Method and system for providing an automated auction for internalization and complex orders in a hybrid trading system
US7676421B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Oct 11, 2005 |
| Grant date | Mar 9, 2010 |
| Priority date | — |
| Expiry date | Nov 6, 2028 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/06
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.