Patents by Inventor Anthony Montesano

Anthony Montesano has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Publication number: 20210019826
    Abstract: A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market includes receiving a marketable order at the exchange, wherein the exchange price differs from a national best bid or offer (NBBO) price, routing the order to a trade engine, disseminating a request for price message, the request for price message including a price equal to the NBBO price, receiving a response message, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, allocating at least a portion of the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order, and allocating any remaining portion of the order to at least one predetermined market maker guarantor for execution at the NBBO price.
    Type: Application
    Filed: June 3, 2020
    Publication date: January 21, 2021
    Applicant: Cboe Exchange, Inc.
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Publication number: 20200175591
    Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
    Type: Application
    Filed: September 13, 2019
    Publication date: June 4, 2020
    Applicant: Cboe Exchange, Inc.
    Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
  • Patent number: 10614521
    Abstract: A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
    Type: Grant
    Filed: September 28, 2012
    Date of Patent: April 7, 2020
    Assignee: Cboe Exchange, Inc.
    Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
  • Patent number: 10417708
    Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
    Type: Grant
    Filed: December 14, 2012
    Date of Patent: September 17, 2019
    Assignee: Cboe Exchange, Inc.
    Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
  • Publication number: 20190220925
    Abstract: A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market includes receiving a marketable order at the exchange, wherein the exchange price differs from a national best bid or offer (NBBO) price, routing the order to a trade engine, disseminating a request for price message, the request for price message including a price equal to the NBBO price, receiving a response message, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, allocating at least a portion of the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order, and allocating any remaining portion of the order to at least one predetermined market maker guarantor for execution at the NBBO price.
    Type: Application
    Filed: September 17, 2018
    Publication date: July 18, 2019
    Applicant: Cboe Exchange, Inc.
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Publication number: 20190220926
    Abstract: A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
    Type: Application
    Filed: October 15, 2018
    Publication date: July 18, 2019
    Applicant: CBOE EXCHANGE, INC.
    Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
  • Publication number: 20180211315
    Abstract: Systems and methods for determining a strategy to handle complex orders are disclosed. In one implementation, the system may include a trading platform, and a set of instructions to determine a complex orders strategy that includes whether to calculate a synthetic complex order book (COB) quote, and perform a COB enhanced execution, a spread flash, spread legging, spread linking, or any combination thereof to realize a price improvement. The system executes the complex orders strategy to obtain a strategy result determined to provide price improvement, and displays the complex orders strategy and the strategy result on a display device to the user.
    Type: Application
    Filed: September 6, 2017
    Publication date: July 26, 2018
    Applicant: Chicago Board Options Exchange, Incorporated
    Inventors: Anthony Montesano, Eileen C. Smith
  • Publication number: 20170287066
    Abstract: An automated system for matching orders from a virtual trading crowd in an exchange configured for trading securities or derivatives is disclosed including an electronic trade engine operative to receive an order or a quote for a security or derivative at the exchange, the trade engine further operative to disseminate a request for a price message to a plurality of market makers quoting a class in response to receiving the order or the quote, an electronic book in communication with the electronic trade engine, the electronic book operative to store at least one order or quote received by the electronic trade engine, a database including an allocation algorithm, the database in communication with the electronic trade engine, and a trade processor in communication with the database, the trade processor operative to analyze and execute orders or quotes according to the allocation algorithm selected from the database.
    Type: Application
    Filed: November 18, 2016
    Publication date: October 5, 2017
    Applicant: Chicago Board Options Exchange, Incorporated
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Patent number: 9727916
    Abstract: An automated trading exchange having integrated quote risk monitoring and quote modification services is disclosed. The automated trading exchange is configured to receive orders and quotes, and have associated trading parameters such as a risk threshold. The automated trading exchange typically generates a trade by matching the received orders and quotes, where quotes belong to an overall quote group, to previously received orders and quotes. The automated trading exchange otherwise stores each of the received orders and quotes if a trade is not generated. The automated trading exchange then determines whether a quote has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group.
    Type: Grant
    Filed: October 29, 2013
    Date of Patent: August 8, 2017
    Assignee: Chicago Board Options Exchange, Incorporated
    Inventors: Anthony Montesano, Ross G. Kaminsky, Richard A. Angell, Gordon D. Evora
  • Publication number: 20160358255
    Abstract: A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market includes receiving a marketable order at the exchange, wherein the exchange price differs from a national best bid or offer (NBBO) price, routing the order to a trade engine, disseminating a request for price message, the request for price message including a price equal to the NBBO price, receiving a response message, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, allocating at least a portion of the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order, and allocating any remaining portion of the order to at least one predetermined market maker guarantor for execution at the NBBO price.
    Type: Application
    Filed: February 8, 2016
    Publication date: December 8, 2016
    Applicant: Chicago Board Options Exchange, Incorporated
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Publication number: 20160358261
    Abstract: An automated system for routing orders in an exchange configured for trading securities or derivatives is disclosed. The system includes an electronic trade engine operative to receive an order from an originating firm, the order including a designation specifying a preference for a particular market maker for a security or derivative at the exchange. Upon determining that the order cannot trade at the exchange, the electronic trade engine, via an order handling system, is operative to route the order to a second exchange with a second designation that is one of: identical to the designation of the received order or modified to a different designation according to predetermined instructions.
    Type: Application
    Filed: January 8, 2016
    Publication date: December 8, 2016
    Applicant: Chicago Board Options Exchange, Incorporated
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Publication number: 20130238481
    Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
    Type: Application
    Filed: December 14, 2012
    Publication date: September 12, 2013
    Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
  • Publication number: 20130185185
    Abstract: An automated system for matching orders from a virtual trading crowd in an exchange configured for trading securities or derivatives is disclosed including an electronic trade engine operative to receive an order or a quote for a security or derivative at the exchange, the trade engine further operative to disseminate a request for a price message to a plurality of market makers quoting a class in response to receiving the order or the quote, an electronic book in communication with the electronic trade engine, the electronic book operative to store at least one order or quote received by the electronic trade engine, a database including an allocation algorithm, the database in communication with the electronic trade engine, and a trade processor in communication with the database, the trade processor operative to analyze and execute orders or quotes according to the allocation algorithm selected from the database.
    Type: Application
    Filed: November 27, 2012
    Publication date: July 18, 2013
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Publication number: 20130179321
    Abstract: A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
    Type: Application
    Filed: September 28, 2012
    Publication date: July 11, 2013
    Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
  • Patent number: 8346652
    Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.
    Type: Grant
    Filed: September 16, 2009
    Date of Patent: January 1, 2013
    Assignee: Chicago Board Options Exchange, Incorporated
    Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
  • Patent number: 8346653
    Abstract: An automated system for matching orders from a virtual trading crowd in an exchange configured for trading securities or derivatives is disclosed including an electronic trade engine operative to receive an order or a quote for a security or derivative at the exchange, the trade engine further operative to disseminate a request for a price message to a plurality of market makers quoting a class in response to receiving the order or the quote, an electronic book in communication with the electronic trade engine, the electronic book operative to store at least one order or quote received by the electronic trade engine, a database including an allocation algorithm, the database in communication with the electronic trade engine, and a trade processor in communication with the database, the trade processor operative to analyze and execute orders or quotes according to the allocation algorithm selected from the database.
    Type: Grant
    Filed: October 23, 2009
    Date of Patent: January 1, 2013
    Assignee: Chicago Board Options Exchange, Incorporated
    Inventors: Edward T. Tilly, Anthony Montesano, Eileen C. Smith
  • Patent number: 8296218
    Abstract: A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.
    Type: Grant
    Filed: December 29, 2009
    Date of Patent: October 23, 2012
    Assignee: Chicago Board Options Exchange, Incorporated
    Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
  • Publication number: 20120158567
    Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, and providing market making rights of varying degrees to entities having a physical presence on the floor of the exchange and entities remotely located away from the trading floor. The system includes a trade engine configured for receiving orders from market makers on and away from the trading floor. The system also includes executable instructions for allocating to designated primary market makers a portion of an incoming order remaining after first trading against public customer orders.
    Type: Application
    Filed: August 23, 2011
    Publication date: June 21, 2012
    Inventors: Anthony J. Carone, Mark A. Esposito, Stuart J. Kipnes, Anthony Montesano, Eileen C. Smith, Edward T. Tilly
  • Publication number: 20120072327
    Abstract: An automated system for routing orders in an exchange configured for trading securities or derivatives is disclosed. The system includes an electronic trade engine operative to receive an order from an originating firm, the order including a designation specifying a preference for a particular market maker for a security or derivative at the exchange. Upon determining that the order cannot trade at the exchange, the electronic trade engine, via an order handling system, is operative to route the order to a second exchange with a second designation that is one of: identical to the designation of the received order or modified to a different designation according to predetermined instructions.
    Type: Application
    Filed: June 17, 2011
    Publication date: March 22, 2012
    Inventors: Edward T. TILLY, Anthony Montesano, Eileen C. Smith
  • Publication number: 20110040667
    Abstract: A system and method of determining a participation entitlement for orders for the purchase or sale of securities or derivatives in an exchange configured for trading securities or derivatives is provided. One method includes determining a first participation entitlement based on a presence of a first-in-time public customer order at an executable price and determining a second participation entitlement in an absence of a public customer order on the electronic book. The system includes an electronic trade engine with electronic book configured for receiving orders from market makers on and away from the trading floor. The system also includes executable instructions for determining participation entitlements according to the method noted above.
    Type: Application
    Filed: July 16, 2010
    Publication date: February 17, 2011
    Inventors: Anthony Montesano, Eileen C. Smith, Edward T. Tilly