Patent ID: 11887191
Assignee: CBOE EXCHANGE, INC.
Field: Computer technology (Electrical engineering)
Classification: CPC G | IPC G

Claim 3:
4. The method of claim 3, comprising:
receiving, by the order routing system, the security transaction order that the request for the auction;
forwarding, by the order routing system, the security transaction order to the order matching system;
receiving, by the order routing system, the first matching order that includes the request for participation in the auction;
forwarding, by the order routing system, the first matching order to the order matching system;
determining, by the order matching system, that the first matching order matches the security transaction order;
in response to determining that the first matching order matches the security transaction order, initiating, by the auction engine, the delay timer that runs for the first period of time;
determining, by auction engine, that the first period of time has expired;
in response to determining that the first period of time has expired, initiating the auction timer that runs for the second period of time;
determining, by auction engine, that the second period of time has expired; and
in response to determining that the second period of time has expired, executing, by the order matching system, the transaction based on the security transaction order and the best-priced matching order.