Patent ID: 9741075
Date: 2017-08-22
CPC Classifications: G06Q

Claim:
1. A computer-implemented method for improving an electronic computing system, comprising: in a system environment comprising one or more customer computers coupled to one or more broker system computers in communication with the electronic computing system through a network: receiving, by the electronic computing system comprising at least one processing device comprising non-transitory memory and at least one processor executing instructions stored in the non-transitory memory, an initiating order from among said one or more broker system computers associated with an auction guarantor, the auction guarantor acting as a broker for a customer, and the initiating order comprising a financial instrument, a volume, a side, and an initiating price; automatically activating, by the electronic computing system, an auction manager module when the initiating order is received, the activated auction manager module comprising specialized instructions that, when executed, cause the auction manager module to perform the functions of: initiating a random timer, the random timer configured to terminate after running for a random time period; initiating an auction comprising broadcasting an auction initiation message, via the network, to a plurality of market participants without broadcasting an end time for the auction, the market participants comprising the one or more broker system computers; receiving, responsive to the auction initiation message, via the network, a plurality of auction participant responses from one or more auction participants, the auction participants comprising a subset of the market participants, and the plurality of auction participant responses each including a time stamp and price and volume information; during the random time period, continually selecting, for each auction participant, a latest auction participant response having a latest time stamp and cancelling any auction participant responses from the same auction participant having an earlier time stamp; determining when the random timer has terminated; and matching, responsive to determining that the random timer has terminated, only the latest auction participant responses, existing orders in an order book of the electronic computing system, and a contra guarantee order, the contra guarantee order comprising a contra guarantee price, against the initiating order.