The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Dec. 09, 2008
Filed:
Mar. 28, 2003
Matthew J. Kelly, Western Springs, IL (US);
Mazen Chadid, Chicago, IL (US);
Elizabeth D. Freeman, Evanston, IL (US);
Robert J. Wilcox, Chicago, IL (US);
Mahesh G. Hira, Glenn Ellyn, IL (US);
Matthew J. Kelly, Western Springs, IL (US);
Mazen Chadid, Chicago, IL (US);
Elizabeth D. Freeman, Evanston, IL (US);
Robert J. Wilcox, Chicago, IL (US);
Mahesh G. Hira, Glenn Ellyn, IL (US);
Chicago Mercantile Exchange, Chicago, IL (US);
Abstract
An alert system that notifies an Exchange's staff of a trade that appears to be outside of an expected market range of prices includes an input device, determination logic, evaluation logic, and alert logic. The determination logic derives a theoretical no-bust range of prices based on data received from the input device. The theoretical no-bust range of prices are prices above and below a synthesized market price, within which an erroneous trade cannot be cancelled. The evaluation logic monitors trades and compares those trades to the theoretical no-bust range of prices. The alert logic notifies the Exchange's staff when the evaluation logic identifies a potentially erroneous trade that lies outside the theoretical no-bust range of prices. A method of notifying the Exchange of a trade that potentially lies outside of an expected range of prices includes monitoring an input range of prices and deriving the theoretical no-bust range of prices. The method then compares transactions prices to the theoretical no-bust range of prices and notifies the Exchange when a potentially erroneous trade can be cancelled.