WO2007030395A3 - Midpoint matching system - Google Patents

Midpoint matching system Download PDF

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Publication number
WO2007030395A3
WO2007030395A3 PCT/US2006/034292 US2006034292W WO2007030395A3 WO 2007030395 A3 WO2007030395 A3 WO 2007030395A3 US 2006034292 W US2006034292 W US 2006034292W WO 2007030395 A3 WO2007030395 A3 WO 2007030395A3
Authority
WO
WIPO (PCT)
Prior art keywords
orders
automated
priority scheme
midpoint
executable
Prior art date
Application number
PCT/US2006/034292
Other languages
French (fr)
Other versions
WO2007030395A2 (en
Inventor
Steve Wunsch
Robert Books
Michael Henderson
Original Assignee
Internat Securities Exchange L
Steve Wunsch
Robert Books
Michael Henderson
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Internat Securities Exchange L, Steve Wunsch, Robert Books, Michael Henderson filed Critical Internat Securities Exchange L
Priority to EP06814093A priority Critical patent/EP1922688A4/en
Publication of WO2007030395A2 publication Critical patent/WO2007030395A2/en
Publication of WO2007030395A3 publication Critical patent/WO2007030395A3/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Landscapes

  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Strategic Management (AREA)
  • Marketing (AREA)
  • Economics (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Development Economics (AREA)
  • Theoretical Computer Science (AREA)
  • Technology Law (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

An automated system for matching orders to buy and sell securities at the midpoint of a best bid and offer ('BBO'), wherein the automated system is adapted to (i) operate on a fully-anonymous and continuous basis, (ii) process multiple, computer-generated orders, of any size, transmitted by algorithmic, program, and other automated trading systems, (iii) automatically match multiple, executable orders according to a priority scheme, and (iv) execute a matching algorithm that maximizes tradable volume when an executable order can not be matched according to the priority scheme. The system may be executed at a server or participant system, or combination of the two.
PCT/US2006/034292 2005-09-07 2006-09-05 Midpoint matching system WO2007030395A2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
EP06814093A EP1922688A4 (en) 2005-09-07 2006-09-05 Midpoint matching system

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US11/222,141 2005-09-07
US11/222,141 US7761364B2 (en) 2005-09-07 2005-09-07 Midpoint matching system

Publications (2)

Publication Number Publication Date
WO2007030395A2 WO2007030395A2 (en) 2007-03-15
WO2007030395A3 true WO2007030395A3 (en) 2007-05-10

Family

ID=37831125

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2006/034292 WO2007030395A2 (en) 2005-09-07 2006-09-05 Midpoint matching system

Country Status (3)

Country Link
US (1) US7761364B2 (en)
EP (1) EP1922688A4 (en)
WO (1) WO2007030395A2 (en)

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Also Published As

Publication number Publication date
US20070055607A1 (en) 2007-03-08
US7761364B2 (en) 2010-07-20
WO2007030395A2 (en) 2007-03-15
EP1922688A4 (en) 2010-10-20
EP1922688A2 (en) 2008-05-21

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