Patents by Inventor Edward Tilly

Edward Tilly 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: 20060293998
    Abstract: A system and method for trading derivatives in penny increments while disseminating quotes for derivatives in nickel/dime increments is disclosed. A trading engine receives quotes for a derivative in penny increments from at least one entity. The trading engine rounds out the quotes for the derivative in penny increments to quotes for the derivative in nickel/dime increments. The quotes in nickel/dime increments are aggregated and disseminated. The trading engine receives bids and offers to take positions in the derivative based on the aggregate quotes for the derivative in nickel/dime increments and executes trades for the derivative by matching bids and offers to buy and sell positions in the derivative.
    Type: Application
    Filed: May 3, 2006
    Publication date: December 28, 2006
    Inventors: Edward Tilly, Christopher Gust
  • Publication number: 20060167789
    Abstract: A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market is disclosed. The method may include receiving a marketable order for a security or derivative at the exchange, wherein the exchange has a price that differs from a national best bid or offer price, routing the marketable order to a trade engine, disseminating a request for price message to all market makers quoting a class in response to receiving the marketable order, the request for price message including a price equal to the national best bid or offer price, receiving a response message at the electronic trade engine in response to the request for price message from at least one market maker, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, and allocating 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.
    Type: Application
    Filed: December 29, 2005
    Publication date: July 27, 2006
    Inventors: Edward Tilly, Anthony Carone, Stuart Kipnes, Anthony Montesano, Eileen Smith
  • Publication number: 20060167788
    Abstract: A method of broker trading in an exchange configured for trading securities or derivatives by a combination of electronic and open-outcry trading mechanisms is disclosed. The method includes receiving an order in a public automated routing system workstation, accessing the public automated routing system workstation by a broker with a broker-specific identifier, selecting the order, indicating at least a portion of the order to be executed, booked and/or maintained by a trade engine, and transmitting the at least a portion of the order to the trade engine to be executed or booked, wherein the executed, booked and/or maintained order is marked with the broker-specific identifier by the trade engine.
    Type: Application
    Filed: December 29, 2005
    Publication date: July 27, 2006
    Inventors: Edward Tilly, Eileen Smith
  • Publication number: 20060149659
    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: November 30, 2005
    Publication date: July 6, 2006
    Inventors: Anthony Carone, Mark Esposito, Stuart Kipnes, Anthony Montesano, Eileen Smith, Edward Tilly
  • Publication number: 20060106713
    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 11, 2005
    Publication date: May 18, 2006
    Inventors: Edward Tilly, Anthony Carone, Stuart Kipnes, James Gazis, Anthony Montesano, Eileen Smith