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1. 发明申请

US20120158567A1 HYBRID TRADING SYSTEM FOR CONCURRENTLY TRADING THROUGH BOTH ELECTRONIC AND OPEN-OUTCRY TRADING MECHANISMS 审中-公开
标题翻译：通过电子交易和开放式交易机制进行交易的混合交易系统
公开(公告)号：US20120158567A1
公开(公告)日：2012-06-21
申请号：US13215894
申请日：2011-08-23
申请人： Anthony J. Carone , Mark A. Esposito , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith , Edward T. Tilly
发明人： Anthony J. Carone , Mark A. Esposito , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith , Edward T. Tilly
IPC分类号： G06Q40/04
CPC分类号： G06Q30/08 , G06Q40/04 , G06Q40/06
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, and providing market making rights of varying degrees to entities having a physical presence on the floor of the exchange and entities remotely located away from the trading floor. The system includes a trade engine configured for receiving orders from market makers on and away from the trading floor. The system also includes executable instructions for allocating to designated primary market makers a portion of an incoming order remaining after first trading against public customer orders.
摘要翻译：提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。一种方法包括允许将多个报价传播到市场，并且在不同程度上向交易所的实体存在的实体和远离交易大厅的实体提供不同程度的市场制造权。该系统包括配置用于接收来自交易大厅之外的市场制造者的订单的交易引擎。该系统还包括可执行指令，用于向指定的主要市场制造商分配在首次交易之后的公开客户订单中剩余的进入订单的一部分。

2. 发明授权

US07653588B2 Method and system for providing order routing to a virtual crowd in a hybrid trading system 有权
标题翻译：用于向混合交易系统中的虚拟人群提供订单路由的方法和系统
公开(公告)号：US07653588B2
公开(公告)日：2010-01-26
申请号：US11321065
申请日：2005-12-29
申请人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith
发明人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith
IPC分类号： G06Q99/00
CPC分类号： G06Q40/04
摘要： A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market is disclosed. The method may include receiving a marketable order for a security or derivative at the exchange, wherein the exchange has a price that differs from a national best bid or offer price, routing the marketable order to a trade engine, disseminating a request for price message to all market makers quoting a class in response to receiving the marketable order, the request for price message including a price equal to the national best bid or offer price, receiving a response message at the electronic trade engine in response to the request for price message from at least one market maker, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, and allocating the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order.
摘要翻译：公开了一种在将订单自动连接到远离市场之前向交易所中的虚拟交易人群提供订单的方法。该方法可以包括接收交易所的证券或衍生工具的可销售订单，其中交易所具有不同于国家最佳投标或报价的价格，将可销售订单转交给交易引擎，向价格信息传播请求所有市场参与者响应收到可销售订单，引用价格信息的请求，包括等于国家最佳出价或报价的价格，在电子交易引擎响应于价格信息请求收到响应消息至少一个制造商，发起报价触发器，其中所述报价触发发生N秒的时间段，并且根据分配算法分配所述订单，其中限制每个制造商的订单大小以防止所分配部分的充气的顺序。

3. 发明授权

US08296218B2 Method and system for providing an automated auction for internalization and complex orders in a hybrid trading system 有权
标题翻译：在混合交易系统中为内部化和复杂订单提供自动化拍卖的方法和系统
公开(公告)号：US08296218B2
公开(公告)日：2012-10-23
申请号：US12649047
申请日：2009-12-29
申请人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , James Gazis , Anthony Montesano , Eileen C. Smith
发明人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , James Gazis , Anthony Montesano , Eileen C. Smith
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q30/08 , G06Q40/06
摘要： A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
摘要翻译：披露了一种在交易所内提供用于购买或出售证券或衍生品的内部化自动化拍卖的方法。该方法可以包括在电子交易引擎处接收订单，响应于接收到该订单向至少一个用户传播价格消息请求，响应于请求的请求接收表示参与者类型的单侧响应消息价格消息，从多个分配算法中选择分配算法，启动所选择的分配算法，并且在所选拍卖终止时根据参与者类型分配订单。该系统可以包括电子交易引擎，其被配置为响应于订单传播拍卖消息，分配算法的数据库以及用于根据所述分配算法之一发起拍卖的交易处理器，并且在定义的提前终止事件时终止拍卖。

4. 发明授权

US10417708B2 Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms 有权
公开(公告)号：US10417708B2
公开(公告)日：2019-09-17
申请号：US13715476
申请日：2012-12-14
申请人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
发明人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
IPC分类号： G06Q40/04 , G06Q40/00
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.

5. 发明授权

US07613650B2 Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms 有权
标题翻译：通过电子和公开喊价交易机制同时交易证券或衍生品的混合交易系统
公开(公告)号：US07613650B2
公开(公告)日：2009-11-03
申请号：US10423201
申请日：2003-04-24
申请人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
发明人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
IPC分类号： G06Q99/00
CPC分类号： G06Q40/04 , G06Q40/00
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
摘要翻译：提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。一种方法包括允许将多个报价传播到市场，但将市场制造限于只有在交易所的地板上具有实体存在的实体。增强混合电子和开放式交换交换的方法还包括自动消除交叉引号和锁定报价，同时允许某些订单与锁定报价进行交易。

6. 发明申请

US20130238481A1 HYBRID TRADING SYSTEM FOR CONCURRENTLY TRADING SECURITIES OR DERIVATIVES THROUGH BOTH ELECTRONIC AND OPEN-OUTCRY TRADING MECHANISMS 审中-公开
标题翻译：混合交易系统，用于通过电子和开放式交易机制共同交易证券或衍生产品
公开(公告)号：US20130238481A1
公开(公告)日：2013-09-12
申请号：US13715476
申请日：2012-12-14
申请人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
发明人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
IPC分类号： G06Q40/04
CPC分类号： G06Q40/04 , G06Q40/00
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
摘要翻译：提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。一种方法包括允许将多个报价传播到市场，但将市场制造限于只有在交易所的地板上具有实体存在的实体。增强混合电子和开放式交换交换的方法还包括自动消除交叉引号和锁定报价，同时允许某些订单与锁定报价进行交易。

7. 发明授权

US08346652B2 Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms 有权
公开(公告)号：US08346652B2
公开(公告)日：2013-01-01
申请号：US12560981
申请日：2009-09-16
申请人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
发明人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.

8. 发明申请

US20100082473A1 HYBRID TRADING SYSTEM FOR CONCURRENTLY TRADING SECURITIES OR DERIVATIVES THROUGH BOTH ELECTRONIC AND OPEN-OUTCRY TRADING MECHANISMS 有权
标题翻译：混合交易系统，用于通过电子和开放式交易机制共同交易证券或衍生产品
公开(公告)号：US20100082473A1
公开(公告)日：2010-04-01
申请号：US12560981
申请日：2009-09-16
申请人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
发明人： Eileen C. Smith , Anthony Montesano , Edward T. Tilly , Mark A. Esposito , Stuart J. Kipnes , Anthony J. Carone
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
摘要翻译：提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。一种方法包括允许将多个报价传播到市场，但将市场制造限于只有在交易所的地板上具有实体存在的实体。增强混合电子和开放式交换交换的方法还包括自动消除交叉引号和锁定报价，同时允许某些订单与锁定报价进行交易。

9. 发明授权

US07552083B2 Hybrid trading system for concurrently trading through both electronic and open-outcry trading mechanisms 有权
标题翻译：通过电子和开放式交易机制同时交易的混合交易系统
公开(公告)号：US07552083B2
公开(公告)日：2009-06-23
申请号：US11291086
申请日：2005-11-30
申请人： Anthony J. Carone , Mark A. Esposito , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith , Edward T. Tilly
发明人： Anthony J. Carone , Mark A. Esposito , Stuart J. Kipnes , Anthony Montesano , Eileen C. Smith , Edward T. Tilly
IPC分类号： G06Q40/00
CPC分类号： G06Q30/08 , G06Q40/00 , G06Q40/04 , G06Q40/06
摘要： A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, and providing market making rights of varying degrees to entities having a physical presence on the floor of the exchange and entities remotely located away from the trading floor. The system includes a trade engine configured for receiving orders from market makers on and away from the trading floor. The system also includes executable instructions for allocating to designated primary market makers a portion of an incoming order remaining after first trading against public customer orders.
摘要翻译：提供了一种在电子交易机制和开放式交易机制的组合中配置交易的交易中分配订单的系统和方法。一种方法包括允许将多个报价传播到市场，并且在不同程度上向交易所的实体存在的实体和远离交易大厅的实体提供不同程度的市场制造权。该系统包括配置用于接收来自交易大厅之外的市场制造者的订单的交易引擎。该系统还包括可执行指令，用于向指定的主要市场制造商分配在首次交易之后的公开客户订单中剩余的进入订单的一部分。

10. 发明申请

US20130179321A1 METHOD AND SYSTEM FOR PROVIDING AN AUTOMATED AUCTION FOR INTERNALIZATION AND COMPLEX ORDERS IN A HYBRID TRADING SYSTEM 审中-公开
标题翻译：用于在混合交易系统中提供内部和复杂订单的自动拍卖的方法和系统
公开(公告)号：US20130179321A1
公开(公告)日：2013-07-11
申请号：US13630647
申请日：2012-09-28
申请人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , James Gazis , Anthony Montesano , Eileen C. Smith
发明人： Edward T. Tilly , Anthony J. Carone , Stuart J. Kipnes , James Gazis , Anthony Montesano , Eileen C. Smith
IPC分类号： G06Q40/04
CPC分类号： G06Q40/04 , G06Q30/08 , G06Q40/06
摘要： A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
摘要翻译：披露了一种在交易所内提供用于购买或出售证券或衍生品的内部化自动化拍卖的方法。该方法可以包括在电子交易引擎处接收订单，响应于接收到该订单向至少一个用户传播价格消息请求，响应于请求的请求接收表示参与者类型的单侧响应消息价格消息，从多个分配算法中选择分配算法，启动所选择的分配算法，并且在所选拍卖终止时根据参与者类型分配订单。该系统可以包括电子交易引擎，其被配置为响应于订单传播拍卖消息，分配算法的数据库以及用于根据所述分配算法之一发起拍卖的交易处理器，并且在定义的提前终止事件时终止拍卖。

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