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DELAY-FREE MATCHING FOR DEEMPHASIZING EFFECTS OF SPEED DIFFERENTIALS AMONG PRICE-MAKERS

机译:无延迟匹配,以防止价格差异因素对速度差异的影响

摘要

The invention relates to improved computer systems that mitigate the effects of computational incongruencies of computers connected to an Electronic Trading Venue ("ETV") based on selection of orders, received at the electronic training venue via a network from the computers, using randomization and delay-free mechanisms. To address High Frequency Trading and improve the efficiency of the computer system of an ETV, the system may immediately, without introducing a batching or randomization delay, place maker orders into an electronic order book. If a taker order is received that is price-compatible with previously received maker orders in the electronic order book, the system may batch the maker orders in the electronic order book for randomization. As such, batching and randomization processes do not use network and computational resources of the computer system unless they are actually necessary, and are typically not employed when maker orders are canceled after their initial entry into the electronic order book.
机译:本发明涉及改进的计算机系统,其基于随机选择和延迟,基于通过网络从电子培训场所经由计算机从计算机接收到的订单的选择,减轻连接到电子交易场所(“ ETV”)的计算机的计算不一致的影响。 -机制。为了解决高频交易并提高ETV的计算机系统的效率,该系统可以在不引入批处理或随机延迟的情况下立即将制造商订单放入电子订单中。如果接收到与先前在电子订单簿中接收到的制造商订单价格兼容的接受者订单,则系统可以在电子订单簿中批量分配制造商订单以进行随机化。这样,批处理和随机化过程除非实际需要,否则不使用计算机系统的网络和计算资源,并且当制造商的订单最初输入电子订单后被取消时,通常不使用它们。

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