SG11201805490UA - Priority matching for maker orders exhibiting delayed cancelation - Google Patents

Abstract

INTERNATIONAL APPLICATION PUBLISHED UNDER THE PATENT COOPERATION TREATY (PCT) (19) World Intellectual Property -, Organization 111111110111101110101011111010111110111011100111101110111011111111101111011111 International Bureau 0.. .1 j ..... ......!;,,, (10) International Publication Number (43) International Publication Date WO 2017/139744 Al 17 August 2017 (17.08.2017) WIPO I PCT (51) International Patent Classification: AO, AT, AU, AZ, BA, BB, BG, BH, BN, BR, BW, BY, G06Q 40/00 (2012.01) G06Q 40/06 (2012.01) BZ, CA, CH, CL, CN, CO, CR, CU, CZ, DE, DJ, DK, DM, G06Q 40/04 (2012.01) DO, DZ, EC, EE, EG, ES, FI, GB, GD, GE, GH, GM, GT, HN, HR, HU, ID, IL, IN, IR, IS, JP, KE, KG, KH, KN, (21) International Application Number: KP, KR, KW, KZ, LA, LC, LK, LR, LS, LU, LY, MA, PCT/US2017/017633 MD, ME, MG, MK, MN, MW, MX, MY, MZ, NA, NG, (22) International Filing Date: NI, NO, NZ, OM, PA, PE, PG, PH, PL, PT, QA, RO, RS, 13 February 2017 (13.02.2017) RU, RW, SA, SC, SD, SE, SG, SK, SL, SM, ST, SV, SY, TH, TJ, TM, TN, TR, TT, TZ, UA, UG, US, UZ, VC, VN, (25) Filing Language: English ZA, ZM, ZW. (26) Publication Language: English (84) Designated States (unless otherwise indicated, for every (30) Priority Data: kind of regional protection available): ARIPO (BW, GH, 62/293,848 11 February 2016 (11.02.2016) US GM, KE, LR, LS, MW, MZ, NA, RW, SD, SL, ST, SZ, TZ, UG, ZM, ZW), Eurasian (AM, AZ, BY, KG, KZ, RU, (71) Applicant: THOMSON REUTERS GLOBAL RE- TJ, TM), European (AL, AT, BE, BG, CH, CY, CZ, DE, SOURCES UNLIMITED COMPANY [IE/CH]; Neuhof- DK, EE, ES, FI, FR, GB, GR, HR, HU, IE, IS, IT, LT, LU, strasse 1, 6340 Baar (CH). LV, MC, MK, MT, NL, NO, PL, PT, RO, RS, SE, SI, SK, (72) Inventor; and SM, TR), OAPI (BF, BJ, CF, CG, CI, CM, GA, GN, GQ, GW, KM, ML, MR, NE, SN, TD, TG). (71) Applicant or US only): MELTON, Hayden, Paul [US/US]; 1733 N. Mascher Street, Philadelphia, PA 19122 Declarations under Rule 4.17: (US). — as to applicant's entitlement to apply for and be granted a (74) Agents: KOO, Hean, L. et al.; Sheppard Mullin Richter & patent (Rule 4.17(ii)) Hampton LLP, 2099 Pennsylvania Avenue, NW, Suite 100, Washington, DC 20006 (US). Published: — with international search report (Art. 21(3)) (81) Designated States (unless otherwise indicated, for every kind of national protection available): AE, AG, AL, AM, (54) Title: PRIORITY MATCHING FOR MAKER ORDERS CANCEL REQUEST EXHIBITING DELAYED CANCELATION 110 s_ MESSAGE(S) Ed \" 11 C) 11 H 1 MARKET irl Q U EUE - 4' BID OR PARTICIPANT(S) • : o ORDER OFFER STATE ES2 ‘ MANAGER } jaQ 0 2 *1 11111 12st NEW ORDER MESSAGE(S) Ea 113 11 71' PROCESSOR(S) 112 STORAGE DEVICE(S) Jfl REPO T-R 71' , IN 01 FIG. 1 M Il ---- (57) : An electronic trading venue (ETV) may prioritize maker orders that specify or are associated with cancel delay values IN by selecting a maker order to be matched with taker orders before competing maker orders, at the same price level for a given instru - ment, that have smaller or no cancel delay values. Such prioritization may occur even if the competing maker orders were received N before the maker order. A cancel delay value indicates an amount of time that must pass after a request to cancel a maker order is re - O ceived before the ETV actually cancels the maker order. Thus, in exchange for prioritization, maker orders will be subject to a can - ,.1 celation delay that starts after a cancel request is received and during which a maker order will not be canceled. Takers may benefit from this by being able to match with a maker order before it can be canceled.