US 11,887,191 B2
On-demand auction
Adam Inzirillo, Bay Shore, NY (US); and William Ciabattoni, New York, NY (US)
Assigned to Cboe Exchange, Inc., Chicago, IL (US)
Filed by Cboe Exchange, Inc., Chicago, IL (US)
Filed on Feb. 17, 2023, as Appl. No. 18/111,408.
Application 18/111,408 is a continuation of application No. 17/188,594, filed on Mar. 1, 2021, granted, now 11,587,165.
Claims priority of provisional application 62/983,289, filed on Feb. 28, 2020.
Claims priority of provisional application 62/983,320, filed on Feb. 28, 2020.
Prior Publication US 2023/0351502 A1, Nov. 2, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 20/04 (2012.01); G06Q 40/04 (2012.01); G06F 9/54 (2006.01); G06F 7/58 (2006.01)
CPC G06Q 40/04 (2013.01) [G06F 7/582 (2013.01); G06F 9/542 (2013.01)] 19 Claims
OG exemplary drawing
 
1. A method implemented via an exchange computer system, the method comprising:
receiving a security transaction order that includes an auction request for an auction, wherein the security transaction order is an order to (i) buy an asset at a bid price, or (ii) sell an asset at an offer price;
receiving, from a first device, a first matching order that includes a request for participation;
obtaining a first signal comprising data for a delay timer, the first signal provided by at least one of (i) the exchange computer system, or (ii) from a network connected to the exchange computer system;
determining a first period of time for the delay timer based on the data;
in response to receiving the first matching order and determining the first period of time, configuring the delay timer to run for the first period of time;
initiating (i) the auction corresponding to the security transaction order and the first matching order and (ii) an auction timer that limits the auction to run for a second period of time;
receiving, during the second period of time, one or more additional matching orders from one or more additional devices;
determining that the second period of time has expired;
in response to determining that the second period of time has expired, determining a best-priced matching order based on a price of the first matching order and a price of each of the one or more additional matching orders; and
executing a transaction based on the security transaction order and the best-priced matching order, wherein the security transaction order is traded with the best-priced matching order,
wherein the first device is configured to process orders at a first latency and at least one device from the one or more additional devices is configured to process orders at a second latency, wherein the first latency is smaller than the second latency.