US 12,271,948 B2
System and method for automated trading of financial interests
Joseph Schmitt, Toronto (CA); and Stephen Bain, Toronto (CA)
Assigned to CBOE CANADA INC., Toronto (CA)
Filed by Cboe Canada Inc., Toronto (CA)
Filed on Nov. 20, 2023, as Appl. No. 18/515,001.
Application 18/515,001 is a continuation of application No. 17/365,968, filed on Jul. 1, 2021, granted, now 11,823,265.
Application 17/365,968 is a continuation of application No. 16/386,153, filed on Apr. 16, 2019, granted, now 11,087,399, issued on Aug. 10, 2021.
Application 16/386,153 is a continuation of application No. 15/845,721, filed on Dec. 18, 2017, granted, now 10,346,918, issued on Jul. 9, 2019.
Application 15/845,721 is a continuation of application No. 14/744,243, filed on Jun. 19, 2015, granted, now 9,881,338, issued on Jan. 30, 2018.
Application 14/744,243 is a continuation of application No. PCT/CA2014/000510, filed on Jun. 20, 2014.
Claims priority of provisional application 61/838,763, filed on Jun. 24, 2013.
Claims priority of provisional application 61/838,696, filed on Jun. 24, 2013.
Claims priority of provisional application 61/894,608, filed on Oct. 23, 2013.
Claims priority of application No. 2835860 (CA), filed on Dec. 9, 2013; application No. PCT/CA2013/001014 (WO), filed on Dec. 9, 2013; and application No. PCT/CA2013/001016 (WO), filed on Dec. 9, 2013.
Prior Publication US 2024/0087027 A1, Mar. 14, 2024
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 40/04 (2012.01); G06Q 40/06 (2012.01)
CPC G06Q 40/04 (2013.01) [G06Q 40/06 (2013.01)] 21 Claims
OG exemplary drawing
 
1. A method comprising:
receiving, by a smart order router, an order message containing an instruction for a transaction and an identification of a participant;
determining, by the smart order router, that the identification of the participant is associated with a first group of participants based on a participant type of the participant;
in response to the instruction having the identification of the participant associated with a first group of participants,
generating, by the smart order router, a latency instruction to hold execution of the instruction of the order message until after expiration of a delay; and
routing, by the smart order router, the instruction of the order message for execution by a venue, wherein execution is performed after the expiration of the delay when the participant is associated with the first group of participants; and
in response to the instruction having the identification of the participant with a second group of participants, routing, by the smart order router, the instruction for execution by the venue without delay.