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

Claim 0:
1. A method implemented via an exchange computer system, the method comprising:
receiving a security transaction order that includes an auction 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, a first matching order that includes a request for participation;
obtaining 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 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 the delay timer to run for the first period of time;
initiating (i) the 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, one or more additional matching orders from one or more additional devices;
determining that the second period of time has expired;
in response to determining that the second period of time has expired, determining 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 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.