Cboe Exchange, Inc.

Adam Inzirillo

William Ciabattoni

Kevin Carrai

Luca Samman

A method is provided for implementing retail priority via an exchange computer system. In some implementations, first, second, and third orders for a financial instrument are received. A determination that the first order is at or inside the National Best Bid Offer (NBBO) associated with the financial instrument is made, and a determination that the third order is associated with a priority account is also made. A determination to prioritize execution of the first order over the second and third orders is made based on the first order being at or inside the NBBO, and a determination to prioritize execution of the third order over the second order is made based on the second order's association with the priority account.

Exchange order prioritization

A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

On-demand auction

A method for performing an auction implemented via an exchange computer system includes receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, initiating an auction timer that runs for a second period of time, determining that the first period of time has expired, notifying a plurality of market participants of an auction, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Randomized auction notification

An exchange computer system for improving risk management is described. A user may create a risk profile that includes a risk threshold, and may identify a set of one or more security transaction orders to be associated with the risk profile. The exchange computer system may receive the risk profile from a user device, determine that the set of one or more security transaction orders are associated with the risk profile, and monitor the one or more security transaction orders included in the set. Based on the monitoring, the exchange computer system may determine that the risk threshold is satisfied. In response to determining that the risk threshold is satisfied, the exchange computer system may alert the user and cancel the one or more security transaction orders included in the set.

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Bay Shore, NY, United States of America

Adam Inzirillo