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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 effectsofcomputational incongruencies of computers connected to an Electronic TradingVenue ("ETV")based on selection of orders, received at the electronic training venue via anetwork from thecomputers, using randomization and delay-free mechanisms. To address HighFrequencyTrading and improve the efficiency of the computer system of an ETV, thesystem mayimmediately, without introducing a batching or randomization delay, placemaker orders into anelectronic order book. If a taker order is received that is price-compatiblewith previouslyreceived maker orders in the electronic order book, the system may batch themaker orders in theelectronic order book for randomization. As such, batching and randomizationprocesses do notuse network and computational resources of the computer system unless they areactuallynecessary, and are typically not employed when maker orders are canceled aftertheir initial entryinto the electronic order book.
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