US 11,941,698 B2
Transactionally deterministic high speed financial exchange having improved, efficiency, communication, customization, performance, access, trading opportunities, credit controls, and fault tolerance
Ari Studnitzer, Northbrook, IL (US); Zachary Bonig, Skokie, IL (US); Ryan Eavy, Chicago, IL (US); and Frank Kmiec, Chicago, IL (US)
Assigned to Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed by Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed on May 15, 2023, as Appl. No. 18/197,188.
Application 18/197,188 is a continuation of application No. 17/869,831, filed on Jul. 21, 2022, granted, now 11,688,010.
Application 17/869,831 is a continuation of application No. 17/319,181, filed on May 13, 2021, granted, now 11,430,062, issued on Aug. 30, 2022.
Application 17/319,181 is a continuation of application No. 14/074,663, filed on Nov. 7, 2013, granted, now 11,037,239, issued on Jun. 15, 2021.
Prior Publication US 2023/0281713 A1, Sep. 7, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 24 Claims
OG exemplary drawing
 
1. A system comprising:
a processor external to a plurality of hardware match engines and coupled therewith via an electronic communications network, each of the plurality of hardware match engines comprising a database which stores data indicative of orders previously received thereby which remain unsatisfied, wherein each of the plurality of hardware match engines is unable to access the databases of the others, the processor further coupled with a memory which stores computer executable instructions which, when executed by the processor, cause the processor to:
receive data indicative of each of the plurality of hardware match engines attempts thereby to satisfy received incoming orders for a transaction of at least one financial instrument, and store the received data in the memory as representative of all unsatisfied orders stored in all of the databases of the plurality of hardware match engines;
determine, using the data stored in the memory when the received data is indicative of one of the plurality of hardware match being unable to fully satisfy an incoming order received thereby, that there is no data stored in the memory indicative of a combination of one or more unsatisfied orders of at least one other of the plurality of match engines, where a transaction between the incoming order and any of the identified unsatisfied orders would at least partially satisfy the incoming order;
generate, based on the determination, at least one synthetic solicitation, each for a counter order to transact one or more of the plurality of financial instruments, whose receipt by the hardware match engine associated with the financial instrument of the synthetic solicitation would enable, alone or in combination with one or more orders that were previously received by any of the others of the plurality of hardware match engines but not fully satisfied, the incoming order to be fully satisfied; and
communicate the at least one generated synthetic solicitation to the hardware match engine, of the plurality of hardware match engines, associated with the financial instrument of the synthetic solicitation, wherein the submission of the synthetic solicitation causes the receiving match engine to generate match event data based thereon indicative of the received synthetic solicitation not being at least fully satisfied and communicate the generated match event data to the plurality of market participants to solicit an order counter to the synthetic solicitation.