Patent ID: 11961140
Assignee: CHICAGO MERCANTILE EXCHANGE INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 13:
14. A computerized trading system for matching orders submitted by trading parties, the system comprising:
at least one hardware processor coupled to a network; and
at least one memory, coupled to the at least one processor, and carrying instructions to be executed by the at least one processor, wherein the instructions are for:
receiving at a server via the network, from a party trading on the computerized trading system, an electronic order message comprising an order for trading an instrument;
searching, at the server, an order book database coupled with the at least hardware processor to identify a previously received, but not yet fully satisfied, order, in a set of previously received, but not yet fully satisfied, orders stored in the order book database that matches at least one portion of the order of the received electronic order message;
when a match is found, determining a status of the identified order;
when the status of the identified order indicates that it is available:
engaging the identified order and the order of the received electronic order message for a defined engagement delay duration and storing data indicative thereof in the order book database; and
after expiry of the engagement delay duration, removing the engaged identified order and the order engaged thereto from the order book database and completing a transaction therebetween; and

when the status of the identified order indicates that it is engaged:
determining a delayed engagement probability parameter value which, based on a probability function, randomly may or may not exceed a threshold delayed engagement probability value;
upon determining that the delayed engagement probability parameter value is greater than the threshold delayed engagement probability value, searching the order book database for another previously received, but not yet fully satisfied, order in the set of previously received, but not yet fully satisfied, orders that matches the at least one portion of the order of the received electronic order message, the identified order and the order engaged thereto remaining unmodified;
upon determining that the delayed engagement probability parameter value is less than a threshold delayed engagement probability value:
 replacing the order that is currently engaged with the identified order with the order of the received electronic order message; and
 searching for a previously received, but not yet fully satisfied, order in the set of previously received, but not yet fully satisfied, orders that matches at least one portion of the previously engaged order; and

wherein the defined engagement delay is applied selectively in that only engaged orders are subject to the defined engagement delay and orders of the received electronic order messages are not delayed when an order is not identified in the set of previously received, but not yet fully satisfied, orders stored in the order book database.