Patents by Inventor Stuart J. Kipnes
Stuart J. Kipnes 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: 11151650Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: GrantFiled: September 13, 2019Date of Patent: October 19, 2021Assignee: CBOE EXCHANGE, INC.Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Publication number: 20200175591Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: ApplicationFiled: September 13, 2019Publication date: June 4, 2020Applicant: Cboe Exchange, Inc.Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Patent number: 10614521Abstract: 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: GrantFiled: September 28, 2012Date of Patent: April 7, 2020Assignee: Cboe Exchange, Inc.Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Patent number: 10417708Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: GrantFiled: December 14, 2012Date of Patent: September 17, 2019Assignee: Cboe Exchange, Inc.Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Publication number: 20190220926Abstract: 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: ApplicationFiled: October 15, 2018Publication date: July 18, 2019Applicant: CBOE EXCHANGE, INC.Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Publication number: 20130238481Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: ApplicationFiled: December 14, 2012Publication date: September 12, 2013Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Publication number: 20130179321Abstract: 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: ApplicationFiled: September 28, 2012Publication date: July 11, 2013Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Patent number: 8346652Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: GrantFiled: September 16, 2009Date of Patent: January 1, 2013Assignee: Chicago Board Options Exchange, IncorporatedInventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Patent number: 8296218Abstract: 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: GrantFiled: December 29, 2009Date of Patent: October 23, 2012Assignee: Chicago Board Options Exchange, IncorporatedInventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Publication number: 20120158567Abstract: 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: ApplicationFiled: August 23, 2011Publication date: June 21, 2012Inventors: Anthony J. Carone, Mark A. Esposito, Stuart J. Kipnes, Anthony Montesano, Eileen C. Smith, Edward T. Tilly
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Publication number: 20100223176Abstract: 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: ApplicationFiled: December 29, 2009Publication date: September 2, 2010Inventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Publication number: 20100082473Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: ApplicationFiled: September 16, 2009Publication date: April 1, 2010Inventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Patent number: 7676421Abstract: 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: GrantFiled: October 11, 2005Date of Patent: March 9, 2010Assignee: Chicago Board Options Exchange, IncorporatedInventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, James Gazis, Anthony Montesano, Eileen C. Smith
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Patent number: 7653588Abstract: 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: GrantFiled: December 29, 2005Date of Patent: January 26, 2010Assignee: Chicago Board Options Exchange, IncorporatedInventors: Edward T. Tilly, Anthony J. Carone, Stuart J. Kipnes, Anthony Montesano, Eileen C. Smith
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Publication number: 20090292634Abstract: 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: ApplicationFiled: April 30, 2009Publication date: November 26, 2009Inventors: Anthony J. Carone, Mark A. Esposito, Stuart J. Kipnes, Anthony Montesano, Eileen C. Smith, Edward T. Tilly
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Patent number: 7613650Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: GrantFiled: April 24, 2003Date of Patent: November 3, 2009Assignee: Chicago Board Options Exchange, IncorporatedInventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone
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Patent number: 7552083Abstract: 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: GrantFiled: November 30, 2005Date of Patent: June 23, 2009Assignee: Chicago Board Options Exchange, IncorporatedInventors: Anthony J. Carone, Mark A. Esposito, Stuart J. Kipnes, Anthony Montesano, Eileen C. Smith, Edward T. Tilly
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Publication number: 20040215538Abstract: 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, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.Type: ApplicationFiled: April 24, 2003Publication date: October 28, 2004Applicant: Chicago Board Options Exchange, IncorporatedInventors: Eileen C. Smith, Anthony Montesano, Edward T. Tilly, Mark A. Esposito, Stuart J. Kipnes, Anthony J. Carone