CPC G06Q 40/04 (2013.01) | 30 Claims |
1. A computer system comprising:
a processor operatively coupled to a memory, the memory storing instructions that, when executed by the processor, cause the computer system to:
monitor market data in an electronic market;
initiate an online auction responsive to at least one predetermined market condition based on the monitored market data, the online auction having a duration that is unknown to market participants;
receive one or more firm limit orders from one or more computer devices associated with the market participants;
store, in an order book, the one or more firm limit orders received during the duration of the online auction;
screen, from the order book, the stored orders by comparing order data in the stored orders against a reference price to identify eligible firm limit orders and ineligible firm limit orders among the stored orders;
remove, from the order book, the ineligible firm limit orders among the one or more firm limit orders received during the duration of the online auction based on the comparison against the reference price; and
execute, from the order book, only a remainder of the one or more firm limit orders stored in the order book identified as the eligible firm limit orders.
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