US 12,299,738 B2
Systems and methods for risk-based prioritized transaction message flow
Alexander V. Foygel, Highland Park, IL (US); and Bharat Mittal, Schaumburg, IL (US)
Assigned to TRADING TECHNOLOGIES INTERNATIONAL, INC., Chicago, IL (US)
Filed by TRADING TECHNOLOGIES INTERNATIONAL INC., Chicago, IL (US)
Filed on Jul. 28, 2022, as Appl. No. 17/875,712.
Application 17/875,712 is a continuation of application No. 16/994,150, filed on Aug. 14, 2020, granted, now 11,436,676.
Application 16/994,150 is a continuation of application No. 13/745,287, filed on Jan. 18, 2013, granted, now 10,776,867, issued on Sep. 15, 2020.
Application 13/745,287 is a continuation of application No. 12/637,971, filed on Dec. 15, 2009, granted, now 8,380,575, issued on Feb. 19, 2013.
Prior Publication US 2022/0366496 A1, Nov. 17, 2022
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 30/00 (2023.01); G06Q 30/0601 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) [G06Q 30/0601 (2013.01)] 10 Claims
OG exemplary drawing
 
1. A method comprising:
identifying, by a gateway in communication with at least one electronic exchange, that a first message including a first new order for a first tradeable object and a second message including a second new order for a second tradable object are stored at a queue maintained at the gateway and scheduled for substantially simultaneous transmission to the at least one electronic exchange;
determining, by a message manager maintained at the gateway, a first priority factor for the first message based on a pricing comparison of a first price defined in the first new order to a first reference market price level that reflects current market data for the first tradeable object, wherein the first priority factor reflects a likelihood of an event occurring based on the first message being sent;
determining, by the message manager maintained at the gateway, a second priority factor to the second message based on a pricing comparison of a second price defined in the second new order to a second reference price level that reflects current market data for the second tradeable object, wherein the second priority reflects a likelihood of an event occurring based on the second message being sent;
assigning, by the message manager maintained at the gateway, a first priority level for the first transaction message based on the first priority factor and a first new order quantity defined in the first new order, and a second priority level for the second new order based on the second priority factor and a second new order quantity defined in the second new order, wherein the first priority level is a higher priority level than the second priority level;
processing, at the queue maintained at the gateway, the first message according to the assigned first priority level and a threshold limit associated with the first priority level of the first message, wherein the first message is processed prior to the second message assigned the second priority level;
sending, by the gateway, the first message stored in the queue to a first electronic exchange prior to sending the second message stored in the queue to a second electronic exchange when the message manager determines that the threshold limit is not reached; and
storing, by the gateway, the first message in the queue associated with the corresponding priority level until a predetermined event is detected when the threshold limit is reached, wherein the queue is defined in a memory of the computing device.