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).
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Patent number: 9898783Abstract: 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: February 20, 2018Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Patent number: 9846909Abstract: 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: November 20, 2014Date of Patent: December 19, 2017Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Publication number: 20150221033Abstract: 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: ApplicationFiled: April 13, 2015Publication date: August 6, 2015Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Publication number: 20150213554Abstract: 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: ApplicationFiled: April 13, 2015Publication date: July 30, 2015Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Publication number: 20150095209Abstract: 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: December 5, 2014Publication date: April 2, 2015Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
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Publication number: 20150081515Abstract: 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: ApplicationFiled: November 20, 2014Publication date: March 19, 2015Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Publication number: 20140304141Abstract: 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: ApplicationFiled: June 19, 2014Publication date: October 9, 2014Inventors: Michael A. Cormack, Jennifer L. Drake, Thomas F. Haller, Robert A. Hill
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Patent number: 8799131Abstract: 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: September 22, 2006Date of Patent: August 5, 2014Assignee: NYSE Group, Inc.Inventors: Michael A. Cormack, Jennifer L Drake, Thomas F. Haller, Robert A. Hill
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Patent number: 8738484Abstract: An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.Type: GrantFiled: July 27, 2007Date of Patent: May 27, 2014Inventors: Paul Adcock, Michael Cormack, Amy Farnstrom, Thomas Haller, Robert Hill
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Publication number: 20140019328Abstract: 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 17, 2013Publication date: January 16, 2014Applicant: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Amy Farnstrom, Robert A. Hill
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Patent number: 8600862Abstract: An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.Type: GrantFiled: September 2, 2010Date of Patent: December 3, 2013Assignee: NYSE Group, Inc.Inventors: Paul Adcock, Michael Cormack, Amy Famstrom, Thomas Haller, Robert Hill
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Patent number: 8566225Abstract: 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: October 24, 2012Date of Patent: October 22, 2013Assignee: NYSE Group, Inc.Inventors: Paul D Adcock, Michael A Cormack, Amy Farnstrom, Robert A Hill
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Publication number: 20130006839Abstract: 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: ApplicationFiled: September 12, 2012Publication date: January 3, 2013Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
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Patent number: 8311930Abstract: 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: May 23, 2011Date of Patent: November 13, 2012Assignee: NYSE Group, Inc.Inventors: Paul Adcock, Michael Cormack, Amy Famstrom, Robert Hill
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Patent number: 8301542Abstract: 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: December 8, 2010Date of Patent: October 30, 2012Assignee: NYSE Group, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
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Publication number: 20110231298Abstract: 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: May 23, 2011Publication date: September 22, 2011Inventors: Paul Adcock, Michael Cormack, Amy Famstrom, Robert Hill
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Patent number: 7949596Abstract: 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: July 27, 2007Date of Patent: May 24, 2011Assignee: Archipelago Holdings, Inc.Inventors: Paul Adcock, Michael Cormack, Amy Famstrom, Robert Hill
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Patent number: 7937315Abstract: A program trade order process and related market center are disclosed which accumulate program trade orders throughout the trading day and execute the accumulated program trade orders at a designated time. The process disclosed provides trade reporting and order surveillance capabilities as well.Type: GrantFiled: January 31, 2006Date of Patent: May 3, 2011Assignee: Archipelago Holdings, Inc.Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
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Publication number: 20110082784Abstract: 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: ApplicationFiled: December 8, 2010Publication date: April 7, 2011Inventors: Paul D. Adcock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill
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Patent number: 7908201Abstract: A cross and post order and related market center and process are disclosed which automatically convert any unfilled balance of a cross order that was broken up due to interaction with the posting market center's order book to a limit order at the same price. The process also automatically associates the transactions that are used to fill the generated limit order with the cross and post order that was originally sent to the posting market center for execution.Type: GrantFiled: January 31, 2006Date of Patent: March 15, 2011Assignee: Archipelago Holdings, Inc.Inventors: Paul D. Addock, Michael A. Cormack, Thomas F. Haller, Robert A. Hill