Patent ID: 11935121
Assignee: NYSE GROUP, INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A system comprising:
a computer system comprising at least one processor and non-transitory memory storing program code executable by the at least one processor, the computer system further comprising a continuous matching engine and an unpriced order auction engine, the computer system configured to:
schedule a single-price auction for shares of an issue to occur intra-day at a scheduled auction time concurrently with and separately from a continuous matching process executed by the continuous matching engine, wherein the continuous matching process is not interrupted by the single-price auction at any time before or during the single-price auction;
receive a plurality of electronic orders comprising one or more limit orders that include a specified price and one or more unpriced orders that do not include a specified price;
automatically direct the one or more limit orders to the continuous matching engine and the one or more unpriced orders to the unpriced order auction engine of the computer system;
continuously update and disseminate in real-time, by the unpriced order auction engine, until the scheduled auction time, volume information associated with the one or more unpriced orders, the volume information comprising one or more of an auction imbalance volume and an indicative match volume;
receive, responsive to disseminating the volume information, one or more of the following responses until the scheduled auction time: one or more modifications to previously received unpriced orders, one or more cancellations of the previously received unpriced orders, and one or more new unpriced orders;
continuously update, by the unpriced order auction engine, the volume information based on the received one or more responses until the scheduled auction time; and
execute, by the unpriced order auction engine, the single-price auction at the scheduled auction time, by executing one or more trades among the one or more unpriced orders at a single auction price, the single auction price based on a first eligible midpoint of a national best bid and offer (NBBO) quote determined after the scheduled auction time.