Chicago Mercantile Exchange Inc.

Sean Castette

Pearce Peck-Walden

Zachary Bonig

Paul J Callaway

Kireeti Reddy

Akira Yamaguchi

José Antonio Acuña-Rohter

Jose Antonio Acuña-Rohter

Ari L Studnitzer

Fred Malabre

Bernard Pieter Hosman

The disclosed embodiments relate to regulation of a rate of incoming orders by buffering or otherwise batching orders together as they are received and subsequently forwarding batches of orders to a match engine for processing thereby in a manner which may equalize orders from traders having varying abilities to rapid submit orders or otherwise capitalize on market events. The disclosed embodiments further relate to prioritizing the matching of resting orders against an incoming order. In particular, the disclosed embodiments alter the priority of a given resting order to match against an incoming order, relative to other suitably matching resting orders, as a function of how long the orders have been resting on the order book.

Market operation through regulation of incoming order match allocation and/or dynamic resting order match allocation priorities

Systems and methods are disclosed which match or otherwise allocate an incoming transaction with previously received but not yet fully satisfied transactions counter thereto as well as to mitigation of disparities in latencies between the client devices of the market participants and the electronic data transaction processing system which may result in disparities in the time of receipt of competing transactions. The disclosed embodiments may mitigate such disparities by buffering or otherwise grouping temporally proximate competing transactions together upon receipt, e.g. into a group, collection, set, bucket, etc., and subsequently arbitrating among those grouped competing transactions, in a manner other than solely based on the order in which the competing transactions in the group were received, to determine the order in which those competing transactions will be processed, thereby equalizing priority of transactions received from participants having varying abilities to rapidly submit transactions or otherwise capitalize on transactional opportunities.

Mitigation of latency disparity in a transaction processing system

Growing community of inventors

Chicago, IL, United States of America

Sean Castette