Tsx Inc.

Derek Hwong

Deana Djurdjevic

Kevin Sampson

Deanna Djurdjevic

Received data messages are delayed for further processing based on a bypass condition. Data messages that conform to the bypass condition are not delayed. Data messages that do not conform to the bypass condition are delayed by a delay. Data messages can be representative of orders in an electronic marketplace or trading system. The bypass condition can include indication of a post-only order. The bypass condition can further include indication of a volume that meets or exceeds a minimum volume. The delay can be calculated from a base delay and a variance that modifies the base delay. The variance can be randomly or pseudo-randomly selected and can conform to a maximum variance.

Selective delayed and undelayed database updating

New data messages for updating a database can indicate a latency tolerance. The latency tolerance can constrain new data records based on such new data messages to also indicate the latency tolerance. Latency-tolerant data records can be constrained to remain in the working database for a minimum duration. Data records present in the working database can be prioritized according to prioritization criteria that increases priority of data records indicating latency tolerance. Matching incoming data messages with the data records present in the working database can be based on such prioritization. A matched data record can be updated or deleted upon successful match with an incoming data message. The latency tolerance can be applied to trading systems for financial instruments or interests as a long-life order that rests in an order book without being able to be cancelled or updated for the minimum duration in exchange for priority during order matching.

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Toronto, Canada

Derek Hwong