Order processing for automated market system

US8301539B2 · kind B2 · utility

Assignee

• NASDAQ OMX Group, Inc. · US

Inventors

• Dean Furbush · Mamaroneck, US
• Richard G. Ketchum · Alexandria, US
• Daniel Franks · Trumbull, US
• John Malitzis · Washington, US
• Thomas P. Moran · Palo Alto, US
• Peter Martyn · Ridgewood, US

Key dates

• Filing date: Jul 9, 2001
• Grant date: Oct 30, 2012
• Expiry date: Mar 19, 2027

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.