Granted Patent B2

US 12,380,506 · App. 18/941,493 · Granted Aug 5, 2025

Inventor: Steven I. Givot (Chicago, IL)

Assignee: NYSE Chicago, Inc.

G06Q40/06G06F9/3856G06Q40/04G06Q30/08G06Q40/00G06Q40/02G06Q40/12

Abstract

Claims (52)

1. A method comprising:

receiving, by a matching system dispatcher of a matching system, a message comprising an executable instruction executable by a processor configured to execute programmed instructions stored in non-transitory memory;

sending, by the matching system dispatcher, the message to an inbound message queue, the inbound message queue configured to store the message such that it is added to an end of the inbound message queue for processing according to a sequence in which it is received;

determining, by a matching system engine of the matching system, that one or more of a source of the message is a predefined source for which all messages are to be intentionally delayed and the executable instruction matches at least one predetermined condition for intentionally delayed processing;

sending, by the matching system engine, the message to an intentional delay queue for execution after a delay time, the intentional delay queue specifically configured to store the message such that the message is inserted into a position within the intentional delay queue for processing according to an order in which it is eligible for processing;

identifying, by the matching system engine, a current executable instruction within a current message at a first position of one of the inbound message queue and the intentional delay queue; and

one of executing, by the matching system engine, the current executable instruction and sending the current executable instruction to the intentional delay queue.

2. The method of claim 1 , wherein the current message comprises the message after the delay time.

3. The method of claim 1 , further comprising:

determining, by the matching system engine, that the current executable instruction includes a delay indication associated with being previously intentionally delayed; and

immediately executing, by the matching system engine, the current executable instruction.

4. The method of claim 1 , further comprising:

determining, by the matching system engine, that the current executable instruction does not comprise an order and does not include a delay indication associated with being previously intentionally delayed; and

immediately executing, by the matching system engine, the current executable instruction.

5. The method of claim 1 , further comprising:

determining, by the matching system engine, that the current executable instruction comprises an order that would take liquidity immediately and does not include a delay indication associated with being previously intentionally delayed; and

sending, by the matching system engine, the current executable instruction to the intentional delay queue.

6. The method of claim 1 , further comprising:

determining, by the matching system engine, that the current executable instruction comprises an order that would not take liquidity immediately and does not include a delay indication associated with being previously intentionally delayed; and

immediately executing, by the matching system engine, the current executable instruction.

7. The method of claim 1 , further comprising:

determining, by the matching system engine, that the current executable instruction comprises one or more of a cancel request and a cancel-replace request of an existing order and does not include a delay indication associated with being previously intentionally delayed.

8. The method of claim 7 , further comprising:

determining, by the matching system engine, that the existing order is stored in the intentional delay queue; and

sending, by the matching system engine, the current executable instruction to the intentional delay queue.

9. The method of claim 7 , further comprising:

determining, by the matching system engine, that the existing order is not stored in the intentional delay queue; and

immediately executing, by the matching system engine, the current executable instruction.

10. The method of claim 1 , further comprising:

determining, by the matching system engine, that the intentional delay queue is not empty;

determining, by the matching system engine, that a sequence time of a particular instruction within the intentional delay queue has not been reached and the inbound message queue is not empty; and

setting, by the matching system engine, an instruction in the first position within the inbound message queue as the current executable instruction from among the inbound message queue and the intentional delay queue.

11. The method of claim 1 , further comprising:

determining, by the matching system engine, that the intentional delay queue is not empty;

determining, by the matching system engine, that a sequence time of a particular instruction within the intentional delay queue has been reached or exceeded and the inbound message queue is empty; and

setting, by the matching system engine, an instruction in the first position within the intentional delay queue as the current executable instruction from among the inbound message queue and the intentional delay queue.

12. The method of claim 1 , further comprising:

determining, by the matching system engine, that the intentional delay queue is not empty;

determining, by the matching system engine, that a sequence time of a particular instruction within the intentional delay queue has been reached or exceeded and the inbound message queue is not empty;

determining, by the matching system engine, that a first message sequence time of the intentional delay queue is less than or equal to a second message sequence time of the inbound message queue; and

setting, by the matching system engine, an instruction in the first position within the intentional delay queue as the current executable instruction from among the inbound message queue and the intentional delay queue.

13. The method of claim 1 , further comprising:

determining, by the matching system engine, that the intentional delay queue is not empty;

determining, by the matching system engine, that a sequence time of a particular instruction within the intentional delay queue has been reached or exceeded and the inbound message queue is not empty;

determining, by the matching system engine, that a first message sequence time of the intentional delay queue is greater than a second message sequence time of the inbound message queue; and

setting, by the matching system engine, an instruction in the first position within the inbound message queue as the current executable instruction from among the inbound message queue and the intentional delay queue.

14. The method of claim 1 , further comprising:

setting, by the matching system dispatcher, an executable instruction receipt time of the executable instruction and an executable instruction sequence time of the executable instruction as being a time that the message is received; and

sending, by the matching system dispatcher, the executable instruction receipt time and the executable instruction sequence time together with the message to the inbound message queue.

15. The method of claim 1 , further comprising:

setting, by the matching system engine, a sequence time of the executable instruction equal to a value comprising a receipt time of the executable instruction delayed by the delay time.

16. The method of claim 1 , wherein the at least one predetermined condition comprises inclusion of an order that would immediately be matched against another order within the executable instruction.

Assignments (3)

Continuity (7)

References Cited (34)