US 12,307,520 B2
Randomized auction notification
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. 18/426,011.
Application 18/426,011 is a continuation of application No. 18/161,319, filed on Jan. 30, 2023, granted, now 11,900,459.
Application 18/161,319 is a continuation of application No. 17/188,525, filed on Mar. 1, 2021, granted, now 11,568,488, issued on Jan. 31, 2023.
Claims priority of provisional application 62/983,320, filed on Feb. 28, 2020.
Claims priority of provisional application 62/983,289, filed on Feb. 28, 2020.
Prior Publication US 2024/0249354 A1, Jul. 25, 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)] 20 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 configures the exchange computer system to operate in: (i) a first mode in which auction operations associated with an order is ceased, and (ii) a second mode in which an auction from a plurality of periodic auctions is conducted and data related to the auction is transmitted, wherein the auction is associated with the order and wherein the auction engine is configured to:
determine, a plurality of delay periods and an auction period, each of the plurality of delay periods being associated with a respective different auction in the plurality of periodic auctions, wherein each delay period in the plurality of delay periods is a different length than other delay periods in the plurality of delay periods and wherein the plurality of periodic auctions share the same auction period, wherein the auction engine is configured to conduct the plurality of periodic auctions
apply, using the first timer, a first delay period from the plurality of delay periods to a first auction in the plurality of periodic auctions;
in response to applying the first delay period, configure the exchange computer system to operate in the first mode in which auction operations associated with a first order and a first matching order is ceased during the first delay period, wherein the first order includes a request for the first auction and the first matching order includes a request from a first device for participation in the first auction;
determine that the first delay period has expired;
generate, for a plurality of devices connected to the exchange computer system, first message data enabling each of the plurality of devices to participate in the first auction;
in response to the determination that the first delay period has expired, configuring the exchange computer system to operate the second mode to conduct the first auction to run for a portion of the auction period, wherein the portion of the auction period is a difference between the auction period and the respective delay period for the auction;
transmit, while the exchange computer system is in the second mode, a notification of the first auction to the plurality of devices; and
in response to determining that the auction period has expired, executing a first transaction based on the first order and a best-priced matching order, wherein the best-priced matching order is determined based on a price of the first matching order and a price of each of one or more first matching orders received during the portion of the auction period.