Intercontinental Exchange’s patent involves a computer system that allows market centers to fill smaller orders internally instead of routing them elsewhere. This system increases liquidity and efficiency by executing orders within the posting market center. GlobalData’s report on Intercontinental Exchange gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Intercontinental Exchange, Retail trading platforms was a key innovation area identified from patents. Intercontinental Exchange's grant share as of February 2024 was 73%. Grant share is based on the ratio of number of grants to total number of patents.
Tracking liquidity order system for internal order execution
A computer system has been granted a patent (Publication Number: US11922503B2) for a unique order matching engine and order book interface. The system includes a posting market center computer connected to external data sources, with an interface designed to receive various types of orders and market maker quotes. The order matching engine within the system is configured to store and position different types of orders in the order book based on ranking and price indexes. One of the key features of the system is the inclusion of a tracking liquidity order, which is not displayed in the order book but plays a crucial role in executing incoming orders without routing them to external markets.
Furthermore, the system includes mechanisms to prevent incoming orders from being routed to external markets by executing them against the tracking liquidity order within the system. The tracking liquidity order, whether a buy or sell order, has specific parameters such as fluctuating current price and priority rules for execution against incoming marketable orders. The system also ensures compliance with national best bid or offer prices to prevent trade through violations. Additionally, the system can reset parameters based on changes in market conditions and prioritize order execution based on specific criteria. Overall, the patented system offers a sophisticated approach to order matching and execution within a market center environment, enhancing efficiency and reducing the need for external routing of orders.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
