Richard David Angell

US Patent:

7356498, Apr 8, 2008

Filed:

Dec 30, 1999

Appl. No.:

09/475534

Inventors:

Ross G. Kaminsky - Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

Assignee:

Chicago Board Options Exchange, Incorporated - Chicago IL

International Classification:

G06Q 40/00

US Classification:

705 37, 705 38

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade.

US Patent:

7980457, Jul 19, 2011

Filed:

Feb 22, 2008

Appl. No.:

12/035996

Inventors:

Ross G. Kaminsky - Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

Assignee:

Chicago Board Options Exchange, Incorporated - Chicago IL

International Classification:

G06F 17/00
G06Q 40/00

US Classification:

235375, 705 36 R, 705 38

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade.

US Patent:

8266044, Sep 11, 2012

Filed:

Jul 7, 2011

Appl. No.:

13/178289

Inventors:

Ross G. Kaminsky - Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

Assignee:

Chicago Board Options Exchange, Incorporated - Chicago IL

International Classification:

G06Q 40/00

US Classification:

705 37

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade.

US Patent:

20130151389, Jun 13, 2013

Filed:

Aug 10, 2012

Appl. No.:

13/572195

Inventors:

Ross G. Kaminsky - Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

International Classification:

G06Q 40/04

US Classification:

705 37

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. The computer generates a trade by matching received orders and quotes to previously received orders and quotes, and then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer then compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group. The computer may also automatically regenerate quotes that have been filled.

US Patent:

20180374153, Dec 27, 2018

Filed:

Feb 19, 2018

Appl. No.:

15/899056

Inventors:

- Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

Assignee:

Cboe Exchange, Inc. - Chicago IL

International Classification:

G06Q 40/04
G06Q 40/08
G06Q 40/02
G06Q 40/06

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer then compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group. The computer may also automatically regenerate quotes that have been filled.

US Patent:

20160048915, Feb 18, 2016

Filed:

Mar 25, 2015

Appl. No.:

14/668359

Inventors:

- Chicago IL, US
Richard A. Angell - Evanston IL, US
Gordon D. Evora - Chicago IL, US

Assignee:

CHICAGO BOARD OPTIONS EXCHANGE - Chicago IL

International Classification:

G06Q 40/04

Abstract:

An automated trading exchange having integrated quote risk monitoring and quote modification services. An apparatus is implemented using at least one computer, having memory, and a processor. The computer is configured to receive orders and quotes, wherein specified ones of the quotes are contained in a quote group, and have associated trading parameters such as a risk threshold. Not all received quotes are required to have trading parameters as described herein. Preferably, the quote group contains all the quotes, or a subset of quotes, belonging to an individual market-maker for a given class of options contracts, or possibly the quotes of two or more market-makers that have identified themselves as belonging to a group for the purposes of risk monitoring and quote modification. The computer typically generates a trade by matching the received orders and quotes to previously received orders and quotes, and otherwise stores each of the received orders and quotes if a trade is not generated. The computer then determines whether a quote within the quote group has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer then compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group. The computer may also automatically regenerate quotes that have been filled.