ALEXANDRIA, Va., June 16 -- United States Patent no. 12,307,516, issued on May 20, was assigned to Cboe Exchange Inc. (Chicago).
"Exchange order prioritization" was invented by William Ciabattoni (New York) and Adam Inzirillo (Bay Shore, N.Y.).
According to the abstract* released by the U.S. Patent & Trademark Office: "A method is provided for implementing retail priority via an exchange computer system. In some implementations, first, second, and third orders for a financial instrument are received. A determination that the first order is at or inside the National Best Bid Offer (NBBO) associated with the financial instrument is made, and a determination that the third order is associated with a priority account is also made. A determina...