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DELAY-FREE MATCHING FOR DEEMPHASIZING EFFECTS OF SPEED DIFFERENTIALS AMONG PRICE-MAKERS
DELAY-FREE MATCHING FOR DEEMPHASIZING EFFECTS OF SPEED DIFFERENTIALS AMONG PRICE-MAKERS
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机译:无延迟匹配,以防止价格差异因素对速度差异的影响
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摘要
The invention relates to improved computer systems that mitigate the effects of computational incongruencies of computers connected to an Electronic Trading Venue ("ETV") based on selection of orders, received at the electronic training venue via a network from the computers, using randomization and delay-free mechanisms. To address High Frequency Trading and improve the efficiency of the computer system of an ETV, the system may immediately, without introducing a batching or randomization delay, place maker orders into an electronic order book. If a taker order is received that is price-compatible with previously received maker orders in the electronic order book, the system may batch the maker orders in the electronic order book for randomization. As such, batching and randomization processes do not use network and computational resources of the computer system unless they are actually necessary, and are typically not employed when maker orders are canceled after their initial entry into the electronic order book.
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