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

Claim 18:
19. The non-transitory computer-readable storage medium of claim 18, wherein the exchange computer system comprises an order routing system, an order matching system, and an auction engine, and the exchange computer system is configured to perform operations 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 the 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 the 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.