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

Claim 3:
4. The computerized method of claim 1, wherein the 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 order of the received first or second electronic order message further comprises:
identifying, by the processor, a first 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 first or second electronic order message;
identifying, by the processor, a second 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 first or second electronic order message;
determining, by the processor, a difference in submission time of the first previously received, but not yet fully satisfied, order and submission time of the second previously received, but not yet fully satisfied, order;
when the difference in submission times is greater than a contest delay time parameter:
matching, by the processor, the first previously received, but not yet fully satisfied, order with the at least one portion of the order of the received first or second electronic order message; and

when the difference in submission times is less than a contest delay time parameter:
determining, by the processor, a delayed contest probability parameter value which, based on a probability function, randomly may or may not exceed a threshold delayed contest probability parameter value;
upon determining, by the processor, that the delayed contest probability parameter value is greater than the threshold delayed contest probability value:
matching, by the processor, the second previously received, but not yet fully satisfied, order with the at least one portion of the order of the received first or second electronic order message; and

upon determining, by the processor, that the delayed contest probability parameter value is less than the threshold delayed contest probability value:
matching, by the processor, the first previously received, but not yet fully satisfied, order with the at least one portion of the order of the received first or second electronic order message.