System and method for managing and trading auction limit orders in a hybrid auction market
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United States of America Patent
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Jun 30, 2020
Grant Date -
Jan 19, 2006
app pub date -
Jul 15, 2005
filing date -
Jul 15, 2004
priority date (Note) -
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Abstract
A buy order is received with a limit price that is above a published best offer, and represented in the auction market. If the buy order is not immediately executed, it is quoted at a minimum variation better than a published best bid, and the price of the quoted buy order becomes the published best bid. Alternatively, a sell order is received with a limit price that is below a published best bid, and represented in the auction market. If the sell order is not immediately executed, it is quoted at a minimum variation better than a published best offer, and the price of the quoted sell order becomes the published best offer.
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