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

Claim 14:
15. The computerized trading system of claim 14, wherein 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 electronic order message further comprises:
identifying 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 electronic order message;
identifying 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 electronic order message;
determining 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 the first previously received, but not yet fully satisfied, order with the at least one portion of the order of the received electronic order message; and
when the difference in submission times is less than a contest delay time parameter:
determining a delayed contest probability parameter value which, based on a probability function, randomly may or may not exceed a threshold delayed contest probability value;
upon determining that the delayed contest probability parameter value is greater than the threshold delayed contest probability value:
matching the second previously received, but not yet fully satisfied, order with the at least one portion of the order of the received electronic order message; and

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