Patents by Inventor Edward R Howorka

Edward R Howorka 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: 20210049691
    Abstract: The disclosed embodiments relate to a latency floor mechanism for processing incoming orders to an electronic trading system which impart a delay on orders, not when they are received, but when they are matched by the match engine/CLOB thereby imparting zero added latency between order submission/modifications/cancellations and price market data publication by the electronic trading system because the disclosed randomization processing delay applies only to matched orders, which represent a small fraction of the market events.
    Type: Application
    Filed: August 12, 2020
    Publication date: February 18, 2021
    Applicant: Chicago Mercantile Exchange Inc.
    Inventors: Edward R. Howorka, Peter Robert Capuano, Michael Sean Merold
  • Publication number: 20190378212
    Abstract: An anonymous computerized trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimizing the time for which credit is allocated to the system.
    Type: Application
    Filed: August 21, 2019
    Publication date: December 12, 2019
    Applicant: CME Group Inc.
    Inventors: John Edward Schoen, Nasir Ahmed Zubairi, Edward R. Howorka, Neena Jain
  • Patent number: 10430877
    Abstract: An anonymous computerized trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimizing the time for which credit is allocated to the system.
    Type: Grant
    Filed: August 18, 2010
    Date of Patent: October 1, 2019
    Assignee: Chicago Mercantile Exchange Inc.
    Inventors: John Edward Schoen, Nasir Ahmed Zubairi, Edward R. Howorka, Neena Jain
  • Patent number: 9412133
    Abstract: A system and method for user defined markets for electronic trading is disclosed. In one embodiment, a technology platform is provided that allows a user to define a new market for electronic trading and automatically generate the new market for live trading. In one embodiment, the new market is automatically tested using a trading simulator that simulates the new market for electronic trading.
    Type: Grant
    Filed: July 3, 2014
    Date of Patent: August 9, 2016
    Assignee: MarketFactory, Inc.
    Inventors: Edward R. Howorka, James H. Sinclair, Darren M. Jer
  • Publication number: 20160086276
    Abstract: Benchmarks for the price of a financial instrument such as FX spot rate for a currency pair are calculated by an algorithm based on a previous benchmark and a market price. The market price is derived from a deal price and a quote price. The deal price is based on deals conducted since the last benchmark and the quote price is based on bids and offers entered since the last benchmark. For each of the deal and quote prices, a price, weight and scatter is calculated which is used to calculate a benchmark price, weight and scatter and a benchmark error.
    Type: Application
    Filed: November 20, 2015
    Publication date: March 24, 2016
    Inventors: Edward R. Howorka, Jeffrey Edward Power, Nasir Ahmed Zubairi, David Jifeng Liu, Neena Jain
  • Publication number: 20160019645
    Abstract: A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message.
    Type: Application
    Filed: August 3, 2015
    Publication date: January 21, 2016
    Inventors: Karen Ilse Setz, Snezhana Malkin, Leong Fai Mah, Steven J. Scully, Tracey Riordan, Edward R. Howorka, James Sinclair
  • Publication number: 20150012411
    Abstract: A system and method for user defined markets for electronic trading is disclosed. In one embodiment, a technology platform is provided that allows a user to define a new market for electronic trading and automatically generate the new market for live trading. In one embodiment, the new market is automatically tested using a trading simulator that simulates the new market for electronic trading.
    Type: Application
    Filed: July 3, 2014
    Publication date: January 8, 2015
    Inventors: Edward R. Howorka, James H. Sinclair, Darren M. Jer
  • Patent number: 8930257
    Abstract: A system and method for user defined markets for electronic trading is disclosed. In one embodiment, a technology platform is provided that allows a user to define a new market for electronic trading and automatically generate the new market for live trading. In one embodiment, the new market is automatically tested using a trading simulator that simulates the new market for electronic trading.
    Type: Grant
    Filed: October 17, 2008
    Date of Patent: January 6, 2015
    Assignee: MarketFactory, Inc.
    Inventors: Edward R. Howorka, James H. Sinclair, Darren M. Jer
  • Patent number: 8775297
    Abstract: A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only-accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message.
    Type: Grant
    Filed: June 4, 2012
    Date of Patent: July 8, 2014
    Assignee: EBS Group Limited
    Inventors: Karen Ilse Setz, Snezhana Malkin, Leong Fai Mah, Steven J. Scully, Tracey Riordan, Edward R. Howorka, James Sinclair
  • Publication number: 20140040103
    Abstract: An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.
    Type: Application
    Filed: October 3, 2013
    Publication date: February 6, 2014
    Applicant: EBS Group Ltd.
    Inventors: James Sinclair, James A. O'Hagan, Edward R. Howorka, Neena Jain
  • Patent number: 8639607
    Abstract: An anonymous trading system for financial instruments comprises a network of broking nodes each performing a bid and offer matching function and a market view distribution function. Trader terminals are connected to the network via trading agent nodes. During deal execution a credit check is performed and once the deal is complete the identity of the counterparty becomes known to the other counterparty to the deal. The originating counterparty may send a More quantity message to the other party proposing a further deal at the same price. The other party may decline, partially accept, accept or accept and propose a still further amount. Credit for the further deal is drawn from an external source and the internal credit limits are temporarily increased or disabled to prevent the deal from being rejected.
    Type: Grant
    Filed: September 27, 2010
    Date of Patent: January 28, 2014
    Assignee: EBS Group Limited
    Inventors: August M. Hochenberger, Edward R. Howorka, Neena Jain, John C. Gaudio, John R. Capuano, Gregory Mills, Srivathsan Krishnasami
  • Patent number: 8577784
    Abstract: An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.
    Type: Grant
    Filed: May 29, 2012
    Date of Patent: November 5, 2013
    Assignee: EBS Group Limited
    Inventors: James Sinclair, James A. O'Hagan, Edward R. Howorka, Neena Jain
  • Publication number: 20130282549
    Abstract: An automated market data distribution system uses proprietary order flow information to provide a trader (or an automated trading system) with an enhanced version of a received market data feed that avoids the need for the trader or automated trading system to always wait for a response to a prior order from such exchange before submitting further orders. The data distribution system preferably comprises a geographically distributed data network with market data enhancement and intelligent order routing capabilities in each region that not only provides each region with market data that is enhanced with order flow data from other regions, but that also employs statistical data and heuristics to re-route and/or cancel orders from a trader in one region to an exchange in another region.
    Type: Application
    Filed: October 19, 2012
    Publication date: October 24, 2013
    Applicant: MarketFactory, Inc.
    Inventor: Edward R. Howorka
  • Patent number: 8548892
    Abstract: Benchmarks for the price of a financial instrument such as FX spot rate for a currency pair are calculated by an algorithm based on a previous benchmark and a market price. The market price is derived from a deal price and a quote price. The deal price is based on deals conducted since the last benchmark and the quote price is based on bids and offers entered since the last benchmark. For each of the deal and quote prices, a price, weight and scatter is calculated which is used to calculate a benchmark price, weight and scatter and a benchmark error.
    Type: Grant
    Filed: November 5, 2004
    Date of Patent: October 1, 2013
    Assignee: EBS Group Limited
    Inventors: Edward R. Howorka, David Jifeng Liu, Jeffrey Edward Power, Nasir Ahmed Zubairi, Neena Jain
  • Patent number: 8335737
    Abstract: Price improvement in credit screened trading systems is achieved by entering a maximum price improvement (MPI) amount with a maker quote. The system prepares separate quote queues for each trading floor including only quotes where bilateral credit exists. Quotes are arranged using Price, MPI, time priority. When a quote is dealt, a dealable price improvement is calculated as the amount of the MPI required to improve the dealt quote's position in the queue.
    Type: Grant
    Filed: May 6, 2010
    Date of Patent: December 18, 2012
    Assignee: EBS Group Limited
    Inventor: Edward R. Howorka
  • Patent number: 8275693
    Abstract: An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.
    Type: Grant
    Filed: May 5, 2009
    Date of Patent: September 25, 2012
    Assignee: EBS Group Limited
    Inventors: James Sinclair, James O'Hagan, Edward R. Howorka, Neena Jain
  • Publication number: 20120239547
    Abstract: An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.
    Type: Application
    Filed: May 29, 2012
    Publication date: September 20, 2012
    Inventors: James Sinclair, James A. O'Hagan, Edward R. Howorka, Jain Neena
  • Publication number: 20120239549
    Abstract: A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message.
    Type: Application
    Filed: June 4, 2012
    Publication date: September 20, 2012
    Applicant: EBS GROUP LIMITED
    Inventors: Karen Ilse Setz, Snezhana Malkin, Leong Fai Mah, Steven J. Scully, Tracey Riordan, Edward R. Howorka, James Sinclair
  • Publication number: 20120239550
    Abstract: A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only-accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message.
    Type: Application
    Filed: June 4, 2012
    Publication date: September 20, 2012
    Applicant: EBS GROUP LIMITED
    Inventors: Karen Ilse Setz, Snezhana Malkin, Leong Fai Mah, Steven J. Scully, Tracey Riordan, Edward R. Howorka, James Sinclair
  • Patent number: RE44393
    Abstract: Best bid and best offer rate data from deals concluded on an anonymous trading system in a fungible instrument such as a foreign currency pair are processed to derive indicative rates. A minimum indicative rates spread between bid and offer prices is defined. The indicative rate bid and offer prices are set to the received best bid and offer prices and alternately an amount is added to the indicative offer rates and subtracted from the indicative bid rates until the spread between the indicative bid and offer rates is greater than or equal to the predefined minimum indicative rates spread and greater than the spread between the best bid and offer prices.
    Type: Grant
    Filed: September 3, 2003
    Date of Patent: July 23, 2013
    Assignee: EBS Group Limited
    Inventors: Alexander C. Riseman, Edward R. Howorka, James A. O'Hagan