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. 03, 2013
Filed:
Sep. 02, 2010
Paul Adcock, Burr Ridge, IL (US);
Michael Cormack, Vancouver, CA;
Amy Famstrom, Oakland, CA (US);
Thomas Haller, Longwood, FL (US);
Robert Hill, LaGrange, IL (US);
Paul Adcock, Burr Ridge, IL (US);
Michael Cormack, Vancouver, CA;
Amy Famstrom, Oakland, CA (US);
Thomas Haller, Longwood, FL (US);
Robert Hill, LaGrange, IL (US);
NYSE Group, Inc., New York, NY (US);
Abstract
An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.