Unpriced order auction and routing
US11935121B2 · kind B2 · utility
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38References
21Claims
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Assignee
Inventors
Key dates
| Filing date | Feb 8, 2023 |
| Grant date | Mar 19, 2024 |
| Priority date | — |
| Expiry date | Feb 8, 2043 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/08
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.