Patents by Inventor Michael A. Cormack
Michael A. Cormack 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).
-
Patent number: 11132746Abstract: A directed order process and related market center system are disclosed, wherein a market center system grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center system automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior interest in an electronic marketplace before crossing, all while maintaining anonymity amongst the parties.Type: GrantFiled: December 9, 2019Date of Patent: September 28, 2021Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
-
Publication number: 20210224905Abstract: An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.Type: ApplicationFiled: April 2, 2021Publication date: July 22, 2021Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Publication number: 20210217085Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: ApplicationFiled: March 18, 2021Publication date: July 15, 2021Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 11023976Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: GrantFiled: September 14, 2020Date of Patent: June 1, 2021Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 10997659Abstract: An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.Type: GrantFiled: February 27, 2020Date of Patent: May 4, 2021Assignee: Archipelogo Holdings, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Publication number: 20210027370Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: ApplicationFiled: September 14, 2020Publication date: January 28, 2021Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 10885582Abstract: An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.Type: GrantFiled: May 3, 2006Date of Patent: January 5, 2021Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Patent number: 10872378Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: GrantFiled: March 9, 2020Date of Patent: December 22, 2020Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Publication number: 20200211114Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: ApplicationFiled: March 9, 2020Publication date: July 2, 2020Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Publication number: 20200211113Abstract: An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.Type: ApplicationFiled: February 27, 2020Publication date: July 2, 2020Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Publication number: 20200134724Abstract: A tracking liquidity order and related market center and process are disclosed which allow posting market centers (e.g. exchanges) to fill routable, smaller orders that would have otherwise routed off the posting market center. Such tracking liquidity orders increase the liquidity of that posting market center and allow it to execute more orders internally, without having to route them to an away market center.Type: ApplicationFiled: December 30, 2019Publication date: April 30, 2020Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Publication number: 20200118208Abstract: A directed order process and related market center system are disclosed, wherein a market center system grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center system automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior interest in an electronic marketplace before crossing, all while maintaining anonymity amongst the parties.Type: ApplicationFiled: December 9, 2019Publication date: April 16, 2020Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
-
Patent number: 10614524Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: GrantFiled: August 27, 2019Date of Patent: April 7, 2020Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 10614520Abstract: A tracking liquidity order and related market center and process are disclosed which allow posting market centers (e.g. exchanges) to fill routable, smaller orders that would have otherwise routed off the posting market center. Such tracking liquidity orders increase the liquidity of that posting market center and allow it to execute more orders internally, without having to route them to an away market center.Type: GrantFiled: May 3, 2006Date of Patent: April 7, 2020Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Patent number: 10540716Abstract: A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.Type: GrantFiled: June 19, 2014Date of Patent: January 21, 2020Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
-
Patent number: 10521858Abstract: A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.Type: GrantFiled: September 12, 2012Date of Patent: December 31, 2019Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
-
Publication number: 20190385232Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: ApplicationFiled: August 27, 2019Publication date: December 19, 2019Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 10475120Abstract: A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.Type: GrantFiled: April 13, 2015Date of Patent: November 12, 2019Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
-
Patent number: 10445829Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: GrantFiled: December 5, 2014Date of Patent: October 15, 2019Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
-
Patent number: 10354323Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.Type: GrantFiled: September 17, 2013Date of Patent: July 16, 2019Assignee: NYSE Group, Inc.Inventors: Paul D Adcock, Michael A Cormack, Amy Farnstrom, Robert A Hill