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:
Jan. 26, 2010
Filed:
Dec. 29, 2005
Edward T. Tilly, Barrington, IL (US);
Anthony J. Carone, Chicago, IL (US);
Stuart J. Kipnes, Chicago, IL (US);
Anthony Montesano, Chicago, IL (US);
Eileen C. Smith, Chicago, IL (US);
Edward T. Tilly, Barrington, IL (US);
Anthony J. Carone, Chicago, IL (US);
Stuart J. Kipnes, Chicago, IL (US);
Anthony Montesano, Chicago, IL (US);
Eileen C. Smith, Chicago, IL (US);
Chicago Board Options Exchange, Incorporated, Chicago, IL (US);
Abstract
A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market is disclosed. The method may include receiving a marketable order for a security or derivative at the exchange, wherein the exchange has a price that differs from a national best bid or offer price, routing the marketable order to a trade engine, disseminating a request for price message to all market makers quoting a class in response to receiving the marketable order, the request for price message including a price equal to the national best bid or offer price, receiving a response message at the electronic trade engine in response to the request for price message from at least one market maker, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, and allocating the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order.