US 12,299,741 B2
Fee/rebate contingent order matching system and method
Steven I. Givot, Chicago, IL (US)
Assigned to NYSE Chicago, Inc., Chicago, IL (US)
Filed by NYSE Chicago, Inc., Chicago, IL (US)
Filed on Jul. 31, 2024, as Appl. No. 18/790,441.
Application 17/732,593 is a division of application No. 17/307,190, filed on May 4, 2021, granted, now 11,354,742, issued on Jun. 7, 2022.
Application 17/307,190 is a division of application No. 13/290,206, filed on Nov. 7, 2011, granted, now 11,068,979, issued on Jul. 20, 2021.
Application 18/790,441 is a continuation of application No. 18/616,408, filed on Mar. 26, 2024, granted, now 12,086,882.
Application 18/616,408 is a continuation of application No. 18/494,148, filed on Oct. 25, 2023, granted, now 11,972,484, issued on Apr. 30, 2024.
Application 18/494,148 is a continuation of application No. 18/117,777, filed on Mar. 6, 2023, granted, now 11,842,402, issued on Dec. 12, 2023.
Application 18/117,777 is a continuation of application No. 17/732,593, filed on Apr. 29, 2022, granted, now 11,636,404, issued on Apr. 25, 2023.
Prior Publication US 2024/0394794 A1, Nov. 28, 2024
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01); G06Q 10/04 (2023.01)
CPC G06Q 40/04 (2013.01) [G06Q 10/04 (2013.01)] 7 Claims
OG exemplary drawing
 
1. A method for matching using at least a contingent order matching system (COMS), the method comprising:
maintaining a plurality of stored electronic orders in a storage register in a first format that is compliant with the COMS, wherein the plurality of stored electronic orders are ranked according to a primary criteria and a secondary criteria;
receiving, over a network, incoming electronic orders in a second format that are only compliant for processing by an independent exchange system, at least a portion of the incoming electronic orders comprising contingency information; and
executing an order matching algorithm that converts the incoming electronic orders to the first format, thereby obviating a need for multiple exchange systems, including said independent exchange system, said executing comprising:
validating the incoming electronic orders, the validating comprising determining that the incoming electronic orders include requisite data for processing, and
matching the validated electronic orders with one or more stored orders of the plurality of stored electronic orders in the storage register, the matching based on a ranked priority which matches the one or more stored orders first by the primary criteria and then by the secondary criteria, except when at least one order of the one or more stored orders is determined to be unmatchable based on the contingency information, wherein if matched, the at least one order yields priority to lower ranked stored electronic orders in the storage register having a same primary criteria.