US 12,307,519 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 Jan. 29, 2024, as Appl. No. 18/425,953.
Application 18/425,953 is a continuation of application No. 18/111,408, filed on Feb. 17, 2023, granted, now 11,887,191.
Application 18/111,408 is a continuation of application No. 17/188,594, filed on Mar. 1, 2021, granted, now 11,587,165, issued on Feb. 21, 2023.
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 2024/0281879 A1, Aug. 22, 2024
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01); G06F 7/58 (2006.01); G06F 9/54 (2006.01)
CPC G06Q 40/04 (2013.01) [G06F 7/582 (2013.01); G06F 9/542 (2013.01)] 23 Claims
OG exemplary drawing
 
1. An exchange computer system comprising:
an auction engine comprising a first timer and a computer processor, wherein the auction engine is configured to perform operations comprising:
determining, by the computer processor and using a first signal comprising a randomly computer-generated value, a first period of time and an auction period associated with an auction, wherein the first signal is provided by one of (i) the auction engine of the exchange computer system, or (ii) from a network connected to the exchange computer system;
configuring the first timer to run for the first period of time, wherein, during the first period of time, the exchange computer system is configured to operate in a first mode that excludes order requests received during the first period of time from the auction;
in response to determining that the first period of time has expired, configuring, by the computer processor, the first timer according to the auction period;
configuring the exchange computer system to operate in a second mode during the auction period, wherein the exchange computer system receives one or more security transaction order requests from one or more user devices connected to the exchange computer system;
associating the one or more security transaction order requests received during the auction period to the auction;
determining that the auction period has expired;
in response to determining that the auction period has expired, selecting, from the one or more security transaction order requests received during the auction period, one security transaction order request based on one or more priority matching rules stored in a database; and
executing a transaction based on the one security transaction order request,
wherein the exchange computer system is configured to transmit, to a display screen, data associated with the executed transaction.