US 11,694,265 B2
System and method for centralized clearing of over the counter foreign exchange instruments
Paul Andrew Bauerschmidt, Chicago, IL (US); Dmitriy Glinberg, Northbrook, IL (US); Edward M. Gogol, Skokie, IL (US); Stephen M. Goldman, Lake Forest, IL (US); Paul I. Lichter, Batavia, IL (US); Jeffrey Robert Mitchell, Porter, IN (US); Ari L. Studnitzer, Northbrook, IL (US); and Tae Seok C. Yoo, Bartlett, IL (US)
Assigned to Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed by Chicago Mercantile Exchange Inc., Chicago, IL (US)
Filed on Oct. 26, 2022, as Appl. No. 17/973,619.
Application 17/973,619 is a continuation of application No. 17/582,183, filed on Jan. 24, 2022, granted, now 11,538,009.
Application 17/582,183 is a continuation of application No. 16/907,958, filed on Jun. 22, 2020, granted, now 11,270,379, issued on Mar. 8, 2022.
Application 16/907,958 is a continuation of application No. 11/590,540, filed on Oct. 31, 2006, granted, now 10,726,479, issued on Jul. 28, 2020.
Claims priority of provisional application 60/738,246, filed on Nov. 18, 2005.
Prior Publication US 2023/0059070 A1, Feb. 23, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01); G06Q 40/00 (2023.01)
CPC G06Q 40/04 (2013.01) [G06Q 40/00 (2013.01)] 26 Claims
OG exemplary drawing
 
1. A computer implemented method comprising:
receiving, via an electronic communications network by a processor of an electronic trading system from a first entity of a plurality of entities, a first request for a first transaction in a financial instrument;
receiving, via the electronic communications network by the processor from a second entity of the plurality of entities, a second request for a second transaction in the financial instrument, wherein the first and second requests are received within a threshold time of each other in an order different from an order in which they were transmitted due to network transmission latency of the electronic communications network;
determining, by the processor, that the first and second requests were received in an order different from an order in which they were transmitted;
forwarding, by the processor, the first and second requests to a matching processor coupled with the processor;
identifying, by the matching processor, a third request previously received via the electronic communications network by the electronic trading system from a third entity of the plurality of entities for a third transaction in the financial instrument where the third transaction is at least partially counter to the first and second transactions but insufficient to satisfy both the first and second transactions; and
matching, by the matching processor, the prior transmitted of the first and second requests with the third request before matching any remainder of the third request with the later transmitted of the first and second requests and subsequently facilitating the transactions therebetween without the electronic trading system communicating data identifying the entities who transmitted the first or second requests and third entity to each other.