Granted Patent B2

US 12,597,070 · App. 18/738,133 · Granted Apr 7, 2026

Inventors: Howard W. Lutnick (New York, NY); Mark Miller (Chicago, IL); Kevin Foley (New York, NY); Brian Gay (Fair Haven, NJ); Andrew Fishkind (New York, NY)

Assignee: CFPH, LLC

G06Q40/04

Abstract

Claims (16)

1 . A method performed by at least one processor, the method comprising:

receiving data indicative of an order for an electronic exchange from a remote source, in which the order defines a side of a trade for a financial instrument by that least one processor;

determining, based at least in part on historic information about the order, wherein the historic information about the order includes durations between prior cancellations of orders and prior receptions of the order, an intentional delay to utilize between receiving the data indicative of the order and searching stored orders for a matching order, in which the matching order defines an opposite side of the trade, by the at least one processor in response to receiving the data indicative of the order;

delaying searching the stored orders for a time of the intentional delay in response to determining the intentional delay;

in response to expiration of the time of the intentional delay, querying a plurality of order management systems to search the stored orders for the matching order, in which each respective order management system stores trading intentions of a respective participant, by the at least one processor;

receiving data indicative of the matching order in response to the querying, by the at least one processor; and

in response to receiving the data indicative of the matching order, executing the trade, by the at least one processor,

wherein the intentional delay reduces information leakage.

2 . The method of claim 1 , wherein said delaying searching the stored orders for a time of the intentional delay comprises delaying the searching for a number of processor clock cycles corresponding to the intentional delay.

3 . The method of claim 1 , wherein the determination of the intentional delay is performed by determining the intentional delay as a time period between order reception and cancellation for a predetermined portion of the canceled orders.

4 . The method of claim 3 , wherein the predetermined portion of the canceled orders is a majority of the canceled orders.

5 . The method of claim 1 , further comprising, to query the plurality of order management systems:

transmitting an order query that identifies the order to each of the plurality of order management systems by the at least one processor; and

receiving from a first one of the plurality of order management systems, the data indicative of the matching order by the at least one processor.

6 . The method of claim 5 , wherein the order query indicates that the trade is executed without a negotiation.

7 . The method of claim 1 , wherein the order is a non-firm order.

Continuity (3)

References Cited (16)