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

Claim 15:
16. An exchange computer system comprising an order routing system, an order matching system, and an auction engine, the exchange computer system configured to perform operations comprising:
receiving, by the order routing system, a security transaction order that includes a request for an auction, wherein the security transaction order is an order to (i) buy an asset at a bid price, or (ii) sell an asset at an offer price;
receiving, from a first device and by the order routing system, a first matching order that includes a request for auction participation;
obtaining, by the auction engine, a first signal comprising data for a delay timer, the first signal provided by at least one of (i) the exchange computer system, or (ii) from a network connected to the exchange computer system;
determining, by the auction engine, a first period of time for the delay timer based on the data;
in response to receiving the first matching order and determining the first period of time, configuring, by the auction engine, the delay timer to run for the first period of time;
initiating, by the auction engine, (i) an auction corresponding to the security transaction order and the first matching order and (ii) an auction timer that limits the auction to run for a second period of time;
receiving, during the second period of time and by the order routing system, one or more additional matching orders from one or more additional devices;
determining, by the auction engine, that the second period of time has expired;
in response to determining that the second period of time has expired, determining, by the order matching system, a best-priced matching order based on a price of the first matching order and a price of each of the one or more additional matching orders; and
executing, by the order matching system, a transaction based on the security transaction order and the best-priced matching order, wherein the security transaction order is traded with the best-priced matching order,
wherein the first device is configured to process orders at a first latency and at least one device from the one or more additional devices is configured to process orders at a second latency, wherein the first latency is smaller than the second latency.