US 11,688,010 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 Jul. 21, 2022, as Appl. No. 17/869,831.
Application 17/869,831 is a continuation of application No. 17/319,181, filed on May 13, 2021, granted, now 11,430,062.
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 2022/0374985 A1, Nov. 24, 2022
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) 20 Claims
OG exemplary drawing
 
1. A system comprising:
a processor and a memory coupled therewith, the memory storing computer executable instructions which, when executed by the processor, cause the processor to:
receive match event data from any of a plurality of hardware match engines, each external to and coupled with the processor, indicative of an extent to which that hardware match engine was able to satisfy an incoming order to transact an associated financial instrument, of a plurality of financial instruments, with at least one previously received but unsatisfied order counter thereto;
store the received match event data in an order book data structure in a memory coupled with the processor and separate from the plurality of hardware match engines;
identify, upon receipt of the match event data using an identification algorithm and the stored match event data when the match event data indicates that the incoming order has not been fully satisfied, one or more orders that were previously received by any of the others of the plurality of hardware match engines but not fully satisfied which, in combination, would at least partially satisfy the incoming order;
generate, when the processor is unable to identify the one or more orders, one or more synthetic solicitations, 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 each of the generated synthetic solicitations 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.