Automated exchange for trading derivative securities
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United States of America Patent
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Jul 17, 2007
Issued Date -
N/A
app pub date -
Apr 18, 2003
filing date -
Nov 3, 1998
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
An automated exchange is provided for trading the financial instruments, such as options contracts. The exchange receives an order to purchase or sell a quantity of the instrument. Information concerning the order is transmitted to one or more market participants. Responses to the transmitted information are received during a predetermined period of time. Trades are executed between the order and the responses. The information transmitted may include only limited information about the order. For example, the party placing the order may remain anonymous. The price of the trade is calculated based on the responses. The order may also trade against previously received orders and quotations.
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