Invention Grant
- Patent Title: Systems and methods for processing full or partially displayed dynamic peg orders in an electronic trading system
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Application No.: US15368010Application Date: 2016-12-02
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Publication No.: US10706470B2Publication Date: 2020-07-07
- Inventor: Adrian Facini , Francis Chung , Daniel Aisen , Robert Park , Bradley Katsuyama , Constantine Sokoloff
- Applicant: IEX GROUP, INC.
- Applicant Address: US NY New York
- Assignee: IEX Group, Inc.
- Current Assignee: IEX Group, Inc.
- Current Assignee Address: US NY New York
- Agency: Goodwin Procter LLP
- Main IPC: G06Q30/08
- IPC: G06Q30/08 ; G06Q40/04

Abstract:
A specialized memory structure is provided for storing parts of orders received at an electronic trading system. A received order is divided into a displayed portion and a non-displayed portion, and each portion is allocated to a respective part of the memory structure. The memory structure is configured such that while matching the order with a contra order, priority is given to the displayed portion over the non-displayed portion. If such a match occurs, the displayed portion may be replenished. The matching in the non-displayed portion generally occurs according to rules of applying discretion. The matching in the displayed portion may occur at the displayed price or according to the rules of discretion.
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