System and method of allocating an incoming order to standing orders

US7853499B2 · kind B2 · utility

Assignee

• Board of Trade of the City of Chicago, Inc. · US

Inventors

• Andrew Czupek · Chicago, US
• Bryan T. Durkin · Orland Park, US
• Thomas G. McCabe · Chicago, US
• Brian M. Wolf · Roselle, US
• Donald M. Cuba · Tinley Park, US
• Jonathan Kronstein · Elmhurst, US
• Troy C. Mathe · Chicago, US

Key dates

• Filing date: Mar 29, 2007
• Grant date: Dec 14, 2010
• Expiry date: Feb 1, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q99/00
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method of allocating a quantity of an incoming order for a product develops a value that indicates a portion of the incoming order this is to be allocated using a FIFO algorithm and allocates a first portion of the incoming order to standing orders using the FIFO algorithm. The method further allocates a second portion of the incoming order to standing orders using a pro-rata algorithm, wherein the step of allocating the second portion leaves a remaining quantity of the incoming order. In addition, the method allocates the remaining portion to the standing orders using a FIFO algorithm.