MATCHING TECHNIQUES FOR DATA TRANSACTION REQUESTS WITH PRIVATE ATTRIBUTES

摘要

A computer system is provided that includes a paired list of data transaction requests on which a matching process is performed. There are multiple different types of data transaction requests that are stored in the paired list including data transaction requests with midpoint attributes and data transaction requests with discretion attributes. The computer system may determine how the multiple different types of data transaction requests may be match against each other. Two matching processes can be used to determine if a match exists between the first and second sides of the paired list. Matches that are determined at private values are not disseminated to third-parties via public market data feeds.

主权项

1. A computing system for processing different types of data transaction requests, the computing system comprising:
a computer storage system configured to store:
at least a first list pair that is composed of a first list and a second list, where a plurality of pending data transaction requests is included in the first and/or second list, where list matches are determined between data transaction requests associated with the first list to data transaction requests associated with the second list, the plurality of pending data transaction requests including a first data transaction request and second data transaction request, where the first data transaction request includes a public value, and a private discretion attribute that corresponds to at least one discretion increment at which the first data transaction request is eligible for matching against a counter data transaction request at a private value that is greater than or less than the value of the public value, the second data transaction request having a total quantity value and a midpoint attribute;a transceiver configured to receive, from remote computing devices, electronic data messages that each include a respective data transaction request, where a first electronic data message of the electronic data messages includes a new data transaction request;a processing system that includes at least one hardware processor coupled to the computer storage system and the transceiver, the processing system configured to:
sort, by taking into account private values associated with the pending data transaction requests, the first list pair;perform a first matching process, using the sorted first list pair, for the new data transaction request to the pending data transaction requests in the sorted first list pair at the public value that is included with the new data transaction request;add a remainder of new data transaction request to the first list pair;perform, using the first list pair that includes the remainder of new data transaction request, a second matching process to match at least one data transaction request in the first list to at least one data transaction request in the second list, the second matching processing using the private values that are associated with the data transaction requests in the first and/or second list;responsive to matching at least two data transaction requests at a public value associated with the first or second list, publish details of the match to a public real-time electronic data feed that is consumed by third parties; andresponsive to matching at least two data transaction requests at a private value associated with the first list or second list, do not publish details of the match to the public real-time electronic data feed.