configured to store an order book and configured to store the received bids and offers if not matched by the matching processor,a dissemination module executable by the one or more processors to disseminate market data via an external interface; and
a session handling module executable by the one or more processors to;
set a market model state in the matching module and in the dissemination module to one of the following market models;
an order-driven market, a quote-driven market, or a hybrid market, andintraday change, during ongoing trading, the set market model for a particular financial instrument traded on the automated exchange to be the market model best suited for the particular financial instrument at a particular time.
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Abstract
In an automated exchange comprising a matching module and a dissemination module a market model state is controlled in the matching module and in the dissemination module, respectively. Hereby it is made possible to, during ongoing trading, change market model for the automated exchange.
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Citations
14 Claims
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1. An automated exchange comprising one or more processors:
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a matching module executable by the one or more processors to match bids and offers, received via an external interface, the matching processor being operatively coupled to a memory configured to store an order book and configured to store the received bids and offers if not matched by the matching processor, a dissemination module executable by the one or more processors to disseminate market data via an external interface; and a session handling module executable by the one or more processors to; set a market model state in the matching module and in the dissemination module to one of the following market models;
an order-driven market, a quote-driven market, or a hybrid market, andintraday change, during ongoing trading, the set market model for a particular financial instrument traded on the automated exchange to be the market model best suited for the particular financial instrument at a particular time. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method in automated exchange having one or more processors, the method comprising:
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matching, by a matching module executed by the one or more processors, bids and offers received via an external interface, storing in a memory received bids and offers not matched by the matching module executed by the one or more processors, disseminating market data by a dissemination module executed by the one or more processors; and controlling, by a session handling module executed by the one or more processors, a market model state in the matching module and in the dissemination module to a selected one of the following market models;
an order-driven market, a quote-driven market, or a hybrid market, andintraday changing, during ongoing trading, by the session handling module executed by the one or more processors, the selected market model for a particular financial instrument traded on the automated exchange to be the market model best suited for the particular financial instrument at a particular time. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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Specification