Chicago Mercantile Exchange Inc.

Michal Sheves

Michael Merold

Mark Bucaj

Stanislav Liberman

Matthew Morano

Francis Bernard Bakalar

Igor Douglas Nevistich

Venkatesh Hegde

Richard Wenzel

Indira P Sinha

Brian G Dugdale

The disclosed embodiments relate to systems/methods for low latency regulation of distributed, e.g., geographically and/or logically, transaction processing, such as trading of financial instruments, in accordance with centralized demand-based dynamically reallocated post-trade-based limits, e.g., credit/risk limits. In particular, the disclosed embodiments relate to monitoring credit demand across execution venues, as opposed to actual utilization, and, based thereon, modifying execution specific limits to reallocate of portions of a credit/risk allotment, such as a credit/risk limit, to multiple execution venues for use in approving transactions, which may implement order driven and/or quote driven markets, so as to dynamically rebalance the allocations to the execution venues based on demand/need, rather than utilization, thereby avoiding having to mitigate latencies in determining and responding to utilization. In addition, the disclosed embodiments may maximize the total available amount for reallocation by recognizing inter-execution venue limit offsetting positions, i.e., trades, during the rebalancing process.

Low latency regulation of distributed transaction processing in accordance with centralized demand-based dynamically reallocated limits

The disclosed embodiments relate to systems/methods for data message matching in a peer-to-peer exchange system. Within the peer-to-peer exchange system, a dedicated processing instance attempts to match incoming data messages to resting message previously converted to the market data by other dedicated processing instances within the peer-to-peer exchange system. The market data stored within mirrored data structures on the dedicated processing instances, such that each instance may individually and independently attempt to match its respective data messages to all currently resting messages. When the incoming data message at least partially fails to be matched, the dedicated processing instance may determine whether to convert the unmatched portion to a resting message within the market data.

Peer-to-peer data message matching

Growing community of inventors

New York, NY, United States of America

Michal Sheves