IP Library › Granted Patent US 12,586,091
Granted Patent B2
US 12,586,091 · App. 18/933,157 · Granted Mar 24, 2026

Detection and mitigation of effects of high velocity value changes based upon match event outcomes

Inventors: Neil A. Lustyk (Lisle, IL); John Scheerer (Frankfort, IL); James Bailey (Hanover Park, IL); Paul Millhuff (Tinley Park, IL)
Assignee: Chicago Mercantile Exchange Inc.
G06Q30/0201G06Q40/04G06Q40/00G06Q40/03
View Patent ↗
Loading inventors, assignments & file history…
Monitor This Case
Get email alerts when status or documents change.
Order Certified Copies
Most orders are placed with the USPTO same day — all within 24 business hours.
Order via The Patent Place →
Pre-filled with this patent's details
Quick Facts
Patent No.
US 12,586,091
App. No.
18/933,157
Granted
Mar 24, 2026
Kind
B2
Abstract

A processing module may be centralized and coupled to multiple inputs from customers, and behave deterministically, e.g., programmed to depend on state, inputs and outputs. The rapid speed of automated trading systems implementing such a centralized, deterministic module, where all users can access a central limit order object, can quickly result in an object state that does not reflect a true consensus or desirable state. Accordingly the resulting problem is a problem arising in computer systems due in part to the high speeds of computer systems. The solutions disclosed herein are, in one embodiment, implemented as automatic responses and actions by a computing system.

Claims (36)

1 . A computer implemented method comprising:

determining, automatically by a processor based on a current state of a data transaction processing system operative to automatically process electronic data transaction requests as they are received against previously received electronic data transaction requests which results in at least one change to data indicative of a state stored in a data structure maintained by the data transaction processing system, a degree by which the processing of a received electronic data transaction request will change the state of the data transaction processing system, and assigning a comparison value based thereon;

identifying, by the processor, upon elapse of two or more time intervals, a comparative value; and

determining, by the processor, one of that a first difference between the assigned comparison value and the comparative value of an earlier of the two or more time intervals deviates from a first threshold value, or that a second difference between the assigned comparison value and the comparative value of a later of the two or more time intervals deviates from a second threshold value; and

preventing, automatically by the processor based on the determination, subsequent changes to the state of the data transaction processing system by preventing processing of electronic data transaction requests received thereby.

2 . The computer implemented method of claim 1 , wherein the two or more time intervals are contiguous.

3 . The computer implemented method of claim 1 , wherein the comparison value is based on only the received electronic data transaction request when the received electronic data transaction request cannot be processed, based on the received electronic data transaction request and all previously received electronic data transaction requests against which the received electronic data transaction request can transact when the received electronic data transaction request can only be partially processed, and based on only all previously received electronic data transaction requests against which the received electronic data transaction request can transact when the received electronic data transaction request can be entirely processed.

4 . The computer implemented method of claim 1 , further comprises enabling, subsequent to the preventing, processing of electronic data transaction requests received by the data transaction processing system when a pre-determined condition is satisfied.

5 . The computer implemented method of claim 4 , wherein the pre-determined condition comprises a passage of a pre-determined amount of time after receiving the electronic data transaction request message.

6 . The computer implemented method of claim 4 , wherein the pre-determined condition comprises receiving a pre-determined number of subsequent electronic data transaction request messages to perform transactions after receiving the electronic data transaction request message.

7 . The computer implemented method of claim 1 , wherein a length of the earlier of the two or more time intervals is different from a length of the later of the two or more time intervals.

8 . The computer implemented method of claim 1 , wherein the first and second threshold values are different.

9 . The computer implemented method of claim 1 , wherein identifying the first or second comparative values comprises determining one or more of: a minimum value of a data object over the earlier or later time intervals, respectively; a maximum value of the data object over the earlier or later time intervals, respectively; or an average of the value of the data object over the earlier or later time intervals, respectively.

10 . The computer implemented method of claim 1 , wherein the data transaction processing system is an exchange computing system, and wherein the electronic data transaction requests comprise requests to transact a data object which represents a financial instrument traded in the exchange computing system.

11 . The computer implemented method of claim 10 , wherein the comparative value comprises a bid price of the financial instrument, an ask price of the financial instrument, a last traded price of the financial instrument, a last traded quantity of the financial instrument, a volatility of the financial instrument, a market attribute, or a combination thereof.

12 . A system comprising:

a computer processor coupled with a memory, the computer processor specifically configured to:

determine, automatically based on a current state of a data transaction processing system operative to automatically process electronic data transaction requests as they are received against previously received electronic data transaction requests which results in at least one change to data indicative of a state stored in a data structure maintained by the data transaction processing system, a degree by which the processing of a received electronic data transaction request will change the state of the data transaction processing system, and assigning a comparison value based thereon;

identify, upon elapse of two or more time intervals, a comparative value; and

determine one of that a first difference between the assigned comparison value and the comparative value of an earlier of the two or more time intervals deviates from a first threshold value, or that a second difference between the assigned comparison value and the comparative value of a later of the two or more time intervals deviates from a second threshold value; and

prevent, automatically based on the determination, subsequent changes to the state of the data transaction processing system by preventing processing of electronic data transaction requests received thereby.

13 . The system of claim 12 , wherein the two or more time intervals are contiguous.

14 . The system of claim 12 , wherein the comparison value is based on only the received electronic data transaction request when the received electronic data transaction request cannot be processed, based on the received electronic data transaction request and all previously received electronic data transaction requests against which the received electronic data transaction request can transact when the received electronic data transaction request can only be partially processed, and based on only all previously received electronic data transaction requests against which the received electronic data transaction request can transact when the received electronic data transaction request can be entirely processed.

15 . The system of claim 12 , wherein the computer processor is further configured to, subsequent to the prevention, enable processing of electronic data transaction requests received by the data transaction processing system when a pre-determined condition is satisfied.

16 . The system of claim 15 , wherein the pre-determined condition comprises a passage of a pre-determined amount of time after receiving the electronic data transaction request message.

17 . The system of claim 15 , wherein the pre-determined condition comprises receiving a pre-determined number of subsequent electronic data transaction request messages to perform transactions after receiving the electronic data transaction request message.

18 . The system of claim 12 , wherein a length of the earlier of the two or more time intervals is different from a length of the later of the two or more time intervals.

19 . The system of claim 12 , wherein the first and second threshold values are different.

20 . The system of claim 12 , wherein identification of the first or second comparative values comprises a determination of one or more of: a minimum value of a data object over the earlier or later time intervals, respectively; a maximum value of the data object over the earlier or later time intervals, respectively; or an average of the value of the data object over the earlier or later time intervals, respectively.

21 . The system of claim 12 , wherein the data transaction processing system is an exchange computing system, and wherein the electronic data transaction requests comprise requests to transact a data object which represents a financial instrument traded in the exchange computing system.

22 . The system of claim 21 , wherein the comparative value comprises a bid price of the financial instrument, an ask price of the financial instrument, a last traded price of the financial instrument, a last traded quantity of the financial instrument, a volatility of the financial instrument, a market attribute, or a combination thereof.

23 . A system comprising:

means for determining, automatically based on a current state of a data transaction processing system operative to automatically process electronic data transaction requests as they are received against previously received electronic data transaction requests which results in at least one change to data indicative of a state stored in a data structure maintained by the data transaction processing system, a degree by which the processing of a received electronic data transaction request will change the state of the data transaction processing system, and assigning a comparison value based thereon;

means for identifying, upon elapse of two or more time intervals, a comparative value; and

means for determining one of that a first difference between the assigned comparison value and the comparative value of an earlier of the two or more time intervals deviates from a first threshold value, or that a second difference between the assigned comparison value and the comparative value of a later of the two or more time intervals deviates from a second threshold value; and

means for preventing, automatically based on the determination, subsequent changes to the state of the data transaction processing system by preventing processing of electronic data transaction requests received thereby.

Assignments (1)
ASSIGNMENT OF ASSIGNOR'S INTEREST Recorded Nov 1, 2024
From: LUSTYK, NEIL A.; SCHEERER, JOHN; BAILEY, JAMES; MILLHUFF, PAUL
To: CHICAGO MERCANTILE EXCHANGE INC.
Reel/Frame 069109/0634 →
Continuity (5)
Continuation 18489955 · Oct 19, 2023
Continuation 17527363 · Nov 16, 2021
Continuation 16992577 · Aug 13, 2020
Continuation 15091626 · Apr 6, 2016
Related Publication 20250061475A1 · Feb 20, 2025
References Cited (201)
US 4903201A · Wagner · 1990 [cited by applicant]
US 6016483A · Rickard et al. · 2000 [cited by applicant]
US 6418419B1 · Nieboer et al. · 2002 [cited by applicant]
US 6772132B1 · Kemp, II et al. · 2004 [cited by applicant]
US 7082410B1 · Anaya et al. · 2006 [cited by applicant]
US 7099839B2 · Madoff et al. · 2006 [cited by applicant]
US 7356499B1 · Amburn · 2008 [cited by applicant]
US 7430533B1 · Cushing · 2008 [cited by applicant]
US 7835972B2 · Almeida et al. · 2010 [cited by applicant]
US 7908204B2 · Boglaev · 2011 [cited by applicant]
US 8103576B2 · Farrell et al. · 2012 [cited by applicant]
US 8112347B2 · Farrell et al. · 2012 [cited by applicant]
US 8296220B2 · Almeida et al. · 2012 [cited by applicant]
US 8560418B2 · Zagara et al. · 2013 [cited by applicant]
US 8666875B1 · Scheerer et al. · 2014 [cited by applicant]
US 8751363B2 · Cushing et al. · 2014 [cited by applicant]
US 8924278B2 · Farrell et al. · 2014 [cited by applicant]
US 10636088B2 · Glinberg · 2020 [cited by examiner]
US 20010032163A1 · Fertik et al. · 2001 [cited by applicant]
US 20010042036A1 · Sanders · 2001 [cited by applicant]
US 20010047308A1 · Kaminsky et al. · 2001 [cited by applicant]
US 20010049651A1 · Selleck · 2001 [cited by applicant]
US 20020019795A1 · Madoff et al. · 2002 [cited by applicant]
US 20020073018A1 · Mulinder et al. · 2002 [cited by applicant]
US 20020103742A1 · Billings et al. · 2002 [cited by applicant]
US 20020156718A1 · Olsen et al. · 2002 [cited by applicant]
US 20030069830A1 · Morano et al. · 2003 [cited by applicant]
US 20040073438A1 · Fox et al. · 2004 [cited by applicant]
US 20040210504A1 · Rutman · 2004 [cited by applicant]
US 20050049956A1 · Ballman · 2005 [cited by applicant]
US 20050075965A1 · Cutler · 2005 [cited by applicant]
US 20050075966A1 · Duka · 2005 [cited by applicant]
US 20050108141A1 · Farrell · 2005 [cited by examiner]
US 20050283423A1 · Moser et al. · 2005 [cited by applicant]
US 20060167779A1 · Turner · 2006 [cited by applicant]
US 20060173764A1 · Costakis et al. · 2006 [cited by applicant]
US 20070005481A1 · Kedia et al. · 2007 [cited by applicant]
US 20080015970A1 · Brookfield et al. · 2008 [cited by applicant]
US 20090063358A1 · Smith · 2009 [cited by applicant]
US 20100017321A1 · Callaway · 2010 [cited by examiner]
US 20100121759A1 · Waelbroeck et al. · 2010 [cited by applicant]
US 20100287114A1 · Bartko · 2010 [cited by examiner]
US 20110060677A1 · Almeida et al. · 2011 [cited by applicant]
US 20110276459A1 · Cushing et al. · 2011 [cited by applicant]
US 20110320338A1 · Farrell et al. · 2011 [cited by applicant]
US 20120011044A1 · Vasinkevich · 2012 [cited by applicant]
US 20120022997A1 · Vasinkevich · 2012 [cited by applicant]
US 20120166329A1 · Kline et al. · 2012 [cited by applicant]
US 20130185187A1 · Vasinkevich · 2013 [cited by applicant]
US 20130218740A1 · Lutnick · 2013 [cited by examiner]
US 20140297504A1 · Bergenudd · 2014 [cited by examiner]
US 20150170273A1 · Barry et al. · 2015 [cited by applicant]
US 20150269050A1 · Filimonov · 2015 [cited by examiner]
US 20170293974A1 · Konduru · 2017 [cited by examiner]
JP 2002183446 · 2002 [cited by applicant]
WO 2014046869A2 · 2014 [cited by applicant]
An Internet Multicast System for the Stock Market by N. F. Maxemchuk, D. H. Shur Cite as: arXiv:cs/0002011 [cs.NI] (or arXiv:cs/0002011v1 [cs.NI] for this version), https://doi.org/10.48550/arXiv.cs/0002011 (Year: 2011)… [cited by examiner]
Knowledge-based Exception Handling in Securities Transactions* Minhong Wang, Huaiqing Wang, Kwok Kit Wan and Dongming Xu Department of Information Systems, City University of Hong Kong, Hong Kong. Proceedings of the 37t… [cited by examiner]
Minong Wang, Huaiqing Wang, Kwok Kit Wan and Dongming Xu, “Knowledge-based exception handling in securities transactions,” 37th Annual Hawaii International Conference on System Sciences, 2004. Proceedings of the, 2004, … [cited by examiner]
“Exchange News 2001”, ASE.com, Available at http://www.ase.com.jo/en/exchange-news-2001, Effective Apr. 15, 2001. [cited by applicant]
“Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change . . . Relating to the Establishment of Trade and Quote Halt Authority for the NADS's OTCBB Service”, Securities and Exchange Commission Release No… [cited by applicant]
“User Manual of the Securities Trading System”, Amman Stock Exchange, http://194.165.154.74/ar/printpdf/node/1606, retrieved Oct. 11, 2012. [cited by applicant]
“What is Conditional Order? Definition and Meaning”, http;//www.investorwords.com/7580/conditional_order.html, retrieved Oct. 11, 2012. [cited by applicant]
Aitken and Berry, “Surveillance Literature . . . Market Surveillance at the Australian Stock Exchange: An Overview”, 5th Draft, Jul. 1991, pp. 1-21. [cited by applicant]
Amihud et al., “Stock Market Microstructure and Return Volatility”, Journal of Banking and Finance 14, pp. 423-440, 1990. [cited by applicant]
An Internet Multicast System for the Stock Market by N. F. Maxemchuk, D. H. Shur; Cite as: arXiv:cs/0002011 [cs.NI] (or arXiv:cs/000201 Ivi [cs.NI] for this version), https://doi org/i 0.48550/arXiv.cs/000201 1 (Year: 2… [cited by applicant]
Appleby, Spurling & Kempe, “Bye-Laws of the International Futures Exchange (Bermuda) Limited”, Jul. 8, 1981, 54 pages. [cited by applicant]
Ardron, et al., “A Planning Report for the Toronto Stock Exchange”, Jun. 1969, 44 pages. [cited by applicant]
Ardron, J.M., “Current Status on CATS”, Apr. 1, 1977, pp. 1-3. [cited by applicant]
Ardron, M., “CATS Status Overview”, Mar. 17, 1977, pp. 1-5. [cited by applicant]
ASE.com, “Exchange News 2001,” http://www.ase.com.jo/en/exchange-news-2001, effective Apr. 15, 2001. [cited by applicant]
Barish and Siff, “Operational Gaming Simulation With Application to a Stock Market,” Management Science, Journal of the Institute of Management Sciences, vol. 15, No. 10, Jun. 1969, pp. B-530-B-541. [cited by applicant]
Batten, William M., “The ABC's of the ABS”, Nov. 22, 1977, pp. 1-15. [cited by applicant]
Blain Reinkensmeyer, “Using Trailing Stop Orders with your Online Broker”, Stocktrader. com, May 24, 2007. [cited by applicant]
Blain Reinkensmeyer, “Using Trailing Stop Orders with Your Online Broker,” May 24, 2007, accessed May 31, 2011. [cited by applicant]
Bleiberg, Robert M., “Market Winner, Financial Futures Have Scored Remarkable Gains,” Barron's National Business and Financial Weekly, Dow Jones & Company, Inc., Nov. 30, 1981, p. 7. [cited by applicant]
Blume, Siegel and Rottenberg, Revolution on Wall Street, The Rise and Decline of the New York Stock Exchange, “Chapter 11: Technology and the Marketplace”, W.W. Norton & Company, New York and London, 1993, pp. 192-214. [cited by applicant]
Brown, Sidney, “Electronic Commodities market to Operate Offshore”, Dollar, The International Journal of American Investments, May 1982, 1 page. [cited by applicant]
Carrington, “Computer Linkups Letting Traders Start Up Securities Firms at Home,” The Wall Street Journal, Wednesday, Dec. 9, 1981, p. 33. [cited by applicant]
Cleland, H., “Draft Appendix D: Outline of Method and Criteria for Evaluation of Cats as a Mechanism to Replace the TSE Trading Floor-Possible Schedule for Implementation”, Jun. 3, 1976, Part I and Part II, 10 pages. [cited by applicant]
CME Direct, Broker User Manual, CME Group, 131 pages, Jun. 12, 2013. [cited by applicant]
CME Direct, Trader User Manual, CME Group, 107 pages, Jun. 12, 2013. [cited by applicant]
Commodity Futures Law Reporters, Futures Trading Act of 1982, No. 175, Jun. 7, 1982, 248 pages. [cited by applicant]
Corwin, “Order Flow and Liquidity Around NYSE Trading Halts”, The Journal of Finance, vol. LV, No. 4, 2000. [cited by applicant]
Decision of Refusal dated May 28, 2010 in related Japanese Patent Application No. 2006-521123 (6 pages, including translation). [cited by applicant]
Dunne, Nancy, “Dawn of Electronic Age For Futures”, London Financial Times, Wednesday, Dec. 23, 1981, p. 1. [cited by applicant]
Ettorre, Barbara, “Faces Behind the Figures”, Forbes, Aug. 30, 1982, p. 139. [cited by applicant]
Excerpt from CME's 2002 Rulebook, Chapter 5 Floor Privileges—Trading Qualifications and Practices, printed Jan. 2, 2003, pp. 10-21. [cited by applicant]
French and Roll, “Stock Return Variances.  The Arrivial of Information and the Reaction to Traders”, Journal of Financial Economics, Elsevier Science Publishers B.V. (North Holland), 1986, pp. 5-27. [cited by applicant]
Fukushima: “Method of Matching Orders and Price Volatility in JGB Futures Market” 2001 the 9th Conf. of Nippon Finance Assoc. Draft Report, Jun. 3, 2001, pp. 303-316 (with translation). [cited by applicant]
Fuller and Simon, “The National Market System in Perspective: A Selective Outline of Significant Events”, May 15, 1978, 56 pages. [cited by applicant]
Fuller, James W., et al., “Outlook for the U.S. Securities Industry 1981”, vol. II, Final Report, Jun. 1977, Chapters 1-11, 414 pages. [cited by applicant]
Gampetro, Tony, INTEX Gearing up for Autumn Opening, Financial Futures Focus, Commodities, p. 7A, available as early as Apr. 6, 2016. [cited by applicant]
Gampetro, Tony, “Intex Unveils Trade Contracts”, Journal of Commerce, Thursday, Aug. 5, 1982, p. 1. [cited by applicant]
Garman, Mark B., “A Description of an Experimental Securities Exchange” University of California, Berkeley, Mar. 1975, revised Oct. 1975, pp. 1-17 and Appendix pp. 1-3. [cited by applicant]
Hamao et al., “Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange”, Center on Japanese Economy and Business, Working Paper No. 69, 1992. [cited by applicant]
Hamao et al., “Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange”, Oxford University Press, the Review of Financial Studies, vol. 8, No. 3, pp. 849-878, 1995. [cited by applicant]
Harris et al., “Circuit Breakers and Program Trading Limits: What Have We Learned?”, http://lharris.usc.edu/acrobat/circuit.pdf, Dec. 9, 1997. [cited by applicant]
Hutchinson, A.M., “Candat Displays for Cats Terminals”, Dec. 5, 1974, 6 pages. [cited by applicant]
ICE Circuit Breakers—IPL Interval Price Limits, Mar. 2012. [cited by applicant]
International Preliminary Report on Patentability from, PCT/US2013/57918, Jun. 2, 2015, WO. [cited by applicant]
International Search Report and Written Opinion in Application No. PCT/US04/22661, dated Aug. 29, 2005, 8 pages. [cited by applicant]
International Search Report in related Application No. PCT/US2008/075974 dated Nov. 21, 2008. [cited by applicant]
International Search Report in related Application No. PCT/US2008/075980 dated Nov. 21, 2008. [cited by applicant]
Isaka: “Mechanism for Recovery of Liquidity After Large-Scale Macro Shock-Tokyo Stock Exchange just after 9/11” the 11th Conference of Nippon Finance Assoc. Draft Report, Jun. 7, 2003, pp. 317 to 331 (with translation). [cited by applicant]
Japanese Office Action (and English translation) from Japanese Application No. 2010-228625 dated Oct. 16, 2012. [cited by applicant]
John McCrank, “ICE Circuit Breakers Aim to Stop Trading Gone Wild,” Reuters, 2 pages, Mar. 12, 2012. [cited by applicant]
Kengo Fukamachi: The American Futures & Options Trading, Toyo Keizai Inc., Jul. 20, 2000, first edition, pp. 70-76. [cited by applicant]
Knowledge-based Exception Handling in Securities Transactions* Minhong Wang, Huaiqing Wang, Kwok Kit Wan and DongmingXu Department of Information Systems, City University of Hong Kong, Hong Kong. Proceedings of the 37th… [cited by applicant]
Lehmann et al., “Market Structure and Liquidity on the Tokyo Stock Exchange”, University of Chicago Press, The Industrial Organization and Regulation of the Securities Industry, vol. 96-1, pp. 275-316, Jan. 1996. [cited by applicant]
Lehmann et al., “Trading and Liquidity on the Tokyo Stock Exchange: A Birds Eye View”, Institute of Business and Economic Research, Finance Working Paper No. 234, 1994. [cited by applicant]
Letter to George A. Fitzsimmons, Securities and Exchange Commission, Apr. 30, 1976, pp. 1-4. [cited by applicant]
Letter to Harold M. Williams of Securities and Exchange Commission, from MSE Richard B. Walbert, regarding File Nos. S7-735 and S7-759, Nov. 24, 1978, pp. 1-66. [cited by applicant]
Letter to John S. R. Shad of Securities and Exchange commission, from the Cincinnati Stock Exchange, Dec. 31, 1981, pp. 1-3. [cited by applicant]
Letter to Martin L. Budd, Security and Exchange Commission, from Peake, Mendelson and Williams, Nov. 4, 1976, 5 pages. [cited by applicant]
Letter to Mr. Andrew M. Klein of the Securities and Exchange Commission from Weeden & Co., Donald E. Weeden, Oct. 20, 1978, 10 pages. [cited by applicant]
Letter to Mr. George A. Fitzsimmons of Securities and Exchange Commission, from Securities Industry Association, regarding Development of Order Routing and Market Linage Systems, Aug. 4, 1978, pp. 1-20. [cited by applicant]
Letter to Mr. George A. Fitzsimmons, Secretary, Securities and Exchange Commission, from K. Richard B. Niehoff, Jul. 24, 1979, 6 pages. [cited by applicant]
Letter to Mr. Junius W. Peake from Dan W. Schneider, United States Department of Justice, Mar. 22, 1979, 4 pages. [cited by applicant]
Letter to Mr. Martin L. Budd of National Market Advisory Board, from Peake, Mendelson and Williams, Aug. 20, 1976, pp. 1-6. [cited by applicant]
Lorie, James H., “Conjectures on the Securities Industry in 1982”, Chapter II, pp. 29-39. [cited by applicant]
Maron, J., “CATS Activities”, Dec. 2, 1977, pp. 1-5. [cited by applicant]
Maron, J., “CATS—Special Terms Market”, Oct. 26, 1976, pp. 1-2. [cited by applicant]
Mcavoy, B.J., “Cats Pilot, General Outline for Testing CATS”, Feb. 24, 1976, 3 pages. [cited by applicant]
McAvoy, B.J., “Proposal for Training CATS Users”, Feb. 23, 1976, pp. 1-9. [cited by applicant]
McAvoy, B.J., “Status of Cats”, May 31, 1976, 2 pages. [cited by applicant]
Melamed, Leo, “Automation in the Futures Industry” Proceedings of a Conference Sponsored by Commodity Futures Trading Commission, Jun. 15, 1977, Washington, D.C., pp. 1-2 and 273-283. [cited by applicant]
Melton, William C., “Corporate Equities and the National Market System,” Federal Reserve Bank of New York, vol. 3, No. 4, 1978-79, pp. 13-25. [cited by applicant]
Melton, William C., “Corporate Equities and the National Market System”, FRBNY Quarterly Review/Winter 1978-79, pp. 13-25. [cited by applicant]
Memo To Mr. J.R. Kimber and Mr. W.L. Somerville, from Mr. M. Ardron, regarding Planning Study for Computer-Assisted Trading (1), Aug. 26, 1969, 4 pages. [cited by applicant]
Memo to NASDAQ Level II and Level III Subscribers from John H. Hodges, Jr., regarding Commencement of Trade Reporting in NASDAQ national Market System Tier 1 Securities dated Feb. 10, 1982, 2 pages. [cited by applicant]
Mendelson, Morris, “From Buttonwood to Satellite Via Wall Street”, Dec. 1977, pp. 1-33. [cited by applicant]
Merrill, Lynch, Pierce, Fenner & Smith Incorporated, “Proposal for a National Market System” Oct. 16, 1975, pp. 1-28. [cited by applicant]
Morris, John, “Bermuda Says Yes to Futures Trading”, American Banker, Wednesday, Jul. 8, 1981, 1 page. [cited by applicant]
Morris, John, “Contracts are Listed for Bermuda's Exchange”, American Banker, Oct. 20, 1981, 4 pages. [cited by applicant]
NASD Recommendations to the SEC on Qualifications for Securities in the National Market System, to Honorable Harold M. Williams from Gordon S. Macklin, Jun. 7, 1978, pp. 8-12. [cited by applicant]
Notification of Reasons for Rejection, Japanese Patent Office, Application No. 2006-521123, Nov. 10, 2009, 4 pages. [cited by applicant]
NYSE-IBM Study Years Ago Urged Development of Electronic Trading Arena, Security Week, Nov. 22, 1976, pp. 3-4. [cited by applicant]
O'Toole, Edward T., “Surge in Financial Futures Is Only the Beginning,” Dollar, The International Journal of American Investments, May 1982, 4 pages. [cited by applicant]
Peake, Junius W., “Computers, Competition and Monopoly”, Mar. 25-26, 1977, 10 pages. [cited by applicant]
Peake, Junius W., “Order Flow, Market Making and the National Market System”, Mar. 15, 1978, p. 1-7. [cited by applicant]
Peake, Junius W., “The Investor, the Institution and the National Market System”, Jan. 25, 1978, pp. 1-11. [cited by applicant]
Peake, Junius W., “The Regulatory Role in Systems Development”, Mar. 25-26, 1977, p. 1-9. [cited by applicant]
Peake, Junius W., “The Trader and Automated Execution: Where Is It Leading, and Why?”, 1983, p. 1-6. [cited by applicant]
Peake, Junius W., “The “Crowd”, and the National Market System”, Jun. 14, 1978, 21 pages. [cited by applicant]
Peake, Junius W., “Treasury Marketable Securities Systems”, Jun. 14, 1983, pp. 1-29. [cited by applicant]
Peake, Mendelson, and Williams, “The National Book System, An Electrically Assisted Auction Market”, (with letter of transmittal to the Securities and Exchange Comm., in response to Release No. 12159/Mar. 2, 1976), Apr.… [cited by applicant]
Rees, John, “An Exclusive Interview with the Governor of the Pacific Stock Exchange”, the Review of the News, Dec. 19, 1979, pp. 31-46. [cited by applicant]
Report to Mr. K. Richard B. Niehoff from Deloitte Haskins and Sells, Nov. 14, 1978, pp. 1-32. [cited by applicant]
Sadakazu Osaki: “Review of Circuit Breaker in U.S.” Capital Market Quarterly, Winter 1998, Nomura Research Institution, Ltd., Feb. 1, 1998, vol. 1 No. 3. pp. 46-52. [cited by applicant]
Securities Pacific Links with Intex to Automatic Money Markets, Securities Week, Aug. 2, 1982, 1 page. [cited by applicant]
Securities Week, Mar. 19, 1979, 2 pages. [cited by applicant]
Sporleder, Thomas L. and Davis, Ernest E., “Cattlex, A Computerized Cash and Contract Market for Feeder and Stocker Cattle, Operating Procedures and Trading Techniques”, Technical Report No. 813, Apr. 1981, 40 pages. [cited by applicant]
Susan Lee, “The Battle for a National Market System”, Wall Street Journal, 1 page, Jun. 1, 1982. [cited by applicant]
Teweles and Bradley, “The Stock Market,” Fourth Edition, 1982, John Wiley & Sons, Inc., pp. 136-179. [cited by applicant]
Update, INTEX Press Information, Sep. 20, 1982, 3 pages. [cited by applicant]
Wall Street Letter, Aug. 2, 1982, p. 3. [cited by applicant]
Wall Street Letter, Aug. 30, 1982, p. 7. [cited by applicant]
Wall Street Letter, Nov. 7, 1983, 1 page. [cited by applicant]
Williams, Arlington W. “Computerized Double-Auction Markets: Some Initial Experimental Results,” The Journal of Business, The Graduate School of Business of the University of Chicago, vol. No. 3, Part 1, Jul. 1980, pp. … [cited by applicant]
Williams, Harold M., “Progress Toward the Development of a National Market System”, 1979, 549 pages. [cited by applicant]
Williams, Harold M., “The National Market System in Perspective”, Dec. 1, 1977, pp. 1-22. [cited by applicant]
Williams, Harold M., “The National Market System: An Update”, News, Securities and Exchange Commission, Oct. 5, 1980, 45 pages. [cited by applicant]
Williams, Harold M., “The Securities Industry and the National market System: A Current Perspective”, News, Securities and Exchange Commission, Nov. 30, 1978, 31 pages. [cited by applicant]
Williams, Harold M., “The Securities Industry Entering the Eighties: An Economic Overview,” news, Securities and Exchange Commission, Nov. 29, 1979, 31 pages. [cited by applicant]
Witcher, S. Karene, “New Exchange Plans Commodity Trading Through Computers: Intex Won't Have Noisy Floor When It Offers Contracts on Gold and Bonds”, Update: The Wall Street Journal, Thursday, Aug. 5, 1982, p. 1. [cited by applicant]
Written Opinion of the International Searching Authority in related Application No. PCT/US2008/075974 dated Mar. 25, 2010. [cited by applicant]
Written Opinion of the International Searching Authority in related Application No. PCT/US2008/075980 dated Mar. 25, 2010. [cited by applicant]
Zyncon Corporation, “Communications Study for World Energy Exchange”, Jul. 26, 1983, 21 pages. [cited by applicant]
“A Feasibility Study for the Toronto Stock Exchange”, Jun. 12, 1970, pp. 1-165 and Appendix 1-14. [cited by applicant]
“A Glossary of Financial Futures Terms”, Dollar, The International Journal of American Investments, May 1982, 1 page. [cited by applicant]
“A Report of Progress on National Market System and Related Developments at the New York Stock Exchange”, Nov. 20, 1978, 16 pages. [cited by applicant]
“An Assessment of Progress Toward the Development of a National Market System”, Sep. 24, 1979, pp. 1-20. [cited by applicant]
“Automated Bond System”, The New York Stock Exchange, Automated Bond System, Securities Week, Oct. 1, 1978, 4 pages. [cited by applicant]
“Automated Bonds System (ABS), User Manual”, The New York Stock Exchange, Floor Operations Department, Feb. 27, 1976, 75 pages. [cited by applicant]
“Automated Trading Concept”, The Banker, Apr. 1982, 1 page. [cited by applicant]
“Cats project Applications Today: Trader Training, Simulated Trading, Live: Stock Trading, Evaluation: Plan and Timing” the Toronto Stock Exchange, Mar. 2, 1976, 4 pages. [cited by applicant]
“Cats Service and Information Centre,” The Toronto Stock Exchange, CATS Project Notice 79-3, Mar. 15, 1979, 175 pages. [cited by applicant]
“Code of Federal Regulations,” Commodity and Securities Exchanges, Apr. 1, 1983, Parts 1-239, pp. 1-322. [cited by applicant]
“First Annual National Market System Conference”, Plaza Hotel New York, Jun. 15-17, 1978, pp. 1-90. [cited by applicant]
“Good-bye to the pits?, Intex may not put the commodity pits out of business, but lots of members have signed up—just in case it catches on”, Financial World, Feb. 28, 1983, pp. 35-37. [cited by applicant]
“House Scrutinizing Pace of National Market System Formulation,” Securities Industry Association, Washington Report, Oct. 1, 1979, p. 1. [cited by applicant]
“Instructions for Trade Reporting and Entry of Size in the Nasdaq/National Market System”, Feb. 1982, 18 pages. [cited by applicant]
“Interest rate products: Eurodollar bundles”, Chicago Mercantile Exchange, http://www.cme.com/products/interest_rate/products_interstrate_ed_bundels.cfm, printed on Feb. 9, 2003, pp. 1-3. [cited by applicant]
“International Commodities Clearing House Limited, General Regulations for Future Delivery Business and Byelaws for Options”, Sep. 6, 1982, 4 pages. [cited by applicant]
“INTEX Update for Members”, Nov. 1982, p. 1. [cited by applicant]
“INTEX Update for Members”, Sep. 15, 1982, pp. 1-2. [cited by applicant]
“INTEX, This new Exchange is the fastest and most accurate futures trading system anywhere-and it's world-wide. That's INTEX. Yes, That's INTEX”, Bermuda, Jun. 17, 1982, p. 1. [cited by applicant]
“Memo to All NASD Members, regarding Commencement of Trade Reporting in National Market System Tier 1 Securities”, Feb. 12, 1982, 10 pages. [cited by applicant]
“National Securities Trading System Review for Securities and Exchange Commission”, Apr. 15, 1982, pp. 1-21. [cited by applicant]
“News Release, The New York Stock Exchange, NYSE Chairman Cites Progress on National Market System”, Sep. 24, 1979, pp. 1-6. [cited by applicant]
“Regulations, The International Futures Exchange (Bermuda) Ltd.”, Jan. 15, 1983, 87 pages. [cited by applicant]
“Remarks by W. Batten, Chairman, NYSE, Before the Committee on Oversight and Investigations and the Subcommittee on Consumer Protection and Finance of the committee on Interstate and Foreign Commerce of the House of Rep… [cited by applicant]
“Report to Members—TSE Project to Investigate Computer Assisted Trading”, The Toronto Stock Exchange Notice to Members No. 1827, Feb. 14, 1979, 11 pages. [cited by applicant]
“SEC Clears Cincinnati Exchange to Offer First All-Electronic Stock Trading in U.S.”, The Wall Street Journal, Tuesday, Apr. 11, 1978, p. 1. [cited by applicant]
“Stmnt of the Amer. Stock Exchange, Before the Joint Hearings of the House Subcmtee on Oversight and Invest. and the House Subcommittee on Consumer Protection and Finance on the Dvlpmnt of a Nat'l Market System”, Sep. 2… [cited by applicant]
“Testimony of K. Richard B. Niehoff, President of Cincinnati Stock Exchange”, Washington, D.C., Sep. 24, 1979, pp. 1-10. [cited by applicant]
“The Emerging National Market System”, Feb. 7, 1977, 2 pages. [cited by applicant]
“The U.S. National Market System: Progress, Problems, and Issues”, Remarks by William M. Batten, Nov. 13, 1980, pp. 1-23. [cited by applicant]
“Want to Play the Market? Try Index Futures”, Dollar, The International Journal of American Investments, May 1982, 1 page. [cited by applicant]
“Why the Big Players Want a Piece of Instinet”, Money & Markets Fortune, Aug. 19, 1985, p. 1. [cited by applicant]