Patents by Inventor Michael S. Merold
Michael S. Merold 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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Publication number: 20230351500Abstract: The disclosed embodiments relate to systems/methods for low latency regulation of distributed, e.g., geographically and/or logically, transaction processing, such as trading of financial instruments, in accordance with centralized demand-based dynamically reallocated post-trade-based limits, e.g., credit/risk limits. In particular, the disclosed embodiments relate to monitoring credit demand across execution venues, as opposed to actual utilization, and, based thereon, modifying execution specific limits to reallocate of portions of a credit/risk allotment, such as a credit/risk limit, to multiple execution venues for use in approving transactions, which may implement order driven and/or quote driven markets, so as to dynamically rebalance the allocations to the execution venues based on demand/need, rather than utilization, thereby avoiding having to mitigate latencies in determining and responding to utilization.Type: ApplicationFiled: April 29, 2022Publication date: November 2, 2023Applicant: Chicago Mercantile Exchange Inc.Inventors: Michael S. Merold, Venkatesh Hegde, Matthew Morano, Francis B. Bakalar, Brian G. Dugdale, Indira P. Sinha, Stanislav Liberman, Michal Sheves, Mark Bucaj
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Patent number: 8504667Abstract: In a trading system market data from a matching engine is distributed by a broker to a plurality of trading floors repeatedly every T seconds, typically one second. This one second distribution period is divided into a plurality of time slots and each trading floor is randomly assigned to a slot. Data for a given trading floor is calculated and distributed during the time slot assigned to that floor. The position of a trading floor relative to others is varied by swapping a pair of adjacent time slots every J distribution periods.Type: GrantFiled: July 30, 2009Date of Patent: August 6, 2013Assignee: EBS Group LimitedInventors: Edward Howorka, Peter R. Horsfall, Steven W. Iaccheo, Michael S. Merold, Schalk M. Steyn
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Publication number: 20110276457Abstract: Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesised from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.Type: ApplicationFiled: May 17, 2011Publication date: November 10, 2011Applicant: EBS Group Ltd.Inventors: Vladimir Neyman, Steven Iaccheo, Neena Jain, James Shu, Edward R. Howorka, Andrew P. Foray, Michael S. Merold
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Patent number: 7693774Abstract: An anonymous trading system comprises a network of broker nodes each of which perform price matching, deal execution and market distribution. Trader terminals on trading floors are connected to a given broker node via a trading agent node. Credit may be stored for a given trading floor at its trading agent node or at a credit agent node which stores credit limits for a group of trading floors. Where the credit limits of a party to a proposed deal are stored at a credit agent node, the deal execution process is routed through that credit agent node to check for available credit. The system allows institutions to adopt any combination of local and global credit assignments with counterparties with which it wishes to trade.Type: GrantFiled: June 29, 2001Date of Patent: April 6, 2010Assignee: EBS Group LimitedInventors: Edward R. Howorka, Neena Jain, Steven Iaccheo, Vladimir Neyman, James Shu, Michael S. Merold, Alastair G. Crane, Srivathsan Krishnasami, Roy S. McPherson, Paul M. Ginsberg, Gregory D. Mills
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Publication number: 20100082767Abstract: In a trading system market data from a matching engine is distributed by a broker to a plurality of trading floors repeatedly every T seconds, typically one second. This one second distribution period is divided into a plurality of time slots and each trading floor is randomly assigned to a slot. Data for a given trading floor is calculated and distributed during the time slot assigned to that floor. The position of a trading floor relative to others is varied by swapping a pair of adjacent time slots every J distribution periods.Type: ApplicationFiled: July 30, 2009Publication date: April 1, 2010Applicant: EBS Group Ltd.Inventors: Edward Howorka, Peter R. Horsfall, Steven W. Iaccheo, Michael S. Merold, Schalk M. Steyn
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Patent number: 7333952Abstract: Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesized from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.Type: GrantFiled: June 23, 2000Date of Patent: February 19, 2008Assignee: EBS Group LimitedInventors: Vladimir Neyman, Steven Iaccheo, Neena Jain, James Shu, Edward R. Howorka, Andrew P. Foray, Michael S. Merold
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Patent number: 6983259Abstract: An anonymous trading system has a clique of arbitrators which match orders from trader terminals and execute deals. One or more branches is attached to each arbitrator connecting trader terminals through a city node and one or more market distributors. At any one time only one arbitrator is active with the passive arbitrators active as market distributors. The active arbitrator is switched according to the geographical location of the greatest market activity.Type: GrantFiled: June 23, 2000Date of Patent: January 3, 2006Assignee: EBS Group LimitedInventors: Andrew P. Foray, Michael S. Merold
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Publication number: 20040019554Abstract: This invention resides in receiving a price feed of data specifying prices of instruments to be traded and converting prices to quotes which specify a price at which a trade can be made and an amount for that trade. In particular, the invention resides in a quote submission interface that controls whether quotes should be derived and submitted from a price feed. In an embodiment of the invention, the quote submission interface determines whether quotes should be submitted based upon a variety of factors, including any combination of the frequency of price changes, the price level in comparison to a best price, the format of price messages, the net exposure as a result of automatic deal submission, and other factors.Type: ApplicationFiled: July 26, 2002Publication date: January 29, 2004Inventors: Michael S. Merold, Snezhana Malkin, Tracey Riordan, Edward R. Howorka
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Publication number: 20020133455Abstract: An anonymous trading system comprises a network of broker nodes each of which perform price matching, deal execution and market distribution. Trader terminals on trading floors are connected to a given broker node via a trading agent node. Credit may be stored for a given trading floor at its trading agent node or at a credit agent node which stores credit limits for a group of trading floors. Where the credit limits of a party to a proposed deal are stored at a credit agent node, the deal execution process is routed through that credit agent node to check for available credit. The system allows institutions to adopt any combination of local and global credit assignments with counterparties with which it wishes to trade.Type: ApplicationFiled: June 29, 2001Publication date: September 19, 2002Applicant: Electronic Broking Services LimitedInventors: Edward R. Howorka, Neena Jain, Steven Iaccheo, Vladimir Neyman, James Shu, Michael S. Merold, Alastair G. Crane, Srivathsan Krishnasami, Roy S. McPherson, Paul M. Ginsberg, Gregory D. Mills
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Publication number: 20020107781Abstract: Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesized from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.Type: ApplicationFiled: June 29, 2001Publication date: August 8, 2002Applicant: Electronic Broking Services LimitedInventors: Vladimir Neyman, Steven Iaccheo, Neena Jain, James Shu, Edward R. Howorka, Andrew P. Foray, Michael S. Merold