Electronic communication network ranking for automated market system

US7801795B2 · kind B2 · utility

Assignee

• NASDAQ OMX Group, Inc. · US

Inventors

• Adam Seth Nunes · New York, US
• Daniel F. Moore · New Haven, US
• Mark DeNat · Bedford, US
• John Malitzis · Washington, US
• Karen L. Peterson · Menomonee Falls, US
• Anna Ewing · Cicero, US
• Steven J. Randich · Westport, US
• Richard G. Ketchum · Alexandria, US
• Dean Furbush · Mamaroneck, US
• Christopher Folkemer · Columbia, US

Key dates

• Filing date: Oct 18, 2002
• Grant date: Sep 21, 2010
• Expiry date: Mar 10, 2027

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for trading a security in an electronic market includes entering an order at a client station for executing against any market participant that can at least in part satisfy the order, and matching the entered order at a server system against interest in the market based on how the market participant participates in the market with a portion of the interest in the market being prioritized according to price priority among displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges, and subsequently by displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged.