Closing in an electronic market

  • US 7,647,264 B2
  • Filed: 04/28/2004
  • Issued: 01/12/2010
  • Est. Priority Date: 04/28/2004
  • Status: Active Grant
First Claim
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1. An electronic system for trading of securities, the system comprising:

  • a server computer system comprising;

    a processor device;

    a memory storing a queue, the queue storing closing orders along with other orders for a traded security;

    a computer readable medium storing a computer program product, the computer program product comprising instructions to cause the server computer system to;

    receive the closing orders and the other orders for the security;

    disseminate an order imbalance indicator indicative of predicted trading characteristics of the security at close of trading, the predicted trading characteristics based upon a price at which those closing orders would execute at the time that the order imbalance indicator is disseminated;

    receive additional closing orders that maximize the number of shares executed at a predicted final closing price;

    determine a final closing price for the security based on marketable closing orders and other orders; and

    execute at least some of the closing orders at the determined final closing price.

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