ALEXANDRIA, Va., June 16 -- United States Patent no. 12,307,519, issued on May 20, was assigned to Cboe Exchange Inc. (Chicago).
"On-demand auction" was invented by Adam Inzirillo (Bay Shore, N.Y.) and William Ciabattoni (New York).
According to the abstract* released by the U.S. Patent & Trademark Office: "A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional m...