Matching techniques for data transaction requests with private attributes

Patent metadata

Field	Value
Publication number	US-12190369-B2
Application number	US-202318330951-A
Country	US
Kind code	B2
Filing date	Jun 7, 2023
Priority date	Jul 2, 2015
Publication date	Jan 7, 2025
Grant date	Jan 7, 2025

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 computing system for processing different types of data transaction requests, the computing system comprising:
non-transitory memory configured to store a dual-sided data structure that includes a first plurality and a second plurality of pending data transaction requests, wherein at least a first data transaction request is included in the first plurality and includes a listed value that is publicly listed to third parties; and
at least one hardware processor coupled to the non-transitory memory, the at least one hardware processor configured to execute program instructions that are configured to cause the at least one hardware processor to perform operations comprising:
receiving a plurality of data transaction requests that each include an attribute that indicates how to process the corresponding data transaction request, wherein different ones of the plurality of data transaction requests have different values for the attribute;
for each corresponding data transaction request of the plurality of data transaction requests that is received, determining, based on the attribute, which one of multiple different processing options is to be used for processing the corresponding data transaction request;
(a) based on determination that the corresponding data transaction request has a midpoint attribute for the attribute, adding the corresponding data transaction request to the dual-sided data structure without performing a first matching process, and
(b) based on determination that the corresponding data transaction request has a discretion attribute for the attribute, performing the first matching process using the corresponding data transaction request and pending data transaction requests that are included in dual-sided data structure;

adding the corresponding data transaction request with any unmatched quantity from the first matching process to dual-sided data structure;
performing a second matching process to match at least one data transaction request from the first plurality to at least one data transaction request from the second plurality of the dual-sided data structure, the second matching process using a hidden value; and
as a result of matching data transaction requests at a publicly listed value, publishing details of the match to a public real-time electronic data feed that is received by the third parties; and
as a result of matching data transaction requests at a value that is not publicly listed, communicating real-time details of the match to counterparties without publishing details of the match to the public real-time electronic data feed that is received by the third parties.

2. The computing system of claim 1 , wherein the operations further comprise:
calculating a midpoint value based on a calculated difference between a public value associated with the first plurality and a public value associated with the second plurality,
wherein the calculated midpoint value is used as the hidden value.

3. The computing system of claim 1 , wherein the first matching process is performed by using a publicly listed value of the corresponding data transaction request.

4. The computing system of claim 3 , wherein the pending data transaction requests of the dual-sided data structure are sorted, for the first matching process, on a price/time basis based on hidden price value(s) for the pending data transaction requests.

5. The computing system of claim 1 , wherein the second matching process is performed using a dynamically calculated midpoint value for the hidden value.

6. The computing system of claim 1 , wherein the hidden value that is used in the second matching process is based on one or more hidden price values of pending data transaction requests included dual-sided data structure.

7. The computing system of claim 1 , wherein the operations further comprise:
as part of the performed second matching process, filtering out those data transaction requests that fail to meet a quantity threshold from being eligible to be matched at the hidden value.

8. The computing system of claim 1 , wherein the operations further comprise:
sorting pending data transaction requests included in the first plurality based at least in part on a type that is defined for a corresponding data transaction request for which a matching process is being performed.

9. The computing system of claim 1 , where a first portion of a quantity value of a first corresponding data transaction request is matched from the first matching process and a second portion of the quantity value of the first corresponding data transaction request is matched as a result of the second matching process.

10. The computing system of claim 9 , wherein the first portion of the first corresponding data transaction request is matched without taking into account a private discretion attribute of the first corresponding data transaction request,
where the second portion of the first corresponding data transaction request is matched by taking into account the private discretion attribute of the first corresponding data transaction request.

11. The computing system of claim 1 , wherein the operations further comprise:
as a result of matching a first data transaction request that includes a midpoint attribute for the attribute, determining that there is remaining quantity for the first data transaction request;
based on determination that there is remaining quantity for the first data transaction request, determining that the remaining quantity is less than a threshold amount; and
based on the determination that the remaining quantity is less than the threshold amount, canceling the first data transaction request.

12. The computing system of claim 1 , wherein the operations further comprise:
as a result of matching a first data transaction request that includes a discretion attribute for the attribute, determining that there is remaining quantity for the first data transaction request;
based on determination that there is remaining quantity for the first data transaction request, determining that the remaining quantity is less than a threshold amount; and
based on the determination that the remaining quantity is less than the threshold amount, removing the discretion attribute for the attribute for the first data transaction request.

13. A method comprising:
matching different types of data transaction requests on a computer system that includes electronic memory and at least one hardware coupled to the electronic memory;
storing, to the electronic memory, a dual-sided data structure that includes a first plurality and a second plurality of pending data transaction requests, wherein at least a first data transaction request is included in the first plurality and includes a listed value that is publicly listed to third parties;
receiving a plurality of data transaction requests that each include an attribute that indicates how to process the corresponding data transaction request, wherein different ones of the plurality of data transaction requests have different values for the attribute;
for each corresponding data transaction request of the plurality of data transaction requests that is received, determining, based on the attribute, which one of multiple different processing options is to be used for processing the corresponding data transaction request;
(a) based on determination that the corresponding data transaction request has a midpoint attribute for the attribute, adding the corresponding one to the dual-sided data structure without performing a first matching process,
(b) based on determination that the corresponding data transaction request

Assignees

• Nasdaq Inc

Inventors

• Cooper Steven
• Noviello Joseph
• GOLUBOVSKY Leo
• Wang Chung-Sin
• Claus Matthew

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