Method and apparatus for setting a price for a security on an automated exchange based on a comparison of prices on other exchanges
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United States of America Patent
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Apr 23, 2002
Grant Date -
Feb 14, 2002
app pub date -
Nov 5, 1998
filing date -
Nov 5, 1998
priority date (Note) -
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status (Latency Note)
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Abstract
In an automated exchange system a method and a device which automatically checks the corresponding price in other exchange's order books is provided the exchange only allows a match if a better price cannot be found elsewhere. In a preferred embodiment the order is automatically transferred to the exchange having the better price if this is the case, and the order is further processed at that exchange the method and device provides means so that investors will not have to worry about getting a better price elsewhere, when entering bids into an automated exchange.
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