Cboe Exchange, Inc.

Eric Crampton

Christopher Andrew Isaacson

A system and method for managing latency of messages in an exchange system to address technical advantages in certain market participant hardware are disclosed. In one implementation, the system may include an exchange system, and a set of instructions, to cause a processor of the exchange system identify an order type susceptible to technical advantages certain market participants may possess and to apply a re-ordering of, and/or a fixed or random latency to, all orders of the identified order type during a predetermined time of a trading day.

Message randomization and delay based on order type in an electronic trading system

A system and method for managing latency of messages in an exchange system in response to removal of liquidity are disclosed. In one implementation, the system may include an exchange system, and a set of instructions to cause a processor of the exchange system to gather information on quote patterns. The monitored quote patterns are assessed against quote parameters maintained in system memory, and a latency adjustment is automatically made to delay messages from particular market participants removing liquidity in the exchange system. Market participants may be identified as aggressive market participants, and their subsequent liquidity removing orders delayed, based on predetermined quote pattern parameters.

System and method for implementing a system execution delay in response to liquidity removal for resting orders

Systems and techniques are disclosed for an exchange platform that runs a hybrid market model combining electronic trading and open outcry trading. In some implementations, a secure connection is established with each of a plurality of market participants associated with a trading floor. A transaction order for a financial instrument is received from a connected device. The transaction order includes a routing instruction for routing the transaction order to the trading floor. A market participant to which the transaction order is to be routed is identified. The transaction order is routed to the market participant. Information that one or more in-crowd market participants have accepted the transaction order is received. The transaction order is facilitated based on the information that the one or more in-crowd market participants have accepted the transaction order.

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Overland Park, KS, United States of America

Eric Crampton