Matching techniques for data transaction requests with private attributes

Patent metadata

Field	Value
Publication number	US-12086864-B2
Application number	US-202318498096-A
Country	US
Kind code	B2
Filing date	Oct 31, 2023
Priority date	Jul 2, 2015
Publication date	Sep 10, 2024
Grant date	Sep 10, 2024

Abstract

A computer system is provided that includes a paired list of data transaction requests on which a matching process is performed. There are multiple different types of data transaction requests that are stored in the paired list including data transaction requests with midpoint attributes and data transaction requests with discretion attributes. The computer system may determine how the multiple different types of data transaction requests may be match against each other. Two matching processes can be used to determine if a match exists between the first and second sides of the paired list. Matches that are determined at private values are not disseminated to third-parties via public market data feeds.

First claim

The invention claimed is:

1. A computer system comprising:
non-transitory computer readable memory configured to store:
a data structure that includes a plurality of pending data transaction requests that are each stored in association with one of two sides of the data structure, the plurality of pending data transaction requests including at least a first data transaction request that is associated with a first side of the two sides, the first data transaction request including (a) a display value, (b) a private attribute, and (c) an elect group identifier(s) that indicates at least one elect group out of a plurality of possible elect groups;

at least one hardware processor coupled to the non-transitory computer readable memory, the at least one hardware processor configured to perform operations comprising:
providing, to subscribing external computer systems, an electronic data feed that provides updates that are based on modifications to data transaction requests store in the data structure;
receiving, from a client system, a second data transaction request;
automatically adding, in accordance with reception of the second data transaction request, at least one type attribute to the second data transaction request, wherein the at least one type attribute that is automatically added is at least one of a plurality of possible type attributes;
performing a matching process for the second data transaction request and, as part of the matching process, determining which of the plurality of pending data transaction requests of the data structure to include in the performed matching process based at least in part on correspondence of the at least one type attribute of the second data transaction request to elect group identifier(s) of one or more of the plurality of pending data transaction requests of the data structure, wherein the one or more of the plurality of pending data transaction requests include the first data transaction request;
using the matching process to determine that the first data transaction request matches with the second data transaction request by using the private attribute of the first data transaction request;
based on the private attribute of the first data transaction request being used to match the first data transaction request to the second data transaction request, providing match details of the match for participants that are associated with first data transaction request and second data transaction request without using the electronic data feed; and
based on the matching process being used to determine another match without relying on a private attribute for determining the other match, communicating match details of the determined another match by using the electronic data feed to notify third-party participants of the other match.

2. The computing system of claim 1 , wherein performing the matching process further includes filtering the plurality of pending data transaction requests based on the at least one type attribute to the second data transaction request.

3. The computing system of claim 2 , wherein performing the matching process further includes filtering those ones of the plurality of pending data transaction requests that are on a contra side of the data structure to the second data transaction request.

4. The computing system of claim 2 , wherein performing the matching process further includes filtering the plurality of pending data transaction requests based on the elect group identifier(s) of the one or more of the plurality of pending data transaction requests.

5. The computing system of claim 1 , wherein the operations further comprise:
performing, in accordance with reception of a new data transaction request, a validation process to validate at least one type attribute for the new data transaction request.

6. The computing system of claim 5 , wherein the operations further comprise:
based on determination that the at least one type attribute for the new data transaction request is invalid, sending a responsive error message indicating that the new data transaction request will not be maintained.

7. The computing system of claim 1 , wherein the operations further comprise:
selecting a pending data transaction request, from among the pending data transaction requests, for which another matching process is to be performed.

8. The computing system of claim 7 , wherein the operations further comprise:
performing the other matching process based on determination that no match was found in the matching process for the first data transaction request.

9. The computing system of claim 7 , wherein the other matching process is performed based at least in part on correspondence of the at least one type attribute of the pending data transaction request to elect group identifier(s) of one or more of the plurality of pending data transaction requests of the data structure.

10. The computing system of claim 1 , wherein the operations further comprise:
wherein those of the plurality of pending data transaction requests that have an elect group identifier(s) that matches to the at least one type attribute of the second data transaction request are used in the performed matching process with a respective private attribute,
wherein those of the plurality of pending data transaction requests that do not have an elect group identifier(s) that matches to the at least one type attribute of the second data transaction request are used in the performed matching process with a respective display value without using a respective private attribute.

11. The computing system of claim 1 , wherein the operations further comprise:
as part of the performed matching process controlling which of the plurality of pending data transaction requests of the data structure to include in the matching process based on a depth level attribute.

12. The computing system of claim 11 , wherein the depth level attribute is based on a participant group for which a corresponding data transaction request is associated.

13. The computing system of claim 1 , wherein the private attribute includes a reserve quantity or a total quantity of the first data transaction request.

14. The computing system of claim 13 , wherein an amount of the first data transaction request that is matched to a corresponding amount of the second data transaction request is based on the reserve quantity or the total quantity of the private attribute of the first data transaction request.

15. The computing system of claim 1 , wherein the private attribute includes a discretion match value or a discretion match increment.

16. The computing system of claim 1 , wherein the private attribute of the first data transaction request is only used in the matching process if and only if a counter-party data transaction request is associated with a type attribute that corresponds to a first elect group, of the plurality of possible elect groups, indicated by the group identifier(s) of the first data transaction request.

17. A method comprising:
storing, to electronic storage of a computer system that includes at least one hardware processor, a data structure that includes a plurality of pending data transaction requests that are each stored in association with one of two sides of the data structure, the plurality of pending data transaction requests including at least a first data transaction request that is associated with a first side of the two sides, the first data transaction request including (a) a display value, (b) a private attribute, and (c) an elect group identifier(s) that indicates at least one

Assignees

• Nasdaq Inc

Inventors

• Noviello Joseph
• Cooper Steven
• GOLUBOVSKY Leo
• Wang Chung-Sin
• Wakefield Jonathan

Classifications

• G06Q40/04

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q30/08

  Auctions · CPC title

• G06Q30/0633 Primary

  Managing shopping lists, e.g. compiling or processing purchase lists (shipping orders G06Q10/083; order filling G06Q10/087) · CPC title