TW495691B - Crossing network and method - Google Patents

Abstract

A crossing network that matches buy and sell orders based upon a satisfaction and quantity profile is disclosed. The crossing network includes a number of trader terminals that can be used for entering orders. The orders are entered in the form of a satisfaction density profile that represents a degree of satisfaction to trade a particular instrument at various (price, quantity) combinations. Typically, each order is either a buy order or a sell order. The trader terminals are coupled to a matching controller computer. The matching controller computer can receive as input the satisfaction density profiles entered at each one of the trading terminals. The matching controller computer matches orders (as represented by each trader's satisfaction density profile) so that each trader is assured that the overall outcome of the process (in terms of average price and size of fill) has maximized the mutual satisfaction of all traders. Typically, the matching process is anonymous and confidential. The matching process can be continuous or performed on a batch basis.

Description

A7 五 、發明說明（1 B7 經濟部智慧財產局員工消費合作社印製 用參[ :申請案對美國臨時申請案號幽6,268主張優先權，其 將：國專利申請案號08/945 074 一個部份延續案。由此 =述該等兩個美國專利中請案以提及的方式併入本文中 (匕括琢等圖示），儼若於此將其完全地重複一樣。 發明範嘴 本發明係針對一種自動的交叉網路（亦已知爲-種匹配系 和方法；且特別係針對一種匿名和機密的交叉網路 ^使提出委託的交易纟的該共同滿意達到I高限度、匹配 買入和賣出委託”。 版權啓拿 本專利文書揭露的一部分包含受制於版權保護的資料。 該版權所有者對該專利文書或專利揭露其任何出現在該專 利和商標局、專利檔卷或記錄中的人的複製拷貝無異議， 但在其它情況下則一律保留其所有的版權權利。 發明背景 傳統上，想要買入或賣出證券的交易者和投資者委託經 紀商買賣證券，其中經紀商係在該等組織化證券交易所的 交易廳交易，如紐約證券交易所或全國證券商協會自動報 價（NASDAQ)市場。交易者和投資者，特別是組織化的投 資者，正逐漸地拒絕繼續以高費用在組織化交易所和店頭 市場（OTC market)中交易。因對，，利用中介者的費用，，和，, 市場衝擊的費用”不滿意，而促成了該電子第四市場、交又 交易的發展。參看1991年Harper商業、Robert A. Schwam -4 本紙張尺度適用中國國家標準（CNS)A4規格（210 χ 297公釐） ---------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) A7 ----*---— B7 _ 五、發明說明（） 撰寫之，，再形成該衡平市場，199〇年代的一個指南，，，特別 是93·95頁。 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 不同的公司和交易所在電腦化的交叉網路上買賣證券， 亦稱爲匿名的匹配系統。於一個匿名的匹配系統中，一個 委託來源的本體（例如，提出該委託的一個交易者或一個公 司的名稱）未揭露給其它的交易者。美國專利號碼 4,412,287中、藉由例證揭露有關該等交易法定文件其買賣 所使用的交叉網路，其説明一個自動的證券交易所中、一 個電腦對各種不同的股票匹配買入和賣出委託；於美國專 利號碼3,573,747中，揭露一種匿名的交易系統，用以於該 系統的訂户之間售賣可代替的財產；於美國專利號碼 3,581，〇72中，揭露該一種特殊目地數位電腦的使用，用以 於一個競賣市場中對可代替的財產匹配委託和設立市場價 格；於美國專利號碼4,674,044中，揭露一種自動的證券交 易系統；於美國專利號碼5,13 6,501中，揭露一種匿名的匹 配系統、用以經由自動匹配實現交易，其中願意根據指定 的標準（如價格、數量和信用）互相交易的買者和賣者，可 於滿足該等標準的匹配事件發生時自動地交易；及於美國 專利號碼5,101,353中，揭露一種自動的系統、用以提供流 動資產給證券市場，其中藉該系統輸入委託，並於系統使 用者之間（内部地）、或與證券交易所和市場（外部地）即時 地執行該等委託。 交又網路具有若干優點，包括：（a)交易奢不需搜尋一個 反方；及（b )保持匿名。 -5- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公董） 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 " ； ---— 五、發明說明（） 交叉交易其目前的設備包括lnstinet的交又網路和 POSIT(組織化交易的財產目錄系統，爲傑佛瑞（Jefferies) 和巴扭（B ARRA )所聯合擁有）。instinet交叉網路有一種衡 平交易的服務，以設定的時間匿名地匹配買者和賣者。電 腦根據一個時間的優先順序將買者和賣者配成對。以交Z 所表列發行的該收盤價格、和OTC發行的該内線市場的中 點（最好的出價和要價）執行交易。 例如POSIT使大規模的投資者能夠在其本身之間交易大 量的股票。將該等委託傳送給一個中央電腦，其中將該等 委託和其它委託電子化地匹配。不像Instinet的交又網路， POSIT的交叉係在該交易日期間完成的。從該等交易所的 報價獲得該等價格，一種已知爲，，寄生的評價”的應用。參 看上面引用的再形成該衡平市場，1990年代的一個指南 ，，〇 由Reuters所擁有的lnstinet，亦執行一個電子的區段-交 易系統，使組織化的投資者和經紀商之間的區段交易便於 磋商。Instinet允許各方匿名地交易，電子化地輸入出價。、 Instinet的訂户可藉匹配一個顯示的價格、亦或藉產生一個 即時傳輸給該反方終端機的相反出價或作價，以回應一個 輸該系統中的”委託”。僅當執行因該等磋商而產生的 邊等父易時，該等交易才會變成公開的資訊。該程序對該 樓上市場或該等交易廳該等直接人對人磋商的委託提供一 個選擇性。Instinet對店頭證券和表列的證券提供一個限價 委託書，亦對該等七個美國交易所（可在該等交易所中交易 _ -6- 本紙度 準（CNS)A4^(210 x 297 公董） ---------------------訂---------線· (請先閱讀背面之注意事項再填寫本頁) 495691 A7 Β7 4 五、發明說明（ 股票）其交易所表列的證券和NASDAQ表列的證券提供内線 的報價。 7 許多父叉網路係獨立地作用，而和目前的證券交易所無 關。然而，某些交叉網路卻由證券交易所操縱管理。 例如’由芝加哥證券交易所操縱管理該匹配市場交易 ("MMX”）。於-個預先決定的十分鐘視窗内之_個隨機的 時間上、以該時間的該市場價格執行所有匹配的委託。根 據一個特殊發行其買價與賣價間之差別計算該市場價格。 與其根據時間的優先順序匹配委託，該ΜΜχ系統利用，，流 動資產費，，和，，流動資產信用”判定委託匹配的優先等級。： 等願意支付該最高流動資產費的使用者具有該最高的執= 優先權。參看59 F.R· 5451 ( 1994年2月4曰）。 自動匹配買入和賣出委託的交叉網路，常常在一個單一 =時間點i集中t易，且可稱爲一㈤整批處理的匹配系 統。然而，需要一個匿名的交叉網路，連續和即時地滿足 任意個市場參與者其買入和賣出的請求。 2叹计又叉網路時所遭遇的一個主要問題爲”判定如何匹 配貝者和賣者"。目前解決該問題的方法包括： 取得策略，其中在該等交疊的出價和要價價格的中點 上匹配交疊的出價和作價，按照價格排列買者和賣者 的優先順序。此假設該系統中有大量不揭示的委託； 否=，將無交疊的動機，且取得將以該等揭示的最好 出^ /作價開始，就像該Instinet書一樣。 早一價格競賣策略，其中從交疊的出價和作價價格中 本紙張尺度適用中 --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 297公釐）A7 V. Description of the invention (1 B7 The printing of printed materials used by the Consumer Cooperatives of the Intellectual Property Office of the Ministry of Economic Affairs [: The application claims priority to the U.S. Provisional Application No. 6,268, which will: National Patent Application No. 08/945 074 One Department The continuation case is hereby described. The two U.S. patent applications are incorporated by reference (herein illustrated), and if they are repeated here, they are exactly the same. The invention is directed to an automatic cross-network (also known as a matching system and method; and particularly to an anonymous and confidential cross-network ^ to achieve the common satisfaction of the entrusted transaction 纟 to a high limit, matching Buy and sell commissions. "Copyright Reveals A portion of the disclosure of this patent document contains material that is subject to copyright protection. The copyright owner discloses the patent document or patent to any of its appearances in the patent and trademark office, patent file or The reproductions of the person in the record are without objection, but in all other cases all copyright rights are reserved. BACKGROUND OF THE INVENTION Traditionally, traders and investor commissioners who want to buy or sell securities Trust brokers to buy and sell securities, where the brokers trade on the trading floor of these organized stock exchanges, such as the New York Stock Exchange or the National Association of Securities Dealers Automatic Quote (NASDAQ) market. Traders and investors, especially organized Of investors are gradually refusing to continue to trade in organized exchanges and OTC markets at high fees. Because they are not satisfied with the cost of using intermediaries, and, the cost of market shocks is not satisfied, and Promoted the development of the fourth electronic market and trading. See Harper Business, Robert A. Schwam -4 in 1991. This paper size applies to the Chinese National Standard (CNS) A4 specification (210 x 297 mm) ----- ---------------- Order --------- line (Please read the precautions on the back before filling this page) A7 ---- * ---- B7 _ V. Description of the invention () Written, and then formed a guide to the equitable market in the 1990s, especially page 93.95. (Please read the notes on the back before filling this page) Wisdom of the Ministry of Economic Affairs Property bureau employee consumer cooperative prints computerized cross-network of different companies and exchanges Buying and selling securities, also known as anonymous matching systems. In an anonymous matching system, the body of a source of a trust (for example, the name of a trader or a company that proposed the trust) is not disclosed to other traders. United States Patent No. 4,412,287, by way of example, discloses the cross-network used in the legal documents related to these transactions, which illustrates that in an automatic stock exchange, a computer matches buy and sell mandates for various stocks; U.S. Patent No. 3,573,747 discloses an anonymous trading system for selling alternative property between subscribers to the system; U.S. Patent No. 3,581,072 discloses the use of a special purpose digital computer for Matching commissions and setting market prices for replaceable property in a competitive market; disclosed in U.S. Patent No. 4,674,044 an automated securities trading system; and U.S. Patent No. 5,13 6,501 an anonymous matching system that uses To implement transactions via automatic matching, which is willing to Price, quantity, and credit) Buyers and sellers who trade with each other can automatically trade when a matching event that meets these criteria occurs; and in U.S. Patent No. 5,101,353, an automatic system for providing liquid assets to Securities market, in which orders are entered through the system, and these orders are executed immediately between users of the system (internally), or with stock exchanges and markets (externally). The exchange network has several advantages, including: (a) the transaction does not need to search for an opponent; and (b) keep anonymous. -5- This paper size applies to China National Standard (CNS) A4 specification (210 X 297 public directors) 495691 Printed by A7 B7 of Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs "; ----- V. Description of Invention () Cross-Transaction Its current equipment includes lnstinet's crossover network and POSIT (organized transaction property directory system, jointly owned by Jefferies and BARAR). The instinet cross-network has a service that balances transactions, matching buyers and sellers anonymously at a set time. The computer pairs buyers and sellers according to a time priority. The transaction is executed at the closing price of the issue listed in the transaction Z and the midpoint (the best bid and ask price) of the inside market issued by OTC. For example, POSIT enables large-scale investors to trade large numbers of stocks between themselves. The commissions are transmitted to a central computer, which electronically matches these commissions with other commissions. Unlike Instinet's crossover network, POSIT crossover was completed during the trading day. Obtaining such prices from quotes on such exchanges, an application known as, "parasitic evaluation." See the above-mentioned reformulation of the equitable market, a guide from the 1990s, lnstinet owned by Reuters, An electronic segment-trading system is also implemented to facilitate the negotiation of segment transactions between organized investors and brokers. Instinet allows all parties to trade anonymously and enter bids electronically. Instinet subscribers can borrow matches A displayed price, or by generating an opposite bid or offer that is instantly transmitted to the counter terminal, in response to a "delegation" lost in the system. Only when executing a side-effect resulting from such negotiations , These transactions will become public information. This procedure provides an option for the direct person-to-person negotiation of the upstairs market or these trading halls. Instinet provides a limit price for the front-end securities and listed securities Power of Attorney, also for these seven US exchanges (can be traded in these exchanges _ -6- Paper Standard (CNS) A4 ^ (210 x 297 Public Director) ---------- --- -------- Order --------- Line · (Please read the notes on the back before filling out this page) 495691 A7 Β7 4 V. Description of the invention (stock) Securities and NASDAQ listed securities provide inside quotes. 7 Many parent fork networks function independently and are not related to current stock exchanges. However, some cross-networks are managed and managed by stock exchanges. For example, 'by The Chicago Stock Exchange manipulates and manages the matching market transaction (" MMX "). All matching orders are executed at a random time within a predetermined ten-minute window at the market price at that time. According to a The difference between the purchase price and the selling price of a special issue is used to calculate the market price. Instead of matching commissions according to the priority order of time, the MMx system uses ", current asset fees, and, current asset credits" to determine the priority level of commission matching. : Wait for users who are willing to pay the highest liquidity fee to have the highest license = priority. See 59 FR · 5451 (February 4, 1994). Cross-networks that automatically match buy and sell orders, often A single = time point i is easy to focus on, and can be called a batch matching system. However, an anonymous cross-network is needed to continuously and instantly satisfy the buying and selling of any market participant. Request. One of the main problems encountered when sighing and bifurcating the network is "determining how to match shells and sellers". The current methods to solve this problem include: Obtaining strategies, where the overlapping bids and asking prices are The midpoint of the price matches the overlapping bids and prices, and the priority order of buyers and sellers is arranged according to the price. This assumes that there are a large number of undisclosed orders in the system; No =, there will be no overlapping motivation, and the Start with the best quotes from these reveals, like this Instinet book. Early price bidding strategy, in which the paper size is applicable from the overlapping bids and asking prices -------------------- Order -------- -Line (Please read the precautions on the back before filling out this page) 297 mm printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs)

經濟部智慧財產局員工消費合作社印製 計算出-個單一、數量加權的 均滿意該價格。此外，交易告_、ΰ 母—個人 大旦不揭-从未 人易者將必須確信該系統中有 大里不揭7F的委脱，以使並右 最好的揭示價格好的價格)輸入的價格（比該 獎金朿略（如芝加哥旭撾又系統中），其 有一個相關聯的正或負的獎金，二、男、貝具 與賣價間之差別的中％上^且又又在孩平場買價 7 、、占上或在不同於該中點之該最 小所需的獎金差別上發生， X 土 私妝獎金的優先順序發 。，域，匹配中該植基於獎金的優先順序提供"該提 供較高獎金的動機，，。 /等上述每-種方法均爲一個整批處i，其在一組相當 的離散委托〈間信賴兢爭的特別法則，作爲仲裁該等交 ，、、’罔路參與者買/賣登錄的裝置。於該交易的眞實世界中， I於任何時間將欲買入或賣出的委託輸 入該市場，且一個 人=網路中的離散委託常常僅代表將滿足該交易者該委託 =而的一個約略和部分的表示。特別就組織化的交易者而 二、個個別的委託很少代表該完全希望的需求數量，且 居人易者必須接著使用不同價格的多個委託（且一般均在不 同2市場中）達成其最大的需求。 典型地說，目前的交又網路允許輸入離散的買入或賣出 委為’例如，’以64賣出IBM 1〇,〇〇〇股”。然而，如上所述， 4夕又易者，特別是組織化的交易者，希望交易大量的證 以便例如一個財產目錄儘可能爲，，平衡的”。目前的交 又網路未輕易地允許交易者輸入組合的委託，如，，僅當我能Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs. A single, quantity-weighted one was satisfied with the price. In addition, the transaction will be reported to the mother-the individual will not be revealed-the person who has never changed will have to be convinced that there is a demerit of 7F in the system, so that the best price can be revealed. The price (not as good as the bonus (such as in Chicago's XULA system), it has an associated positive or negative bonus. The child's flat purchase price of 7, occupies, or occurs on the difference of the minimum required bonus that is different from the midpoint. The priority of the X soil private makeup bonus is issued. In the domain, matching, the plant is provided based on the priority of the bonus. " The motivation to provide a higher bonus, / / etc. Each of the above methods is a batch of processing, i. ,,,,,,,,,,,,,,,,,,,,,,,,,, M.S. The representative will satisfy the trader the commission = and an approximation and Partial representation. Especially for organized traders, two or more individual commissions rarely represent the fully desired quantity of demand, and the trader must then use multiple commissions with different prices (and generally in different 2 markets) (Medium) to meet its largest demand. Typically, current cross-connect networks allow the input of discrete buy or sell commissions to be 'for example,' Sell IBM 10,000 shares at 64 '. However, as above As mentioned, the changers, especially organized traders, hope to trade a large number of certificates so that, for example, a property directory is as balanced as possible. "The current cross-connect network does not easily allow traders to enter combinations. Commission, such as, only if I can

X 297公釐） 經濟部智慧財產局員工消費合作社印製 495691 Α7 Β7 6 五、發明說明（） 夠以3 2貝入DEC 20,000股時，才以64賣出IBM 10,000股 ”。此外，目前的交叉網路不允許交易者輸入組合的委託如 以64賣出IBM 10,000股，或以63賣出IBM 1〇〇,〇〇〇股”。 父易者通常具有交易策略，像是例如，，以3 3買入IBm 3，000 月又，但如我可買入5,〇〇〇股，則我將準備以33.5支付”，此 無法由目前的交叉網路處理。 基於傳統交叉網路該等上述的限制，故需要一種更令人 滿意的方法、以解決連續滿足任意個市場參與者該等買和 賣请求的所有問題。此外，需要一種”將保證該匹配處理其 數學上最佳化”之交又網路，以便每一個參與者確信該處理 的全面結果（以”所有需求的該價格和數量”之觀點）已使所 有參與者的該共同滿意達到最高限度。 發明總^ 本發明係針對一種電腦化的交又網路，其允許交易者輸 ^ 一個滿意密度概要和最大數量限制作爲委託（立刻描述該 =易者對以任一、和所有的價格和數量（直到該聚合（或數 里）的限制）叉易的滿意等級）；且該電腦化的交叉網路亦匹 委尤（如以每一個交易者的滿意密度概要表示 以便每 、父易者確信該處理的全面結果已使所有交易者的該共 同滿意達到最高限度。 、高思在、度概要爲一個二維的格子或矩陣（亦可以一個二 線圖或另-個二維的格式表示)，其中-維爲價格， 對^:—維爲交易的數量，就整體而論，係描述該交易者 個（價格，數量）坐標上一個交易的滿意等級。該滿 --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) E張尺度 規格 m〇 X 297 公 μ·7 495691 經濟部智慧財產局員工消費合作社印製 A7 五、發明說明（ 意密度概要的每-個元件稱爲—個滿意密度値 易者以該價格交易該數量委咩的攻立— 伸不琢父 双里委光的滿意等級。於該 體系中，每一個滿意密度値爲一 、 ^ A於冬和ΊΓ <間的數 子，其中零代表不滿意（即無論在任何情形下決不財= 交易該數量），且壹代表完全滿意。 μ彳貝格 每-個叉易者可輸入一個或多個滿意密度概要。於一個 代表性的體系中，可以一個，— ^ 7 、 如主/ 一維的曲線圖代表和輸入 每-個滿意密度概要，例如像是一個溫度格子或二維的矩 陣。於另一個體系中，—個交易者可輸入一個可轉換成一 個滿意密度概要的限價委託。 於：個代表性的體系中，一旦該滿意密度概要爲完全的 時，孩交易者使該滿意密度概要傳輸給一個中央匹配控制 器（"CMC”），#中該CMC匿名地匹配買入和賣出委託， 如下所纣論。於琢體系中，該CMC可將該等委託的特徵 (以及等滿思金度概要表示之）保持機密。 在種用以交易衡平證券的系統之事例中，該等特徵可 包括一個股票的名稱，一個股票的一個價格，一個證券的 股份數量，以某一個價格和數量交易一個特殊證券一個優 選値，有關應供應或滿足一特殊證券該買入/賣出委託的方 法之條件（例如所有/毫無，供應或阻攔，立即或撤銷，協 同買回…等等），及與其有關的組合。 爲了説明，假設於一個整批處理中、多個交易者輸入，，代 表一個特殊股票其買入或賣出委託，，的滿意密度概要。一旦 將孩等滿意密度概要傳輸給該C μ C時，該C M C將使買入 -10 本紙瓜〜义聊〒關家標準（CNS)A4規格⑽X 297公髮） --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 495691 經濟部智慧財產局員工消費合作社印製 Α7 Β7 五、發明說明（8 ) 概要儲存在一個買入概要資料庫中，且將賣出概要儲存在 一個賣出概要資料庫中。接著，該CMC將對每一對買入/ 賣出概要計算一個共同滿意交叉乘積。該共同滿意交叉乘 積代表該買入/賣出對可相互滿意的等級。接者，將所有買 入/賣出組合該等共同滿意交叉乘積其個別的格子値按順序 排列（從該最高的共同滿意値開始排列）。接著，將該等共 同滿意叉叉乘積該等排列的格子値所代表的該等買入/賣出 委託按順序匹配，且由該CMC系統將匹配的交易聚合在一 起。接著，該匹配處理繼續至該排列表列。 本發明可輕易地處理大量證券的交易。例如，於該代表 性的體系中’如一個交易者希望同時賣出IB Μ和買入 DEC，則該交易者將產生一個賣出滿意密度概要、代表該 交易該IBM的部分，及產生一個買入滿意密度概要、代表 該該交易該DEC的部分，並指示欲將該等概要鏈結在一 起。接著’該C M C將該等兩個滿意密度概要組合成一個。 例如’可藉”利用一個連接矩陣”和”在該等兩個概要上執行 矩陣操縱”，以達成該組合處理。將顯見，可以該相同的方 式達成其它更複雜的組合交易。 可如一個整批交叉網路一樣操作本發明，其中於設定時 間匹配委託。選擇性地，藉著將每一個新輸入的滿意密度 概要視爲一個，，導致如上所述一個新的計算循環”的引發事 件、而如一個連續交叉網路一樣操作本發明。 本發明的一個觀點係針對一種用以匹配委託的方法。該 方法包括以下步驟：接收多個委託，其中每一個委説有一 -11 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 x 297公釐） --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 495691X 297 mm) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 495691 Α7 Β7 6 V. Description of the invention () Only when DEC 20,000 shares can be sold for 32 dollars, IBM 10,000 shares are sold for 64 ". In addition, the current The cross-network does not allow traders to enter portfolio orders such as selling IBM 10,000 shares at 64 or selling IBM 10,000 shares at 63 ". The trader usually has a trading strategy, such as, for example, buying IBm 3,000 for 3 months and then, but if I can buy 5,000 shares, then I will be prepared to pay 33.5 " Current cross-network processing. Based on the aforementioned limitations of traditional cross-networks, a more satisfactory approach is needed to address all the issues of continuously satisfying such buy and sell requests by any market participant. In addition, there is a need A network that "will guarantee that the matching process is mathematically optimized" so that each participant is convinced that the overall results of the process (in terms of "the price and quantity of all demand") have made all participants This common satisfaction reaches the highest limit. The total invention ^ The invention is directed to a computerized exchange network, which allows traders to enter a summary of satisfaction density and a maximum number of restrictions as a commission (immediately describe the = First, and all the prices and quantities (up to the limit of the aggregation (or miles)) Yiyi's satisfaction level); and the computerized cross-network is also particularly good (such as for each trader's The intention density summary is expressed so that each and every parent can be sure that the comprehensive results of the process have brought the common satisfaction of all traders to the highest limit. Gauss, degree is summarized as a two-dimensional grid or matrix (also a second line) Chart or another two-dimensional format), where -dimension is the price, and ^:-dimension is the number of transactions. As a whole, it describes the satisfaction of a transaction on the (price, quantity) coordinates of the trader. Level. The full -------------------- order --------- line (Please read the precautions on the back before filling this page) E sheets Standard specifications m〇X 297 g μ · 7 495691 Printed A7 by the Consumer Cooperative of Intellectual Property Bureau of the Ministry of Economic Affairs. 5. Description of the invention (Each element of the density summary is called a satisfactory density. The trader will trade the quantity at this price. The frustration of the invasion — the level of satisfaction of the father and the daughter of Shuangli is not extended. In this system, each satisfaction density 値 is one, ^ A Yudong and ΊΓ <, where zero represents dissatisfaction ( That is, under no circumstances will you make any money = trade this amount), and one representative is completely satisfied. Μ 彳 贝Each cross-exchangeer can enter one or more satisfactory density profiles. In a representative system, one, — ^ 7, such as the main / one-dimensional graph represents and enters each satisfactory density summary, such as Like a temperature grid or a two-dimensional matrix. In another system, a trader can enter a limit order that can be converted into a satisfactory density profile. In: a representative system, once the satisfactory density profile When it is complete, the child trader transmits the satisfaction density profile to a central matching controller (" CMC "), where the CMC anonymously matches buy and sell orders, as discussed below. In the system , The CMC can keep the characteristics of these entrusted (and the summary of the Goldman degree) confidential. In the case of a system for trading equitable securities, such characteristics may include the name of a stock, a price of a stock, the number of shares in a security, a particular security traded at a certain price and quantity, and a preferred unit. Related The conditions of the buy / sell mandate of a particular security should be supplied or fulfilled (eg all / none, supply or block, immediate or withdrawal, synergistic buyback, etc.), and combinations related to it. For the sake of illustration, suppose that in a batch process, multiple traders input, representing a specific stock whose buying or selling mandate, is a summary of the satisfaction density. Once the child's satisfactory density profile is transmitted to the C μ C, the CMC will make it possible to buy -10 paper melon ~ Yi Liao 〒 Guan Family Standard (CNS) A4 specification ⑽ X 297 public) -------- ------------ Order --------- line (Please read the notes on the back before filling this page) 495691 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs Α7 Β7 Five (8) The summary is stored in a buy summary database, and the sell summary is stored in a sell summary database. The CMC will then calculate a common satisfactory cross product for each pair of buy / sell profiles. The common-satisfaction cross product represents the level at which the buy / sell pair can be mutually satisfied. Then, the individual satisfactions of the common satisfaction cross product of all the buy / sell combinations are arranged in order (starting from the highest common satisfaction). Then, the buy / sell orders represented by the co-satisfied cross-products of the arranged grids 匹配 are matched in order, and the matching transactions are aggregated by the CMC system. Then, the matching process continues to the ranked list. The present invention can easily handle transactions of a large number of securities. For example, in the representative system, 'if a trader wishes to sell IB M and buy DEC at the same time, the trader will generate a summary of the satisfaction density of the sale, represent the IBM portion of the trade, and generate a buy Enter a satisfactory density summary, represent the DEC portion of the transaction, and indicate that you want to link the profiles together. Then the 'MC C combines the two satisfactory density profiles into one. For example, 'combined processing can be achieved by "using a connection matrix" and "performing matrix manipulation on these two profiles". It will be apparent that other more complex combination transactions can be achieved in the same way. The present invention can be operated as a batch of crossover networks, where the delegation is matched at a set time. Optionally, the invention operates as a continuous crossover network by treating the satisfaction density profile of each new input as one, resulting in a new computing cycle as described above. The point of view is a method for matching commissions. The method includes the following steps: receiving multiple commissions, each of which has a -11-this paper size applies the Chinese National Standard (CNS) A4 specification (210 x 297 mm) -------------------- Order --------- line (Please read the precautions on the back before filling this page) 495691

發明說明（ (請先閱讀背面之注意事項再填寫本頁) 個來源、及外加才目關聯的特徵；將該等多個委託的來源保 持匿名W ’將丨等多個委託的特徵保持機密的；及根據一 個共同滿意函數匹配該等其中至少一些委託。 本發明的另一個觀點係針對一種用^匹配委託的方法。 該方法包括以下步驟··根據一個證券的買入和賣出委託產 生多個買入和賣出要點。每一個要點有該證券的一個價 格，其中一個父易者願意以該價格買入/賣出該證券；該交 易者願意買人/賣出該證券的_個最小和最大數量、及外加 相關聯的優先特徵。該方法亦包括以下步驟：根據該等優 先特徵將該買入和賣出要點分類；從該等分類的買入和賣 出要點中選取一個買入/賣出要點；及就該選取的買入/賣 出要點、以和該要點相關聯的該價格聚合賣出/買入要點。 孩方法亦可包括以下步驟：變更該選取要點的該價格；就 該選取的買入/賣出要點、以該變更的價格聚合賣出/買入 要點；及以該變更的價格執行和該要點相關聯的該證券的 一個交易。 圖式簡單説明 經濟部智慧財產局員工消費合作社印製 對一般知曉該技藝（有關本發明的技藝）的人來説，將更 迅速地察知如何使用本發明的該交又網路和方法論，將於 下文中就該等圖示詳細地説明與其有關之較可取的體系， 其中： 圖1 ’爲根據本發明操作的一個代表性系統之方塊圖； 圖2，爲一個賣出委託之一個例證性的滿意密度概要； 圖3 A-3D，爲例證性的滿意密度概要（以輪廓圖表的格 -12 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） 以輪廓曲線 經濟部智慧財產局員工消費合作社印製 495691 A7 __B7 五、發明說明（1〇 ) 式）； 圖4A和4B，為一個例證性的界面視窗，用以設定滿意密 度概要輸入的參數並致能滿意密度概要的輸入； 〜a 圖5，為一個載入形態的界面視窗，用以载入參數化的滿 意密度概要樣板； 圖6A和6B，為一個例證性的螢幕顯示，說明一個界面視 窗、一個載入形態的界面視窗及一個滿意密度概要； 圖7，為一個例證性的買入滿意密度概要，以一個溫度曲 線圖顯示之； 圖8，以流程圖的格式說明該匹配處理； 圖9 A - 9 C ’為例證性的共同滿意交叉乘積 圖表示； 圖10，描述用於該代表性體系中、和—個特殊交換一起 使用之一個優選概要； 圖11，說明根據本發明一個觀點、明確價格和數量控制 之一個例證； 圖12，說明根據本發明另一個觀點、由該系統產生的隱 含價格控制之一個例證； 圖1 3，為根據本發明又另一個勸點、 们视點一個不具隱含價格 控制的優選概要之一個例證； 圖14，為根據本發明-更進一步的觀點、具有和不具持 續的坐標之一個例證； 圖1 5 ’為一個流程圖，代表太於明今沈 〜衣尽散Λ邊匹配通則的循序步 驟； (請先閱讀背面之注意事項再填寫本頁) 訂---------線-------- -13- 495691 經濟部智慧財產局員工消費合作社印製 發明說明（ 圖1 6爲H私圖，代表圖1 5該匹配通則該聚合階段 的循序步驟；及 圖1 7爲私圖，代表圖i 5該匹配通則該石差商階段 的循序步驟。 I明詳述 =下就交易股權證券説明本發明。然而，並未以此限制 ^明，可輕易地改裝本發明以允許交易任何可買或賣的 =物’包括流動資產如期貨、街生物、選擇權、債券、通 貝、商品、保險合約 菩| •寺寺。吓擬想可使用本發明交易媒 :時間'飛機票、音樂會票、電子元件、或任何貨物或服 t的合m’如此處所用’以最寬廣的意義利用該名 :法定文件(如證券，合同等），以包括任何可買或賣的事 ^。如是，當此處使用該等名詞"證券，，、"股票，，和"股份" -’孩上下文許可該等名詞包括其它可交易的法定文件， =如像是期貨、衍生物、選擇權、債券和通貨。該等名詞" :入"和"賣出，’包括賣權和買權，出價和作價等等（視適 S的情況採用）。 本發明該代表性體系系統其有計畫的使用者典型地爲投 資者’像是组織化的投資者（例如一個互助福利金），但亦 可爲個別的投資者、經紀商或其它買賣或交易股票的人。 :此處所用，該名詞”使用者"、”交易者”或"投資者”意指 希望叉易的個人或實體。 現參考該等圖示、並從圖…始，其中，例證説明根據 本發明、該交叉網路其整個結構的方塊圖。一個中央匹配 --------------------^ 11111111 (請先閱讀背面之注意事項再填寫本頁) -14- 495691 A7Description of the Invention ((Please read the notes on the back before filling out this page) Sources, and additional features associated with the project; keep the sources of these multiple commissions anonymous, and keep the features of multiple commissions, etc. confidential. ; And matching at least some of these commissions according to a common satisfaction function. Another aspect of the present invention is directed to a method of matching commissions with ^. The method includes the following steps: · generating multiple orders based on the purchase and sale of a security Buy and sell points. Each point has a price for the security, one of which is willing to buy / sell the security at that price; the trader is willing to buy / sell the smallest of _ And the priority feature associated with the maximum quantity and the plus. The method also includes the steps of classifying the buying and selling points based on the priority features; selecting a buy from the buying and selling points of the classification / Sell points; and the selected buy / sell points, aggregate the sell / buy points at the price associated with the points. The method can also include the following steps: change The price of the selected point; the aggregated sell / buy points at the changed price for the selected buy / sell point; and a transaction of the security associated with the point at the changed price. The diagram simply illustrates that the printing by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs will make it easier for people who generally know the technology (the technology related to the present invention) to know how to use the communication network and methodology of the present invention The preferred systems related to these diagrams are described in detail below, where: Figure 1 'is a block diagram of a representative system operating in accordance with the present invention; Figure 2 is an illustrative example of a sell order Figure 3 A-3D is an illustrative satisfactory density summary (in the form of a contour chart-12-this paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm)) contour economy Printed by the Consumer Cooperatives of the Ministry of Intellectual Property Bureau 495691 A7 __B7 V. Description of Invention (10)); Figures 4A and 4B are an illustrative interface window for setting a satisfactory password Outline the input parameters and enable the input of the satisfactory density profile; ~ a Figure 5 is an interface window of the loading mode for loading the parameterized satisfactory density summary template; Figures 6A and 6B are illustrative screens Display, explaining an interface window, a loading interface window and a satisfactory density summary; Figure 7 is an illustrative buy satisfaction density summary, shown as a temperature graph; Figure 8, in the form of a flowchart Illustrate the matching process; Figures 9A-9C 'are illustrative representations of a cross-product graph of common satisfaction; Figure 10 depicts a preferred outline for use in this representative system with a special exchange; Figure 11, An illustration of an explicit price and quantity control according to an aspect of the present invention is illustrated. FIG. 12 is an illustration of an implicit price control generated by the system according to another aspect of the present invention. FIG. 13 is an illustration of another aspect of the present invention. A persuasive point, we view an example of a preferred summary without implicit price control; Figure 14, according to the present invention-a further point of view, with And an example of non-continuous coordinates; Figure 15 'is a flowchart representing the step-by-step sequence of the too-to-bright matching general rules; (Please read the precautions on the back before filling this page) Order --------- line -------- -13- 495691 Employees' cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs printed a description of the invention (Figure 16 is a private map of H, which represents the matching principle of Figure 15 The sequential steps in the aggregation phase; and FIG. 17 is a private map, which represents the sequential steps in the matching rule and the stone difference quotient stage in FIG. I 5. I DETAILED DESCRIPTION = The present invention will be described with respect to trading equity securities. However, it is not limited by this, and the invention can be easily modified to allow the trading of any thing that can be bought or sold, including liquid assets such as futures, street creatures, options, bonds, tongbei, commodities, insurance contracts, etc. | • Temple Temple. I am afraid that the transaction medium of the present invention can be used: time 'air tickets, concert tickets, electronic components, or any goods or services' as used herein' in the broadest sense use this name: legal documents (such as securities , Contracts, etc.) to include anything you can buy or sell ^. If so, when using these terms " securities ,, " stocks, " and " shares " -'Children's context permits these terms to include other legal documents that can be traded, such as futures, derivatives , Options, bonds and currency. These terms ": into " and " sell, 'include selling and buying rights, bidding and asking prices, etc. (used as appropriate in S's case). The representative user of the representative system of the present invention is typically an investor ', like an organized investor (such as a mutual benefit fund), but it can also be an individual investor, broker, or other trader. Or people trading stocks. : As used herein, the term "user", "trader" or "investor" means an individual or entity who wishes to fork. Reference is now made to these diagrams and starting from the drawing, in which a block diagram illustrating the entire structure of the crossover network according to the present invention is illustrated. A central match -------------------- ^ 11111111 (Please read the notes on the back before filling this page) -14- 495691 A7

經濟部智慧財產局員工消費合作社印製 控制器（"CMC”）2E5配自不同交易者終端機中、“、 CMCi買入和賣出委託，例如終端機ι〇、η、"則°忒 2最好爲-個可以，，每秒數十億個浮料算"的速率執3 陣計算的超級電腦’以目前的技術而言例如像是 丁 SP2"或”一個英代針魏⑽”的超級電腦一： 置4和CMC 2鵪合。儲存裝置4包括一個用以儲存買入= 出滿意密度概要的資料庫。於該代表性的體系中，可將買 入滿意密度概要儲存於一個買入概要資料庫6中，且可^ 買出滿思金度概要儲存於一個賣出概要資料庫$中。 一每一個希望交易的交易者可使用一個交易者終端機，如 «者中央處理單元(CPU)1〇、12、14。就理想化而言， 交易者終端機10、12、14爲高能力的個人電腦或工作 站。交易者終端機10、12、i 4和CMC 2耦合。交易者終端 機可藉一個廣域網路（WAN)和/或該國際網際網路與CMc 2耦合。每一個交易者終端機包括一個或多個輸入/輸出裝 置16、18、20，允許登錄滿意密度概要和顯示輸出（如匹 配的交易）。於一個交替的體系中，一個交易者可輸入一個 貝入或賣出委託作爲一個限價委託。於該事例中，存在於 CMC 2或一個交易者終端機1〇、12、14内的軟體可將該限 價委託轉換成一個滿意密度概要。 每一個委託有一個來源、及外加相關聯的特徵。一個委 託的來源識別提出該委託的個人或實體（例如一個交易者的 名稱，一個專業會員，一個市場撮合者，一個公司，及與 其有關的組合）。一個委託的一個特徵爲説明該委託的資 15- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------^--------- (請先閲讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 B7 13 發明說明（） 訊，例如一個證券的名稱，一個證券的一個價格，一個證 券的股份數量，關於一個證券委託的條件，及與其有關的 組合。於下更詳細地説明關於一個證券委託的該等條件（例 如”日，’，”所有或毫無”，”供應或阻攔”，”立即或撤銷”， ” Good until first fill”，及’’協同買回”）。 於一個體系中，CMC 2將該等委託來源的本體保持匿名 的，並將該等概要表示的該等委託的特徵保持機密的。如 是，於該體系中，該等提出給CMC 2的委託來源和特徵未 揭露給其它的交易者。，此降低了該市場的衝擊性，使得一 個定單可能 have on the price of a security 。 現轉向圖2，例證説明一個賣出委託之一個例證性的滿意 密度概要。於該代表性的體系中，一個交易者希望交易的 每一種證券均要求產生一個滿意密度概要。如圖2中所 不’该滿意在、度概要爲，'個《—維的格子。該垂直轴上表TF 數量，且該水平軸上表示價格（可由該交易者設定每一個軸 的範圍和刻度，或可由本發明自動地設定）。由該等所示的 數字説明該等滿意密度的等級。 該滿意密度概要描述該交易者以每一種（價格，數量）組 合交易的興趣範圍。要求該交易者在該滿意密度概要上的 一個或多個位置中輸入一個滿意密度値，指出該交易者以 該價格交易該數量委託的意願。於圖2中所示該代表性的 體系中，每一個滿意密度値爲一個介於零和壹之間的數字 (包括零和壹），以零代表不滿意（即無論在任何情形下決不 以該價格交易該數量），且壹代表完全滿意。 -16- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) ^^691 ^^691 緩濟部智慧財產局員工消費合作社印製 A7 B7 qn 14 立、發明說明（） 如是，例如圖2説明該交易者完全願意以$ 7 3賣出7,5〇〇 股，但無論在任何情形下決不願意以$ 70.25賣出任何數 量。以$72.25賣出2,250股的該滿意密度値爲0.3，指示一 個有限的滿意等級。圖2説明該交易者較願意以$72.25賣出 8,250股，而較不願意以$73.25賣出1，500股。 於圖2中，説明一個以B1-B2_B3B4顯示的界線。利用 已知的繪圖電腦程式技藝，該使用者可在該滿意密度概要 上晝出一條界線。於該界線的其中一邊，該使用者可輸入 滿意密度値。於該界線的另外一邊，該等滿意密度値係自 動設定成零。 於圖3 A中，例證説明一個買入委託之一個例證性的滿意 密度概要。如圖3 A中所示，該滿意密度概要係一個二維格 子上的一個輪廓圖表。該垂直軸上表示價格，且該水平軸 上表示數量。由該等所示的輪廓線説明該等滿意密度等 級。於圖3 A該代表性的體系中，每一個滿意密度値爲一個 介於零和壹之間的數字（包括零和壹），以零代表不滿意（即 無論在任何情形下決不以該價格交易該數量），且壹代表完 全滿意。 如是，例如圖3A説明該交易者對以$20.50買入1，500股 將非常滿意，但無論在任何情形下決不願意以$ 2 4買任何 數量。以$2 0買入3,000股的該滿意密度値爲〇·6，指示一個 更有限的滿意等級。圖3 Α説明該交易者較願意以$ 2 1胃入 2,000股，而較不願意以$21買入4,000股。 圖3B以和圖3A中該輪廓圖表相同的格式説明一個賣出交 -17- 張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） " -------------------^訂---------線"1^· (請先閱讀背面之注意事項再填寫本頁) 丄 A7 五、發明說明（15 ) 易又—個例證性的滿意密度概要。例如，圖3B的該滿意密 度概要可代表一個代理賣出委託。 如另一個例證，圖3C說明一個賣出交易之一個滿意密度 概要。圖3 C例證說明一個”軟性的”限價委託。 如另一個例證，圖3D說明一個買入交易之一個滿意密度 概要。 =轉向圖4A，例證說明一個例證性的界面視窗21，當一 2人易者在輸入一個滿意密度概要時、可利用該界面視窗 a疋參數（凊亦參考圖4 B )。於該代表性的體系中，界面視 窗21顯示在一個輸入/輸出裝置（例如16、18、2〇)上。於 荡代表性的體系中，可藉由一個使用者使用例如一個滑鼠 ^個键盤、根據標準的圖形使用者界面（GUI)命令操縱 界面視窗2 1。 抑個迻^ 7F斋2 2，允許該交易者設定該交易的型態，例 =貝入貝出、買空…等等。一個符號指示器24，允許該 =易者说疋S正在又易的法定文件，例如就股票而言，該 滴各斋付號；就期貨而言，該期貨符號·等等。一個最大 數量指示器26、，允許該交易者設定欲交易的該最大數量。 於圖#又易者已輸入一個買入概要，，買入摩把羅 扭’最大數量為5〇,〇〇〇股，，。 、、該交易者亦可設Κ固有效期間的時間指示器Μ，判定 ▲文尤的有Α期為多久。有效期間的有效時間設定之例雙 包括”滿意的（直到_為止），，、”滿意的（直到一日為 止）"、及一段設定的時間期間。 、、、 界面視窗21的—個表面說明部分3〇，允許該交易者定義 本紙張尺度賴巾關家標準規格⑵〇 ^7^17 -------------· (請先閱讀背面之注意事項再填寫本頁)Printed controller (" CMC ") 2E5 of the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs is allocated from different traders' terminals,", CMCi buy and sell orders, such as terminals ι〇, η, "忒 2 is preferably a super computer that can perform 3 array calculations at a rate of billions of floating materials per second "in the current technology, for example, such as Ding SP2" or "an English generation "Super computer one": Set 4 and CMC 2 together. The storage device 4 includes a database for storing buy = out satisfaction density profiles. In this representative system, the buying satisfaction density profile can be stored in a buying profile database 6, and the buying mankind profile can be stored in a selling profile database $. Every trader who wants to trade can use a trader terminal, such as «Central Processing Unit (CPU) 10, 12, 14». Ideally, the trader terminals 10, 12, 14 are high-capacity personal computers or workstations. The trader terminals 10, 12, i 4 and CMC 2 are coupled. The trader terminal can be coupled to the CMC 2 via a wide area network (WAN) and / or the international Internet. Each trader's terminal includes one or more input / output devices 16, 18, 20, allowing to log in a satisfactory density summary and display output (such as matching transactions). In an alternating system, a trader can enter a buy or sell order as a limit order. In this case, software existing in CMC 2 or a trader terminal 10, 12, 14 can convert the limit order into a satisfactory density profile. Each commission has a source and associated characteristics. A trusted source identifies the person or entity that initiated the commission (such as the name of a trader, a professional member, a market maker, a company, and the combination associated with it). A feature of a commission is to explain the capital of the commission. 15- The paper size is applicable to the Chinese National Standard (CNS) A4 specification (210 X 297 mm) -------- ^ --------- (Please read the notes on the back before filling out this page) Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs 495691 A7 B7 13 Invention Description () News, such as the name of a security, the price of a security, the number of shares , About the conditions of a securities commission, and the combinations related to it. These conditions for a securities mandate (eg "day, '," all or nothing "," supply or block "," immediate or withdraw "," Good until first fill ", and" Synergistic buyback "). In one system, CMC 2 keeps the entities of these trust sources anonymous, and keeps the characteristics of these trusts represented by the summary confidential. If so, the source and characteristics of the commissions proposed to CMC 2 in this system are not disclosed to other traders. This reduces the shock of the market, making it possible for an order to have on the price of a security. Turning now to Figure 2, an example of an illustrative satisfaction density summary for a sell order is illustrated. In this representative system, each security that a trader wishes to trade requires a satisfactory density profile. As shown in Fig. 2, the "satisfaction degree" is summarized as, "a-dimensional grid." The number of TFs is shown on the vertical axis, and the price is shown on the horizontal axis (the range and scale of each axis can be set by the trader, or can be automatically set by the present invention). The numbers shown indicate these levels of satisfactory density. The satisfaction density profile describes the area of interest of the trader in each (price, quantity) combination trade. The trader is required to enter a satisfaction density 中 in one or more positions on the satisfaction density summary, indicating the trader's willingness to trade the quantity commission at the price. In the representative system shown in Figure 2, each satisfaction density is a number between zero and one (including zero and one), with zero representing dissatisfaction (that is, never under any circumstances Trade the quantity at that price), and one representative is completely satisfied. -16- This paper size is applicable to China National Standard (CNS) A4 (210 X 297 mm) -------------------- Order ------- --Line (please read the precautions on the back before filling this page) ^^ 691 ^^ 691 Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 qn 14 Traders are fully willing to sell 7,500 shares for $ 73, but under no circumstances are they willing to sell any quantity for $ 70.25. The satisfaction density 卖 of 2,250 shares sold at $ 72.25 is 0.3, indicating a limited level of satisfaction. Figure 2 illustrates that the trader is more willing to sell 8,250 shares for $ 72.25 and less willing to sell 1,500 shares for $ 73.25. In FIG. 2, a boundary shown by B1-B2_B3B4 is illustrated. Using known drawing computer programming techniques, the user can draw a line on the satisfactory density profile. On one side of the boundary, the user can enter a satisfactory density 値. On the other side of the boundary, these satisfactory densities are not automatically set to zero. In Figure 3A, an illustrative satisfaction density summary for a buy order is illustrated. As shown in Figure 3A, the satisfactory density profile is a contour chart on a two-dimensional grid. Prices are shown on the vertical axis, and quantities are shown on the horizontal axis. The satisfactory density levels are illustrated by the contours shown. In the representative system in Figure 3A, each satisfactory density is a number between zero and one (including zero and one), and zero is unsatisfactory (that is, under no circumstances should the Price for that quantity), and one represents complete satisfaction. If so, for example, Figure 3A shows that the trader will be very satisfied with buying 1,500 shares for $ 20.50, but under no circumstances will he be willing to buy any quantity for $ 24. This satisfaction density 买 for buying 3,000 shares at $ 2 0 is 0.6, indicating a more limited level of satisfaction. Figure 3A illustrates that the trader is more willing to buy 2,000 shares for $ 21, and less willing to buy 4,000 shares for $ 21. Figure 3B illustrates a sell order in the same format as the outline chart in Figure 3A. -17- Zhang scale is applicable to the Chinese National Standard (CNS) A4 specification (210 X 297 mm) " --------- ---------- ^ Order --------- line " 1 ^ · (Please read the notes on the back before filling this page) 丄 A7 V. Description of the invention (15) Easy Again-an illustrative satisfaction density summary. For example, the satisfactory density profile of FIG. 3B may represent an agent sell order. As another illustration, Figure 3C illustrates a satisfactory density summary of a sell transaction. Figure 3C illustrates a "soft" limit order. As another illustration, Figure 3D illustrates a satisfactory density summary of a buy transaction. = Turn to FIG. 4A, which exemplifies an exemplary interface window 21. When a two-person changer enters a satisfactory density summary, the interface window a 疋 parameters can be used (see also FIG. 4B). In this representative system, the interface window 21 is displayed on an input / output device (e.g., 16, 18, 20). In a representative system, a user can use, for example, a mouse, a keyboard, and a standard graphical user interface (GUI) command to manipulate the interface window 21. Let's move ^ 7F Zhai 22, allowing the trader to set the type of the transaction, for example = bet in and out, buy short ... and so on. A symbol indicator 24 allows the exchanger to say that 疋 S is a statutory document that is easy to exchange, for example, in the case of stocks, the individual payment number; in the case of futures, the futures symbol. A maximum quantity indicator 26, allows the trader to set the maximum quantity to be traded. In Figure #Yi Yizhe has entered a buying summary, the maximum number of shares to buy Mocha Luo 'is 50,000 shares. The trader can also set a time indicator M for the period of validity of KK to determine ▲ How long is Wenyou's A period. Examples of the effective time setting of the effective period include "satisfactory (until _)", "satisfactory (until one day)", and a set period of time. A surface description part 3 of the interface window 21 allows the trader to define the standard specifications of this paper standard Lai Jinguan ⑵〇 ^ 7 ^ 17 ------------- · ( (Please read the notes on the back before filling out this page)

訂---------線II 經濟部智慧財產局員工消費合作社印製 -18Order --------- Line II Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs -18

^5691 經濟部智慧財產局員工消費合作社印製 A7 B7 ~ 16 $、發明說明（） 该滿意密度概要的範園。利用一個中心價格參數3 2設定該 滿意密度概要其價格軸中心中顯示的該價格。一個價格範 圍參數34，説明該價格軸上該價格的範圍。一個價格區間 參數3 6使該交易者能夠設定該滿意密度概要其價格軸上的 價格區間（即刻度）。例如，如圖4中所示，將該中心價格設 定爲4 8，且將該價格範圍設定爲6。如是，該價格軸將以 一個四分之一的價格增量、從一個價格45改變成一個價格 5 1 (以4 8爲該中心）。可利用一個價格參數3 7設定該價格是 否爲絕對的或相對的（例如劃定在該出價/要價的中點上， 或劃定在該證券其最後匹配的該平均價格上）。 一個最小數量參數3 8和一個最大數量參數4〇，允許該交 易者《β滿意金度概要其數量轴的最小和最大限制。 藉***至一個共同的格子變換中以處理格子變換的不匹 配（例如，因不同的交易者使用不同的設定而產生的）。例 如，CMC 2可判定該使用之最小的格子變換，並將所有較 劣等的格子變換***該變換中。選擇性地，CMC 2可指定 一個最小的變換（例如100股和1/8的價格），並將所有較劣 等的格子變換***該指定的最小變換中。 當該使用者在該正在產生的滿意密度概要上移動游標 時，一個游標位置片段42將顯示該游標位置的該等（價 格，數量）坐標。一個游標型態部分44具有若干按鈕控制 該游標的功能，例如一個設定鈕，一個更多鈕，一個較少 钮’ 一個界線叙及一個編輯4丑。該等更多和較少麵允許該 使用者增加或減少該滿意密度概要上該游標位置的該滿意 -19- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁)^ 5691 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 ~ 16 $, Description of Invention () This is a fan garden of satisfactory density summary. The price shown in the center of the price axis of the satisfactory density summary is set using a central price parameter 3 2. A price range parameter 34 indicates the range of the price on the price axis. A price range parameter 36 allows the trader to set the price range (ie scale) on the price axis of the satisfactory density profile. For example, as shown in FIG. 4, the center price is set to 4 8 and the price range is set to 6. If so, the price axis will change from a price of 45 to a price of 5 1 (with 4 8 as the center) in a quarter price increment. A price parameter 37 can be used to set whether the price is absolute or relative (for example, at the midpoint of the bid / offer price, or at the average price at which the security last matched). A minimum quantity parameter of 38 and a maximum quantity parameter of 40 allow the trader to summarize the minimum and maximum limits of the quantity axis of the β Satisfactory Golden Degree. By inserting into a common trellis transformation to deal with mismatches in the trellis transformation (for example, caused by different traders using different settings). For example, CMC 2 can determine the smallest trellis transformation to use, and insert all inferior trellis transformations into the transformation. Alternatively, CMC 2 can specify a minimum transformation (for example, 100 shares and 1/8 price), and insert all inferior lattice transformations into the specified minimum transformation. When the user moves the cursor over the satisfactory density profile being generated, a cursor position segment 42 will display the (price, quantity) coordinates of the cursor position. A cursor type section 44 has a number of buttons to control the function of the cursor, such as a setting button, a more button, a less button ', a boundary line and an editor. The more and less sides allow the user to increase or decrease the satisfaction of the cursor position on the satisfaction density summary. -19- This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm)- ------------------ Order --------- line (Please read the precautions on the back before filling this page)

五、發明說明（17 ) 經濟部智慧財產局員工消費合作社印製 铪度等級。於該代表性的體系中，每一次”按下”該滑鼠鈕 時’即增加或減少該選取的滿意密度値。該界線鈕允許該 使用者產生一個界線’如上面圖2上所討論的。該编輯鈕 允許★亥使用者編輯該界線。該設定姐允許該使用者設定一 個滿意密度値，以便每一次”按下”該滑鼠時，即將該設定 値放在該滿意密度概要中該游標的位置上。 於該代表性的體系中，有一個具有兩個按鈕的顯示部分 46，即一個更新鈕和一個顯示表面鈕。該更新鈕將重新產 生孩滿意密度概要。該顯示表面鈕將允許該使用者變更該 滿意密度概要的顯示方式，例如顯示成一個輪廓圖表（如圖 2中所示）或一個溫度曲線圖（如下面圖7中所示）。 界面視窗21亦可具有一個停止叙5〇，一個清除鈕52，一 個重設鈕54及一個應用鈕56。停止鈕5〇使一個使用者能 夠離開控制界面視窗21的該電腦程式。清除鈕52清除該顯 示的圖形（例如顯示的該滿意密度概要）和其它所有的參數 値（例如像是最小數量參數3 8和最大數量參數4〇)。重設鈕 5 4 ”不刪除”該圖形其最近的變更，且將該圖形的狀態重設 成該緊接在前的狀態。當選取應用鈕56時，導致提出該滿 思金度概要用以匹配。當選取一個移除界線鈕5 9時，將從 該滿意密度概要中移除所有的界線。 一個形態紐58允許一個使用者擷取共用滿意密度概要型 悲、其預叹的或使用者定義的參數化樣板。一旦選取形態紐 58時，將顯π—個載入形態視窗6〇(如圖5中所示），其允 許該使用者選取儲存的形態。於圖5的該例證中，有兩種 -20- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公复"7 ------------· 11-----訂---------線 (請先閱讀背面之注意事項再填寫本頁) ^5691 經濟部智慧財產局員工消費合作社印製 A7 —^ ___B7_ 忑 _ 18 ' ' --- 五、發明說明（） 儲存形態，即ibm一seller—1和ibm—buyer 1，其儲存形態以 使一個使用者能夠迅速地載入、和利用滿意密度概要買入 和賣出IBM的股票。 可利用形態鈕5 8和載入形態視窗6 〇直接選取某些可以參 數化樣板表示的共用委託型態（例如市場撮合者報價，限價 委託，代理委託）。一旦該相對應的樣板突然出現在該顯示 上時，該使用者可如下所述morph該顯示、使適合該使用 者的優選。 一種更佳的方法係利用一個樣板系列（該樣板系列代表該 表面概要的二維基礎函數）。可從，，該其中任何一個標準的 二維正交基礎組（例如Fourier，餘弦，Walsh-Hadamard， Haar轉移）”或可從”更概括的和/或資料特殊的基礎函數（像 疋與Gabor、和其它wavelet轉移或Karhunen-Loeve轉移相 關聯的）中選取該等函數。類似其在影像資料壓縮中的角 色一樣，於該應用中、使用該等函數作爲樣板將提供該買 入/賣出表面概要一個實質上較低維數的表示，並接著將相 對應地減少和該等多個證券其概要鏈結在一起所需之該等 耦合矩陣的維數。 圖6 A和6B説明一個全螢幕的顯示，包括一個界面視窗 2 1和圖2的該滿意密度概要。 將察知，可藉”一個使用者親和的圖形界面”和，，使用者可 配合的樣板”的一個組合以便於登錄買入/賣出概要。上面 所例證説明的僅爲可用以輸入滿意密度値該等界面型態的 例證。於一個選擇性的體系中，該GUI將提供一組工具用 -21 - 本紙張尺度適用中國國豕標準（CNS)A4規格（210 X 297公釐） --------------------訂---------線 (請先閱讀背面之注咅？事項再填寫本頁) 495691 A7 B7 、發明說明（ 經濟部智慧財產局員工消費合作社印製 以在選取的價格/數量格子坐標（沿著一條隨意畫出的界線 (其中將所有在該界線外面的格予點上的該等概要値設定成 零））上迅速地輸入買入/賣出概要的”劃定點”値。接著， CMC 2舲计算一個二維的（或多維的）概要，精確地匹配該 等指定、並***該等値之間以所有的格子 l、可藉若干數學通則達成該***，包括（但非限制）三角 】方格、方栓函數及表面和/或輪廓繪圖電腦程式。該 亦將包括利用滑氣鉤和·拖茂型態的操作或其它類似的方 法”m〇rph” 一個以此方式產生的表面概要，以便可由該使 用者將該概要變更成其想要的概要、以達成一個最後的架 構。 、圖7説明-個買入滿意密度概要，以一個溫度曲線圖顯 之。該使用者可藉選取該顯示表面鈕、使任何已輸入成 個輪廓圖表（或其它表示法）的滿意密度概要以一個溫度 線圖的形式顯示。於該代表性的體系中，以—個有色的 塊（例如80)表示每一個（價格，數量）坐標，以該方塊的 色表示該滿意密度値。例如，於該代表性的體系中，以一 個黑色的方塊代表一個滿意密度値〇，一個白色的方塊代 表一個滿意密度値i，一個藍色的方塊代表一個滿意密 値0.1，一個紅色的方塊代表一個滿意密度値〇 2，二二 色的方塊代表一個滿意密度値〇 9 ·等等。利用該顯示 該交易者可將該滿意密度概要視爲一個意味深長和2動 現的曲線顯示。 如圖2、3、6A及6B和7中所示，有許多種方式和形式用 -22 本紙張尺度適用中國國家標準（CNS)A4規格（21〇 X 297公釐 示 曲 方 顏 度 黃 活 --------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 20495691 A7 五、發明說明（ 以在-個電腦界面上產生和表示一個滿意密度概要、和用 以輸入滿意密度値。 圖8爲一個流程圖，表示根據本發明該等執行的所有步 驟。如上所討論，交易者在步驟1〇〇和1〇2中輸入滿意密度 概要。將察知，許多交易者可—次輸人—個或多個滿意密 度概要。爲了方便起見，圖8説明以不同的步驟（即步驟 100和102)輸入該等買入和賣出概要；然而，利用該等相 同的界面（例如界面視窗2 1)和終端機i 〇、i 2、丨4輸入買 入和賣出兩種概要。實際上，在觀念上可將步驟1〇〇θ和1〇2 視爲該相同的步驟（僅具有不同的資料而已）。 於本發明該代表性的體系中，當準備匹配時，先將買入 滿意密度概要傳輸給CMC 2、並儲存在一個買入概要資料 庫6中（步驟1〇4)。當準備匹配時，先將賣出滿意密度概要 傳輸給CMC 2、並儲存在一個賣出概要資料庫8中（步驟 106)。 線 於步驟108中，CMC 2對儲存在該買入概要資料庫6和賣 出概要資料庫8中每一個可能的買入/賣出組合計算一個共 同的滿意函數（於該代表性的體系中，係爲一個共同的滿意 交叉乘積）。該共同的滿意交叉乘積代表該買入/賣出對共 同滿足每一方的可能性。藉由例證，假設有三個買入概要 (A、B、C)和兩個賣出概要〇、2)，則CMC 2將計算六個 共同滿意X叉乘積，例如Ai、A2、B1、B2、C1、C2。 於步驟110中，CMC 2將每一個共同滿意交叉乘積的每一 個格子元件（一個相對應價格和數量上可能的買入/賣出對） -23- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐 21 495691 A7 _-___ B7 五、發明說明（ 從最大到最小按順序排列。接著，以該排列的順序匹配該 等買入/賣出對（步驟112)，並將每一個匹配的交易該買者 和賣者的價格和數量累積（步驟114和116)。當達到一個特 殊滿意密度概要的該數量限制時，則所有剩餘包括該概要 <較低順序的格子元件將不予考慮（步驟122和124)。如尚 未完成所有可能的（即非零的共同滿意）交叉（步驟118)，則 控制折返至步驟丨12。如已完成所有可能的交又，則一旦 控制折返至步驟108時，即暫停該處理直到輸入該下一個 委尤爲止或直到撤銷或修正一個目前不匹配的委託（步驟 120 )爲止。 爲了如一個連續的交叉網路一樣操作本發明，則每逢輸 入個新的t乾、或每逢撤銷或修正一個目前的委託時， 控制應折返至步驟1〇8。 可如下以數學的符號更精確地説明圖8的某些觀點。該闡 述將從一個整批處理的説明開始，並接著説明其如何直接 延伸至一個連續的交又策略。 假設就一個指定的股票而言，一個交叉池中我們有m個 買者和N個賣者。我們將Bi(p，s)定義爲該第i個買者以價 格P接收其供應的一部分s之該”滿意密度”，其中〇 1。連同该概要，該買者將有一個最大的數量限制i。讓 Sk(p，s)* k爲該第]^個賣者其相對應的滿意密度和數量限 制。該等滿意密度概要爲一個”價格和數量坐標，，格子上的 二維表面，描述該交易中該參與者的滿意等級。在任何坐 標格子中一個零的値指示不滿意（即不希望以該相對應的格 -24- 本紙張尺度適用中國國家標準（CNS)A4規格（210 x 297公釐） ----1-----------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 A7 B7 22 五、發明說明（ 子價格達成該交易的任何部分），同時一個壹的値指示完全 滿$。介於中間的値相對應至有限的滿意等級。就數學上 而言，該等値代表，，模糊的"變數，描述該滿意交易組中一 個特殊價格/數量交易的會員等級。 可從明顯的限制中導出該等滿意密度函數的某些特徵。 就一個指定的數量値而言，我們獲得： 如Ρι< p2，則Bi(Pl，s) - Bi(p2，s)(即買者喜歡較低 的價格）， 當P i 〇，則^!)^) ΐ 1 (當價格趨向零時，完全滿 意）， 當P t⑺，則B1(P，s) i 0(當價格趨向無限大時，不滿 意），同樣地， P2，則 Sk(Pl，s) gSk(P2，s)(即賣者喜歡較高 的價格）， 當Ρ ΐ 〇〇，則Sk(p，s) t 1(當價格趨向無限大時，完全 滿意）， 當P 4 〇，則3“!)，8)| 0(當價格趨向零時，不滿意）。 就-個指定的價格p而言，關於數量並無類似的順序關係 組。然而，在交易中將典型地發生特殊的事例。例如，在 一個指定的價格p下、一個市場撮合者對數量從〇股到iOOO 股的該滿意密度可能爲常數，接著對較大數量的該滿意密 度將迅速地下落至零。一個代理經紀商可能僅在數量高達 該客户的委託數量時其滿意密度才爲非零的。一個累積或 放棄投資者的該滿意密度可能在數量上顯示出一個寬峰（集 --------------------訂---------線 (請先閱讀背面之涑意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 25- 495691 A7 五、發明說明（ 中在某一個較大的値上）。 我們將孩第i個買者和該第k個買者之間的該共同滿意密 度定義成：V. Description of the invention (17) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs. In this representative system, each time the mouse button is "pressed", the selected satisfactory density is increased or decreased. The boundary button allows the user to create a boundary ' as discussed above with reference to FIG. This edit button allows users to edit the boundary. The setting sister allows the user to set a satisfactory density 値 so that each time the mouse is "pressed", the setting 値 is placed on the cursor position in the satisfactory density summary. In this representative system, there is a display section 46 having two buttons, namely an update button and a display surface button. This update button will regenerate the child's satisfactory density profile. The display surface button will allow the user to change the display of the satisfactory density summary, for example as a contour chart (as shown in Figure 2) or a temperature profile (as shown in Figure 7 below). The interface window 21 may also have a stop button 50, a clear button 52, a reset button 54, and an apply button 56. The stop button 50 enables a user to leave the computer program of the control interface window 21. The clear button 52 clears the displayed graph (for example, the satisfactory density summary displayed) and all other parameters 値 (for example, such as the minimum number of parameters 38 and the maximum number of parameters 40). Reset button 5 4 "Do not delete" the graphic's most recent changes, and reset the status of the graphic to the immediately previous status. When the application button 56 is selected, this summary of the meditation level is proposed for matching. When a remove boundary button 59 is selected, all boundaries will be removed from the satisfactory density profile. A morphological button 58 allows a user to retrieve a shared satisfaction density profile, its sigh, or a user-defined parametric template. Once the form button 58 is selected, a loading form window 60 (shown in FIG. 5) will be displayed, which allows the user to select the stored form. In this example in Figure 5, there are two types of -20- This paper size applies to the Chinese National Standard (CNS) A4 specification (210 X 297 public reply " 7 ------------ · 11- ---- Order --------- line (please read the notes on the back before filling this page) ^ 5691 Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 — ^ ___B7_ 忑 _ 18 ''- -V. Description of the invention () Storage patterns, namely ibm-seller-1 and ibm-buyer 1, which are storage patterns that enable a user to quickly load, and use a satisfactory density profile to buy and sell IBM stock You can use the shape button 58 and the loading shape window 6 to directly select some common commission types that can be parameterized by the template (such as market matchmaker quotes, limit orders, and agency orders). Once the corresponding template suddenly When appearing on the display, the user can morph the display as described below to suit the user's preferences. A better method is to use a template series (the template series represents the two-dimensional basis function of the surface profile) . From, any one of the standard two-dimensional orthogonal foundation groups ( For example, Fourier, Cosine, Walsh-Hadamard, Haar transfer) "or can be selected from the more general and / or data-specific basis functions (like 疋 associated with Gabor, and other wavelet transfers or Karhunen-Loeve transfers) Similar functions. Similar to their role in image data compression, using these functions as templates in this application will provide a substantially lower-dimensional representation of the buy / sell surface profile, and then will correspond To reduce the number of dimensions of the coupling matrices needed to link together the summary of the multiple securities. Figures 6A and 6B illustrate a full-screen display, including an interface window 21 and the satisfactory density of Figure 2. Summary. It will be seen that a combination of "a user-friendly graphical interface" and "templates that users can cooperate with" facilitates the registration of the buy / sell summary. The illustrations above are only available to enter satisfaction Density: An illustration of these interface types. In a selective system, the GUI will provide a set of tools for -21-This paper size applies to China National Standard (CNS) A4 (210 X 297 mm) -------------------- Order --------- line (please read the note on the back? Matters before filling this page) 495691 A7 B7, invention description (printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs at the selected price / quantity grid coordinates (along a randomly drawn boundary line (where all the grid points outside the boundary line should be Wait for the summary (set to zero)) and quickly enter the "delimitation point" for the buy / sell summary. Next, CMC 2 舲 calculates a two-dimensional (or multi-dimensional) summary, accurately matches the assignments, and inserts all the lattices between them. The insertion can be achieved by several mathematical rules, including (but not (Limitations) Triangles] squares, square bolt functions and surface and / or contour drawing computer programs. This will also include the use of air-hook and drago type operations or other similar methods "m〇rph" a surface profile generated in such a way that the user can change the profile to his desired profile To reach a final framework. Figure 7 illustrates a summary of the satisfactory density of a purchase, which is shown by a temperature curve. The user can select the display surface button to make any satisfactory density summary that has been entered into an outline chart (or other representation) displayed in the form of a temperature line chart. In this representative system, a colored block (such as 80) represents each (price, quantity) coordinate, and the color of the square represents the satisfactory density 値. For example, in this representative system, a black square represents a satisfactory density 値 0, a white square represents a satisfactory density 値 i, a blue square represents a satisfactory density 0.1, and a red square represents A satisfactory density 値 02, a two-color square represents a satisfactory density 909 · and so on. Using this display, the trader can view the satisfactory density summary as a meaningful and 2-curve display. As shown in Figures 2, 3, 6A and 6B and 7, there are many ways and forms for use. This paper size is applicable to China National Standard (CNS) A4 specifications (21 × 297 mm) -------- Order --------- line (please read the precautions on the back before filling this page) 20495691 A7 V. Description of the invention (to generate and represent a computer interface Satisfaction density summary, and for entering the satisfaction density 値. Figure 8 is a flowchart showing all the steps performed according to the present invention. As discussed above, the trader enters the satisfaction density summary in steps 100 and 102. . It will be noted that many traders can-times lose-one or more satisfactory density profiles. For convenience, Figure 8 illustrates entering such buy and sell profiles in different steps (ie steps 100 and 102); However, using these same interfaces (such as interface window 2 1) and terminals i 0, i 2, 丨 4 to enter two outlines of buying and selling. In fact, conceptually, steps 100 10 2 is regarded as the same step (only having different information). The representative of the present invention In a sexual system, when a match is prepared, the buy satisfaction density profile is first transmitted to CMC 2 and stored in a buy profile database 6 (step 104). When the match is prepared, the sale is satisfied first The density profile is transmitted to the CMC 2 and stored in a sell profile database 8 (step 106). In step 108, the CMC 2 pair is stored in the buy profile database 6 and the sell profile database 8 A possible buy / sell combination calculates a common satisfaction function (in this representative system, it is a common satisfactory cross product). The common satisfactory cross product represents the common satisfaction of the buy / sell pair The possibility of each side. By way of illustration, assuming there are three buy profiles (A, B, C) and two sell profiles 0, 2), then CMC 2 will calculate six common satisfactory X cross products, such as Ai, A2, B1, B2, C1, and C2. In step 110, CMC 2 takes each of the grid elements of each of the cross products satisfactorily (a corresponding buy / sell pair with corresponding price and quantity). Paper size applies to Chinese National Standard (CNS) A4 specifications (210 X 297 mm 21 495691 A7 _-___ B7 V. Description of the invention (arranged in order from largest to smallest. Then, match the buy / sell pairs in this order (step 112), and match each The purchaser's and seller's prices and quantities are accumulated (steps 114 and 116). When the quantity limit for a particular satisfactory density profile is reached, all remaining grid elements that include the profile < lower order will not be accepted Consider (steps 122 and 124). If all possible (ie non-zero common satisfaction) crossings have not been completed (step 118), then control returns to step 12. If all possible transfers have been completed, once control returns to step 108, the process is suspended until the next commission is entered or until a currently mismatched commission is revoked or corrected (step 120). In order to operate the present invention like a continuous cross network, control should return to step 108 every time a new task is entered, or whenever a current commission is revoked or modified. Some of the points of FIG. 8 can be explained more precisely in mathematical terms as follows. The narrative will begin with a description of the entire batch and then explain how it can be directly extended to a continuous intersection strategy. Suppose we have m buyers and N sellers in a cross-pool for a given stock. We define Bi (p, s) as the "satisfactory density" for the i-th buyer to receive a portion s of his supply at price P, where 0. Together with the summary, the buyer will have a maximum quantity limit i. Let Sk (p, s) * k be the corresponding satisfactory density and quantity limit of the] ^ seller. The satisfaction density is summarized as a "price and quantity coordinate, a two-dimensional surface on the grid, describing the level of satisfaction of the participant in the transaction. A zero 値 in any coordinate grid indicates dissatisfaction (ie, does not want to use the Corresponding grid-24- This paper size applies to China National Standard (CNS) A4 (210 x 297 mm) ---- 1 ----------------- Order- -------- Line (Please read the notes on the back before filling this page) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 22 V. Invention Description (sub-price reached any part of the transaction), At the same time, a one-pointer indicates that it is completely full. The middle-pointer corresponds to a limited level of satisfaction. Mathematically, such a counter represents, as a vague variable, a special price in the satisfactory transaction group. Membership level of / quantity transactions. Certain characteristics of such satisfactory density functions can be derived from obvious constraints. For a given quantity 値, we obtain: If P < p2, then Bi (Pl, s)-Bi (p2, s) (that is, the buyer prefers a lower price), when P i 〇, then ^!) ^) ΐ 1 (completely satisfied when price approaches zero), B1 (P, s) i 0 (not satisfied when price tends to infinity) when P tP, likewise Sk (Pl, s) gSk when P2 (P2, s) (that is, the seller prefers a higher price), when P 〇 〇〇, then Sk (p, s) t 1 (when the price tends to be infinitely large, fully satisfied), and when P 4 〇, then 3 "!), 8) | 0 (dissatisfied as price approaches zero). For a given price p, there is no similar order relationship group for quantity. However, special cases will typically occur in transactions. For example, at a specified price p, the satisfaction density of a market matchmaker for a quantity from 0 shares to 10,000 shares may be constant, and then the satisfaction density for a larger number will quickly fall to zero. An agent broker may have a non-zero satisfaction density only when the number is as large as the client's order quantity. The satisfaction density of an accumulated or abandoned investor may show a broad peak in number (set -------------------- order -------- -Line (Please read the notice on the back before filling this page) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 25- 495691 A7 V. Description of the invention (in a larger one). The common satisfaction density between the i buyer and the kth buyer is defined as:

Jik(P，s) = Bi(p，s) Sk(p，s)，i=1，，M ; k=1，，n。 该乘積爲位在零和壹之間的値，並提供該相對等級的一 個測量給一個滿足一對特殊買者和賣者的指定價格和數 量。對该整批中所有的參與者而言，將有該等MN個共同 滿意密度。 可利用其它許多選擇性用以定義該等共同滿意密度。例 如，一個選擇性的定義可爲： MW--------訂-I (請先閱讀背面之注意事項再填寫本頁)Jik (P, s) = Bi (p, s) Sk (p, s), i = 1 ,, M; k = 1,, n. The product is a unitary between zero and one, and provides a measure of the relative rank to a specified price and quantity that satisfy a particular pair of buyers and sellers. For all participants in the entire batch, there will be these MN common satisfaction densities. Many other options are available to define these common satisfaction densities. For example, a selective definition can be: MW -------- Order-I (Please read the notes on the back before filling this page)

Sk(p?s)} 將察知其它定義亦可能達成描述該共同滿意等級的相同 目地0 該最佳化的問題爲：應如何配置該第i個買者和該第k個 賣者之間的數量和價格， 經濟部智慧財產局員工消費合作社印製 (pik? ^ik)Sk (p? S)} will know that other definitions may also achieve the same purpose describing the common satisfaction level. 0 The optimization problem is: how should the Quantity and price, printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs (pik? ^ Ik)

i=l，…，Μ ; j=l，···，N 以對所有的參與者導致該最大的結合共同滿意。此等於 最大化 -26- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公董） 495691 A7i = l, ..., M; j = 1, ..., N to satisfy all participants to achieve the maximum combination. This is equal to the maximum -26- This paper size applies to China National Standard (CNS) A4 (210 X 297 public directors) 495691 A7

VI 、h & ,k(p，s) % 雙制於该等數量的限制VI 、 h &, k (p, s)% dominated by these limits

N slk、β k-i '， 可如下執行該最大化： 1 ·在該格子中的每—彳 該等MN個値。 數量値上，計算Jik(P，〇的 2 ·在所有的價格/數量格 列到最小，儲存相對應至該;' =該h(p,s)從最大排 上的該等指數値。 &者/買者對、和該等格子坐標 3 ·攸忒排列最同的jik(p，s)開始配置價格和數量，並將 每-個買者/賣者的該等數量累#。當達到—個數量限制 時’將孩貝者/賣者其任何剩餘的登錄從該排列表列中 出。 可藉步驟3中的隨機圖示仲裁該排列處理中的任何限制， 以便使所有的參與者均爲公平的。選擇磕地，如有一個限 制，則CMC 2可選取”導致所有可能的證券達到、該最大全面 --------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 -27 495691 A7 B7 25 slk i、發明說明（ 共同滿意”的該匹配。例如，CMC 2可”預測”和判定是否有 其它任何可能妁匹配（視該其-中一個限制的可能匹配而定） 發生。 ' _ · 接著，CMC 2可將每一對買者和賣者之間所有的配置聚 合，以對他們的交易計算一個單一的數量和價格如下： sik=[工 sik(m，n) m η (總數量，其中（m，n)爲相對應至非零共同滿意的格子點坐 標） Σ pik(m，n) slk(m，n) (平均價格） 該主題可能有許多不同的變化。例如，於一個代表性的 體系中，本發明可允許該排列處理中一個最小的共同滿意 閥’在此之下無任何配置產生。此外，可以一個股票中該 等已產生的配置的一個函數產生另一個股票的該滿〜|密 度。 · 爲了將該整批處理轉換成一個連續處理，將每一個輸入 本發明該交叉網路中之新的滿意密度視爲一個如上所述引 發一個新的計算循環的事件。當對所有股票即時執行該處 理的該等計算要求佔有重要的份量時，於現代超級電腦的 -28 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） ------丨！ — 丨 ! I 丨訂·! 1!! -^ >^v. (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 B7 26 五、發明說明（ 能力範圍内可充分適當地處理該等計算需求。 下面爲例證説明本發明該操作的一個簡單範例。該範例 假設交易者輸入兩個買入概要和兩個賣出概要到該系統 中，以交易一種單一的股票。可以下面四個矩陣代表該等 四個滿思名、度概要，其中列爲價格、行爲數量： 貝者 #1 概要 B1: = 〇.〇 0.0 〇.〇 〇〇 0.1 〇.〇 0.0 〇.〇 0.8 0.7 0.3 0.1 1.0 〇.8 0.4 0.2 貝者 #2 概要 B2: = 0.1 0.1 〇.1 〇〇 0.3 0.3 0.3 〇.〇 0.5 0.5 0.5 〇.〇 1.0 1.0 1.0 0.0 賣者 #1 概要 S1: = 1.0 1.0 1.0 1.0 0.7 0.7 0.7 0.7 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 買者 #2 概要 S2: = 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.1 將買者#1概要以圖形表示成如圖3A中的一個輪廊圖表。 將買者#2概要以圖形表示成如圖3D中的一個輪廓圖表。將 -29- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —：-----------------訂---------線 (請先閲讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 B7 經濟部智慧財產局員工消費合作社印製 五 27發明說明（） 賣者#1概要以圖形表示成如圖3C中的一個輪廓圖表。將賣 者#2概要以圖形表示成如圖3B中的一個輪廓圖表。 則於步驟1 0 8上產生的該等四個共同滿意交叉乘積如 下： J11: = (B1.S1) J 1 1因此等於 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.16 0.14 0.06 0.02 0.00 0.00 0.00 0.00 J12:=(B1.S2) J 1 2因此等於 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.02 J2 1 : = (B2.S1) J 2 1因此等於 0.10 0.10 0.10 0.00 0.21 0.21 0.21 0.00 0.10 0.10 0.10 0.00 0.00 0.00 0.00 0.00 J22:-(B2.S2) J22因此等於 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -30- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 、發明說明（ 知J11以圖形表示成如圖9a中的一個輪廓圖表。將ji2以 圖形表示成如圖9B中的一個輪廓圖表。將J21以圖形表示 成如圖9C中的一個輪廓圖表。將J22以圖形表示成一個空 白的輪括圖表（未圖例之）。 將該等上面四個格子中的每一個（價格，數量）對排列， 產生該下面的向量： w ( 21，21，.21，.16，.14，.1，.1，.1，.1，！，」，〇7，〇6, 〇3, .02, .02, 〇, 〇, 〇, 〇, 〇, 〇 〇 〇 〇 〇 〇 〇 〇 〇 〇七〇 〇， 〇, 〇, 〇, 〇, 〇, 0, 0, 0, 〇, 〇, 〇, 〇, 〇, 〇 〇 如有若干個可能的交易排列在相同的等級上（例如，有三 個可能的交易列居第一），則根據一個預先決定的設計如上 所闡述隨機地選擇一個，以於該匹配處理中增加全面的共 同滿意。 本發明可輕易地處理大量證券的交易。於該事例中， CMC 2將功能性地將相關聯的滿意密度概要鏈結成一個。 可以其最普通的形式達成該鏈結處理，例如，利用一個連 接矩陣、藉矩陣操縱該等兩個概要。 於更進一步的體系中，可將對該滿意密度概要有影響的 補充變數（或參數）包括在内。例如，可由該交易者設定一 個合格變數或一個緊急變數（或兩者），如下所闡述。爲了 更詳盡的説明，考慮以下的行動方案： A· —個交易者有一個”買入籃，，和”一個，，賣出籃”，不論 在哪一方（買入或賣出），該交易者的執行狀態均不能變成 -31 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公爱） ---------------------訂---------線 i^w. (請先閱讀背面之注意事項再填寫本頁) 495691 A7 B7 五 、發明說明（ 29 經濟部智慧財產局員工消費合作社印製 極不平衡（美金或股份或兩者）。 B. —個交易者希望在買入/賣出一個指定的證券上變得 更（或較不）積極，作爲該等交易者的實際/希望籃中該等其 它證券交易狀態的一個函數。 、 C ·上面a ·和B ·的某種組合。 爲了説明該|限制和目係，可將本發明㈣該滿意密度概 要擴增使包括其它兩個變數：合格和緊急。於該最普通 事例中，該等每一個變數可採用一個介於零和壹之間的 (包括零和壹）。選擇性地，每一個變數可有一個二進位値 零或壹”。於一個體系中，該合格變數有一個二進位値， 孩緊急變數有一個介於零和壹之間的値（包括零和壹）。 該緊，變數和該合格變數兩者可與該整個滿意密度概要 (例立如母一個概要的每一個變數有一個値)相關聯，或與該 滿意密度概要的每一個坐標相關聯（例如每一個（價格，數 量）坐標有一個値）。 當該合格値和每一個坐標相關聯時，該合格値代表該格 子點，格用以匹配的等級。於該最簡單的事例中，該合格 欠數馬-個用以追縱執行狀態的二進位變數，即在委託概 要登錄上指定一個壹的値給該合格變數的所有値，且一旦 匹配時即將匹配値設定成零。如是，於該體系巾，該合格 變數可追縱何時匹配已發生。於-個較普遍的事例中， 將不匹配値的該合格保持在零，使其它證券其執行狀態 制的滿意懸滯未定（例如，如上面行動方案A中）。如是 可利用▲口格變數作爲兩種不同股票之間的-個輕合。 的 値 且 可 限 -------- (請先閱讀背面之注意事項再填寫本頁) 訂---------線. 32- A7 經濟部智慧財產局員工消費合作社印製 五、發明說明（30 ) 於一個最普遍的事例φ 二、人μ 變數，具有介於灾和本、邊5格變數可爲—個”模糊的" 軟性”（gP、$$、:且又間的値（包括零和壹），其將允許” 导^ (即連％値的）限制 量]dec之前，我要务备山 在我貝入[一些丨很多I鉅 、出[一些丨大量I很多]IBM”。 ^緊^變數代表應將_倘 ^ ^ , 個特殊的格子點滿意値（a)朝向一 ,、、劣、1的^格轉變、或（b)扭曲成一個更積極的滿意値、 =兩者的等級。於該代表性的體系中，每一個滿意密度 ^句有個緊急値（即對每一個證券將緊急簡潔成一個單 \由數可表明的値，並一致地引用），且該緊急變數 [的範圍係從零到壹。於該正常的事例中，該緊急變數將 有個零的値，代表正常的交易緊急。該緊急變數其非零 的値將表7F該緊急的等級，以壹表示最緊急的。 糸接著上面就事例（a)而言，該緊急變數一個非零的値將 居1個滿意密度概要的價格向上調動（就一個買入而言）和 向下調動（就一個賣出而言）。於該事例中，該滿意密度概 要的4寺界線將依此而移動。 於事例（b)中，該緊急變數其非零的値將指數化地扭曲該 等滿思舍度値。假設指定一個値u給該緊急變數。則每一 個（非零的）滿意密度値將增加到（i - u)次乘方。於該事例 中’該滿意密度概要的該等界線並未變更。 主發明代表性的體系 以下對該上面所述的匹配系統和方法提供一個代表性體 細的詳述，包括和優選概要相關聯的一般協定、及用以匹 配相反概要之該詳細的通則處理。該後面的説明可包括優 -33 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —^------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 五、發明說明（1 ) 先法規，匹配限制及該等特殊事例（如ITS(市場内交易系 統）交易和賣空）的處理。 優選概要協定 該基本的使用者輸入一個優選或滿意密度概要至該交叉 網路中’其表示該交易者在一個指定循環中、對每一個價 格/數量坐標交易的優選等級（一個介於零和壹之間的數 字）。於該循環期間，任何具有一個非零優選値的坐標係合 格以”其具有一個或多個相反概要的相對應數量”和”其相對 應的價格或更好的價格，，一次或多次匹配，此係受制於下面 所述的該通則處理和限制。圖1 0以本發明該代表性體中使 用之該圖形使用者界面（GUI)描述一個優選概要150(於該 事例中’爲一個買的概要）的一個代表性體系。白色區域 151表示優選値’ 1 ’，同時該陰影區域（輪廓線153和154之間） 表示介於’0’和’1，之間的中間優選値。黑色區域152表示優 選値’零’（即禁止交易）。 概要特徵和朱赵 以該正在交易之相對應證券的該最小交易增量、量化，，在 其上定義優選概要”之該實際格子的價格（垂直軸）。將該實 際格子的數量（水平軸）量化在1000股的增量上。於該後面 的事例中，注意”該優選量化，，（其代表將交易優選表示成一 個數量函數的該顆粒性）相對於”該系統中該交易數量的單 位π之間的差異係重要的（可能爲整數（1〇〇股））。可交易任 何整數的整數倍數，但將一個指定價格的該相同優選値引 用至每一個例如”介於丨100股和2〇〇〇股之間”、或”介於 -34- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —^------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 B7 32 五、發明說明（） 7100股和8000股之間，，的整數數量上。 每一個優選概要有一個相關聯的欲買入或賣出的最大股 4刀數里（爲整數的倍數）。該最大股份數量必須大於或等於 1000股（除了從該交易所的專業會員工作站或該交易所的委 託書產生的概要，其最大股份數量才可爲任何i 〇〇股以下 的整數數量；或從CQS(聯合報價系統）報價產生的概要， 其最大股份數量才可爲任何大於100股的整數數量，其中 忽視100股的CQS報價。 優選概要的规格 根據本發明的一個體系，係經由優選輪廓的該規格輸入 的滿意密度概要（亦已知爲優選概要），此已足以説明任何 實際的優選概要。該使用者可”經由該GUI手工地”、或，，利 用孩金融資訊交易（FIX)標準傳訊格式的一個延伸、最後 藉電腦指疋個別的優選輪廓（相對應至該集合[0 0, 〇·1，...1.0]中的優選値）。以輪廓頂點（即該輪廓的端點或彎 曲點）之觀點指定每一個輪廓，其中該等頂點相對應至該指 定價格和數量增量中的離散優選坐標。藉該等所示的兩個 優選輪廓完全地定義圖10中的該概要，其中僅由兩個頂點 指足該每一個優選輪廓。 如下所述，將輪廓擴展成像一段一段連續的線段，並中 每一條線段相對應至-個單一的指定優選値。每一個概要 必須指定-個1.的優選輪廊，且於該概要中該整個非零優 们!的數量範圍上必須指定該，i，的輪廓。如_個概要未指 疋個〇,的輪廓，則將由該匹配引擎自動地產生該，〇,的輪 35- 10½家標準（CNS)A4規格咖x 297公爱_ 丨 — — II 丨 — ! ! i ! I ! I 訂.！丨丨丨 — 丨· (請先閱讀背面之注意事項再填寫本頁} 495691 A7 B7 經濟部智慧財產局員工消費合作社印製 發明說明（ 廓。將橫過一個價格上所有的概要數量（其中該價格比”以 一個非零優選指定的最積極坐標”更積極一個記號）***該 零的輪廓。 以兩個階段從該等指定的優選輪廓頂點架構該整個優選 値的矩陣。該第一個階段係於相鄰的頂點之間線性地插 入、以在該等價格/數量坐標的格子上產生一段一段似的線 性優選輪廓。在每一個離散的數量增量上，將該相對應的 優選値指定給價格最接近該***輪廓線之該相交的格子坐 標。以輪廓優選値的遞減順序執行該處理，以便”與一個較 高優選輪廓相交該相同格子坐標”之較低的優選輪廓覆寫先 前指定的優選値。該結果爲每一個數量增量其一組垂直堆 考貝的格子坐標的價格相對應至指定的離散優選値上。 就該等每一個數量增量而言，該第二個階段係於”位在相 對應至該第一個階段中所指定的該等離散優選値的該等價 格之間”的價格增量上線性地***該等優選値，並將浮點優 選値指定給該等坐標。就買入（賣出）概要而言，將自動地 指定一個，1，的優選給一個指定數量上所有的坐標，該等坐 標的價格比該第一個階段中、指定一個，i，的優選的該坐標 價格低（高））。同樣地，就買入（賣出）概要而言，將指定一 個零的優選値給一個指定數量上所有的坐標，如該等坐標 的價格比該第一個階段中、該最小的指定輪廓優選値： (低））。以此方式，指定，，一個指定概要其整個優選矩陣”作 爲該等優選輪廓的一個函數。 爲了例證説明該處理，假設已輸人該等下面的輪頂點 —h-----------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) •36· 495691 A7B7 34 五、發明說明（） 以產生一個優選概要： ’Γ 的優選輪廓頂點：（ 1000，$126.375)，（65000， $125.750) ，〇’ 的優選輪廓頂點：（ 1000，$126.625)，（65000， $125.875) 概要的價格增量=$0.125 該第一個步驟係於該等定義的輪廓頂點之間、以每1000 股的數量增量***該等價格，並接著將該等產生的價格捨 入成該最接近的價格增量。此導致下面的表---分別爲該 等’Γ和’0’的優選輪廓表： (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 ’ Γ的優選輪廓表 數量坐標 ***的價格 價格增量 價格增量/0.125 捨入的價格 1000 126.375 0.000 0.000 126.375 2000 126.365 0.010 0.080 126.375 3000 126.355 0.020 0.160 126.375 4000 126.346 0.029 0.232 126.375 5000 126.336 0.039 0.315 126.375 6000 126.326 0.049 0.392 126.375 7000 126.316 0.059 0.472 126.375 -37 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） 495691 A7 B7 35 五、發明說明（） ’ 0 ’的優選輪廓表 數量坐標 ***的價格 價格增量 價格增量/0.125 捨入的價格 1000 126.625 0.000 0.000 126.625 2000 126.613 0.012 0.096 126.625 3000 126.602 0.023 0.184 126.625 4000 126.590 0.035 0.280 126.625 5000 126.578 0.047 0.376 126.625 6000 126.566 0.059 0.472 126.625 7000 126.555 0.070 0.560 126.500 (請先閱讀背面之注意事項再填寫本頁) 注意，該’ 0 ’的輪廓中7000股的捨入價格値已移動至該下 一個較低的價格增量上，因該線性***値已移動了該價格 增量的0.5以上。 該下一個步驟爲對每一個數量增量、在”位於指定給該等 上面表中該等相對應優選輪廓値的該等價格之間”的每一個 價格增量上線性地***該等優選値。該操作填滿了該矩陣 中該等中間的優選値，且例如將對該價格增量$ 126.500導 致該下面的***優選値表： 經濟部智慧財產局員工消費合作社印製 -38- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） 495691 A7 B7 經濟部智慧財產局員工消費合作社印製 五、發明說明（N slk, β k-i ′, the maximization can be performed as follows: 1. Each-彳 in the grid has MN 値. On the quantity 値, calculate Jik (P, 0 of 2 · In all price / quantity columns to the minimum, store the corresponding to that; '= the h (p, s) from the largest row of these indexes 値. & Amp The buyer / buyer pair, and the grid coordinates 3. The jik (p, s) with the most similar arrangement begin to allocate prices and quantities, and accumulate these quantities per buyer / seller #. When When a quantity limit is reached 'remove any remaining logins of the babies / sellers from this list. The random diagram in step 3 can be used to arbitrate any limits in the arrangement process so that all participants can participate All are fair. If you choose a place, if there is a restriction, CMC 2 can choose "to cause all possible securities to reach, the maximum comprehensive -------- order --------- line (Please read the notes on the back before filling out this page) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs -27 495691 A7 B7 25 slk i, the match of the invention description (commonly satisfied). For example, CMC 2 can be "predicted" And determine if there are any other possible matches (depending on this-one of the possible limits). '_ · Then CMC 2 can aggregate all the configurations between each pair of buyers and sellers to calculate a single quantity and price for their transactions as follows: sik = [工 sik (m, n) m η (total quantity, where (M, n) are the coordinates of the lattice points corresponding to non-zero common satisfaction) Σ pik (m, n) slk (m, n) (average price) This topic may have many different variations. For example, in a representative In the system, the present invention allows a smallest common satisfaction valve in the permutation process to be generated without any configuration below. In addition, a function of the generated configuration in one stock can be used to generate the full of another stock. ~ | Density. In order to convert the batch process into a continuous process, each new satisfactory density input into the cross-network of the present invention is treated as an event that triggers a new calculation cycle as described above. When pairing When all stocks perform the calculation immediately, these calculations require an important weight. On the modern supercomputer's -28-this paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) ------丨! — 丨! I 丨 order! 1 !!-^ > ^ v. (Please read the notes on the back before filling out this page) Printed by the Intellectual Property Bureau Staff Consumer Cooperatives of the Ministry of Economic Affairs 495691 A7 B7 26 V. Description of the invention (Ability range These calculation requirements can be fully and appropriately handled. The following is a simple example illustrating the operation of the present invention. This example assumes that a trader enters two buy profiles and two sell profiles into the system to trade a single The following four matrices can be used to represent these four full name names and degree summaries, which are listed as price and number of actions: Beizhe # 1 Summary B1: = 〇.〇0.0 〇.〇〇〇0.1 〇.〇0.0 〇.〇0.8 0.7 0.3 0.1 1.0 〇.8 0.4 0.2 Baker # 2 Summary B2: = 0.1 0.1 〇.1 〇〇0.3 0.3 0.3 〇0.5 0.5 0.5 〇1.0 1.0 1.0 0.0 Seller # 1 Summary S1 : = 1.0 1.0 1.0 1.0 0.7 0.7 0.7 0.7 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 Summary of Buyer # 2 S2: = 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.1 Graphically summarize Buyer # 1 Represented as a contour chart in Figure 3A. The buyer # 2 summary is graphically represented as an outline chart in FIG. 3D. Will -29- This paper size applies to China National Standard (CNS) A4 specifications (210 X 297 mm) —: ----------------- Order ------- --Line (Please read the notes on the back before filling out this page) Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs and the Consumer Cooperatives of the Ministry of Economic Affairs 495691 A7 B7 Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs and the Consumer Cooperatives of the People ’s Republic of China Printed 27 27 Invention Description It is graphically represented as an outline chart in FIG. 3C. The seller # 2 summary is graphically represented as an outline chart as shown in Figure 3B. Then the four common satisfactory cross-products generated in step 108 are as follows: J11: = (B1.S1) J 1 1 is therefore equal to 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.16 0.14 0.06 0.02 0.00 0.00 0.00 J12: = (B1.S2) J 1 2 is therefore equal to 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.02 J2 1: = (B2.S1) J 2 1 is therefore equal to 0.10 0.10 0.10 0.00 0.21 0.21 0.21 0.00 0.10 0.10 0.10 0.00 0.00 0.00 0.00 0.00 J22 :-( B2.S2) J22 is therefore equal to 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -30- This paper size applies Chinese National Standard (CNS) A4 specifications ( 210 X 297 mm) (Please read the notes on the back before filling out this page) Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs, Consumer Cooperatives, Invention Description (J11 is graphically represented as an outline chart in Figure 9a. Let ji2 It is graphically represented as an outline chart in Figure 9B. J21 is graphically represented as a contour chart in Figure 9C. J22 is graphically represented as a blank rounded chart (not shown) Arrange each pair (price, quantity) of the above four grids to generate the following vector: w (21, 21, .21, .16, .14, .1, .1, .1,. 1, .1,!, "〇7, 〇6, 〇3, .02, .02, billion, billion, billion, billion, billion, 〇〇〇〇〇〇〇〇〇〇 seven hundred, billion, 〇, 〇, 〇, 〇, 0, 0, 0, 〇, 〇, 〇, 〇, 〇, 〇〇 If there are several possible transactions arranged on the same level (for example, there are three possible transactions ranked first A), then randomly select one according to a predetermined design as explained above, in order to increase the overall common satisfaction in the matching process. The present invention can easily handle transactions of a large number of securities. In this case, the CMC 2 will function The related satisfactory density summary is linked into one by nature. The link processing can be achieved in its most common form, for example, using a connection matrix and a matrix to manipulate the two profiles. In further systems, supplementary variables (or parameters) that have an impact on the satisfactory density profile can be included. For example, the trader can set a qualifying variable or an emergency variable (or both), as explained below. For a more detailed explanation, consider the following action plan: A · A trader has a "buy basket," and "a, sell basket", regardless of which party (buy or sell) the transaction The execution status of any person cannot be changed to -31-This paper size is applicable to China National Standard (CNS) A4 specification (210 X 297 public love) --------------------- Order --------- line i ^ w. (Please read the precautions on the back before filling out this page) 495691 A7 B7 V. Invention Description (29 The Intellectual Property Bureau, Ministry of Economic Affairs, Employee Consumption Cooperatives, printed imbalance (US dollars or shares or both) B. — A trader wants to become more (or less) active in buying / selling a given security, as the actual / want basket of such traders A function of the status of other securities transactions., C · some combination of a · and B · above. In order to illustrate the | limits and objectives, the present invention can be augmented with the satisfactory density summary to include two other variables: pass And emergency. In this most common case, each of these variables can take a value between zero and one (including zero One). Optionally, each variable can have a binary 値 zero or one. "In a system, the qualified variable has a binary 値, and the child emergency variable has a 介于 between zero and one ( Includes zero and one.) The compact, variable, and the qualifying variable can be associated with the entire satisfactory density profile (for example, each variable in the parent profile has a 値), or with each of the satisfactory density profiles. The coordinates are related (for example, each (price, quantity) coordinate has a 値). When the qualified 値 is associated with each coordinate, the qualified 値 represents the grid point, and the grid is used to match the level. For the simplest In the example, the qualified deficient number is a binary variable used to track the execution status, that is, a one-digit 値 is assigned to all the 値 of the qualified variable on the delegate profile registration, and the matching 即将 is set to zero once it matches. If so, in the system, the qualifying variable can track when a match has occurred. In a more general case, the pass that does not match 値 is kept at zero, so that the execution status of other securities is regulated. Satisfaction stagnation is uncertain (for example, as in action plan A above). If you can use the ▲ lattice variable as a light balance between two different stocks. Please read the notes on the back before filling in this page) Order --------- line. 32- A7 Printed by the Consumers' Cooperative of Intellectual Property Bureau of the Ministry of Economic Affairs V. Invention Description (30) In a most common case φ Second, the human μ variable, which has between the disaster and the original, and the edge 5 variables can be a "fuzzy" softness (gP, $$,:, and also 値 (including zero and one), which will Before the "incremental limit (that is, even %%) limit" dec, I have to prepare for my entry into [some 丨 many I giants, out [some 丨 a lot of I many] IBM ". The ^ compact ^ variable means that _if ^ ^, a special grid point is satisfied 値 (a) shifts towards ,, 1, inferior, 1 ^, or (b) is twisted into a more positive satisfaction 値, = two Level. In this representative system, there is an emergency 値 for each satisfactory density sentence (that is, the urgency is concise to a single \ by the number that can be indicated for each security, and is consistently quoted), and the emergency variable [' The range is from zero to one. In the normal case, the emergency variable will have a zero 値, which represents a normal transaction urgency. The non-zero value of the emergency variable will be shown in Table 7F for the emergency level, with one being the most urgent.糸 Then for the case (a) above, the emergency variable is a non-zero 値 will move the price up (for a buy) and down (for a sell) at a satisfactory density profile. . In this case, the four temple boundaries of the satisfactory density will move accordingly. In case (b), the non-zero 値 of the emergency variable will exponentially distort these full-thinking degrees 値. Assume that 値 u is assigned to the emergency variable. Then each (non-zero) satisfactory density 値 will increase to (i-u) times. In this case, the boundaries of the satisfactory density summary have not changed. The representative system of the main invention The following provides a representative detailed description of the matching system and method described above, including the general agreement associated with the preferred summary, and the detailed general processing to match the opposite summary. The following description may include excellent -33 paper size applicable to Chinese National Standard (CNS) A4 specifications (210 X 297 mm) — ^ ------------------ Order- -------- Line (Please read the notes on the back before filling this page) 495691 Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 V. Description of the invention (1) Prior regulations, matching restrictions and other Special cases (such as ITS (Intra-Market Trading System) transactions and short sales). Preferred profile agreement The basic user enters a preferred or satisfactory density profile into the cross-network 'which indicates that the trader's preferred level (a value between zero and Number between one). During this cycle, any coordinate system with a non-zero preferred 値 is qualified with "its corresponding quantity with one or more opposite profiles" and "its corresponding price or better price, one or more matches This is subject to the general processing and restrictions described below. Figure 10 depicts a preferred summary 150 (in this case, 'a buy with the graphical user interface (GUI) used in the representative body of the present invention. A summary of the system). The white area 151 indicates the preferred 値 '1', and the shaded area (between the contour lines 153 and 154) indicates the preferred 値 between the '0' and '1, black. Black The area 152 indicates the preferred value “zero” (that is, the transaction is prohibited). Summary characteristics and the minimum transaction increment and quantification of the corresponding securities being traded by Zhu Zhao, define the price of the actual grid on which the preferred summary is defined. (Vertical axis). The number (horizontal axis) of this actual grid is quantified in 1000-strand increments. In the latter case, it is important to note that "the preferred quantification, (which represents the granularity of the preferred representation of a transaction as a function of quantity) is important relative to" the difference between the unit π of the transaction quantity in the system ( May be an integer (100 shares)). Any multiple of an integer can be traded, but the same preference of a given price is quoted to each of them, for example, "between 100 shares and 2000 shares", or "between -34- this paper size applies China National Standard (CNS) A4 specification (210 X 297 mm) — ^ ------------------ Order --------- line (please read first Note on the back, please fill in this page again) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 495691 A7 B7 32 V. Description of the invention () Between 7100 shares and 8000 shares, there is an integer number. Each preferred summary has a correlation The maximum number of shares to be bought or sold is 4 knives (a multiple of an integer). The maximum number of shares must be greater than or equal to 1,000 shares (except from the professional member workstation of the exchange or the power of attorney of the exchange). For a summary, the maximum number of shares can be any integer number of less than 100 shares; or for a summary generated from a CQS (Joint Quotation System) quote, the maximum number of shares can be any integer number greater than 100 shares, which is ignored CQS quote for 100 shares. A clear system is a satisfactory density profile (also known as a preferred profile) entered via the specification of the preferred profile, which is sufficient to explain any actual preferred profile. The user can "manually via the GUI", or, , Using an extension of the standard financial financial transaction (FIX) standard messaging format, and finally using a computer to point to the individual preferred contours (corresponding to the preferred [0 0, 〇 · 1, ... 1.0] in the set). Each contour is specified from the viewpoint of the contour apex (ie, the endpoint or bending point of the contour), where the vertices correspond to the discrete preferred coordinates in the specified price and quantity increments. Borrowed by the two preferred The outline completely defines the outline in FIG. 10, where only two vertices refer to each of these preferred outlines. As described below, the outline is expanded into a continuous line segment, and each line segment corresponds to a single The specified preferences. Each profile must specify a preferred circle of 1. and the outline of this, i, must be specified in the number range of the entire non-zero superiors! Such as _ summary If you refer to a contour of 〇, the matching engine will automatically generate the round of this 〇, 35- 10½ standard (CNS) A4 size coffee x 297 public love _ 丨 — — II 丨 —!! I! I! I order.! 丨 丨 丨 — 丨 · (Please read the precautions on the back before filling out this page} 495691 A7 B7 Printed invention description by the Consumers ’Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs. The quantity (where the price is more positive than a token designated by the most positive coordinate with a non-zero preference) inserts the zero profile. The entire preferred unitary matrix is constructed from the specified preferred profile vertices in two stages. This first stage is linearly interpolated between adjacent vertices to produce a segment of linear preferred contour on a grid of such price / quantity coordinates. At each discrete quantity increment, the corresponding preferred value is assigned to the intersected grid coordinate whose price is closest to the inserted contour line. This processing is performed in descending order of the contour preferences, so that the lower preferred contour "that intersects the same lattice coordinate with a higher preferred contour" overwrites the previously designated preferred volume. The result is that the price of the grid coordinates of a set of vertical stacks of Kaobe for each quantity increment corresponds to the specified discrete preference. For each of these quantity increments, the second stage is on the line of "the price increment corresponding to the discrete preferred price specified in the first stage" Insert the preferences, and assign floating point preferences to the coordinates. As far as the buy (sell) summary is concerned, one, 1, is automatically assigned to all the coordinates in a specified quantity, and the price of these coordinates is better than the one specified in the first stage, i, The price of this coordinate is low (high)). Similarly, in terms of the buy (sell) profile, a zero preference is assigned to all coordinates in a specified quantity, such that the price of these coordinates is better than the smallest specified contour in the first stage値: (low)). In this way, specify, a specified summary of its entire preferred matrix "as a function of the preferred contours. To illustrate the process, suppose that the following round vertices have been entered—h -------- --------- Order --------- line (please read the notes on the back before filling this page) • 36 · 495691 A7B7 34 V. Description of the invention () to produce a preferred summary : Preferred contour vertices of 'Γ: (1000, $ 126.375), (65000, $ 125.750), Preferred contour vertices of' ': (1000, $ 126.625), (65000, $ 125.875) Summary price increment = $ 0.125 This first step The prices are inserted between the defined contour vertices in increments of 1,000 shares, and the resulting prices are then rounded to the nearest price increment. This results in the following table- -The preferred contour tables for these 'Γ and' 0 ', respectively: (Please read the precautions on the back before filling this page) Printed by the Intellectual Property Bureau Staff Consumer Cooperatives of the Ministry of Economic Affairs, the preferred contour table of Γ is inserted into the price Price increment price increment / 0.125 rounded price 1000 126.375 0.000 0.000 126.375 2000 126.365 0.010 0.080 126.375 3000 126.355 0.020 0.160 126.375 4000 126.346 0.029 0.232 126.375 5000 126.336 0.039 0.315 126.375 6000 126.326 0.049 0.392 126.375 7000 126.316 0.059 0.472 126.375-China Standard-China Paper Size-4 (210 X 297 mm) 495691 A7 B7 35 V. Description of the invention () '0' preferred contour table quantity coordinate price inserted price price increment price increment / 0.125 rounded price 1000 126.625 0.000 0.000 126.625 2000 126.613 0.012 0.096 126.625 3000 126.602 0.023 0.184 126.625 4000 126.590 0.035 0.280 126.625 5000 126.578 0.047 0.376 126.625 6000 126.566 0.059 0.472 126.625 7000 126.555 0.070 0.560 126.500 (Please read the notes on the back before filling this page) Note that 7000 shares in the '0' outline The rounded price has moved to the next lower price increment because the linear insertion 値 has moved more than 0.5 of the price increase. The next step is to linearly insert the preferences for each quantity increment, at each price increment "between the prices assigned to the corresponding preferred profiles in the above table". . This operation fills up the intermediate preferences in the matrix and, for example, will increase the price by $ 126.500 resulting in the following insertion preferences table: Printed by the Intellectual Property Bureau Staff Consumer Cooperative of the Ministry of Economics -38- This paper size Applicable to China National Standard (CNS) A4 specification (210 X 297 mm) 495691 A7 B7 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs

概要的範園限剎 於該代表性的體系中，該手 制。 尔、、死课加以下的概要範圍限 二個匹配拒絕的概尊 當要求-個匹配時，該匹配引擎可拒 評價（就該國家的最好出價或作價（NBB或刪）而言 選輪廓，，的概要。目爲直到該匹配開始時才會： NBBO，故未指示使用者，，拒絕該概要”。 邊 如一個買入概要指定任何”比該NB〇高159個價格檩記〆 上”的優選輪廓坐標，則一個匹配拒絕該概要。^二二 1 / 1 6的價格增量而言，此意指拒絕一個具有一個優選輪= 坐標” $ 10.00”或”比該NBO多$ 10.00以上”的概要。注意# 此包括該，0，-優選輪廓上該等點的規格。同樣地，思’ 士 如〜個 買出概要指定一個”比該NBB低159個標記以上”的優選輪 廓坐標，則一個匹配拒絕該概要。 39- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —一-----------------訂---------線 (請先閱讀背面之注意事項再填寫本頁)The summary of Fan Yuan's limit is in this representative system. Er, and dead class plus the following summary range is limited to two matching rejections. When a match is required, the matching engine can reject the evaluation (select the outline for the country's best bid or offer (NBB or delete)). The summary of. Is not available until the start of the match: NBBO, so the user is not instructed to reject the summary. "Edge such as a buy profile specifies any" 159 prices higher than the NB0. " "Preferred contour coordinates, then a match rejects the summary. ^ In terms of price increments of 1/2/6, this means rejecting a with a preferred round = coordinate" $ 10.00 "or" $ 10.00 more than the NBO " The above "summary. Note # This includes the specification of such points on the 0, -preferred contour. Similarly, the thinker's ~ buy outline specifies a preferred contour that is" 159 marks lower than the NBB " Coordinates, then a match rejects the summary. 39- This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) — one ----------------- order --------- Line (Please read the precautions on the back before filling this page)

、發明說明（ 經濟部智慧財產局員工消費合作社印製 除了該等積極評價的事例之外，一個匹配亦拒絕”指定優 選輪廓坐標比該nbb(nbo)低（高）很多”的買入（賣出）概 要。如一個買入概要指定任何，，比該N B B低799個價格標記 以上”的優選坐標（即比該NBBm$50 00以上），則該概要 將被拒絕。同樣地，如一個賣出概要指定一個，，比該nb〇 高799個標記以上”的優選坐標（即比該NB〇高$5〇 〇〇以 上），則該概要將被拒絕。於該等測試中被拒絕的概要仍然 以其最初的時間圖記存在該系統中，故如該ΝΒβ或nb〇變 更而使孩等概要成爲可合格地交易時，該等概要將參與未 來的要求循環。 最後，所有的匹配將拒絕任何最大數量大於” 2〇 χ概要 中任何非零優選坐標的該最大數量，，的概要。例如，一個概 要的最大數量坐標爲5,〇〇〇股，但其最大數量爲ι〇ι，〇〇〇 股，則所有的匹配將拒絕該概要。 撿去一個匹配中包仝的概要 抑根據該等上面的測試而未被一個匹配拒絕之積極評價的 買入或賣出概要，如該等概要分別偏離該ΝΒ〇或ΝβΒ太遠 時，則仍可在價格中捨去該等概要。就買入概要而言，從 該概要中捨去所有，，比該NBO高100個價格標記以上 個1/16的價格增量而言，即$6·25)”的非零優選坐標。同 樣地，就賣出概要而言，從該概要中检去所有"比該ΝΒΒ低 100個價格標記以上”的非零優選坐標。如是，一個買入概 要、其價格比該ΝΒΒ低100個價格標記以上的任何部分係 不合格交易的，同樣地，一個賣出概要、其價格比該廳 本紙張尺度_ +國國家標準（CNS)A4規格（21〇χ ----1-----------------訂---------線 i^w. (請先閱讀背面之注意事項再填寫本頁) -40- A7 五、 發明說明（ 高100個價格標記以上的任何邱 日7仕何邠刀係不合格交易的，因將 …、反万概要坐標超越該等限制而延伸。 fe要的劃定 當市場價格和報價在一日Φ螬_ ρει 只在日中^時間而變時，使用者可能 无中自動地更新他們的概要。可利用該使用者 界面的劃㈣徵有限度地達成此，其允許就—個參考價格 (而非一個絕對價格）指定概要。 、 經由該系統使用者界面而可利用的該等劃定參考價格選 =:國家的最好出價價格；國家的最好作價價格；該等 國豕的最好出價和最好作價價格之間的中點；及在_個系 統匹配循環之前、國家的最後售價。 如在產生或修正-個概要時引動劃定，則就該選取的割 疋價格變數顯示"該概要其垂直軸上顯示的該等價格”。就 每：個系統匹配循環開始時、該適當的劃定價格更新一個 劃定概要中所有的輪廓和該等輪廓其相對應的優選規格。 劃定概要總是在每一個循環開始時接收一個新的時間圖 1己’使該等劃定概要的時間優先順序低於任何非劃定的概 ，。然而’根據該等劃定概要其最初的時間圖記保存該劃 足概要子集合之間該等相對的時間優先順序，以便較早提 出的劃定概要在時間的優先順序上優於較晚提出的割定概 要0 劃定概要的市場資料渦瀘 過濾該市場資料，以”降低一個匹配產生一個非計劃結果 的可能性”之方式判定該等劃定的參考價格。 --------訂---------線-^· (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 41 39 495691 A7 __________ B7 五、發明說明（ 利用以下的通則判疋該系統對每—個交易的股權所使用 的該劃定參考價格： 1 ·直接k邊SIAC市場資料供給中獲得國家市場價格。 f視Μ國家市場的該等聯合出價和作價，以判定其 疋，導致一個上鎖的或交叉的市場條件。如否，則 计算居國豕的最好出價和最好作價（NBB〇)，且該 通則繼之進行至步驟4。 2·如偵測爲一個上鎖或交又的市場條件，則以該等出 {貝和作價其更新時間之反年代次序的順序-次檢查 ^個出仏和作價（即最近更新的出價/作價將最先 _^直到忒剩餘的出價和作價組未上鎖或未交叉 爲止如個單一交易所中的該出價和作價爲交叉 $ ’則琢父易所將同時忽視兩個報價。如該主要的 ，：所既無一個出價、亦無-個作價，則將取消該 ^ 』的人易所中偵測出一個交叉市場， 二等時間圖记又爲相同的，則將忽視該作價。如 二個，{貝的數里1〇〇股（i個整數）或少於謂股，則 该循環將拒絕該報僧 ,, 如一個報價未旗標爲”穩定的 、’循裒將拒絕孩報價。如一個報價旗標爲，，迅 速々市野則邊循環將拒絕該報價。該循環將考慮 該等下面交易阱由+ 、 的報價··波士頓，芝加哥，費 城，紐約，AMEX，筮一、 ’罘二帀場及辛辛那提。 3.接著利，該剩餘的出價和作價组計算該腦〇。執 行一個取後的驗證測二φ 、^ 4，以忽略該等已偏離其最後 _ |丨l·---------餐 (請先閱讀背面之注意事項再填寫本頁) 訂---------線· 經濟部智慧財產局員工消費合作社印製 -42 495691 A7 B7 經濟部智慧財產局員工消費合作社印製 五、發明說明（ 參考價格超過一個閥數量的”最好出價”、”最好作價 、或”最後銷售價格”。因爲該最後的參考價格，故 該閥和該價格、該時間的平方根成比例。設若就所 有的作價而言，所有的出價均爲上鎖的或交叉的， 則將不執行該匹配。如該NBB或該NB0(但非兩者） 不存在、亦或判定爲無效的，則將執行該匹配，但 將拒絕所有劃定的概要（除了該等劃定給該有效出價 或作價的概要之外）。如該最後的售賣超過其先前價 格的忒閥時，則該循環將拒絕所有達反該最後售賣 而劃定的概要，但將採用”as_is”爲該記號方向。 4 ·利用步驟1或步驟3所產生的該等NBB〇價格，分別 作爲劃疋至該最好出價或最好作價上該等概要的該 等劃定參考價格。 5 ·計算該中點價格，作爲步驟3中所判定之該等最好 出價和最好作價參考價格的平均値。如該中點價格 相對應至一個合法的交易增量價格，則利用該價格 作爲劃定至該國家最好出價和最好作價該中點上該 等概要的該劃定參考價格。如否，則劃定至該中點 上的買入概要將利用該中點價格之下該下一個最低 的交易增量價格作爲該劃定參考價格。劃定至該中 點上的賣出概要將利用該中點價格之上該下一個最 高的交易增量價格作爲該劃定參考價格。 6 ·就劃定至該國家最後售價上的概要而言，如該國家 的最後售價位在該NBBO的價格範園上或之内，則 -43- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） ---:------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 495691 A7 B7 41 五、發明說明（ 利用該國家最後售價作爲買入和賣出概要的該劃定 參考價格。如該國家的最後售價大於步驟1或3中計 算的該取好作價價格’則利用該國家的最好作價價 格作爲買入概要的該劃定參考價格，且利用該國家 的最後售價作爲賣出概要的該劃定參考價格。如該 國家的最後售價小於步驟1或3中計算的該最好出價 價格，則利用該國家的最好出價價格作爲賣出概要 的該劃定參考價格，且利用該國家的最後售價作爲 買入概要的該劃定參考價格。 該上面的市場資料過濾通則未校正可能用以判定劃定參 考價格的錯誤市場資料。 ~ 匹配合格 除非在其它方面有不同限制，否則每次執行一個新的系 統匹配循環時，一個喜號概要其任何個別的坐標均合格多 重匹配以對抗相反的概要。有四個基本的限制限定該合 格·· “ 1 · 一個坐標的數量、當增加到該等可能已配置給其概 要的累積數量中而超過該概要的最大數量時，則該 坐標不合格用以作更進一步的匹配。 2 · —個使用者可輸入任意個明確的價格或數量控制， 以限制該優選概要一個特殊價格或數量區域中可配 置的股份總數。例如，該使用者可指定”縱使該整個 優選概要的配置，但僅可以一個5 7或更高的價格累 積100,000股以下，且僅可以10,000股或更少的股份 -44- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公爱） ----：------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 發明說明（ (請先閱讀背面之注意事項再填寫本頁) =量累積50,綱股以下”。明確的價格和/或數量控 ㈣邏輯上交集的(即必須藉—個預期的配置滿足每 一個和所有的控制），且從—個匹配循環到該下-個 匹配循環時無法重設或調整該等明確的價格和/或數 量控制。該等界線條件在該等可配置給該概要的交 易配置上提供一個更谁_半％ M m 1 , 立 风I '叫又延步的使用者控制等級。注 意，不許可該等劃定概要持有價格控制。 個使用者可輸入一個市場内交易系統（J T s )限 制，以限制該使用者概要中可和ITS參與者該等報 價對抗的股份總數（如該最大數量的一個百分比）， 將於下6 · 3節中更詳盡地説明。 經濟部智慧財產局員工消費合作社印製 4 ·就具有向下（向上）傾斜區域的買（賣）概要而言，如 一個特殊價格上具非零優選的該最大坐標數量小於 Μ概要中任何價格上具非零優選的該最大坐標數 里’則該系統自動地產生一個”隱含的價格控制”。 族k格控制限制一個單一匹配中以該價格或該價格 之上（之下）可配置給該價格上該最大數量、非零優 選坐標該數量的股份總數。在每一個匹配循環開始 時，自動地重設和/或重新計算在每一個價格上產生 的隱含價格控制。如是，該等隱含的價格控制無法 防止在一個特殊的價格上、經由多個匹配的交易累 積（在一個單一的匹配中則不允許該交易累積的總數 量）。如一個例證説明一樣，注意，於1.2節該最後 一個表中，在價格$126.50上具非零優選値的該最大 45 -、 Explanation of the Invention (Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs. In addition to these positive evaluation cases, a match also refuses to buy (sell) the designated preferred contour coordinates much lower (higher) than the nbb (nbo). (Out) profile. If a buy profile specifies any preferred coordinates that are 799 lower than the NBB above the price tag "(ie more than $ 50 00 than the NBBm), the profile will be rejected. Similarly, as a sell The profile specifies a preferred coordinate that is more than 799 marks higher than the nb〇 (that is, more than $ 5,000 more than the NB〇), then the profile will be rejected. The summary rejected in these tests will still be based on The initial time stamp is stored in the system, so if the NBβ or nb〇 changes to make the children's profile eligible for trading, the profiles will participate in the future request cycle. Finally, all matches will reject any maximum number Greater than the maximum number of any non-zero preferred coordinates in the 2 × χ summary, the summary. For example, the maximum number of coordinates for a summary is 5,000 shares, but the maximum number is ι 〇ι ， 〇〇〇〇 shares, then all matches will reject the summary. Pick up a summary of the package in the match or according to the above tests without a positive evaluation of a buy or sell summary, If the profiles deviate too far from the NB0 or ΝβΒ respectively, they can still be rounded off from the price. As far as the buy summary is concerned, all the roundups are rounded off from the summary, which is 100 prices higher than the NBO. Mark the price increment of the previous 1/16, that is, the non-zero preferred coordinate of $ 6 · 25) ". Similarly, in the case of a sell summary, all non-zero preferred coordinates " more than 100 price tags lower than the NBB " are removed from the summary. If so, for a buy summary, the price is 100% lower than the NBB Any part above the price mark is an unqualified transaction. Similarly, a summary of the sale, the price of which is higher than the paper size of the department _ + National Standard (CNS) A4 specification (21〇 x ---- 1 --- -------------- Order --------- line i ^ w. (Please read the precautions on the back before filling out this page) -40- A7 V. Description of the invention (If any Qiu Ri 7 Shi He Dao knife is not eligible for trading with a price higher than 100, it will be extended by exceeding the limit of the…, anti-10,000 summary coordinates. Fe must be determined when the market price and quotation are within one day. Φ 螬 _ ρει When the time changes only during the day, time, and time, users may automatically update their summary. This can be done to a limited extent using the user interface's signature, which allows for a reference price ( (Not an absolute price) designation summary.. The delineated reference prices available through the user interface of the system are selected =: The best bid price of the country; the best bid price of the country; the midpoint between the best bid and best bid price of those countries; and the country's final sale price before the _ system matching cycle. When generating or modifying a summary, the delineation is displayed, and the selected cut price variables are displayed " the prices displayed on the vertical axis of the summary ". For each: at the beginning of a system matching cycle, the appropriate allocation Set the price to update all the outlines in a delineation profile and their corresponding preferred specifications. The delineation profile always receives a new time at the beginning of each cycle. Priority is lower than any non-delineated outline. However, 'based on the delineated outlines, its initial time stamp preserves the relative temporal precedence between the delineated outline sub-sets for earlier submission of the delineated outlines. It is superior in time priority to the demarcation summary proposed later. 0 The market information of the delineation summary vortex filters the market information to "reduce the possibility of a match producing an unplanned result. "To determine such demarcated reference prices. -------- Order --------- line- ^ · (Please read the precautions on the back before filling this page) Ministry of Economy Wisdom Printed by the Consumer Affairs Cooperative of the Property Bureau 41 39 495691 A7 __________ B7 V. Description of the invention (The following general rules are used to determine the reference price used by the system for each transaction of equity: 1 · Direct k-edge SIAC market data The national market price is obtained from the supply. F The combined bids and prices of the M country market are determined to determine its price, leading to a locked or crossed market condition. If not, the best bid and price of the country price are calculated. Good price (NBB0), and the rule proceeds to step 4. 2. If it is detected as a locked or closed market condition, check the price and the price in the reverse chronological order of the update time, and check ^ the price and the price (that is, the latest updated bid / The price will be the first _ ^ until the remaining bids and the price group are not locked or crossed. If the bid and the price in a single exchange cross $ ', then ZhuoFuYi will ignore both quotes at the same time. The main thing is: if there is neither a bid nor an offer, then a cross market will be detected in the person's exchange. If the second-level time chart is the same, the offer will be ignored. For example, if there are 100 shares (i integers) or less than {shares, the cycle will reject the monk, if a quote is not marked as "stable," the cycle will reject Child quote. If a quote flag is, the market will be rejected quickly by the side cycle. The cycle will consider the following trading quotes by +, · Boston, Chicago, Philadelphia, New York, AMEX, one , '罘 二 帀 场 and Cincinnati. 3. Then Lee, the rest The bid and price groups calculate the brain. Execute a post-test verification test φ, ^ 4 to ignore those that have deviated from their last _ | 丨 l · --------- meal (please read the back first) Please pay attention to this page before filling in this page) Order --------- Line · Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs -42 495691 A7 B7 Printed by the Employee Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs The "best bid", "best bid", or "last sale price" where the reference price exceeds the number of valves. Because of the final reference price, the valve is proportional to the square root of the price and time. If all As far as pricing is concerned, all bids are locked or intersecting, the matching will not be performed. If the NBB or the NB0 (but not both) does not exist or is judged to be invalid, the matching will be performed , But will reject all assigned summaries (except those that are assigned to the effective bid or offer). If the last sale exceeds its previous price, the cycle will reject all deficiencies A summary delineated for sale, but will be used " "as_is" is the direction of the mark. 4 · Using the NBB〇 prices generated in step 1 or step 3, respectively, as the demarcated reference prices that are demarcated to the best bid or best summary. 5 · Calculate the midpoint price as the average of the best bid and best price reference price determined in step 3. If the midpoint price corresponds to a legal transaction incremental price, use that price as The designated reference price denominated to the country's best bid and best price at the midpoint. If not, the buy summary destined to the midpoint will use the The next lowest transaction incremental price is used as the demarcated reference price. The sell summary demarcated to the midpoint will use the next highest transaction incremental price above the midpoint price as the demarcated reference price. 6 · In terms of the summary of the final selling price of the country, if the country's final selling price is on or within the NBBO's price range, then -43- This paper size applies the Chinese National Standard (CNS ) A4 size (210 X 297 mm) ---: ------------------ Order --------- line (Please read the note on the back first Please fill in this page again for matters) 495691 A7 B7 41 V. Invention Description (Using the country's last selling price as the delineated reference price for the summary of buying and selling. If the country's last selling price is greater than calculated in step 1 or 3 The quotation price 'uses the best quotation price of the country as the designated reference price for the buying summary, and uses the last selling price of the country as the designated reference price for the selling summary. If the selling price is less than the best bid price calculated in step 1 or 3, the best bid price of the country is used as the delineated reference price for the selling summary, and the last selling price of the country is used as the selling summary for the buying summary. Delimitation of reference price. The above filtering rules for market data are not corrected and may be used to determine the delimitation of reference price. Wrong market information. ~ Match Qualified Unless there are different restrictions in other respects, every time a new system matching cycle is executed, a single happy coordinate summary is qualified for multiple matching against multiple profiles. There are four basics The limit restricts the pass ... "1. The number of coordinates, when added to the cumulative number that may have been allocated to its profile, exceeds the maximum number of the profile, the coordinate is unqualified for further Matches. 2. Each user can enter any number of explicit price or quantity controls to limit the total number of shares that can be configured in a particular price or quantity area of the preferred profile. For example, the user can specify "even though the entire preferred profile Configuration, but can only accumulate less than 100,000 shares at a price of 5 7 or higher, and only 10,000 shares or less -44- This paper size applies to China National Standard (CNS) A4 specifications (210 X 297 public love ) ----: ------------------ Order --------- line (Please read the precautions on the back before filling this page) Ministry of Economic Affairs Intellectual Property Bureau employees Consumption Cooperative printed 495691 A7 Invention Description ((Please read the notes on the back before filling out this page) = Volume accumulation 50, below the outline of shares ". Clear price and / or quantity controls logically intersect (ie must borrow— Expected configuration meets each and all controls), and the explicit price and / or quantity controls cannot be reset or adjusted from one match cycle to the next match cycle. These boundary conditions The transaction configuration that can be configured to this profile provides a user control level which is more than half% M m 1, Lifeng I 'is called and deferred. Note that such delineated profiles are not allowed to hold price control. Each user may enter a limit of the intra-market trading system (JT s) to limit the total number of shares (such as a percentage of the maximum number) in the user profile that can be contested by quotations from ITS participants. This is explained in more detail in section 3. Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 4 · In the case of a buy (sell) summary with a downward (upward) inclined area, such as a special price with a non-zero preference, the maximum number of coordinates is less than any price in the M summary Within the maximum number of coordinates with a non-zero preference, the system automatically generates an "implicit price control". Family k-grid control limits the total number of shares in a single match that can be allocated to the maximum number of non-zero preferred coordinates at the price at or above the price. At the beginning of each matching cycle, the implicit price controls created at each price are automatically reset and / or recalculated. If so, these implied price controls cannot prevent the accumulation of transactions through multiple matches at a particular price (the total amount accumulated by the transaction is not allowed in a single match). As an illustration, note that in the last table in section 1.2, the maximum 45-with a non-zero preferred price at $ 126.50

X 297公釐） 495691 A7 B7 43 五、發明說明（） (請先閱讀背面之注意事項再填寫本頁) 數量增量相對應至一個6000股的數量，且包含非零 優選値的該整個概要相對應至大於6〇〇〇股的數量。 如是，產生一個隱含的價格控制，將一個單一匹配 中、一個$ 12 6 · 5 0或更南價格可配置的該總交易量限 制在6000股上。 圖1 1例證説明一個概要中該等明確價格和數量控制的使 用，且圖1 2詳述該等隱含價格控制的產生。如圖1 1中所例 證説明的，該明確的數量控制（垂直線）將交易的總數量限 制爲”300,000股”或”400,000股以下”，同時，該明確的價 格控制（水平線）將$39 15/16和$39 15/16以上的總數量限制 爲5 10,000股。如圖1 2中所例證説明的，在以下的坐標軸上 產生該等隱含的價格控制：$4〇 1/8，20,000股；$40 1/16 ’ 30,000 股；$40，40,000 股；及 $39 15/16 90,〇〇〇 月又。圖1 3東明一個播隱含界線產生的買入概要之一個例證 (縱使該概要的一邵分爲向下傾斜的區域），因每一個價格 上該最大非零喜號坐標的數量等於該概要中任何價格上該 最大非零優選坐標軸的數量。 經濟部智慧財產局員工消費合作社印製 使用者應注意，從一個系統匹配循環到該下一個系統匹 配循環、有關已配置給一個概要的交易之該僅有存留的資 訊爲有關該概要上該等外部指定的限制。其包括最大數 量’明確的價格/數量控制，IT S的百分比限制及概要型 態；孩所有的資訊均由該使用者輸入到該概要格子之外的 欄位中。在每一個新的循環中，該概要本身陳述該循環中 交易的優選（受制於累積交易配置上該等外部的限制）。此 • 46 - 本紙張尺度適用中國國家標準（CNS)A4規袼（210 X 297公爱） A7 A7 經濟部智慧財產局員工消費合作社印製 -~------____ 五、發明說明（44 ) 對輸入”具向下傾斜優選輪廓的買入概要，，和，，具向上傾斜 優選輪廓的賣出概要”的使用者而言係非常重要的。因該概 要=置而產生的該等隱含的價格控制僅引用至該目前匹配 循J衣中的父易配置上，且不考慮先前循環中的交易配置。 警^使用者對該等概要使用明確的價格控制，以防止多個 循％上的交易配置違犯一個單一循環中該等適宜的隱含價 格控制。 ' 概要優先轡蓊 一個概要坐標的Standing 在目前的市場中心中，一個正常方式的限價委託指定一 個最大數量和一個限制價格，可就該最大數量和該限制價 格配置一個或多個fills直到該最大數量，並以該限制價格 或比该限制價格更好的價格配置。該等委説具有 standing意指在未先填滿該委託下、不許可任何交易由 该一個委託的該限制價格交易。一個具有standing的委託其 關鍵性的特徵爲1)在該限制價格或更好的價格上其爲一個 保留委託；及2 )可以該限制價格或更好的價格填滿該委託 的任何部分。 由以下的特徵定義一個具standing的優選概要坐標其類似 的觀念：1)該坐標必須具有’ Γ的喜號，2 )該坐標必須位在 該相同價格上、一列鄰近的’ Γ優選的坐標中，且向下延伸 至該最小的（即最左邊的）數量增量，且該坐標列中所有的 坐標均合格用以匹配，及3 )該概要必須將其IT S參與設定 成高於或等於100%。如是，如一個坐標具有standing，則 -47- 本紙張尺度適用中國國家標準（CNS)A4規格（21G X 297公ϋ ~ -----— — — — — — — — · I I I--— -訂----- ---- (請先閱讀背面之注意事項再填寫本頁) A7X 297 mm) 495691 A7 B7 43 V. Description of the invention () (Please read the notes on the back before filling out this page) The quantity increment corresponds to a quantity of 6000 shares, and contains the entire summary of non-zero preferences Corresponds to a number of more than 6,000 shares. If so, an implicit price control is generated that limits the total transaction volume in a single match, a $ 12 6 · 50 or more configurable to 6000 shares. Figure 11 illustrates the use of such explicit price and quantity controls in a summary, and Figure 12 details the generation of such implicit price controls. As exemplified in Figure 11, this explicit volume control (vertical line) limits the total number of transactions to "300,000 shares" or "less than 400,000 shares", while the explicit price control (horizontal line) will be $ 39 15 / 16 and $ 39 15/16 and above are limited to a total of 5 10,000 shares. As exemplified in Figure 12, these implicit price controls are generated on the following axes: $ 4〇1 / 8, 20,000 shares; $ 40 1/16 '30,000 shares; $ 40, 40,000 shares; and $ 39 15 / 16 90,000 months. Figure 1 3 An illustration of a buying summary generated by a broadcast implicit boundary in Dongming (even if one Shao of the summary is divided into a downwardly sloping area), because the number of the largest non-zero joy number coordinates at each price is equal to the summary The number of this largest non-zero preferred coordinate axis at any price. Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs, users should note that from the system matching cycle to the next system matching cycle, the only remaining information about transactions that have been allocated to a summary is related to the summary. Externally specified limits. It includes the maximum quantity 'explicit price / quantity control, the percentage limit of IT S and the summary type; all the information of the child is entered into the fields outside the summary grid. In each new cycle, the summary itself states the preferences of the transactions in that cycle (subject to these external restrictions on the cumulative transaction configuration). This • 46-This paper size applies Chinese National Standard (CNS) A4 Regulations (210 X 297 Public Love) A7 A7 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs-~ ------____ V. Description of the Invention 44) It is very important for a user who inputs "a buying summary with a downwardly inclined preferred profile, and, a selling summary with an upwardly inclined preferred profile". The implied price controls resulting from the summary = setting are only referenced to the parent-easy configuration in the current matching cycle, and do not consider the transaction configuration in the previous cycle. Users are advised to use explicit price controls for these profiles to prevent multiple transaction allocations on a cycle from violating such appropriate implicit price controls in a single cycle. '' Summary priority: Standing in a summary coordinate In the current market center, a normal way limit order specifies a maximum quantity and a limit price, and one or more fills can be configured for the maximum quantity and the limit price until the The maximum quantity, and configured at the limit price or a price better than the limit price. The commissions stated that having standing means that the restricted price transaction that does not allow any transaction to be commissioned by the one commission without first filling up the commission. The key features of a standing order are 1) it is a reserved order at the restricted or better price; and 2) any part of the order can be filled at the restricted or better price. A similar preferred concept of a standing preferred summary coordinate is defined by the following characteristics: 1) the coordinate must have a happy sign of 'Γ, 2) the coordinate must be located at the same price in a row of adjacent' Γ preferred coordinates , And extend down to the smallest (ie, leftmost) quantity increment, and all the coordinates in the coordinate column are qualified for matching, and 3) the profile must set its IT S participation to be higher than or equal to 100%. If yes, if one coordinate has standing, then -47- This paper size applies to China National Standard (CNS) A4 specification (21G X 297 mm) ~ -----— — — — — — — — — II I --— -Order ----- ---- (Please read the notes on the back before filling this page) A7

經濟部智慧財產局員工消費合作社印製 該坐標位在"對從該最小優選增量（即购股） 應價格上該坐標的數量（包括該坐標的數量）的所有㈣數 量均具有，丨，優選値之該概要”的—個_中。_14例證説 明該standing的觀念。 參考圖14，位在該車交大、較低矩丨中的該等坐伊且有 standing，同時位在該較小、較高矩形中的該等坐標^且有 standing。於本發明該系統和方法的一個體系中，不許^任 何匹配經由一個具Standing坐標的該價格交易，將於下更詳 細的説明之。任何概要中具standing的坐標不會合併一個 (明確的）數量界線條件。於ITS參與在1〇〇%以下的概要 中，如該概要因其ITS限制而無法在一個指定循環中一個稍 早的點上產生一個預期的交易時，則可完全地交易那些具 有standing的坐標。否則，將該等坐標視爲宛如其具有完全 standing的坐標〇 ^ 個概要的種類 於该系統中，有四種等級的概要種類。以優先的遞減順 序分別標明爲書，代理，本人或CQS(即聯合報價系統）。 種類的定義 當一個匹配開始時，每一個存在該主交易電腦系統中的 限價委託和專業會員報價即轉換成一個”書種類，，的限制概 要。必須由該使用者將經由該系統GUI提出的每一個概要 識別爲一個代理或本人概要。該最終使用者負責適當地將 概要識別爲代理或本人。 利用紐約證券交易所（NYSE)發行的該會計識別碼（AIC) -48- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） -------—訂---------線"^· (請先閱讀背面之注意事項再填寫本頁) 495691 A7 B7 46 五、發明說明（ 指疋”經由該FIX協定（藉一個CTCI亦或一個閘遒服務提供 者）電子化提出給該系統之限價委託的會計型態識別碼，，。 根據下面的分類表、將該系統從該等委託中產生的每一個 概要標明爲一個代理或本人概要： AIC碼的分類 請 先 閱 讀 背 面 之 注 代理種類 本人種類 A B, H91, U，Y，z 經濟部智慧財產局員工消費合作社印製 AIC碼對該系統匹配通則沒有任何其它的影響。明確地 説： 1 ·將所有識別爲賣空免税的委託視爲賣出委託。 2.如該主交易所爲太平洋交易所（pcx)時（當該ΝγδΕ引 動側車處理法規時，PCX不變更其委託處理），則當Νγ§Ε 引發側車時，該系統不變更其電腦程式交易委託aic碼（D， C，M，N，J，κ，U，Y)的處理。如和當pcx修正其法規時， 則該系統遵守該等法規的任何變更。 當一個匹配開始時，則從該市場内交易系統（its)中該等 其它市場參與者的報價中產生CQS概要，設若該等報價的 數量超過1〇〇股、且該報價未產生一個上鎖或交叉的市 場。於該任-個後面的事例中，未產生任何⑽概要給該 相對應的報價。c Q s概要和正常的限價委託類似，且如是 具有 standing。 種類優 -49 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） 項 再 填麄 寫 本T 頁I I I I I I I訂 495691 A7 B7 47五、發明說明（） 如下表中所示，該系統將書概要排在代理概要之前，代 理概要排在本人概要之前，且本人概要排在CQS概要之 前。C Q S概要參與的該循環結束時，自動地徹銷該等C Q S 概要，因於該下一個循環開始時將產生新的C Q S概要。 概要的名稱 優先順序 註解 書 1 所有經由該主交易所電腦系統接收的委記，包 括專業會員報價 代理 2 經由GUI提出且標記爲代理的概要，或經由FIX 或閘道提出、以AIC碼映射到代理的概要 本人 3 經由主交易所專業會員提出的概要，或經由 GUI提出且標記爲本人的概要，或經由FIX或閘 道提出、以AIC碼映射到本人的概要 CQS 4 由其它市場的報價所產生的C Q S概要 請 先 閱 讀 背 之 注 意 事 項 再 填 本 頁The Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs printed the coordinates of all the quantities of the coordinates (including the number of coordinates) on the price from the minimum preferred increment (that is, the purchase of shares). ", Preferably, one of the summary". _14 exemplifies the concept of standing. Referring to Fig. 14, these sitting in the car, lower moments and standing, and at the same time in the relatively The coordinates in the small and higher rectangles are prominent. In one system of the system and method of the present invention, no matching is allowed through the price transaction with a standing coordinate, which will be described in more detail below. Coordinates with standing in any profile will not merge with a (clear) quantity boundary condition. In the profile where ITS participates below 100%, if the profile cannot be earlier in a specified cycle due to its ITS restrictions When an expected transaction is generated at a point, those coordinates with standing can be completely traded. Otherwise, these coordinates are regarded as if they have completely standing coordinates. In this system, there are four levels of summary categories. They are marked in descending order of priority as book, agent, me, or CQS (ie, joint quotation system). Definition of categories When a match begins, each master transaction exists The limit order and professional member quotes in the computer system are converted into a "book type," a summary of the restrictions. Each profile presented via the system GUI must be identified by the user as an agent or personal profile. The end user is responsible for properly identifying the profile as an agent or himself. Use this accounting identification code (AIC) issued by the New York Stock Exchange (NYSE) -48- This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) --------- subscription- ------- line " ^ · (Please read the precautions on the back before filling in this page) 495691 A7 B7 46 V. Description of the invention (referring to the "through" the FIX agreement (borrowing a CTCI or a gate) The service provider) electronically submits the accounting type identification code of the limit order to the system. According to the following classification table, each summary generated by the system from the orders is marked as an agent or my profile: For the classification of AIC codes, please read the note on the back. Agent type My type AB, H91, U, Y, z The AIC code printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs has no other impact on the general rules of the system. To be clear: 1 · Treat all orders that are identified as short-selling and tax-free as sell orders. 2. If the main exchange is Pacific Exchange (pcx) (PCX will not change its entrusted processing when the NγδΕ triggers sidecar handling regulations) , When Νγ§Ε triggers a side car At this time, the system does not change the processing of its computer program transaction commission aic codes (D, C, M, N, J, κ, U, Y). If and when pcx amends its regulations, the system will comply with those regulations Any change. When a match starts, a CQS summary is generated from the quotes of these other market participants in the intra-market trading system (its), provided that the number of such quotes exceeds 100 shares and the quote is not generated A locked or crossed market. In this latter case, no 未 summary was generated for the corresponding quotation. The c Q s summary is similar to a normal limit order, and if it has standing. 49 This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm). Re-fill the item T page IIIIIII Order 495691 A7 B7 47 V. Description of the invention () As shown in the following table, the system will summarize the book Ranked before the agent profile, the agent profile is ranked before my profile, and my profile is ranked before the CQS profile. At the end of the cycle in which the CQS profile participates, the CQS profiles are automatically sold out, as the next cycle starts A new CQS summary will be generated at the beginning. The name of the summary is in priority order. Notes 1 All commissions received through the main exchange computer system, including professional member quote agents 2 Summary submitted through the GUI and marked as an agent, or via FIX or Proposed by the gateway, mapped to the agent's profile with the AIC code. I 3 Proposed through the professional member of the main exchange, or a profile marked through the GUI and marked as my own, or proposed via FIX or gateway, and mapped to my profile with the AIC code. CQS 4 CQS summary generated from quotations from other markets, please read the precautions before filling this page

f If I

IT 經 濟 部 智 慧 財 產 局 員 工 消 費 合 作 社 印 製 概要型態 該系統支援以下的概要型態合格條件： 工作日：適於輸入該概要的工作日。在每一個交易日結 束時’該系統將自動地暫停所有的概要，但可於該次一日 的第一個匹配之前重新啓動該等所有的概要，而不會失去 時間的優先權。除了如下所特別提及的之外，此爲所有概 要的該預設型態。 所有或毫無：僅適於該指示的最大數量。除了經由該系 統GUI提出的概要之外，”所有或毫無π概要係不合格參與 反對C Q S概要的交易。經由該系統GUI提出之”所有或毫 無’’概要具有一個預設爲” 0 %的IT S合格”，但可由該使用 -50- 本紙張尺度適用中國國家標準（CNS)A4規格（210 χ 297公釐）Printed by the Intellectual Property Office of the Ministry of IT and Economics, Consumer Cooperatives, Summary Type The system supports the following summary type eligibility conditions: Workday: A workday suitable for entering the summary. At the end of each trading day, the system will automatically suspend all the profiles, but it can restart all the profiles before the first match of that day without losing time priority. Except for the ones specifically mentioned below, this is all the pre-defined types. All or nothing: Only the maximum number for this indication. In addition to the profile provided via the system's GUI, "all or nothing" profiles are ineligible to participate in transactions against the CQS profile. The "all or none" profile provided via the system's GUI has a preset of "0% IT S qualified ", but can be used -50- This paper size applies the Chinese National Standard (CNS) A4 specification (210 x 297 mm)

A7 B7A7 B7

經濟部智慧財產局員工消費合作社印製 者修正該預設的設定。 填滿或取消：如一個”所有或毫無”概要未填滿，則於續 下:個匹配之後自動地撤銷該”所有或亳無”概要。”填滿或 肖概要在IT S參與上具有和”所|或毫無”概要相同的限 制（如上所述）。 、、即刻或撤銷：不管一個概要其許可的數量爲何，均將於 居下一個匹配之後自動地撤銷該概要。 直到第一個填滿爲止均爲合適的：於該下一個匹配之後 自動地撤銷一個概要，其中該概要接收任何配置。 共同買回：由該正在交易的股票的共同發行者所提出的 一，^入概要。於每_個匹配之前，截斷該等評價高於該 國豕取後售價的概要中所有的坐標，以便執行該概要時無 法就该價格產生一個向上的標記。 標誌爲賣空的概要係受制於匹配内循環合格限制，如下 詳細闡述之。 一個概要的登錄時間 浚主人易所中提出給該系統的書概要，係以該主電腦系 統指定的日期和時間圖記作爲其時間圖記。當提出代理和 本人概要時，該系統將指定一個日期和時間圖記給代理和 本人概要。該系統中所有的時間圖記均爲獨一無二的。當 變更一個代理或本人概要（非減少該最大數量或變更ITS^ 與）時，則該系統指定一個新的、目前的日期和時間圖記給 該概要。指定一個日期和時間圖記給CQS概要，其中該日 期和時間圖記相對應至”在該CQS上傳播該報價，，的實際時 -51 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------^--------- (請先閲讀背面之注意事項再填寫本頁) 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 49 五、發明說明（） 間。 匹配通則階段 聚合 於本發明該系統和方法的一個體系中，將優選値爲 ’1’（指示完全優選的交易）的解釋成”條件的”，類似於該相 對應價格和數量上的一個保留委託。該等反方的匹配（其中 兩方均具有一個優選，1，）和目前市場中發生之該等保留委 託的匹配類似。於該等事例中（其中該共同優選（即買者和 賣者優選的該乘積）亦爲，1，），該系統利用和目前市場中所 使用的該等優先法規一致的匹配法規。於該系統中，以，，聚 合’’表示該匹配的第一個階段，因該階段許可就該反方的一 個單一坐標、匹配該市場其中一方的多個坐標。在一個”交 叉市場”的條件下，該聚合階段以一個票據交換價格匹配多 個貝者和賣者，如下文中所述。 石差商 將小於’1’（且大於〇)的優選値解釋爲”指定該相對應的選 擇等級給該系統、以發現反方匹配”。該等反方的匹配（其 中 方或兩方具有小於’1’（但大於0)的優選）和目前市場妹 構中發生之one-on-one的手動繞商（無特殊的優先法規）類 似。於该等事例中，該系統利用共同優選（優選俊小於 ’1’、但大於’0’）作爲該交易優先順序的主要決定因素。於 該系統中，以”磋商”表示該匹配的第二個階段，因該階段 以個別的價格和數量値磋商相反對之間的交易。其中_個 根據部分優選的預期匹配將藉由具有，i，優選和standing& -52- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------I---------I I ---------線· i清先閱璜背面之a意事頃再填寫本頁) 495691 A7 50 五、發明說明（） 坐標父易’或以該等具有種類或時間優先的坐標的該價格 又易’或達犯該賣空法規（如下所述）、阻擋該匹配。 里配的優 該聚合 於本發明該系統和方法的聚合階段中，所有的共同優選 値均爲’ 1 ’’因買入和賣出的坐標均具有優選値，Γ。聚合 時’依下考慮坐標的優先權： 1 ·價格。”具有較積極價格（即買入概要具有較高的價 格’賣出概要具有較低的價格）的坐標”比，，具有較不積極價 格的坐標”優先。 2 · standing。”在一個特殊價格上具有standing的坐標，，比 ”在該相同特殊價格上不具standing的坐標”優先（但CQS概 要的坐標除外）。以一個指定的價格交易時，CQS坐標的優 先順序最低，且無法完全交易。 3·種類。於具有該相同價格和standing的坐標之間，分 別以書、代理、本人和C q s概要的遞減順序指定優先權。 4 ·登錄的時間。於具有相同價格、stanging和種類狀態 的坐標之間，該相關聯概要的登錄時間判定相對的優先 推’登錄時間較早的具有較高的優先權。每一個概要均有 一個獨一無二的登錄時間（一旦該系統接收該概要時，即指 定一個獨一無二的登錄時間給該概要），故於該類中概要之 間沒有任何關係。 5·數量。於該相同概要内一個指定價格的坐標之間，以 數里判足匹配的優先權，數量較大的具有較高的優先權。 -53- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） ill·---------臻 (請先閱讀背面之注意事項再填寫本頁) 訂---------線- 經濟部智慧財產局員工消費合作社印製 經濟部智慧財產局員工消費合作社印製 495691 A7 ____B7 51 五、發明說明（） 該磋商階段 於本發明該匹配通則的石差商階段中，當配置時，依下考 慮匹配的優先權： 1 ·共同優選。”具有較高共同優選的匹配”比”具有較低 共同優選的匹配”優先。 2 · standing。於具有相同共同喜號的匹配之間，以遞減 的順序排列匹配（包括’’ standing坐標”、” nonstanding坐標” 和” C Q S坐標”的配對）的優先順序如下： Standing/standing ; Standing/nonstanding ; Nonstanding/ nonstanding ; Standing/CQS ; Nonstanding/CQS ;禁止 CQS/CQS的匹配（即當遠離的市場爲上鎖或交叉的時）。 3.種類。於具有相同共同優選和stan(iing狀態的匹配之 間，以遞減的順序排列匹配（包括”書概要”、”代理概要”、 ”本人概要”和’’ C Q S概要”的配對）的優先順序如下：書/ 書；書/代理；代理/代理；書/本人；代理/本人；本人/本The printer of the Employee Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs revised the default setting. Fill or Cancel: If an "All or None" summary is not filled, then continue: The "All or None" summary is automatically cancelled after a match. "Filled or Shall profiles have the same restrictions on IT participation as" all | or without "profiles (as described above). Immediately or withdrawn: Regardless of the number of licenses for a profile, it will be lowered The profile is automatically revoked after a match. It is appropriate until the first fill: a profile is automatically revoked after the next match, where the profile receives any configuration. Common buyback: by the stock that is being traded A synopsis provided by the co-publisher. Before each match, truncates all the coordinates in the synopsis whose evaluation is higher than the price of the country after the capture, so that the price cannot be generated when the synopsis is executed An upwards mark. A summary marked as short-selling is subject to the matching internal loop eligibility restrictions, as explained in detail below. The registration time of a summary is a summary of the book proposed to the system in the Master's Exchange, designated by the host computer system. As its time stamp. When presenting the agent and me profile, the system will assign a date and time stamp to the agent and me Yes. All time stamps in the system are unique. When changing an agent or my profile (not reducing the maximum number or changing ITS ^ and), the system assigns a new, current date and time stamp to The summary. Specify a date and time stamp to the CQS summary, where the date and time stamp correspond to the "spread the quote on the CQS, the actual time -51-This paper size applies to the Chinese National Standard (CNS) A4 specification (210 X 297 mm) -------- ^ --------- (Please read the notes on the back before filling out this page) 495691 Printed by A7, Consumer Cooperatives, Intellectual Property Bureau, Ministry of Economic Affairs B7 49 5. Description of the invention (). The matching rule phase is aggregated in a system of the system and method of the present invention, interpreting the preference 値 as '1' (indicating a fully preferred transaction) as "conditional", similar to a reservation in the corresponding price and quantity Commissioned. The matching of these opponents (where both parties have a preference, 1,) is similar to the matching of these reservations in the current market. In these cases (where the common preference (that is, the product preferred by buyers and sellers) is also 1,), the system uses matching regulations that are consistent with the priority regulations used in the current market. In the system, "aggregation" is used to indicate the first stage of the match, because this stage allows for a single coordinate of the opposite side and multiple coordinates of one of the markets. Under the condition of a “cross-market”, this aggregation stage matches multiple shellfish and sellers at a single clearing price, as described below. The stone difference quotient interprets the preferred 値 that is less than '1' (and greater than 0) as "assigning the corresponding selection level to the system to find a negative match". The matching of these opponents (where either or both of them have a preference of less than '1' (but greater than 0)) is similar to the one-on-one manual winding (without special priority regulations) that occurs in the current market structure. In these cases, the system uses a common preference (preferably less than '1', but greater than '0') as the main determinant of the priority of the transaction. In this system, the second phase of the match is represented by "negotiation", as this phase negotiates transactions between opposite pairs at individual prices and quantities. Among them, the expected match based on partial preference will be by having, i, preferred and standing & -52- This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) -------- I --------- II --------- Line · Read the meaning of "a" on the back of the book before filling in this page) 495691 A7 50 V. Description of the invention () Coordinate parent easy 'Or it is easy for the price to have such coordinates that have a type or time priority' or to violate the short-sale regulations (described below) and block the match. Optimized blending In the polymerization stage of the system and method of the present invention, all common preferences 値 are '1' 'because the coordinates of buying and selling have preferences 値, Γ. Consider the priority of coordinates when aggregating: 1 · Price. "Coordinates with a more aggressive price (that is, a buy profile with a higher price 'sell profile with a lower price') than a coordinate with a less aggressive price" prefers. 2 · standing. "At a special price Coordinates with standing are preferred over “coordinates without standing at the same special price” (except for the coordinates of the CQS profile). When trading at a specified price, the CQS coordinates have the lowest priority and cannot be fully traded. 3. Types. Between the coordinates having the same price and standing, the priority is assigned in descending order of the book, the agent, the person, and the C q s summary, respectively. 4 · Login time. Among coordinates having the same price, stanging, and category status, the registration time of the associated profile is judged with relative priority. The earlier the registration time, the higher the priority. Each profile has a unique login time (as soon as the system receives the profile, a unique login time is assigned to the profile), so there is no relationship between the profiles in this category. 5 · Quantity. Between the coordinates of a specified price in the same profile, the priority of matching is determined in miles, and the larger number has the higher priority. -53- This paper size applies to China National Standard (CNS) A4 (210 X 297 mm) ill · --------- Zhen (Please read the precautions on the back before filling this page) Order- ------- Line-Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs and printed by the Consumer Cooperatives of the Ministry of Economic Affairs and the Intellectual Property Bureau of the Ministry of Economic Affairs printed 495691 A7 ____B7 51 V. Description of the invention In the difference quotient phase, when configuring, the priority of matching is considered as follows: 1 · Common optimization. "A match with a higher common preference" takes precedence over a "match with a lower common preference." 2 · standing. Among matches that have the same common hilar, the priority order of the matches (including the pairing of "standing coordinates", "nonstanding coordinates", and "CQS coordinates") is as follows: Standing / standing; Standing / nonstanding; Nonstanding / nonstanding; Standing / CQS; Nonstanding / CQS; Prohibition of CQS / CQS matching (ie when the distant market is locked or intersecting). 3. Type. For matches with the same common preference and stan (iing status) In order of decreasing priority, the order of matching (including the pairing of "Book Summary", "Agent Summary", "My Profile" and "CQS Summary") is as follows: book / book; book / agent; agent / agent; Book / I; Agent / I; I / This

人，書/CQS ;代理/CQS ;本人/CQS ;但禁止CQS/CQS 的匹配。of entry。於具有相同共同優選、standing和種類 狀態的匹配之間’一個指定對其較早輸入的概要的登錄時 間判定相對的優先權，以利於該配對其較早輸入的反方概 要之任何隨後改變的限制（必須包括該相同之較早輸入的概 要）。 4·數量。於具有相同共同優選、standing、種類和登錄 時間（必須於該相同的概要對内包括兩個不同的坐標）的匹 配之間，優先權給數量較大的匹配。 -54- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —^------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 52 495691 A7 ------- B7 五、發明說明（ 5 ·對内的登錄時間，於該相同概要對間的匹配之間（其 中該上面所有各項均限制在一個價格以上），則該最好的價 格（即賣者的最高價格和買者的最低償格）給該對中該較早 輸入的概要。 匹配通則限制 standing P艮制 就無ITS合格限制的概要而言，該匹配通則決不許可一 個”藉具有standing的任何坐標導致一個交易”的匹配。此 外’在一個具有standing的坐標的該價格上不許可任何匹 配，如根據孩等上面的法規、該較後的坐標具有豺⑽心吨或 種類優先權時，則有以下的例外： 1·設若引動兩方的聚合，則如下所詳述的價格優先勝過 種類優先，則許可具standingi更積極評價的概要以具有種 類或時間優先之較不積極評價的概要的該價格交易。 2^總是許可以一個CQS概要的該價格於任何非cqs概要 (不管其standing的狀態）之間匹配。 如是，就"藉防止以交易”和就"優選交易（除了上面特別 提及的以外）"而言，該系統對具standing之無限制的坐標提 供絕對的保護。該群組包括所有和正常方式限價委託類似 的概要。 價格和數量控制 該匹配通則決不許可一個”會達犯—個匹配中、任何概要 相關聯之任何價格或數量控制（隱含的或明確的的匹配。 劃足概要（該使用者指示在每一個匹配循環開始時、就該目 --------β---------^ Aw (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 55-Person, Book / CQS; Agent / CQS; I / CQS; but CQS / CQS matching is prohibited. of entry. Between matches with the same common preference, standing, and kind status, 'a designation determines the relative priority of the login time of its earlier entered profile to facilitate the pair's restriction of any subsequent changes to the contrarian profile entered earlier (Must include the same earlier summary entered). 4 · Quantity. Between matches that have the same common preference, standing, kind, and login time (must include two different coordinates within the same summary pair), a larger number of matches are given priority. -54- This paper size applies to China National Standard (CNS) A4 specification (210 X 297 mm) — ^ ------------------ Order ------- --Line (please read the notes on the back before filling this page) 52 495691 A7 ------- B7 V. Description of the invention (5. The registration time within the pair, between the matching of the same summary pair (Where all of the items above are limited to more than one price), then the best price (ie, the highest price for the seller and the lowest payment for the buyer) is given to the summary entered earlier in the pair. Matching General Limitations In terms of a summary without qualifying ITS qualifications, the matching rule never permits a match that “causes a transaction with any coordinates to stand”. In addition, no price is allowed at a price with standing coordinates Matching, such as according to the above laws and regulations, when the later coordinates have a ton of heart or a category priority, there are the following exceptions: 1. If the aggregation of the two parties is induced, the price detailed below will prevail. If the priority is given to the category, the summary with a more positive evaluation may be allowed to have the category or time. Priority is given to the price transaction of the less positively summarized profile. 2 ^ Always allows the price of a CQS profile to match any non-cqs profile (regardless of its standing status). If so, " "Trading" and in terms of "Preferred Deals (except as specifically mentioned above)", the system provides absolute protection for unrestricted coordinates with standing. This group includes all similar to the normal way limit orders Summary. Price and quantity control. This match rule never permits one "offense"-any price or quantity control (implicit or explicit match) associated with any profile in a match. Implicit footnotes (the user indicates At the beginning of each matching cycle, it should be -------- β --------- ^ Aw (Please read the notes on the back before filling this page) Employees of the Intellectual Property Bureau of the Ministry of Economic Affairs Printed by Consumer Cooperatives 55-

經濟部智慧財產局員工消費合作社印製 2市場調整該㈣定概要）何包含明確的價格控制。必 〜滿足所有影響-個特殊坐標的價格和/或數量控制限制， 以便使該坐標參與一個交易。 -個具有一個或多個數量控制的概要，其在任何數量或 4貝格上均無具standing的坐標。 如先前所指，在每一個匹配循環開始時自動地重設和/或 重新計算在每一個價格上產生的隱含價格控制。如是，在 越過=個匹配時，該等隱含的價格控制未防止一個特殊價 格上父易數量的累積（在一個單一的匹配中可能不允許 使用者必須使用明確的價格控制以防止此發生。 直身内交易系統厶袼 於該體系的一個觀點中，每一個經由該系統GUI提出的 概f指示，，和該概要相關聯、且合格用以對抗CQs概要的 孩最大數量部分”。對，，所有或毫無”和，，填滿或取消，，型態 的概要，該系統GUI預設ITS合格爲0% ;且對其它所有^ 態的概要，該系統GUI預設ITS合格爲100%。CQS概要二 疋包括在系統匹配内，但其種類優先比該系統中任何其它 的概要型態低。包括一個CQS概要的匹配具有一個，，不執 行該交易”的隱含風險，因傳遞給另一個市場的該ITS委託 可能”僅邵份填滿”，或”期滿或”被拒絕”。在概要合格上 選擇限制ITS交易的使用者，可能會失去一些交易的機會 和/或该系統中某一 Standing保護的等級，因所有的c Q s概 要坐標均具有standing，且如是禁止經由該等坐標交易。特 別是’不許可具有standing的概要坐標（但已因j； T s限制拒 -56- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） ---r-----------------訂---------線 (請先閲讀背面之注意事項再填寫本頁) ^5691 A7Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs, Consumer Cooperatives. 2 The market adjustment (determined summary). What includes clear price controls. It is necessary to meet the price and / or quantity control restrictions of all special-coordinates, so that the coordinates can participate in a transaction. -A synopsis with one or more quantity controls, which has no standing coordinates on any number or 4 Beggs. As previously indicated, the implicit price controls created at each price are automatically reset and / or recalculated at the beginning of each matching cycle. If so, these implied price controls do not prevent the accumulation of parent-child quantities on a particular price when crossing = matches (the user may not be allowed to use explicit price controls in a single match to prevent this from happening). The in-line trading system is based on an opinion of the system, and each of the approximate instructions provided through the system's GUI is associated with the profile and qualified to counter the maximum number of children of the CQs profile. "Yes ,, "All or nothing" and, filled or canceled, the type of summary, the system GUI presets the ITS pass as 0%; and for all other ^ states, the system GUI presets the ITS pass as 100%. The CQS profile II is included in the system match, but its type preference is lower than any other profile type in the system. A match that includes a CQS profile has one, and the transaction is not executed. "The hidden risk is passed to another The ITS commission of a market may be “only full”, or “expired or“ rejected. ”Users who choose to restrict ITS transactions on the basis of summary qualifications may lose some trading opportunities And / or a certain level of standing protection in the system, because all c Q s outline coordinates have standing, and if such transactions are prohibited, in particular, 'have no standing outline coordinates (but because of j; T s Restriction Rejection -56- This paper size is applicable to China National Standard (CNS) A4 (210 X 297 mm) --- r ----------------- Order-- ------- line (Please read the precautions on the back before filling this page) ^ 5691 A7

五、發明說明（） 經濟部智慧財產局員工消費合作社印製 絕一個交易的任何部分），因其standing*阻擋其它的交 易。此可能導致該等坐標的一個完全交易。縱使考量該等 因素，該系統和方法仍不許可一個”會達犯 ITS合格限制，，的匹配。 了概要及寺 ITS交易限制（如使用的話）指定每個匹配中、該最初總概 要數量中合格用以對抗CQS概要的百分比（非該剩餘的二許 可數量）。然而，如因任何理由、使得一個稍早匹配中一 個概要產生的一個ITS委託仍繼續懸滯在該下一個匹配循 環開始時，則將從該目前匹配中的該J T S合格數量中減去 與孩委託相關聯的該數量。因此，超過該概要的J T s揭示 限制係不可能的。例如，提出一個”指定100,000股爲該最 大數量”指定1 0 %爲該Z T s合格，，的概要，則通常許可該 概要匹配到10,000股、以對抗每一個匹配循環中的c Q s概 要總計。然而，如一個先前的匹配循環導致產生一個和該 5,000股概要對抗的ITS委託時，且當該委託仍然懸滯在該 目如匹配循環開始時，則僅有5,〇〇〇股合格用以對抗該目前 循環中的C Q S概要。 賣空 於每一個匹配循環開始時，利用該國家的最後售賣和標 記啓始該等賣空概要坐標的合格。於該系統匹配循環内其 内邵交易配置之每一個隨後的階段上，利用該内部的最後 售賣和標記更新該等賣空概要坐標的合格。不允許以一個 低於该内邵取後售買（在一個加強或zer〇-plus的内部標記上） 的價格、或以一個比該内部最後售賣高一個價格增量以下 •57- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------訂---------線 (請先閱讀背面之注意事項再填寫本頁)V. Description of the Invention () (The consumer cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs printed any part of a transaction) because of its standing * to block other transactions. This may lead to a complete transaction of such coordinates. Even considering these factors, the system and method still do not allow a match that will violate the ITS eligibility limit. The summary and temple ITS transaction limits (if used) specify each match and the initial total summary number. The percentage of passes that qualify for the CQS profile (not the remaining two licenses). However, if for any reason, an ITS commission generated by an profile in an earlier match continues to linger at the beginning of the next matching cycle , The number associated with the child commission will be subtracted from the JTS eligible number in the current match. Therefore, it is not possible to exceed the JT s disclosure limit of the summary. For example, propose a "designate 100,000 shares as the The "maximum number" designates 10% of the ZT s qualified profiles, which usually allows the profile to match 10,000 shares to counter the total c Q s profile in each matching cycle. However, as a previous matching cycle results in When an ITS commission is generated that competes with the 5,000 shares, and when the commission is still hovering at the beginning of the project, such as the matching cycle, there is only 5,000,000. Passes are used to counteract the CQS profile in the current cycle. Short selling starts at the beginning of each matching cycle, using the country ’s last sale and mark to initiate the qualification of these short selling profile coordinates. In the system matching cycle, it contains At each subsequent stage of the transaction configuration, the eligibility of these short-selling summary coordinates is updated using the internal last sale and mark. It is not allowed to buy and sell at a price lower than that of the inside (in a strengthen or zer-plus (On the internal mark of the company), or at a price increase that is one higher than the last sale in the house. • 57- This paper size applies to China National Standard (CNS) A4 (210 X 297 mm) ------ --Order --------- line (please read the notes on the back before filling this page)

II

經濟部智慧財產局員工消費合作社印製 (九個西mmus或zer〇，inus的内部標記上）的配置（包括—個 標）。在_個匹配循環其任何内部的階段上喪失並人 格的奮空+辨， 《、 Τ» ^ —於該循環内回復合格時，該等眚命也 =收一！新的有效時間圖記，導致其在該剩餘的：ΐ "月間喪失其最初的登錄脖 旦綠時間優先權。利用該概要最初的登 錄時間排列一個循環期間該相同價格上已抑制的賣空坐浐 的優先順序，並同時於該下—個循環開始時利用該概要^ 初的登錄時_定該循環中其聽時間的優先順序。 S概要匹配 於攻版系中，本發明該匹配系統和方法不許可兩個匚卩s 概要之間的一個匹配。 匹配通則程庠 該聚合階廯 於該通則的聚合階段中（僅引用至優選値爲，丨，的坐標 上），將每一個價格上每一個概要内相鄰的坐標聚集成核 〜。每一個核心代表該概要中一個單一價格的鄰近坐標 列’该等坐標具有優選値，1，。除了核心的價格之外，藉該 ’ 1 ’的坐標列所越過的最小和最大股份總數參數化每一個核 心。就每一個概要而言，係在每一個價格增量上產生核心 的’其中該價格增量位在和反方概要交疊的該價格範圍 内。經由每一個表列其一序列的巢式排序（以價格、 standing、種類和登錄時間的優先順序之嚴格順序），從該 等所有概要的核心中架構一個單一的買入核心表列和一個 單一的賣出核心表列。（注意，上文中所提坐標上的該數量 -58- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） —丨丨---------暾------- 丨訂---------線 c請先閱讀背面之注意事項再填寫本頁) 495691 A7 B7 56 五、發明說明（） (請先閱讀背面之注意事項再填寫本頁) 排序在該核心結構中係隱含的，設若該等核心總是企圖填 滿其取大數量’但決不小於其最小數量）。 根據本發明，正規的聚合爲單方的，其意指該市場一方 的一個單一核心可能從該反方中聚合多個核心。然而，有 些事例中、該市場每一方中具standing的多個核心在價格上 交疊，於該事例中該等standing限制阻擋單方的聚合。當價 測出該後面的狀態時，則利用兩方的聚合（如下文中所 述），以於繼續單方的聚合之前先清除該等交疊。 單方的聚合 經濟部智慧財產局員工消費合作社印製 選取該買入或賣出核心表列上端一個較早輸入的（非C Q S 概要）核心作爲該啓始的”聚合”核心。接著，該匹配通則企 圖從該相反表列上的要點中、以該表列上嚴格的優先順序 聚合數量，以匹配該聚合的數量和價格。該匹配通則企圖 以優先順序進行該相反表列，並企圖將反方配置給該聚 合。如該相反表列中不具standing核心的最小和最大數量限 制和該聚合核心的該等數量限制不相容，則可跳過該等核 心。最初，將該可能的交易價格設定成該聚合的價格，並 檢視該聚合相反表列、視其是否存在足夠的相反數量以至 少滿足該聚合核心該價格所需的該最小數量。於該體系的 一個觀點中，該聚合處理總是尋求該核心可使用的該最大 數量，且如該概要的最大數量大於該聚合器核心的最大數 量時，則對該核心重複該聚合處理，只要不達犯該等其它 任合的概要限制。 如至少可將該所需的最小數量聚合至該吸引器中（但該產 -59- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 57 五、發明說明（） 生的交易組將經由該相反表列上具standinS的核心交易）’ 則跳過該吸引器核心，且從該買入或賣出表列中選取該次 最高優先核心。同時’如該產生的交易組在未完全填滿該 價格上所有具較高種類優先和standing的核心下、填滿具較 低種類優先的核心（不包括CQS核心）時，則跳過該吸引器 核心。該處理繼續進行，直到判定出一個價格爲止，其中 該聚合吸引器可以該價格，在”未經由任何具standing的相 反核心交易下”或”以該具持續之較高種類優先的相反核心 的價格上交易”、而從該相反表列中吸引足夠的數量。接 著，檢視該價格以視其是否經由該吸引器方具持續之任何 核心的該價格交易。如是，則不允許該等預期的聚合交 易。如該失敗的聚合吸引器核心具有standing，則將該下一 個聚合核心的選擇限制在該相反的表列上。如因限制一個 具standing的聚合吸引器核心的ITS參與、而使該具 standing的聚合吸引器核心無法產生另一個不同而可容許的 交易時，則可於一個指定循環其隨後的交易中完成交易， 以防止其阻擋其它的交易。 如上面判定的該聚合價格爲可容許的，則該匹配通則試 圖以一個價格增量改良該聚合吸引器的交易價格，並重新 计算该有效的父易數量。該價格改良處理不斷重複，直到 該改良的價格使該用以交易的有效數量減少爲止。然而， 如該產生的價格將經由該市場方任何具standing的坐標的該 價格交易、或經由任何願意執行該相同交易(即相同：價： 和數量）的坐標交易時，則不管該後面的坐標是否具^The configuration (including one mark) printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs (nine west mmus or zer〇, inus internal markings). Loss of personality at any of the internal stages of a matching cycle + personality struggle, ", Τ» ^ — When a reply is passed within this cycle, these lives are also equal to one! The new valid time chart causes it to lose its initial login green time priority during the remaining: ΐ " month. Use the initial login time of the profile to arrange the priority order of suppressed short sales at the same price during a cycle, and at the same time use the profile at the beginning of the next cycle Listening time priority. S-profile matching In the offensive version system, the matching system and method of the present invention does not allow a match between two 匚 卩 s profiles. Match the general rule 庠 This aggregation stage 廯 In the aggregation stage of the general rule (only quoted on the coordinates where the optimal 値 is, 丨,), the adjacent coordinates in each summary on each price are aggregated into a kernel ~. Each core represents an adjacent coordinate column of a single price in the profile. These coordinates have a preferred value of 値, 1 ,. In addition to the core price, each core is parameterized by the minimum and maximum total number of shares crossed by this '1' coordinate column. For each profile, a core ’is generated on each price increase, where the price increase is within the price range that overlaps with the opposite profile. Construct a single buy core list and a single list from the core of all of these profiles through a nested sorting of each list (in strict order of priority of price, standing, category, and login time) The core list of sells. (Note that the number on the coordinates mentioned above -58- This paper size applies to the Chinese National Standard (CNS) A4 specification (210 X 297 mm) — 丨 丨 --------- 暾 --- ---- 丨 Order --------- Line c, please read the precautions on the back before filling out this page) 495691 A7 B7 56 5. Invention Description () (Please read the precautions on the back before filling out this Page) sorting is implied in this core structure, provided that these cores always try to fill up their large number, but never less than its minimum number). According to the present invention, formal aggregation is unilateral, which means that a single core of one side of the market may aggregate multiple cores from the opposite side. However, in some cases, multiple cores with standing in each side of the market overlapped in price, and in this case these standing restrictions prevented the aggregation of one party. When the latter state is measured by the price, the two-party aggregation (as described below) is used to clear the overlap before continuing the unilateral polymerization. Unilateral Aggregation Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs Select an earlier (non-C Q S summary) core at the top of the buy or sell core list as the starting "aggregation" core. Then, the matching rule attempts to aggregate the quantities from the points on the opposite list in strict order on the list to match the aggregated quantity and price. The matching rule attempts to place the opposite list in priority order and attempts to assign the opposite party to the aggregation. If the minimum and maximum number limits in the opposite list without standing cores are incompatible with the number limits of the aggregate core, then these cores may be skipped. Initially, the possible transaction price is set to the price of the aggregation, and the opposite list of the aggregation is examined to see if there is a sufficient number of opposites to at least meet the minimum amount required for the price at the aggregation core. In an aspect of the system, the aggregation process always seeks the maximum number that the core can use, and if the maximum number of profiles is greater than the maximum number of the aggregator cores, the aggregation process is repeated for the core, as long as Not to violate the general limits of such other appointments. If at least the required minimum quantity can be aggregated into the attractor (but the product -59- this paper size applies to China National Standard (CNS) A4 specifications (210 X 297 mm) 495691 employee consumption of the Intellectual Property Bureau of the Ministry of Economy Cooperative printed A7 B7 57 V. Description of the invention () The raw transaction group will go through the core transaction with standinS on the opposite list) 'then skip the attractor core and select from the buy or sell list The second highest priority core. At the same time, if the generated transaction group does not completely fill all the cores with higher category priority and standing on the price, and fills the cores with lower category priority (excluding CQS cores), then skip the attraction Device core. The process continues until a price is determined, where the aggregate attractor can use that price, "without any contrary core transaction with a standing" or "the opposite core price with a consistently higher type priority" On the market, "and draw a sufficient amount from the opposite list. Next, the price is checked to see if it has any core transactions of that price through the attractor. If so, these expected aggregate transactions are not allowed. If the failed aggregation attractor core has standing, then the choice of the next aggregation core is restricted to the opposite list. If the ITS participation of a standing aggregator core is restricted and the standing aggregator core cannot generate another different and allowable transaction, the transaction can be completed in a specified cycle and its subsequent transactions To prevent it from blocking other transactions. If the aggregate price determined above is tolerable, then the matching rule attempts to improve the transaction price of the aggregate attractor by a price increment, and recalculates the effective parent-exchange quantity. The price improvement process is repeated until the improved price reduces the effective quantity for trading. However, if the resulting price will be traded via the price of the market party with any standing coordinates, or via any coordinate that is willing to execute the same transaction (ie the same: price: and quantity), the subsequent coordinates will be ignored Does it have ^

本紙張尺度適用中國國家標準（CNS)A4規格（210 X --U------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) -60- 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 58 五、發明說明（） standing，均將停止該聚合吸引器的價格改良。該吸引器的 價格亦可不（如該聚合吸引器具standing、但不具種類優 先，或如該聚合吸引器不具standing )以該市場該聚合吸引 器方其另一個概要中任何具standing的核心的該價格交易， 除非該後者爲一個C Q S概要。 如一個具standing的聚合吸引器因達犯該上面其中一個限 制而無法交易，且在該相同價格上至少有一個其它具 standing的核心在該相同方時，則該匹配通則僅從該相反表 列中選取該下一個聚合吸引器，並企圖聚合。如發生該相 同的狀態（其中阻擂一個具standing的相反聚合吸引器以該 市場方一個核心交易），則同時在兩方上阻擋單方的聚合， 且我們進行至該下一節中所述之”該兩方的聚合階段”。 該集合處理繼續進行，直到無更進一步可能的聚合爲 止。接著，該匹配通則進行至該磋商階段，將於下文中詳 述之。 兩方的聚合 該匹配通則該兩方聚合階段的目地爲清除多個交疊之，，具 持續"、且”阻擋單方聚合”的核心。該階段的操作有點類似 一個單一價格call的方式，但更概略地説，係因所有具 standing的核心（即使該等具standing的核心係從未相對應至 標準限價委記的概要中導出的）均包括在兩方的聚合中。 於兩方的聚合中，將集合如一個價格函數的供需表（代表 所有具standing的交易關係）。選取匹配該最大數量的該價 格，並執行該等相對應的交易。如有多個價格通過該相同 -61 - 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------------------訂---------線 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 495691 A7 B7 59 — 五、發明說明（） 的最大數量，且如發生一個買者過剩時，則選取該最高的 價格；但如發生一個賣者過剩時，則選取該最低的價格。 如在一個價格範園上有一個精確的買者/賣者數量匹配時， 且如有奇數個限制價格、而無過剩時，則選取該中間的價 格；如有偶數個限制價格、而無過剩時，則於該等兩個中 間的價格中選取其中一個較接近該系統記錄的該最後售 價。如在一個匹配循環開始時發生此，則該價格爲該國家 的最後售賣；或如在一個循環的中間發生此時，則該價格 爲該最後委託的交易價格。 因只有具standing的核心包括在該兩方的聚合階段中，故 該交易的優先順序如下：價格；種類；及登錄的時間。 於兩方的聚合中，價格嚴格地優先於種類。如是於該唯 一的事例中，一個具有較低種類優先的核心可以一個具較 高種類優先的核心的該價格交易，而無需完全填滿該後面 的核心（如該前面的核心係來自一個比該後者具更積極評價 核心的概要中）。該兩方聚合的最後結果爲清除任何交疊之 具standing的活動相反要點，以便單方的聚合可以回復。 該磋商階段 該磋商階段始於計算所有買入和賣出優選概要對之間的 共同優選概要。接著，將所有共同優選概要中該等非零的 共同優選坐標輸入至一個單一的表列中（如上文中所述以遞 減的優先順序排列）。從該表列的頂端循序地集合預期的匹 配。 就每一個預期的匹配而言，該匹配通則確保不會因產生 -62- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） --------訂---------線 (請先閱讀背面之注意事項再填寫本頁} ^691This paper size applies to China National Standard (CNS) A4 specification (210 X --U ------------------ Order --------- line (please first Read the notes on the back and fill in this page) -60- 495691 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 58 5. Description of the invention () standing, will stop the price improvement of the aggregate attractor. The price may not be (such as the aggregate attractor standing, but without category priority, or if the aggregate attractor does not have a standing), the price of the aggregate attractor in the market, any other core with a standing core in the price, unless the The latter is a summary of CQS. If a converging attractor with standing fails to trade because it violates one of the above restrictions, and at least one other standing core on the same price is on the same side, the matching general rule Only select the next aggregation attractor from the opposite list and attempt to aggregate. If the same state occurs (in which a standing opposite aggregation attractor is blocked with one core transaction on the market side), then both Block the unilateral aggregation on the square, and we proceed to the "aggregation phase of the two parties" described in the next section. The set processing continues until there is no further possible aggregation. Then, the matching process proceeds to the The negotiation phase will be described in detail below. The aggregation of the two parties. The matching rule. The purpose of the two-party aggregation phase is to clear multiple overlaps, with a continuous " and the core of "blocking unilateral aggregation." This phase The operation is similar to the way of a single price call, but more generally, it is because all the cores with standing (even those cores with standing have never been derived from the outline of the standard price limit account). Included in the aggregation of the two parties. In the aggregation of the two parties, the supply and demand table as a price function (representing all standing trading relationships) will be collected. The price that matches the maximum quantity is selected and the corresponding ones are executed Transaction. If multiple prices pass the same -61-This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) ------------------ --Order ---- ----- line (Please read the notes on the back before filling this page) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 495691 A7 B7 59 — V. The maximum number of invention descriptions (), and if a buyer occurs When there is surplus, the highest price is selected; but if a seller surplus occurs, the lowest price is selected. For example, if there is an exact number of buyers / sellers in a price range, and if there is an odd number When there is a limit price and there is no surplus, the intermediate price is selected; if there is an even number of limit prices and there is no surplus, then one of the two intermediate prices is selected which is closer to the last record recorded by the system price. If this occurs at the beginning of a matching cycle, the price is the last sale in that country; or if this occurs in the middle of a cycle, the price is the last commissioned transaction price. Because only the core with standing is included in the two parties' convergence phase, the priority order of the transaction is as follows: price; type; and time of registration. In the aggregation of the two parties, the price strictly takes precedence over the species. If in the only case, a core with a lower kind priority can trade the price with a core with a higher kind priority, without having to completely fill the latter core (such as the former core is from a The latter is in the outline of a more positive evaluation core). The final result of the two-party aggregation is to clear any overlapping activities with the opposite point of standing, so that the unilateral aggregation can recover. This consultation phase This negotiation phase begins with the calculation of a common preferred profile between all pairs of buy and sell preferred profiles. Next, enter all the non-zero common preferred coordinates in the common preferred summary into a single table column (listed in decreasing order of priority as described above). The expected matches are assembled sequentially from the top of the list. For each expected match, this match rule ensures that no -62- This paper size applies the Chinese National Standard (CNS) A4 specification (210 X 297 mm) -------- order- ------- line (Please read the notes on the back before filling in this page) ^ 691

邊相對應的配置給任一方而達犯該等上面所述任何一個概 要限制。於該事例中，該預期的匹配爲將： 1·經由一個具standing的坐標的該價格交易，或 2 ·以一個具standing的坐標的該價格交易，其中該後者 在種類或時間上優於該預期匹配的相對應方（即一個具 standing的買入（賣出）坐標在種類或時間上優於該磋商對中 包括的该貝入（賣出）坐標），則阻擔該匹配，且該通則進行 至該表列上的該下一個坐標。 於一個預期匹配包括一個賣空者的事例中，該相對應的價 格必須爲： 1 ·該先前的交易價格或高於該先前的交易價格，如該後 面的價格代表一個plus或zero-plus的標記， 2 ·至少比該先前的交易價格高一個價格增量，如該後面 的4貝格代表一個minus或zer〇-minus的標記。 當從一個交易到該下一個交易中發生一個向下的標記 時’則某些在價格高於該新價格上的賣空坐標將變成重新 合格用以交易的坐標。於該事例中，將重新排序該石差商坐 標表列，以將該等重新啓動的賣空坐標的變更合格和時間 圖記合併，並接著從頂端重新掃瞄該磋商坐標列。此再詩 先前可能已跳過的石差商坐標（因先前阻擋該等禮商坐標或該 等磋商坐標不合格用以交易）。 當該表列上沒有剩下任何非零的共同優選坐標時（即任何 貝者和買者之間沒有任何剩餘的交易要求交疊），則該繞商 階段終止。 -63- 本紙張尺度適用中國國家標準（CNS)A4規格（21〇 X 297公釐） ——l· ---------% (請先閱讀背面之注意事項再填寫本頁) 訂---------線· 經濟部智慧財產局員工消費合作社印製 495691 經濟部智慧財產局員工消費合作社印製 A7 B7 五、發明說明（61) 現參考圖1 5，例證説明本發明該整個系統和方法的一個 設計流程圖。於步驟200，將市場資料接收至該系統中、 以便於例如判定交易的劃定參考價格。於步驟21〇，該 CMC讀取該等優選概要’並於該市場的任一方產生該等核 心表列。接著，於步驟220導引該聚合階段，使執行交易 和撤銷填滿的買入/賣出委託。接著，於步驟230導引該石差 商階段，於是根據部分的共同優選架構交易，使撤銷補充 之填滿的買入/賣出委託和執行補充的交易。該方法於步驟 240終止。 現參考圖1 6 ’例證説明圖1 5中所示該匹配通則其聚合階 段的一個設計流程圖。最初，於步骤3〇〇，以價格、 standing、種類和登錄時間的嚴格順序將由該市場任一方的 該等概要中所架構的該等買入核心表列和賣出核心表列排 序。於步驟3 10，啓始每一個核心的旗標，以便指定該等 隨後相關聯的概要特徵。步驟320代表該聚合通則的一個 迴路折返點，一直再訪步驟320直到完成該聚合階段時爲 止0 於步驟330，該系統判定是否已撤銷任何概要。此時，該 系統仰賴一個優先順序的仔列以尋求客户啓始的概要撤 銷。如步驟330的該詢問爲肯定的，則於步驟34〇從該等反 方的核心表列中移除該市場任一方任何撤銷概要中的核 心。如該詢問爲否定的，則該系統進行至步驟35〇，於是 判定是否有一個交叉的市場條件，即該市場的兩方是否阻 擔單方的聚合。 -64- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） — ll·-----------------訂---------線_ (請先閱讀背面之注意事項再填寫本頁) 495691 A7 _ _ B7 心 62 五、發明說明（） (請先閱讀背面之注意事項再填寫本頁} 如一個交叉的市場條件存在，則該系統於步驟3 6 0執行 一個兩方的聚合，以清除多個交疊之，，具standing ”、且”將 阻擋單方聚合”的核心。於步驟370，執行該兩方聚合產生 的該等交易，且該系統折返至步驟320、以於步驟330和 340開始該撤銷核心移除的副常式。返回步骤350，如一個 交叉的市場條件不存在，則該系統進行至步驟38〇，於是 判是否有任何可用以聚合的核心。如該詢問爲肯定的，則 該系統於步骤3 90架構有效的交易、直到違犯一個概要限 制爲止。連同步骤390，於步驟400委託有效交易，且於步 驟410將已交易完其數量的核心標詭爲待用的。應注意， 該等待用的核心可能仍有某些剩餘的、和隨後相關聯的數 量，使反方數量的一個完成聚合未達到極點。該通則從步 骤410折返至步驟320，執行該呼叫的核心移除副常式。當 於步驟380判定出沒有任何可用以聚合的核心時，則本匹 配通則的該聚合階段將於步驟420終止。 經濟部智慧財產局員工消費合作社印製 現參考圖1 7，例證説明一個設計流程圖、描述圖1 5、步 驟230所指本匹配通則的該禮商階段。如上文中所討論， 該禮商階段跟隨該聚合階段如步驟5 0 〇所示。於步驟5 1 〇， 該系統藉計算所有買入和賣出概要對之間的共同優選架構 一個非零共同優選坐標的交又表列。接著於步驟52〇，將 該表列分類、並依共同優選、standing、種類、登錄時間、 數量和價格的遞減優先順序排列。接著，該系統進行至步 驟530。於是，該以下的副常式對每一個交叉表列登錄開 始。 65- 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐） ^691五、 發明說明（ 63 A7 B7 經濟部智慧財產局員工消費合作社印製 於步驟540，當該交叉表列上每一個登錄的買者和賣者具 有效的數量時，則該系統進行至步驟550。因此，決定是 否應允許一個交易，或因standing限制而阻擋一個交易。如 步驟550的該詢問爲肯定的，則該副常式進行至步驟560， 於是委託該買者和賣者之間的一個交易。其後，於步驟 570，減少該等數量、並就該等交易的坐標啓始適當的旗 標。接著，該系統進行至步驟580。於步驟580，該禮商階 段可終止，並於步驟590進行至該下一個交叉表列登錄或 折返至步驟540。一旦進行至步驟590，該通則將折返至步 驟530、以經由該交易副常式執行。折返至步驟55〇的該決 策’如？句問該交易的可允許性爲否定的，則該系統直接進 行至步驟590、以評估該下一個交叉表列登錄。當該交叉 表列上沒有剩下任何非零的共同優選坐標時，則該禮商階 段終止。此指示任何成對的買者或賣者之間沒有一個交易 要求的叉疊。 交易所餐合 磁帶列印 以該匹配引擎產生列印的該順序將該等列印傳播給該主 又易所。將交易聚合成一個單一的列印，直到賣者概要或 價格中發生一個中斷爲止，但不包括任何ITS委託交易的 結果（如接受ITS委託交易的結果，則由該遠離市場報告該 等交易）。 口以 复託書和專業會員報價整^1 於本發明的一個體系中，在交易專業會員的工作站上提 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 21 — II-----------------訂---------線#· (請先閱讀背面之注意事項再填寫本頁) -66- 495691 經濟部智慧財產局員工消費合作社印製 A7 五、發明說明（ 供一個系統電子界面給袅 — 身 專業曰疋，以允許該等專業會員指 疋八曰内任何正常的限僧戎 _ > 彳員$所有或t典”的限價委託，以 匕；於系統匹配循環中、 咏认^ 任何非由孩專業會員指定給該系 統的正常限價書委託，將甴嗲皇 > 肝由及專業會貝以任何產生之系統 父易的該最好價格保護之。 除了代表該系統中的交具奎主） ..^ 、 人易田委乾又外，專業會員的報價 T自動地包括在每-個I统匹配中，並指定爲書的種類。 專業會員亦能夠從其工作站中輸入更複雜的概要，代表其 自己私有的交易要求，但該等概要將指定爲本人種類。 I1S^_ A如孩系統於該匹配循環期間產生一個ITS委託，則該主 交易所將該委託訊息經由其區域的電腦界面（RCI)傳遞給 1 根據該1 τ s的阻擋法規定訂由聚合交易產生的I τ s委 怎如個聚合叉易其主交易所的部分爲10,000股或 1〇,〇〇〇版以上，或如該交易價格超過$2〇〇 〇〇〇，則以該系 統計算的該聚合價格傳遞該ITS委託。如該交易其主交易 所的4分未超過該等任一個限制時，則以該報價的價格傳 遞咸ITS委託。於任何事件中，一個ITS委託的該價格未因 琢系統中的限制而影響交易，因產生的交易列印在該遠離 的交易所上。 該遠離交易所上的該專業會員須以一分鐘以上的時間將 一個確認訊息傳遞給該系統產生的該IT S委託。將和該委 託相關聯的該等所需標誌爲，，懸滯未定的”，直至接收到一 個ITS回應爲止。該確認可指定比該最初委託數量低的一 -67- 本紙張尺度適用中國國家標準（CNS)A4規格（210 x 297公釐） — ll·--------— --------訂---------線#· (請先閱讀背面之注意事項再填寫本頁)The corresponding configuration of the edge to either party violates any of the above-mentioned general restrictions. In this case, the expected match would be: 1. trading at the price with a standing coordinate, or 2. trading at the price with a standing coordinate, where the latter is superior in type or time to the The counterpart of the expected match (that is, a buying (selling) coordinate with standing is superior in type or time to the shell (selling) coordinate included in the negotiation pair), then the matching is hindered, and the The rule proceeds to the next coordinate on the list. In the case where an expected match includes a short seller, the corresponding price must be: 1 The previous transaction price or higher than the previous transaction price, such as the latter price represents a plus or zero-plus Marker, 2 · At least one price increment higher than the previous transaction price, such as the following 4 Beggs represent a minus or zero-minus marker. When a down mark occurs from one transaction to the next, then some of the short-selling coordinates above the new price will become re-qualified coordinates for trading. In this case, the Shichao Quotient coordinate list will be reordered to merge the changed qualifications and time stamps of the restarted short-sale coordinates, and then rescan the consultation coordinate list from the top. This poem may have previously been skipped by the stone difference quotient coordinates (because they were previously blocked by the gift quotient coordinates or the negotiated coordinates were not qualified for trading). When there are no non-zero common preferred coordinates left on the list (that is, there is no remaining transaction between any beneficiary and buyer requiring overlap), the winding phase ends. -63- This paper size is in accordance with Chinese National Standard (CNS) A4 (21〇X 297mm) ——l · ---------% (Please read the precautions on the back before filling this page) Order --------- Line · Printed by the Consumers 'Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs 495691 Printed by the Consumers' Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 V. Description of the Invention (61) Reference is now made to Figure 15 for illustration A design flowchart of the entire system and method of the present invention. At step 200, market data is received into the system to facilitate, for example, determining a reference price for the transaction. At step 21, the CMC reads the preferred profiles ' and generates the core listings on either side of the market. Next, the aggregation phase is guided at step 220 to execute the transaction and cancel the filled buy / sell order. Next, the stone difference quoting stage is guided at step 230, so that according to some common preferred structure transactions, the replenishment of the filled buy / sell commission and the execution of the supplementary transaction are cancelled. The method terminates at step 240. A design flow chart of the aggregation phase of the matching rule shown in Fig. 15 will now be illustrated with reference to Fig. 16 '. Initially, at step 300, the buying core list and selling core list structured in the summary of any one of the markets are sorted in the strict order of price, standing, type, and login time. At step 3 10, each core flag is initiated in order to specify the subsequently associated summary features. Step 320 represents a loopback point of the aggregation rule, and step 320 is visited again until the completion of the aggregation phase. At step 330, the system determines whether any summary has been revoked. At this point, the system relied on a prioritized list to seek a summary cancellation initiated by the customer. If the inquiry at step 330 is affirmative, then at step 34o the core in any of the reversal summary of any of the parties in the market is removed from the core list of the opposing parties. If the inquiry is negative, the system proceeds to step 35, whereupon it is determined whether there is an overlapping market condition, that is, whether two parties in the market are obstructing the aggregation of a single party. -64- This paper size applies to China National Standard (CNS) A4 (210 X 297 mm) — ll · ----------------- Order ------- --Line_ (Please read the notes on the back before filling this page) 495691 A7 _ _ B7 Heart 62 V. Description of the invention () (Please read the notes on the back before filling this page} If a cross market condition exists , Then the system performs a two-party aggregation at step 360 to remove multiple overlaps with the core of "standing" and "will block unilateral aggregation". At step 370, the two-party aggregation These transactions, and the system rolls back to step 320 to start the subroutine of the undo core removal at steps 330 and 340. Return to step 350, if a cross-market condition does not exist, the system proceeds to step 38. Therefore, it is determined whether there is any core available for aggregation. If the inquiry is affirmative, the system constructs a valid transaction at step 3 90 until a summary limit is violated. Together with step 390, a valid transaction is commissioned at step 400, and At step 410, the core whose transaction has been completed is marked as standby It should be noted that the waiting core may still have some remaining, and subsequent associated numbers, so that one of the number of opponents does not reach the pole after the aggregation. The general rule is returned from step 410 to step 320 to execute the core of the call Remove the subroutine. When it is determined in step 380 that there are no cores that can be aggregated, the aggregation phase of this matching rule will end in step 420. Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economy , Illustrating a design flow chart, describing the gift quotient phase of the matching rule referred to in FIG. 15 and step 230. As discussed above, the gift quotient phase follows the aggregation phase as shown in step 50. At step 5 10, the system calculates an intersection list of non-zero common preference coordinates by calculating the common preference structure between all the buy and sell summary pairs. Then at step 52, the list is classified and classified according to the common preference, The descending order of standing, kind, login time, quantity, and price is ranked. Then, the system proceeds to step 530. Therefore, the following subroutines are Cross-listing registration begins. 65- This paper size applies to Chinese National Standard (CNS) A4 (210 X 297 mm) ^ 691 V. Description of the invention (63 A7 B7 Printed in step 540 by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs When each registered buyer and seller on the crosstab list has a valid number, the system proceeds to step 550. Therefore, a decision is made as to whether a transaction should be allowed or a transaction should be blocked due to standing restrictions. The inquiry at 550 is affirmative, the subroutine proceeds to step 560, and a transaction between the buyer and seller is commissioned. Thereafter, at step 570, reduce these quantities and initiate appropriate flags for the coordinates of the transactions. The system then proceeds to step 580. In step 580, the etiquette stage can be terminated, and proceed to step 590 to the next cross-list registration or return to step 540. Once proceeding to step 590, the rule will return to step 530 for execution via the transaction subroutine. What is the decision to return to step 55? If the admissibility of the transaction is negative, the system proceeds directly to step 590 to evaluate the next crosstab listing. When there is no non-zero common preferred coordinate left on the cross-tabulation list, the gift quotient phase ends. This indicates that there are no crossovers required for a transaction between any pair of buyers or sellers. Exchange meals tape printing The prints are transmitted to the owner and exchange in the order in which the matching engine produces prints. Aggregate transactions into a single print until a discontinuity occurs in the seller's profile or price, but does not include the results of any ITS commissioned transactions (if the results of an ITS commissioned transaction are accepted, the remote market will report those transactions) . In a system of the present invention, the paper size is applied to the workstation of a trading professional member, and the paper size is applicable to the Chinese National Standard (CNS) A4 specification (210 X 21 — II ---- ------------- Order --------- line # · (Please read the precautions on the back before filling out this page) -66- 495691 Employees of the Intellectual Property Bureau of the Ministry of Economic Affairs Cooperative prints A7 V. Invention Description (for a system electronic interface to the professional staff, to allow these professional members to refer to any normal limit monk in the eighth month. In the system matching cycle, yong ^ ^ Any normal limit book commissioned by a professional member of the child to the system will not be commissioned, and will be created by any of the emperor's liver and professional associations. The best price protection of the system is easy. In addition to representing the commissioner in the system) .. ^, and the person is easy to be appointed, the quotation T of the professional member is automatically included in each I system match And designated as the type of book. Professional members can also enter more complex summaries from their workstations, representing them I own private transaction requirements, but the summary will be designated as my type. I1S ^ _ A If the child system generates an ITS commission during the matching cycle, the main exchange will pass the commission message through its regional computer interface (RCI ) Passed to 1 According to the 1 τ s blocking law, the order of I τ s generated by an aggregate transaction is as aggregate as a fork, and its main exchange part is 10,000 shares or more than 10,000, or as If the transaction price exceeds $ 200,000, the ITS commission will be passed at the aggregate price calculated by the system. If the 4 points of the main exchange of the transaction do not exceed any of these limits, the quoted price will be used Pass the ITS commission. In any event, the price of an ITS commission has not affected transactions due to restrictions in the system, and the resulting transactions are printed on the remote exchange. The professional member on the remote exchange A confirmation message must be passed to the IT S commission generated by the system for more than one minute. The required flags associated with the commission are, pending, pending "until an ITS response is received The confirmation can specify one -67 lower than the initial order quantity. This paper size applies the Chinese National Standard (CNS) A4 specification (210 x 297 mm) — ll · --------—- ------ Order --------- Line # · (Please read the notes on the back before filling this page)

、發明說明（ Μ =而數里，或可能一個較好的價格。如該確認未匹配該 寺最初的委託條件，則調整該等傳遞給該使用者之相對應 2所而仏格和數量。本系統保持一個ITS優選檔，以判定” 女排個指足價格交易ITS委託給該不同遠離交易所的優 先順序’， 孩等1述的體系僅爲本發明該等原理其例證性的説明。 2那二熟知忒技藝的人來説，在未偏離本發明的精髓和範 ’下將察知本發明的其它體系。 (請先閱讀背面之注意事項再填寫本頁) 經濟部智慧財產局員工消費合作社印製 -68 本紙張尺度適用中國國家標準（CNS)A4規格（210 X 297公釐）2. Description of the invention (M = and miles, or maybe a better price. If the confirmation does not match the temple's initial entrustment conditions, adjust the number and size of the corresponding 2 places passed to the user. The system maintains an ITS preference file to determine "the priority order of ITS for volleyball volleyball trading to the different far-off exchanges'. The system described in paragraph 1 is merely an illustrative illustration of the principles of the present invention. 2 Those who are familiar with puppet art will know other systems of the present invention without departing from the essence and scope of the present invention. (Please read the notes on the back before filling this page) -68 This paper size applies to China National Standard (CNS) A4 (210 X 297 mm)

Claims (1)

n^9003號專利申請案 r又申Μ專利範圍修正本(91年】月） 〜~---- 申請專利範園 •種匹配訂單”的交叉網路，包括： 一個匹配控制器電腦，從多個交易者中接收多個滿请 送度概要（代表買入和賣出訂單）作為輸入，該匹配控命 器電腦： 將每一個”代表一個買入訂單”的滿意密度概要和每 一個’’代表一個賣出委託，，的滿意密度概要配成對， 對每一對滿意密度概要計算一個共同滿意函數，每 個共同滿意函數指示”以多個價格/數量組合交易的一 個共同滿意等級，，， 根據該共同滿意等級排列每一個共同滿意函數的每 一個價格/數量組合，及 根據該排列匹配買入委託和賣出委託。 •如申明專利範圍第丨項之交叉網路，其中該匹配控制器於 具有該相同排列等級的價格/數量組合之間選取。 3· 2申請專利範圍第1項之交叉網路，其中當該匹配控制器 電腦接收每一個委託時，該匹配控制器電腦即即時的匹 配該等委託。 4 ·如申請專利範圍第1項之交叉網路，更進一步包括： 多個父易者終端機，用以以一個滿意密度概要的形式 輸入一個法定文件的一個委託，其中該滿意密度概要代 表以多個（價格，數量）組合交易該法定文件的一個滿意 T級，每一個委託為該法定文件的一個買入委託或一個 賣出委尤，其中該匹配控制器電腦使每一個滿意密度概 要和該其中一個交易者終端機相關 丄 ABCD A、申請專利範圍 5 ·如申請專利範圍第4項之交叉網路，其中該匹配控制器電 腦將每一個交易終端機匹配的價格/數量組合累積。 6 ·如申請專利範圍第1項之交叉網路，其中該滿意密度概要 包括一個二維的曲線圖，該二維的曲線圖具有一個價格 轴和《 個數量抽。 7 ·如申請專利範圍第4項之交叉網路，其中該滿意密度概要 包括一個輪廓曲線圖，其中在該其中一個交易終端機上 輸入該輪廓曲線圖。 8 ·如申請專利範圍第丨項之交叉網路，其中該滿意密度概要 包括一個溫度曲線圖，其中在該其中一個交易終端機上 輸入該溫度曲線圖。 9 ·如申請專利範圍第1項之交叉網路，其中每一個滿意密度 概要包括每一個價格/數量組合的一個滿意密度值。 10 ·如申請專利範圍第1項之交叉網路，更進一步包括用以組 合多個滿意密度概要之裝置。 11·如申請專利範圍第1項之交又網路，其中每一個交易者終 端機更進一步包括用以致能相關的滿意密度概要鏈結在 一起之裝置。 12. —種”匹配買入和賣出委託，，的交叉網路，該交叉網路包 括： 一個匹配控制器電腦，適合從多個交易者中接收多個 滿意在、度概要作為輸入，該匹配控制器電腦將每一個•，代 表一個只入委託”的滿意密度概要和每一個，，代表一個賣 出委託”的滿意密度概要配成對，且對每一對滿意密度概 -2 - 本紙張尺度適財s S家標準(CNS) A4規格(⑽χ 297公⑹ 495691 A8 B8 C8 D8 六、申請專利範圍The n ^ 9003 patent application r also applied for a revision of the patent scope (91 months) ~~ ---- Applying for a patent network Fanyuan • Matching Order "cross-network, including: a matching controller computer, from Multiple traders receive multiple fill-in summaries (representing buy and sell orders) as input, and the match commander computer: Each satisfaction density summary "each represents a buy order" and each ' 'On behalf of a sell order, the satisfaction density profiles are paired, and a common satisfaction function is calculated for each pair of satisfaction density profiles. Each common satisfaction function indicates "a common satisfaction level for transactions with multiple price / quantity combinations, According to the common satisfaction level, each price / quantity combination of each common satisfaction function is arranged, and the buy order and the sell order are matched according to the arrangement. • As stated in the cross-network of the patent scope, the matching controller selects between price / quantity combinations with the same ranking level. 3.2 The cross-network of the first scope of the patent application, wherein when the matching controller computer receives each commission, the matching controller computer immediately matches the commissions. 4 · If the cross-network of the scope of the application for the patent, the item further includes: a plurality of parent terminal, which is used to input a commission of a statutory document in the form of a satisfactory density summary, wherein the satisfactory density summary Multiple (price, quantity) combination deals with a satisfactory T grade of the legal document, each commission is a buying commission or a selling commission for the legal document, where the matching controller computer makes each satisfactory density summary and One of the trader terminals is related to ABCD A, patent application scope 5 • The crossover network of the patent application scope item 4, where the matching controller computer accumulates the price / quantity combination matched by each transaction terminal. 6 · As in the cross-network of item 1 of the patent application scope, the satisfactory density summary includes a two-dimensional graph with a price axis and a number of samples. 7 • The crossover network of item 4 of the scope of patent application, wherein the satisfactory density summary includes a contour graph, and the contour graph is entered on one of the transaction terminals. 8 · If the cross-network of the scope of the patent application, the satisfactory density summary includes a temperature profile, and the temperature profile is entered on one of the trading terminals. 9 · As in the cross-network of item 1 of the patent application scope, each satisfactory density summary includes a satisfactory density value for each price / quantity combination. 10 • The crossover network in item 1 of the patent application scope further includes a device for combining multiple satisfactory density profiles. 11. If the network at the turn of item 1 of the patent application is applied, each of the trader terminals further includes a device for enabling the related satisfactory density summary links together. 12. A "type" cross network of buying and selling orders, which includes: A matching controller computer, suitable for receiving multiple satisfied and summary sums from multiple traders as inputs, the The matching controller computer pairs each of •, which represents a satisfactory density profile of “Only Entrust” and each, of a satisfactory density profile, which represents “Sell A”, into pairs, and satisfies each pair of density profiles- Paper Standards Applicable Standards (CNS) A4 Specification (⑽χ 297 公 ⑹ 495691 A8 B8 C8 D8 要計算一個共同滿意交叉乘積，代表該對滿意密度概要 中該等滿意密度簡數相互滿意的一個滿意等級，及將每 一個共同滿意交叉乘積的每一個價格/數量組合依照一個 順序排列，其後該匹配控制器電腦根據該排列的順序匹 配買入委托和賣出委託。 13·如申請專利範圍第i 2項之交叉網路，其中該賣出委託包 括一個賣空委託。 14·如申請專利範圍第1 2項之交叉網路，其中該法定文件包 括股票。 15·如申請專利範圍第i 2項之交叉網路，其中該法定文件包 括期貨。 16.如申請專利範圍第！ 2項之交叉網路，其中該法定文件包 括通貨。 17·如申請專利範圍第1 2項之交叉網路，其中該法定文件包 括債券。 18.如申請專利範圍第1 2項之交又網路，其中該法定文件包 括任何可於一個市場中買入或賣出的事物。 19·如申請專利範圍第12項之交又網路，其中該滿意密度概 要包括一個二維的曲線圖，其中該二維的曲線圖具有一 個價格軸和一個數量軸❶ 20. —種，，用以匹配多個法定文件的委託，，之方法，該方法包 括以下步驟： 乂個滿意达度概要的开）式接收一個法定文件的一個 委死’其中1¾滿意密度概要代表以多個價格/數量組合交 -3 -To calculate a common satisfactory cross product, a satisfaction level representing the mutual satisfaction of the satisfaction density abbreviations in the pair of satisfaction density profiles, and arrange each price / quantity combination of each common satisfactory cross product in an order, and thereafter The matching controller computer matches the buy order and the sell order according to the arranged order. 13. If the cross-network of item i 2 of the patent application scope, the short selling order includes a short selling order. 14. If the cross-network of item 12 of the patent application scope, the statutory documents include stocks. 15. If the cross-network of item i 2 of the patent application scope, the legal documents include futures. 16. If the scope of patent application is the first! Crossed network of 2 items, where the legal documents include currency. 17. If the cross-network of item 12 of the patent application scope, the statutory documents include bonds. 18. At the turn of the patent application scope No. 12, the Internet, where the legal documents include anything that can be bought or sold in a market. 19. If the network at the turn of item 12 of the patent application scope, the satisfactory density summary includes a two-dimensional graph, where the two-dimensional graph has a price axis and a quantity axis ❶ 20.-, To match the mandate of multiple statutory documents, the method includes the following steps: (1) Open a satisfactory Satisfaction Profile to receive a commission of a statutory document, where 1¾ Satisfactory Density Profile represents multiple prices / Quantity combination pay -3- 、申請專利範圍 易該法定文件的一個滿意等級，每一個滿意密度概要代 表該法定文件的一個買入委託或一個賣出委託； 將每一個”代表一個買入委託，，的滿意密度概要和每一 個’’代表一個賣出委託”的滿意密度概要配成對； 匕對每一對滿意密度概要計算一個共同滿意交叉乘積， ‘ π ’’以多個價格/數量組合交易的一個共同滿意等級； 根據该共同滿意的等級排列每一個共同滿意交叉乘積 的每一個價格/數量組合；及 根據該排列匹配買入委託和賣出委託。 1.—種"用以匹配多個法定文件的委託:之方法，該方法包 括以下步驟： 以一個滿意密度概要 接收多個法定文件的多個委託， 個價格/數量組合交易該法定文件的 個滿意密度概要代表該法定文件的 勺$式接收每自委託’其中該滿意密度概要代表以多 一個滿意等級，每一 一個買入委託或一個 賣出委託；2. The scope of patent application is a satisfaction level of the statutory document, and each satisfaction density summary represents a buy order or a sell order of the statutory document; each "" represents a buy order, and the satisfaction density summary and each A pair of satisfaction density profiles `` representing a sell order '' are paired; a common satisfaction cross product is calculated for each pair of satisfaction density profiles, and 'π' is a common satisfaction level for transactions with multiple price / quantity combinations; Arrange each price / quantity combination of each common satisfactory cross product according to the common satisfaction level; and match buy orders and sell orders according to the arrangement. 1.—A method to match the mandate of multiple statutory documents: This method includes the following steps: Receive multiple orders of multiple statutory documents with a satisfactory density profile, and a price / quantity combination to trade the statutory documents Each satisfaction density summary represents the scoop of the statutory document to receive each self-trust ', where the satisfaction density summary represents an additional satisfaction level, one buy order or one sell order; 495691 A8 B8 C8 ^讀委ϋ同明示^年ί ^損之 晗1E本有無變吏實質内^是否准予修^:® --------------D8 六、申請專利範圍 " ---- 22·:種"根據一個滿意和數量概要、交易多個法定文件"之 方法’孩方法包括以下步驟： 以一個滿意密度概要的形式輸人—個法定文件的一個 委託，其中該滿意密度概要代表以多個價格/數量组合交 ^法定文件的一個滿意等級，每-個滿意密度概要代 表孩法疋文件的一個買入委託或一個賣出委託； 將每一個滿意密度概要傳輸給一個主電腦，該主電腦 匹配委託（如以滿意密度械要表示），以便該匹配處理的 =個結果（以"平均價格和所需的數量"之觀點）對各方而 了均為一個最大化的共同滿意；及 從該主電腦接收一個”匹配的交易"之指示。 23. 如申請專利範圍第22項之方法’其中該輸入的步驟包括,, 在一個二維的曲線圖上輸入該滿意密度概要（其中該二維 的曲線圖具有一個價格軸和一個數量軸），，之該步驟。 24. 如申請專利範圍第22項之方法，其中該輸入的步驟包括，， 輸入該滿意密度概要如一個輪廓曲線圖"之該步驟。 25·如申請專利範圍第2 2項之方法，其中該輸入的步驟包括，， 顯示該滿意密度概要如一個溫度曲線圖”之該步驟。 26·如申請專利範圍第2 2項之方法，其中該輸入的步驟更進 一步包括π對該滿意密度概要中的每一個（價格，數量）組 合輸入一個滿意密度值”之該步驟。 27·如申請專利範圍第2 2項之方法，其中該輸入的步驟更進 一步包括”組合多個滿意密度概要”之該步驟。 28·如申請專利範圍第2 2項之方法，其中該輸入的步驟更進 本紙張尺度適用中國國家標準(CNS) A4規格(210X 297公釐) 495691 焴請委員明示#芊/埒1日叫提之 殄正本有無變.fltr贺内V;芝孓准予修 申請專利範圍 A8 B8 C8 D8 29, 一步包括’’鏈結相關的滿意密度概要”之該步驟。 一種’’用以匹配反方委託"之方法，包括以下步驟： a) 從市場參與者中接收多個反方委託； b) 將所有接收的反方委託保持機密的，^管任何接收 的反方委託是否導致一個匹配； c) 將所有市場參與者的一個本體保 d) 僅將每-個反方委託、在交易日 的，及 配的該部分揭示。 /數量組合其相關聯的優選值 束時導致一個匹 一個委託包括一 « 、和每一個價格 k —個委託包括一 置組合其一個相 ’其中於該價格 η 範圍内提出該委託的一個交易者願意交易^ 32.如申請專利範圍第3 μ之方法，更進—步包括 者指定的該選擇範圍内的每一個價格 §、 值"之該步驟。 仏格増-產生-個優選 33·如：請專利範圍第30項之方法，其中該揭 :步包括"僅揭示一個匹配相關的—個價格和數量驟二 揭不孩匹配相關聯之該價格和數量其相關聯 個優選 34.如申請專利範圍第3 〇項之方法， -步包括"揭示一個匹配相關的一個價格和數量，並將該 -6- 機2相關聯〈該價格和數量其相關聯的一個優選值保持 機密 35·—種”匹配用以交易法定 步驟： 文件的委託"之方法，包括以下 j從夕個父易終端機接收多個用以交易該等法定文件 入和貝出委託’料每_個委託至少包括多個價格/ 歎I組合； b) 就貝出委託匹配買入委託，作為一個至少 I的函數； c) 將所有接收《用以交易法定文件的委託保持機密； 及 )僅將個買入或賣出委託、在一個交易日結束時導 致一個匹配的該部分揭示。 36.2請專利範圍第35項之方法，其中每一個委託包括一 個概要，孩概要包括多個價格/數量組合。 A如申請專利範圍第36項之方法，其中每一個委託更進一 步包括每-個價格/數量組合其多個相關聯的優選值。 申請專利範圍第35項之方法，其中該揭示的步减進 —步包括"僅揭示-個匹配相關聯的__個價格和數量，但 不揭示該匹配相關聯之該價格和數量其相關聯的一個優 選值”。 申請專利範圍第35項之方法，其中該揭示的步驟更進 —步包括"揭示一個匹配相關聯的一個價格和數量，並將 孩匹配相關聯之該價格和數量其相關聯的_ 碼讀委員明示竹年Γ 日叫撝之 降正本有釭變紇资^2:':4^^准予修1£， '申請專利範圍 持機密"。 40·—種，，用以Εέ配反方委託，，之方法，包括以下步驟： a) 接收多個反方委託，用以叉易一個中央匹配引擎中 的該等法定文件； b) 藉最大化所有委託的共同滿意、以匹配反方委託； 及 e)使π —個特殊價格上具standing的委託，’優於，，該特殊 價袼上不具standing的委託"，以改變該匹配處理中的限 制。 41·如申請專利範圍第4 0項之方法，其中一個具有standing 的委託包括一個限制價格或更好價格上的一個持有委託 ’以便可以該限制價格或更好的價格填滿該委託的任何 部分。 «·如申請專利範圍第4〇項之方法，更進一步包括，，將一個國 家聯合報價系統中的一個委託位列在一個最低的優先順 序M之該步驟。 43.如申請專利範圍第4 〇項之方法，更進一步包括"防止交易 由該國家聯合報價系統中的一個委託”之該步驟。 44·如申請專利範圍第40項之方法，其中每一個委託包括一 個二維的優選概要，該二維的優選概要包括多個”具有一 個相對應優選值，，的價格/數量坐標，且一個具standingm 委託定義成具有一個如下的坐標： 1) 具有一個最高的可能優選值；及 2) 位於，，一個相同價格上、一列相鄰的最高可能優選 -8 -495691 A8 B8 C8 ^ Commissioned by the Commissioner of the Commission ^ Years ^ Is there any change in the original 1E? ^ Is the repair allowed?: ® -------------- D8 VI. Patent Application Scope " ---- 22 ·: Species " Method of trading multiple statutory documents based on a satisfaction and quantity summary " The method includes the following steps: Entering a statutory document in the form of a satisfactory density summary A commission, where the satisfaction density profile represents a level of satisfaction with a statutory document submitted in multiple price / quantity combinations, each satisfaction density profile represents a buy order or a sell order for a child law document; each The satisfaction density summary is transmitted to a host computer, which matches the commission (as indicated by the satisfaction density device), so that the results of the matching process (in terms of " average price and required quantity " In the end, all have a maximum mutual satisfaction; and receive a "matching transaction" instruction from the host computer. 23. If the method of applying for the scope of patent application No. 22, wherein the input steps include, Two-dimensional Enter the satisfactory density summary (where the two-dimensional graph has a price axis and a quantity axis) on the line chart, and this step. 24. For the method of claim 22 in the scope of patent application, wherein the input step includes, Enter the step of the satisfactory density as a contour curve " 25. Such as the method of claim 22 in the patent application range, wherein the step of input includes displaying the summary of the satisfactory density as a temperature curve " This step. 26. The method according to item 22 of the scope of patent application, wherein the step of inputting further includes the step of inputting a satisfactory density value for each (price, quantity) combination of the satisfactory density summary. 27. Such as The method of claim 22 in the patent scope, wherein the step of inputting further includes the step of "combining a plurality of satisfactory density profiles". 28. The method of claim 22 in the patent scope, wherein the step of inputting is further advanced This paper size applies the Chinese National Standard (CNS) A4 specification (210X 297 mm) 495691 焴 Members are requested to indicate # 芊 / 埒 1 The name of the original 提 is not changed. Fltr Heine V; Zhiye is allowed to repair the scope of patent application A8 B8 C8 D8 29, step includes this step of "Summary of Satisfactory Density Related to Links". A `` method to match counterparty commissions '' includes the following steps: a) receiving multiple counterparty commissions from market participants; b) keeping all received counterparty commissions confidential, regardless of whether any counterparty commissions received Leads to a match; c) protects one entity for all market participants; d) only reveals each entrusted party, on the trading day, and the portion of the allocation. / Quantity combination of its associated preferred value bundle results in a one-to-one order including a «, and each price k-one order includes a set of one phase 'of which a trader proposes the order within the range of the price η Willing to trade ^ 32. If the method of applying for the patent scope 3 μ, go further-further include this step of each price within the selection range specified by the user, value ".仏 格 増 -Generation-preferred 33. For example, please ask for the method in the 30th item of the patent, where the disclosure: the steps include " reveal only one match related—a price and quantity. The price and quantity are associated with each other. 34. As in the method of claim 30, the -step includes " revealing a matching price and quantity, and associating the -6-machine 2 with the price and quantity. The quantity of its associated preferred value is kept secret 35 · —a "matching" method used to trade statutory steps: a method of entrusting documents, including the following: receiving multiple statutory documents from a parent terminal for trading In and out orders are expected to include at least multiple price / signal combinations per _ order; b) Matching the out order with a buy order as a function of at least I; The entrustment is kept confidential; and) only one buy or sell order is revealed at the end of a trading day, which results in a matching section. 36.2 The method of patent scope item 35, where each order includes A summary, which includes multiple price / quantity combinations. A As in the method of claim 36, each commission further includes each associated price / quantity combination with its multiple associated preferred values. Patent Application Range The method of item 35, wherein the disclosed step minus step-step includes " only reveals __ prices and quantities associated with a match, but does not reveal the prices and quantities associated with the match and its associated one Preferred value. " The method of applying for the scope of the patent No. 35, wherein the step of revealing further-the step includes " revealing a price and quantity associated with a match, and matching the price and quantity associated with the child and its associated _ code reading The members stated that the original version of the year of the bamboo was called 釭 2, and the original version was changed ^ 2: ': 4 ^^ to grant a repair of 1 £,' the scope of the patent application is confidential ". 40 · —A method to configure the counter-party commission, including the following steps: a) receiving multiple counter-party commissions to facilitate the statutory documents in a central matching engine; b) by maximizing all Common satisfaction of the commission to match the counter-party commission; and e) make π — a commission with a standing price at a special price, 'better than, a commission without a standing at the special price' to change the limit in the matching process . 41. As in the method of applying for item 40 of the patent scope, one of the orders with standing includes a holding order at a limited price or better price so that any of the order at the limited price or better can be filled section. «· If the method of applying for the scope of patent No. 40, further includes the step of listing a commission in a national joint quotation system in a lowest priority order M. 43. If the method of applying for the scope of patent No. 40, further includes the step of "preventing a transaction from being commissioned by a country's joint quotation system" 44. For the method of applying for the scope of patent No. 40, each The commission includes a two-dimensional preferred summary, the two-dimensional preferred summary includes multiple "price / quantity coordinates" with a corresponding preferred value, and a standingm delegate is defined as having the following coordinates: 1) having a The highest possible preferred value; and 2) located at the same highest price, adjacent to the highest possible preferred value of -8- 495691 A8 B8 C8 D8 々、申請專利範圍 值的坐標’'中，且向下延伸至一個最小的數量增量，且該 坐標列中所有的坐標均合格用以匹配。 45. 如申請專利範圍第4 4項之方法，其中該具standing的委 託包括一個使用者指定的ITS參與等級”100%”。 46. 如申請專利範圍第44項之方法，其中一個不具standing 的委託合併該概要内一個明確的數量界線。 47. 如申請專利範圍第44項之方法，其中就小於100% ITS參 與的委託而言’如該委託因其I τ s限制而無法在一個指 定循環中一個稍早的點上產生一個預期的交易時，則可 完全交易那些具有standing坐標。 48. 如申請專利範圍第4 4項之方法，更進一步包括”於具有相 同共同優選的匹配之間、排列委託的優先順序”之該步驟 ，其中匹配包括’’ standing坐標n、n nonstanding坐標"和 "CQS坐標"的配對，以遞減白勺順序排歹》J如下： standing/standing ，standing/nonstanding ，nonstanding/ nonstanding，standing/CQS 和 nonstanding/CQS 〇 49. 如申請專利範圍第44項之方法，更進一步包括"防止 CQS/CQS匹配"之該步驟。 50. 如申請專利範圍第44項之方法，其中就無ITS合格限制 的概要而言，防止"導致一個經由任何具standing坐標的 交易π之一個匹配。 51·如申請專利範圍第44項之方法，更進一步包括π防止以一 個具standing的一個價格π之一個匹配的該步驟，如該坐 標具standing或種類優先權。 • 9 - 本紙張尺度適用中國國家棣準(CNS) A4規格(210X297公釐） 4M691 A8 B8 C8 D8 申請專利範圍 52·如申清專利範圍第$ 1項之方法，更進一步包括”一旦啤叫 一個兩方的聚合通則時、即致能價格優先權勝過種類優 先權”之該步驟。 53·如申請專利範圍第44項之方法，更進一步包括"許可具 standing之更積極評價的概要、以具種類或時間優先權之 較不積極的評價概要的一個價格交易"之該步驟。 54·如申請專利範圍第5 1項之方法，更進一步包括”致能任何 非CQS委託之間的匹配，不管一個c Q S概要該價格上與 其相關的該standing狀態"之該步驟。 55·如申請專利範圍第5 1項之方法，更進一步包括"就”藉防 止以交易，，和就，，優選交易•，兩者而言，對具standing之無 限制的坐標提供絕對的保護，，之該步驟^ 56· —種用以匹配買入委託和賣出委託之方法，包括以下步 驟： a) 接收多個買入和賣出委託，每一個委託為一個具有 多個仏格/數I坐標的概要之形式，且每一個概要對每一 個坐標具有一個相關聯的優選值； b) 將一個常數價格上、具一個最高優選值的所有坐標 聚合在一個市場的每一方； 〇根據一個預先決定的優先順序集合、將該等每一個 聚合的坐標排列優先順序；及 d)以該排列的優先順序配置該等優先化和聚合的坐標 〇 57.如申請專利範圍第56項之方法，其中該預先歧的優先 裝 訂 -10- A8 B8495691 A8 B8 C8 D8 (1) The coordinates of the value of the patent application range '', and it extends downward to a minimum number of increments, and all the coordinates in the coordinate column are qualified for matching. 45. For the method of applying for item 44 of the scope of patent application, the standing commission includes a user-specified ITS participation level of "100%". 46. As for the method in the 44th scope of the patent application, a non-standing commission merges a clear quantitative line in the summary. 47. As for the method in the 44th scope of the patent application, in the case of a commission with less than 100% ITS participation, 'if the commission is unable to produce an expected at an earlier point in a specified cycle due to its I τ s limit When trading, you can fully trade those with standing coordinates. 48. The method of claim 44 in the scope of patent application further includes the step of "prioritizing the order among the matches with the same common preference", where the matching includes "standing coordinates n, n nonstanding coordinates " And " CQS coordinates ", in descending order "J is as follows: standing / standing, standing / nonstanding, nonstanding / nonstanding, standing / CQS and nonstanding / CQS 〇49. As for the scope of patent application 44th The method further includes the step of "preventing CQS / CQS matching". 50. The method of claim 44 in the scope of patent application, in which, for a summary without ITS eligibility restrictions, prevents " causing a match through any transaction π with standing coordinates. 51. The method according to item 44 of the scope of patent application, further comprising the step of preventing π from matching with a price of standing π, such as the coordinate with standing or category priority. • 9-This paper size applies to China National Standards (CNS) A4 specifications (210X297 mm) 4M691 A8 B8 C8 D8 Patent application scope 52 · If the method of claiming the patent scope of $ 1 is cleared, it further includes "Once the beer is called A two-party aggregation rule, that is, the step of enabling price priority over category priority. 53. If the method of applying for scope 44 of the patent application, further includes the step of " permitting a summary with a more positive evaluation of standing, a price transaction with a less aggressive evaluation summary with a type or time priority " . 54. The method of claim 51 in the scope of patent application further includes "enabling the matching between any non-CQS commissions, regardless of the step of a standing status " associated with the price in a cQS summary." For example, the method of applying for item 51 of the scope of patents further includes " in terms of "preventing transactions by prevention, and, in terms of, preferred transactions •, in both cases, providing absolute protection for standing unrestricted coordinates, This step ^ 56 · — A method for matching buy orders and sell orders, including the following steps: a) Receive multiple buy and sell orders, each of which is one with multiple cells / number The form of a summary of I coordinates, and each summary has an associated preferred value for each coordinate; b) aggregate all coordinates with a highest preferred value at a constant price on each side of a market; o according to a A set of predetermined priorities, prioritizing the coordinates of each of these aggregates; and d) arranging the prioritized and aggregated coordinates in the priority order of the arrangement. 57. Method for applying for scope 56 of the patent, in which the pre-ambiguity priority binding -10- A8 B8 裝 ηΗ 岣讀委_明示外芊丨1 ^ΐττ^捤之 晗正本有^變更|"^2:0<^准予修1《 個4商階段 < 孩步驟，其中匹配係根據每_個坐標其相 關唇優選值給與孩系統的限制和一個預先決定的優先順 序。 66.如申請專利範圍第65項之方法，其中該預先決定的磋商 優先順序包括（以遞減的順序）：共同優選，standing，種 類，登錄的時間和數量。 67·如申請專利範圍第6 6項之方法，其中，，具有較高共同優選 的匹配’’優於’’具有較低共同優選的匹配，，。 68·如申請專利範圍第6 6項之方法，其中於具有相同共同優 選的匹配之間’以遞減的順序排列匹配包括"standing坐 才’、"nonstanding坐標”和"CQS坐標f，的配對的優先順序 士 下.standing/standing ’ s t an ding/non standing ， nonstanding/nonstanding ， standing/CQS , nonstanding/CQS o 69·如申請專利範圍第6 8項之方法，更進一步包括”防止cqs 匹配’’之該步驟，當遠離的市場為上鎖或交叉的時。 70.如申請專利範圍第6 6項之方法，其中於具有相同共同優 選和standing狀態的匹配之間，以遞減的順序排列匹配（ 包括"書概要”、"代理概要"、"本人概要》，和” C q s概要π 的配對）的優先順序如下：書/書，書/代理，代理/代理， 書/本人，代理/本人，本人/本人，書/ CQS，代理/CQS ，本人/CQS。 71·如申請專利範圍第7 0項之方法，更進一步包括"防止 CQS/CQS匹配"之該等步驟。 -12- 本紙張尺度適用中國國家標準(CNS) Α4規格(210 X 297公釐) 7、申請專利範圍 72. 如申請專利範圍第“項之方法，其中於具有相同共同優 、stanc^nS和種類狀悲的匹配之間，一個指定對其較早 輸入的概要的登錄時間判定相對的優先權，以利於該配 對其較早輸入的反方概要之任何隨後改變的限制。 73. 如申請專利範圍第66項之方法，其中於具有相同共同優 ，、standing、種類和登錄時間的匹配之間，優先權給數 '^車义大的匹配。 74·如申請專利範圍第以項之方法，其中於該相同概要對間 的匹配之間，（其中該上面所有各項均限制一個價格以上 )’將該最好的價格給該對中該較早輸入的概要。 75.種用以交易法定文件的方法，包括以下步驟： a) 從多個交易者中接收多個多個委託，每一個委託指 疋為該以下其中一種：書，代理，本人或Cqs ;及 b) 根據一個種類指定、以共同優選的最大化改變一個 匹配處理中的限制。 76·如申請專利範圍第75項之方法，更進一步包括，，當一個匹 配轉換成一個書種類的限價委託時，則轉換存在該交易 所中、一個中央電腦内的每一個限價委託和專業會員報 價·’之該步驟。 " 77·如申請專利範圍第75項之方法，更進一步包括由該交易 者指示一個委託是否為一個代理種類或本人種類之該步 驟。 … 78·如申請專利範圍第7 5項之方法，其中一個書委託傷 它所有的種類。 ；、 13 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公釐) 其中一個代理委託優於 其中一個本人委託優於 其中—個CQS委託具有 79·如申請專利範圍第7 5項之方法 所有（除了書種類之外）的種類。 80.如申請專利範圍第7 5項之方法 一個CQS委託。 81·如申請專利範圍第7 5項之方法 一個最低的優先順序。 82·如申請專利範圍第75項之方法， CQS委託參與的一個交易循環 白=括在個 CQS委託之該步驟。 自動地撤銷該 83·^1 專利範圍第75項之方法，更進—步包括根據其它 :要驟於每一個交㈣環開始時自動地產生_ 84=申請專利範圍第75項之方法，其中-個書種類包括經 由琢又易所電腦接收的所有委託。 請專利範圍第84項之方法，其中—個書種類包括專 豕會員的報價。 申叫專利範圍第7 5項《方法，其中—個代理種類包括" 經由-個交易者指定使用的一個圖形使用者界面提出的 委A (其中並將該等委託標誌為一個代理委託），，、或”經 由個电子界面（使AIC碼映射到一個代理指示上）提出 的委託M。 87.如:4專利範圍第75項之方法，其中—個代理種類包括" 由X易所專業會員提出的委託，，、或""經由一個交易者 指定使用的圖形使用者界面提出的委託（其中並將該等委 本紙張尺度適用? -14 495691 A8 B8委 读 委 _ 明明 外 芊 丨 1 ^ ΐττ ^ 捤 The original version of ^ has been changed ^ &^; ^ 2: 0 < ^ granted to repair 1 "4 quotient stages < child steps, where the matching system is based on each _ coordinate The associated lip preferences give the child system limits and a predetermined priority. 66. The method of claim 65, wherein the predetermined negotiation priorities include (in descending order): common preference, standing, type, time and number of registrations. 67. The method of claim 66 in the scope of patent application, wherein a match having a higher common preference is better than a match having a lower common preference. 68. The method of claim 66 in the scope of patent application, wherein 'arranging matches in decreasing order between matches having the same common preference includes " standing sitting', " nonstanding coordinates " and " CQS coordinates f, The priority of the pairing is the following. Standing / standing 'st an ding / non standing, nonstanding / nonstanding, standing / CQS, nonstanding / CQS o 69. If the method of the 6th item of the scope of patent application, the method further includes "preventing cqs This step of "matching" is when the distant market is locked or crossed. 70. The method of claim 66 in the scope of patent application, wherein the matches are arranged in decreasing order between matches having the same common preference and standing state (including " Book Summary ", " Agent Summary ", " "My profile" and "C qs profile π" priority order are as follows: book / book, book / agent, agent / agent, book / person, agent / person, me / person, book / CQS, agent / CQS, I / CQS. 71. The method of applying for item 70 of the patent scope further includes the steps of " preventing CQS / CQS matching ". -12- This paper size applies Chinese National Standard (CNS) A4 specification (210 X 297 mm) 7. Application for patent scope 72. For the method of applying for the scope of the patent item "item, which has the same common advantages, stnc ^ nS and Between categorical matches, a designation assigns relative priority to the login time of its earlier-entered profile to facilitate the pairing of any subsequent changes to the contrarian profile entered earlier. 73. Such as the scope of the patent application The method of item 66, wherein among the matches having the same common superiority, standing, type, and registration time, the priority is given by the number of matches. 74. The method of item 1 in the scope of patent application, wherein Between matches of the same summary pair, (where all of the above items limit more than one price) 'give the best price to the earlier entered summary in the pair. 75. A legal document for trading The method includes the following steps: a) receiving multiple orders from multiple traders, each order refers to one of the following: book, agent, me or Cqs; and b) according to a Class designation, changing the limits in a matching process with a common preference maximization. 76. If the method of the scope of patent application No. 75, further includes, when a match is converted into a book type limit order, then the conversion Each step of the limit order and professional member quotation that exists in the exchange and in a central computer. "This step." 77. If the method of applying for the scope of the patent No. 75, further includes the order instructed by the trader Whether it is an agent type or a personal type of this step ... 78. If the method of the scope of patent application No. 75 is applied, one of the books entrusts to hurt all its types.;, 13 This paper size applies Chinese National Standard (CNS) A4 Specifications (210X297 mm) One of the agents is better than one of them. One of them is better than one of them. A CQS has all types (except book types) of 79. Such as the method of applying for the scope of patent application No. 75. 80. Such as The method of applying for the scope of patent application No. 75 is a CQS commission. 81. The method of applying for the scope of patent application No. 75 is the lowest priority. 82 · If the method of applying for the scope of patent No. 75, a transaction cycle entrusted by CQS entrusted = the step entrusted by the CQS. Automatically revoke the method of scope of the 83 · ^ 1 scope of the patent, go one step further Including according to the other: to automatically generate at the beginning of each traffic loop _ 84 = the method of applying for the scope of patents 75, of which-a book type includes all commissions received through the computer. 84 methods, of which one book type includes the quotation of a special member. The scope of the patent application is No. 75, "Methods, of which one agent type includes " is proposed through a graphical user interface specified by a trader. Commission A (where these commissions are marked as a proxy commission), or commission M proposed via an electronic interface (which maps the AIC code to a proxy directive). 87. For example, the method in item 75 of the patent scope, in which one of the types of agents includes " commissioned by a professional member of XEase, or " " via a graphical user interface specified by a trader (Which will apply these paper standards? -14 495691 A8 B8 申請專利範園 π 動=二=的報價、於每-個交易循環_ 95. 如Γ利專用第94項之方法，更進一步包括該步驟： j用Μ委走的一個類別 邊 -^ 4吓為扣疋優先順序的一個基 礎，並根據共同優選的最大仆^ ,, 大化改變一個匹配處理中的限制。 96. 如申請專利範圍第95 處里干的限制 它所有的類別。、以，其中-個書委㈣於其 其中一個代理委託優於 其中一個本人委託優於 其中一個CQS委託具有 9又如申請專利範圍第95項之方法 所有除了書委託以外的種類。 98·如申請專利範圍第以項之方法 一個CQS委託。 99·如申請專利範圍第95項之方法 一個最低的優先順序。 職如申請專利範圍第95項之方法，更進一步包括在一個 CQS委託參與的一個交易循環結束時，自動地撤銷該 CQS委託之步驟。 肋.如申請專利範圍第94項之方法，更進一步包括指定一個 時間圖記給每一個提出給該匹配引擎的委託之步驟。 H>2.如申請專利範圍第1〇1項之方法，更進一步包括指定一 個叉易所指定的日期和時間圖記給提出給該交易所中該 匹配引擎的書委託之該步驟。 103.如申請專利範圍第101項之方法，更進一步包括在提出 代理和本人委託給該匹配引擎時，指定一個日期和時間 圖兄給该等代理和本人委託之步驟。 -16- 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公釐)Apply for a patent Fanyuan π = quotation of quotations = in every one transaction cycle _ 95. For example, the method of item 94 of Γ Lee further includes this step: j Use a category edge of Μ- ^ 4 scare As a basis for deducting the priority order, and changing the limit in a matching process according to the maximum preference of the common preference,. 96. Limitations on the scope of application for patents are restricted to all its categories. Therefore, one of the book commissions is worse than one of the agency commissions, one of which is superior to one of the CQS commissions, and one of the methods described in item 95 of the patent application scope. All types except book commissions. 98. If the method in item 1 of the scope of patent application is a CQS commission. 99. Method as claimed in item 95 of the scope of patent application A lowest priority. The method for applying for item 95 of the patent scope further includes the step of automatically revoking the CQS commission at the end of a transaction cycle in which a CQS commission has participated. Rib. The method according to item 94 of the patent application scope further includes the step of assigning a time stamp to each of the delegations proposed to the matching engine. H > 2. The method of applying for patent scope No. 101 further includes the step of designating a date and time designated by Fork Easy to entrust the book submitted to the matching engine in the exchange. 103. The method of applying for item 101 of the patent scope further includes the step of designating a date and time when the agent and the agent are entrusted to the matching engine. -16- This paper size applies to China National Standard (CNS) A4 (210X297 mm) 六、申請專利範 1⑽·如申請專利範圍第101項之方法，其 時間圖記均為獨一無二的。 、W系統中所有的 ⑽.如申請專利範圍第101項之方法，當變 人委託（非減少該最大數量或變更ITS參與=理，本 統指定-個新的、目前的日期和時間圖記該委ς使孩系 廳·如申請專利範圍第101項之方法，其，。 時：圖記給CQS委託，其中該曰期和時間圖記：:= 一在孩CQS上傳播該報價的實際時間。 T應芏 肌一種就賣出委託匹配買入委託之方法，包括以下步驟·· :)接收多個買入和賣出委託，每—個委託為個包 括夕個價格和數量坐標的優選概要"之形式，該等每一個 坐標具有一個與其相關聯的優選值； b) 從該等多個買入優選概要中產生一組買入核心， 從該等多個賣出優選概要中產生一組賣出核心f該等核 心每一個（包括一個共同價格上多個鄰近的坐標）代表一 個特殊數量範圍上一個最大的優選值； c) 從該市場一方的多個核心中聚合數量，以滿足一個 反方核心的該等數量需求； d) 判定孩市場的每一方是否有多個具以抓以叫的核心 在價格上交疊；及 Ο清除該市場兩方多個交疊之具討⑽旧叫的核心。 108·如申凊專利範圍第107項之方法，其中清除多個交疊的 核心之該步驟更進一步包括以下步驟： (i)產生（代表所有具staning的交易關係）之供需表作為 -17- 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公釐〉 495691VI. Patent application scope 1⑽ If the method of applying for the scope of patent application No. 101, the time chart is unique. All systems in the W system, such as the method of applying for the scope of patent application No. 101, when entrusted by a person (other than reducing the maximum number or changing ITS participation = management, this system specifies a new, current date and time Entrusting the Department of Children's Department · If the method of applying for the scope of patent application No. 101, the time: the chart is entrusted to the CQS, where the date and time chart :: =-the actual time to spread the quote on the child CQS. T A method of matching buy orders with sell orders, including the following steps: :) Receive multiple buy and sell orders, each of which is a preferred summary including price and quantity coordinates " In the form, each of the coordinates has a preferred value associated with it; b) generating a set of buying cores from the plurality of buying preference profiles, and generating a set of selling from the plurality of selling preference profiles Out of core f each of these cores (including multiple adjacent coordinates on a common price) represents a maximum preferred value in a particular quantity range; c) aggregate quantities from multiple cores on one side of the market to meet one The quantity requirements of the opposing party's core; d) determine whether each of the parties in the child market overlaps the price; and 〇 clear the multiple overlapping claims of the two parties in the market Core. 108. The method of claim 107 of the patent scope, wherein the step of removing multiple overlapping cores further includes the following steps: (i) Generate (represent all the trading relationships with staning) the supply and demand table as -17- This paper size applies to China National Standard (CNS) A4 (210X297 mm) 495691 本4 有尋Ben 4 is looking for 4 一個價格函數； (i i)選取一個匹配一個最大數量的價格，·及 ?，、 准 7,4 a price function; (i i) choose a price that matches a maximum quantity, · and?, Quasi 7, ί提 (U 1)執行匹配一個最大數量之該價格所代表的交易。 109·如申請專利範圍第1〇8項之方法，其中選取一個價格之 該步驟更進一步包括"如有多個價格通過該相同的最大數 量，且如發生一個買者過剩時，則選取一個最高的價格 ，否則如發生一個賣者過剩時，則選取該最低的價格，，之 該步驟。 110·如申請專利範圍第108項之方法，其中選取一個價格之 該步驟更進一步包括以下步驟·· (1) 如有奇數個限制價格、而無過剩時，且如在一個 價格範圍上有一個精確的買者/賣者數量匹配時，則選取 一個中間的價格；及 (2) 如有偶數個限制價格、而無過剩時，則於該等兩 個中間的價格中選取一個。 111. 如申請專利範圍第110項之方法，其中該一個選取的中 間價格為一個較接近一個最後記錄售價的中間價格。 112. :中請專利範圍ρ"項之方法，丨中如在一個匹配循 2開始時發生該選取時，則該最後記綠的售價為一個國 豕的最後售賣，或如在一個循環的中間發生該選取時， 則該最後記錄的售價為一個最後委託的交易價格。 113. 如申請專利範圍第107項之方法，丨中用以匹配委託的 優先W序係以h格、種類和登錄時間"的遞減順序為 -18-(1) Perform a transaction that matches a maximum amount of that price. 109. If the method of applying for patent item No. 108, wherein the step of selecting a price further includes " if multiple prices pass the same maximum quantity, and if a buyer's surplus occurs, select one The highest price, or if a seller surplus occurs, the lowest price is selected, and this step. 110. The method of applying for item 108 of the patent scope, wherein the step of selecting a price further includes the following steps. (1) If there is an odd number of restricted prices without excess, and if there is one in a price range When the exact number of buyers / sellers matches, an intermediate price is selected; and (2) if there is an even number of restricted prices and there is no surplus, one of these two intermediate prices is selected. 111. The method of applying for item 110 of the patent scope, wherein the selected middle price is a middle price closer to the last recorded selling price. 112 .: The method of the patent scope ρ ", if the selection occurs at the beginning of a matching cycle 2, the price of the last recorded green is the last sale of a country, or as in a cycle. When the selection occurs in the middle, the last recorded selling price is the last commissioned transaction price. 113. For the method of applying for the scope of patent No. 107, the priority order used to match the entrustment in 丨 is the descending order of h grid, type and registration time " -18- 495691 μ 也請 本▲ 變示 XfJ β芊 :t η ；ίιΝ Η 暗叫 丨t提 ，之 六 A8 B8 C8 -—___D8 、申請專利範圍 114·如申請專利範圍第ι〇7項之方法，更進一步包栝一個磋 商階段，包括以下步驟： a) 計算所有買入和賣出優選概要對之間的共同優選概 要； b) 將所有共同優選概要中所有非零的共同優選坐標輸 入至一個單一以遞減的優先順序排列的表列中； e)從該單一表列的頂端循序地集合預期的匹配；及 d)對每一個預期的匹配確保不會因產生該匹配而違犯 一個預先決定的限制組中任何一個限制。 115·如申請專利範圍第114項之方法，其中該預先決定的限 制組包括： (1) 經由一個具standing的坐標的價格來交易； (2) 以一個具standing的坐標的該價格交易，其中該後 者在種類或時間上優於該預期匹配的相對應方。 116.如申請專利範圍第114項之方法，其中該確保的步驟更 進一步包括阻擋該匹配和進行至該表列上的下一個坐標 117.如申請專利範圍第114項之方法，其中該預先決定的限 制組包括—於一個預期匹配包括一個賣空者的事例中 ，該相對應的價格必須為： (1) 該先如的交易價格或高於該先前的交易價格，如 該後面的價格代表一個plus或zero-plus的標記；及 (2) 至少比該先前的交易價格高一個價格增量，如該 後面的價格代表一個minus或zero-minus的標記。 -19- 本紙張尺度適用中國國家標準(CNS) A4規格(210 X 297公釐) 495691 六、申請專利範圍 η 8·如申凊專利範圍第114項之方法，其中 一旦從一個交易到該下一個交易中發生一個向下的標 口己時如某些在彳貝格南於該新價袼上的賣空坐標變成重 新合格用以交易的坐標時，則重新排序該磋商坐標表列 ，以將該等重新啟動的賣空坐標的變更合格和時間圖記 合併，並從該表列的頂端重新掃描該表列以繼續交易， 藉以再訪先前可能已跳過的磋商坐標（因先前阻擋該等磋 商生或遠等禮商坐標不合格用以交易）。 119. 如申請專利範圍第114項之方法，更進一步包括"當該表 列上沒有剩下任何非零的共同優選坐標時，則終:該磋 商階段”之該步驟。 120. —種用以匹配法定文件其買入委託和賣出委託之方法， 包括以下步驟： a) 接收多個買入委託和賣出委託，該等每一個委託包 括多個價格和數量坐標，且每一個價格和數量坐標均具 有一個相關聯的優選值； b) 在每一個價格增量上對每一個委託產生一個核心， 其中該價格增量位在和反方委託交疊的一個價格範圍内 〇經由每一個表列其一序列的巢式排序（以價格、 standing、種類和登錄時間的優先順序之嚴格順序），從 該等所有委託的核心中架構一個單一的買入核心表列和 一個單一的賣出核心表列； d)選取一個買入或賣出核心表列上端的一個核心，作 •20 495691 六 堉請^_#示^:^丨3^-3所提之 修1L本有無變交&赁-1%-';:<々准予修£卜 A8 B8 C8 ____ D8 、申請專利範圍 為一個啟始的聚合吸引器核心；及 e) 從一個相反表列上的核心中、以該反方表列上嚴格 的優先順序聚合數量，以匹配該聚合吸引器的數量和價 格。 121·如申請專利範圍第12〇項之方法，更進一步包括以下步 驟： f) 以優先順序循環該相反表列，以將反方配置給該聚 合吸引器’其中如該相反表列中不具stan(jiiig核心的最小 和最大數量限制和該聚合吸引器核心的數量限制不相容 時，則可跳過該等核心；及 g) 取初’將一個可能的交易價袼設定成該聚合吸引器 的最積極價格。 122.如申凊專利範圍第11 §項之方法，更進一步包括以下步 驟： h) 檢視該聚合相反表列、判定是否存在足夠的相反數 量以至少滿足該聚合吸引器核心所需的一個最小數量， 其中該聚合處理總是尋求該吸引器核心可使用的一個最 大數量，且如該概要的最大數量大於該聚合器核心的最 大數量時，則對該核心重複該聚合處理，只要不達犯該 等其它任合一個概要限制； i) 如至少可將一個最小所需的數量聚合至該吸引器核 心中，則跳過，但一個產生的交易組將經由該相反表列 上具standing的核心交易，且該吸引器核心從一個買入或 賣出表列中選取一個次最高優先核心； -21 - 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公釐) 495691 增靖委_明示？年f ST <日叫提之 ^^^，^^變欠^^^]·*;,^^^、“；^^·' A8 B8 C8 D8 I申請專利範圍 ^ ^ " j) 如一個產生的交易組在未完全填滿該價格上所有具 較高種類優先和standing的核心下、填滿具較低種類優先 的核心時，則跳過該吸引器核心；及 k) 繼續該等上面的步驟，直到判定出一個可能的價格 為止，其中該聚合吸引器可以該價格，在π未經由任何具 standing的相反核心交易下"或”以一個具standing之較高 種類優先的相反核心的一個價格交易π、而從該相反表列 中吸引足夠的數量。 123. 如申請專利範圍第122項之方法，更進一步包括以下步 驟： l) 判定該可能的價格是否經由該吸引器方具standing 之任何核心的一個價格交易，且如該判定為真的時，則 不允許該可能的價格； m) 如一個失敗的聚合吸引器核心具有standing，則將 一下一個聚合核心的選擇限制在該相反的表列上。 124. 如申請專利範圍第123項之方法，更進一步包括以下步 驟： η)如因限制一個具stan(jing的聚合吸引器核心的I τ S 參與、而使該具standing的聚合吸引器核心無法產生另一 個不同而可容許的交易時，則於一個指定循環其隨後的 交易中、經由該具standing的聚合吸引器核心交易，以防 止其阻擋其它的交易； 〇)如上面判定的該聚合價格為可容許的，則試圖以一 個價格增量改良該聚合吸引器的該最後價格，並重新計 -22- 本纸張尺度適用中g g家標準(CNS) A4規格(21GX297公釐) 495691 A8 B8 C8 _______D8 、申請專利範圍 算一個有效的交易數量； P )重複該步驟〇 )，直到一個改良的價格使一個用以交 易的有效數量減少為止；及 q) 如一個產生的價格將經由該市場方任何具standing 的坐標的一個價格交易、或經由任何願意執行該相同交 易的丄父易時’則不管該後面的坐標是否具有stan(jing ’均將停止該聚合吸引器的價格改良。 125·如申請專利範圍第1 2 4項之方法，更進一步包括以下步 驟： r) 如該聚合吸引器具standing、但不具種類優先，或 如遠聚合吸引器不具stan(jing，則防止任何吸引器的價格 以該市場該聚合吸引器方其另一個概要中任何具standing 的核心的該價格交易，除非該後者為一個CQS概要； s) 如一個具standing的聚合吸引器因達犯一個預先決 定限制組中其中一個限制而無法交易時，且如在該價格 上至少有一個其它具standing的核心在該相同方時，則僅 從該相反表列中選取一下一個聚合吸引器，並企圖聚合 t) 如該市場的兩方同時阻擋聚合，則進行至一個兩方 的聚合階段； u) 重複該聚合階段，直到無更進一步可能的聚合為止 〇 126·如申請專利範圍第120項之方法，更進一步包括"將每一 個價格上每一個概要内相鄰的坐標聚集成_個核心”之該 -23- 本紙張尺度_肀國國家料(CNS) Α4規格(210X297公釐y 495691 珍IL本有無變定资甸内^.趑^准予修1£， A8 B8 C8 η«495691 μ Please also ask for this ▲ to show XfJ β 芊: t η; ίιN Η secretly called 丨 t mention, the sixth A8 B8 C8 --- ___D8, the scope of patent application 114, such as the method of the scope of patent application ι07, more A further consultation phase includes the following steps: a) Calculate a common preferred profile between all pairs of buy and sell preferred profiles; b) enter all non-zero common preferred coordinates in all common preferred profiles into a single In descending order of priority; e) sequentially gathering expected matches from the top of the single list; and d) ensuring that each expected match does not violate a predetermined set of restrictions by generating the match Any one of the restrictions. 115. The method according to item 114 of the patent application range, wherein the predetermined restriction group includes: (1) trading through a price with a standing coordinate; (2) trading at a price with a standing coordinate, wherein The latter is better in kind or time than the counterpart of the expected match. 116. The method according to item 114 of the patent application, wherein the step of securing further includes blocking the matching and proceeding to the next coordinate on the list. 117. The method according to item 114, wherein the predetermined decision The restriction group includes-in the case where an expected match includes a short seller, the corresponding price must be: (1) the previous transaction price or higher than the previous transaction price, as the latter price represents A plus or zero-plus token; and (2) at least one price increment higher than the previous transaction price, such as the latter price representing a minus or zero-minus token. -19- This paper size is in accordance with Chinese National Standard (CNS) A4 (210 X 297 mm) 495691 6. Application for patent scope η 8 · The method of item 114 in the scope of patent application, where once from one transaction to the next When a downward bidding occurs in a transaction, if some of the short-selling coordinates at 新 Begenan on the new price become re-qualified coordinates for trading, the negotiation coordinate list is reordered to Merge the changed qualifications and time stamps of the restarted short-sale coordinates and re-scan the list from the top of the list to continue trading to revisit previously negotiated coordinates that may have been skipped (because previously blocked such negotiations Health or distance etiquette coordinates are not qualified for trading). 119. If the method of applying for the scope of patent application No. 114, further includes " when there is no non-zero common preferred coordinate left on the list, then the step: the consultation phase "is ended. 120.-Use The method of matching the buy order and the sell order with the legal documents includes the following steps: a) Receive multiple buy orders and sell orders, each of which includes multiple price and quantity coordinates, and each price and The quantity coordinates all have an associated preferred value; b) a core is generated for each order on each price increment, where the price increment lies within a price range that overlaps with the counter-party's commission; via each table List a sequence of nested sorts (in the strict order of priority of price, standing, type, and login time), and construct a single list of cores for buying and a single core of selling from all the cores of these commissions Lists; d) Select a core from the top of the core list of buy or sell, as • 20 495691 Six 堉 Please ^ _ # 示 ^: ^ 丨 3 ^ -3 whether the repair 1L has been altered & a mp; rent-1%-';: < 々permissible to repair A8 B8 C8 ____ D8, the scope of patent application is an initial core of the attractor of aggregation; and e) from a core on the opposite list, to The number of aggregations on the negative list is strictly prioritized to match the number and price of the aggregation attractors. 121. If the method of patent application No. 120, further includes the following steps: f) cycle the opposite in priority order List to configure the opposite side to the aggregate attractor ', where the stan (jiiig core's minimum and maximum number limits are not compatible with the aggregate attractor core's number limit if the opposite list is not compatible, then you can skip the And other cores; and g) take the initial 'set a possible transaction price 积极 as the most active price of the aggregate attractor. 122. If the method of applying for item 11 § of the patent scope, further includes the following steps: h) inspection The aggregation is listed in reverse, and it is determined whether there is a sufficient number of opposites to meet at least a minimum number required for the aggregate attractor core, wherein the aggregation process always seeks for the attractor core to use. A maximum number, and if the maximum number of profiles is greater than the maximum number of cores of the aggregator, the aggregation process is repeated for that core as long as it does not violate any of these other summary limits; i) if at least one The minimum required amount is aggregated into the attractor core, then it is skipped, but a generated transaction group will go through the core transaction with standing on the opposite list, and the attractor core will be from a buy or sell list Select one of the next highest priority cores; -21-This paper size applies to Chinese National Standard (CNS) A4 specifications (210X297 mm) 495691 The year f ST < day is called to mention ^^^, ^^ becomes inadequate ^^^] · * ;, ^^^, "; ^^ · 'A8 B8 C8 D8 I patent application scope ^ ^ " j) such as A generated transaction group skips the attractor core if it does not completely fill all cores with higher category priority and standing at the price, and fills with lower category priority cores; and k) continues such The above steps, until a possible price is determined, wherein the aggregate attractor can use the price without π without any opposite core transaction with standing " or " with an opposite core with higher standing priority Trade a price of π and attract a sufficient amount from the opposite list. 123. If the method of applying for item 122 of the patent scope further includes the following steps: l) determine whether the possible price is passed through a core price transaction of any core of the attractor, and if the determination is true, Then the possible price is not allowed; m) if a failed aggregation attractor core has standing, then the choice of the next aggregation core is restricted to the opposite list. 124. For the method of applying for the scope of patent application No. 123, the method further includes the following steps: η) If the restriction of I τ S with a stan (jing aggregate attractor core) is restricted, the aggregate attractor core with standing cannot When another different and allowable transaction is generated, in a specified cycle of its subsequent transactions, the core aggregator attracts the core transaction to prevent it from blocking other transactions; 〇) the aggregated price as determined above As permissible, try to improve the final price of the aggregate attractor by a price increment, and recalculate -22- This paper size applies to China Standard (CNS) A4 specification (21GX297 mm) 495691 A8 B8 C8 _______D8, the scope of patent application is counted as a valid transaction amount; P) repeat this step 0) until an improved price reduces a valid amount for trading; and q) if a generated price will go through the market party Any price transaction with standing coordinates, or via any uncle who is willing to execute the same transaction Whether the target has stan (jing 'will stop the price improvement of the polymer attractor. 125. If the method of applying for patent scope No. 124, further includes the following steps: r) If the polymer attractor stands, but does not have a type Priority, or if the remote aggregate attractor does not have stan (jing), prevent the price of any attractor from trading at that price with any standing core in the other summary of the aggregate attractor, unless the latter is a CQS summary S) if a converging attractor with standing fails to trade because it violates one of the pre-determined restriction groups, and if at least one other standing core on the price is on the same side, only Select an aggregation attractor from the opposite list and attempt to aggregate t) If two parties in the market block aggregation at the same time, proceed to a two-party aggregation stage; u) Repeat the aggregation stage until there is no further possibility 126126. If the method of applying for the scope of patent application No. 120, further includes " Neighboring coordinates are aggregated into _ cores of the -23- This paper size _ National Materials (CNS) Α4 size (210X297 mm y 495691) Whether the original IL has changed will be fixed in the capital. 1 £, A8 B8 C8 η « 步驟其中個核心代表該概要中一個單一價格的鄰近 坐標列’該等坐標具有，Γ的優選值。 127·如申請專利範圍第12〇項之方法，更進_步包括"使每一 個核心與該，i，的坐標列所越過的_個最小和最大股份總 數相關聯π之該步驟。 128·—種用以匹配委託之方法，包括以下步驟： a) 接收多個委託，其中每—個委託有_個來源、及外 加相關聯的特徵； b) 將該等多個委託的來源保持匿名的； c) 將該等多個委託的特徵保持機密的；及 d) 根據一個共同滿意函數匹配該等其中至少一些委託 129. 如:請專利範圍第128項之方法，其中從—個群組（由"一 個交易者、-個專業會員、一個市場撮合者、一個公司 、及與其有關的組合"所構成）中選取一個委託的來源。 130. 如申請專利範圍第128項之方法，其中該等委託指示"買 入或賣出一個證券"的一個興趣，且其中從一個群組（由" 個•^券的名稱、蔹證券的一個價格、該證券的股份數 量、以某-個價格和數量交易該證券的—個優選值、關 於應填滿或滿足一個特殊證券—個買入/賣出委託之方法 的條件，及與其有關的組合"所構成）中選取—個委託的 該等特徵。 肌如申請專利範圍第128項之方法，其中步驟⑻包括"將 該等每一個委託的來源保持機密”之該步驟。 -24- 本紙張尺度適用中目S家料(CNS) A4規格(210 X 297公釐)--------- 鮮麵 495691 A8 B8 C8 D8One of the cores of the steps represents a single price in the summary of adjacent coordinate columns of the summary. The coordinates have a preferred value of Γ. 127. As for the method of applying for the scope of patent No. 120, further steps include " the step of associating each core with the minimum and maximum total number of shares crossed by the coordinate column of this, i ,. 128 · —A method for matching commissions, including the following steps: a) receiving multiple commissions, each of which has _ sources and associated characteristics; b) maintaining the sources of these multiple commissions Anonymous; c) keeping the characteristics of the multiple commissions confidential; and d) matching at least some of these commissions according to a common satisfaction function 129. For example: the method of patent scope item 128, where Group (consisting of "a trader, a professional member, a market maker, a company, and the combination associated with it") from a source of commission. 130. For the method of applying for the scope of patent No. 128, the entrustment instructions "buy or sell an interest in a security", and from which a group (by the name of the A price of the security, the number of shares in the security, a preferred value for trading the security at a certain price and quantity, the conditions for a special security, a method of buying / selling a commission that should be filled or satisfied, and And the combination of "the composition". The method of No. 128 in the scope of patent application of Jiruo, wherein step & includes the step of " keeping each of these entrusted sources confidential. "-24- This paper standard is applicable to CNS A4 specification ( 210 X 297 mm) --------- Fresh Noodle 495691 A8 B8 C8 D8 申請專利範圍 132·如申請專利範圍第128項之方法，其， 等每-個委託的特徵保持機密”之該步冑C)包括”將孩 肌如申請專利範圍第128項之方法，其中該等委 少買入和賣出一種證券的委託。 匕括至 m.如申請專利範圍第133項之方法，其中該至少 委託表示成-個概要，其中該概要指示買賣 券的多個價格/數量組合，且其中矣 /買出该证 且卉甲每一個價格/數量组合 均有一個外加相關聯的優選值。 、 B5.如申請專利範圍第134項之方法，其中㈣⑷包括該步 驟.精"-個貝入概要其每_個價格/數量組合相關聯的 孩優選值，.、·，-個賣出概要該價格/數量组合相關聯的該 優選值’’、判定多個交叉乘積。 136.如申請專利範圍第135項之方法，其中步驟（d)更進一步 包括”將該等每一個交又乘積以遞增的順序排列"之該步 驟。 137·如申請專利範圍第136項之方法，其中步驟⑷包括"根據 該等排列的交叉乘積、匹配該等買入和賣出概要"。 D8.—種用以交易法定文件之方法，其中藉一個外部主電腦 中的一個匹配引擎匹配該等法定文件，該方法包括以下 步驟： a)從該外部的主電腦中接收一個交易所的一個交易訊 息，指示欲在一個特殊法定文件其至少一個買者和一個 賣者之間執行该一個特殊法定文件的一個交易，其中欲 執行的交易代表該匹配引擎從多個交易委託（以一個滿意 -25- 本紙張尺度適用中國國家標準(CNS) 規格(210 X 297公釐) 裝 訂 495691Patent application scope 132. If the method of patent scope item 128 is applied, this step of waiting for each entrusted feature to be kept secret "C) includes" the method of applying child muscle as patent scope item 128, where the Waiting committees have less mandate to buy and sell a security. The method described in item 133 of the scope of patent application, wherein the at least entrustment is expressed as a summary, where the summary indicates multiple price / quantity combinations of the ticket, and in which the certificate is bought / purchased and Huijia Each price / quantity combination has an associated preferred value. B5. The method according to item 134 of the patent application scope, which includes this step. Refined-a summary of each child's preferred value associated with each price / quantity combination, ..., ·,-sell Summarize the preferred value associated with the price / quantity combination, and determine multiple cross products. 136. The method of claiming scope of patent application 135, wherein step (d) further comprises "the step of arranging each of these cross product in increasing order" ". 137. Method, where step ⑷ includes " according to the permutations of the permutations, matching the buy and sell profiles " D8.—A method for trading legal documents, in which a match is borrowed from an external host computer The engine matches the statutory documents, and the method includes the following steps: a) receiving a transaction message of an exchange from the external host computer, instructing to execute a special statutory document between at least one buyer and one seller A transaction of this special statutory document, in which the transaction to be executed was delegated by the matching engine from multiple transactions (at a satisfaction of 25-this paper size applies Chinese National Standard (CNS) specifications (210 X 297 mm) binding 495691 密度概要的形式輸入，該滿意密度概要代表以多個（價格 ，數I)組合交易一個法定文件的一個滿意等級）中匹配 該買者和該賣者的一個結果； b)於孩交易所中、執行該特殊法定文件該買者和該賣 者^間的交易，由該匹配引擎從該等多個交易者輸入的 該等多個交易委託中、以所有買者和賣者該一個最佳化 的共同滿意產生該交易；及 〇從該交易所中傳遞一個確認訊息給該外部的主電腦 ，指示已執行該特殊法定文件該買者和該賣者之間的交 易0 139.-種用以交易法定文件之方法，其中藉—個外部主電腦 中的一個匹配引擎匹配該等法定文件，該方法包括以下 步驟： a) 接收一個交易所的—個交易訊息，指示欲在一個特 殊法疋文件其至少一個買者和至少一個賣者之間執行該 -個特殊法定文件的一個交易，其中由該匹配引擎根據 滿意密度概要、以所有買者和賣者該—個最佳化的共同 滿意產生欲執行的交易； b) 於該交易所中、執行該特殊法定文件該買者和該賣 者之間的交易；及 〇傳遞-個確認訊息，指示已執行該特殊法定文件該 買者和賣者之間的交易。 M0·-種用以交易法定文件的方法，包括以下步驟·· a)接收一個電子交易訊息，指示欲在-個特殊法定文 -26- 六、申請專利範圍 件其至少一個冒杏 法定文件的一個交易至：：個賣者之間執行該-個特殊 概要、以所有買if:其中由該匹配引擎根據滿意密度 欲執行的交易；者該-個最佳化的共同滿意產生 t C?遞一個電子確認訊息，指 件孩買者和賣者之間的交易。 W殊法疋又 ⑷·一種用以交易法定文件的方法，包括以下步驟. a) 接收-個電子交易訊息，指示欲在 、 件其至少一個買含知$丨、 * 殊法疋又 法定文件的一 4:至二：買者之間執行該-個特殊 概要、以所;^I 其中由孩匹配引擎根據滿意密度 概要W所有只者和賣者該—個最佳又 欲執行的交易；及 ^滿意產生 b) 於-個交易所中、執行該特殊法定 , 賣者之間的交易。 〜Λ者和該 142.如申請專利範圍第141項之方法 :於執行該交易之後，電子化地傳輸-個::;:Γ 個票據交換所、以確定該買者和該賣 疋訊心、.，= — 訊息至少包括該買者的一個識別代碼、，其:確定 、涉及該交易的數量和價格。 買者、法定文件 143·如申請專利範圍第141項之方法，更進一步勺 該交易之後，傳輸一個確任訊息給該買者=括^在執行 認該交易的執行，，之該步驟。 和孩賣者、確 •27-本纸張尺度適用中國國家標準(CNS) A4規格(210X297公釐) 495691 A8 B8 C8 ----D8 ______ 六、申請專利範圍 144·如申請專利範園第141項之方法，更進一步包括"傳輪一 個訊息給一個市場資料記錄服務、指示該交易的一個結 果"之該步驟。 145. —樓電腦執行的交易系統，其中一個交叉網路匹配法定 文件的委託，並以一個滿意密度概要表示每一個委託， 該電腦執行的交易系統包括： a) 用以接收一個交易訊息之裝置，指示欲在一個買者 和一個賣者之間執行一個交易，其中由該交叉網路的一 個匹配產生欲執行的交易，該接收裝置和該交叉網路輪 合； b) 用以在該交易訊息中識別的該買者和該賣者之間、 執行該交易訊息中接收到的該法定文件的交易之裝置； 及 c) 用以傳輸一個確認訊息之裝置，確認已執行該交易 訊息中識別的該交易。 146·—個用以交易多個法定文件的交易所，其中一個外部電 腦匹配該等多個法定文件的委託，且其中以一個滿意密 度概要代表每一個委託，該交易所包括一個程式化成如 下的電腦： a) 從該外部電腦接收多個交易訊息，該等交易訊息每 一個札7F —個欲在一個買者和一個賣者之間執行的交易 •，及 b) 執行該等交易每一個，其中係以該等多個交易訊息 中識別的該等法定文件中的該等多個交易訊息表示該等 -28 - 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公釐) 495691 陰.Ad iL含 本 Μ 無a戶 變In 1ί年 W η < ή At f " 蠔叫 iL·槎 e t 六、申請專利範圍交易每一個，且該等交易每一 中識別的該等買者和賣者之間/系在❹^個叉易訊息 W如申請專利範固第146項之交易所，其中該 ==傳:個確認訊息，確認已執行該等多個交易 矾心所表不的該等交易之每一個。 ::專利範圍第则之交易所，其中該法定文件包149:::專利範圍第Μ項之交易所，其中該法定文件包 150.如申請專利範圍第146項之交易所 括通貨。 15L如申請專利範圍第146項之交易所 括債券。 152·如申請專利範圍第146項之交易所 括貝買選擇權（options)。 153·如申請專利範圍第146項之交易所 括商品。 154·如申請專利範圍第146項之交易所 括衍生物。 155·如申請專利範圍第146項之交易所 括保險合約。 156·如申請專利範圍第146項之交易所 括飛機票。 μ如申請專利範圍第146項之交易所，其中該法定文件包 其中該法定文件包 其中該法定文件包 其中該法定文件包 其中該法定文件包 其中該法定文件包 其中該法定文件包 其中該法定文件包 -29 - 本紙張尺度適用中國國家標準(CNS) A4规格(210X297公釐) 495691 A BCD 险正本有無變史^贺内.^夂€'^1-餘^.< 六、申請專利範圍 括貨物的合約。 158.如申請專利範圍第146項之交易所，其中該法定 括電腦晶片。 i59·如申請專㈣圍第146項之交易所，其中該法定 括音樂會票。 如申請專利範圍第146項之交易所，其中在正常的時間 區間上接收該等交易訊息。 161·—種適合匹配委託的交叉網路，包括： 個匹配控制器電腦，程式化成（i)接收委託，其中該 .光包括一個滿意密度概要，表示以多個（價格，數量 )組合^易的一個滿意等級；（ii)將買入委託的滿意密$ 概要和買出委光的滿意达、度概要配成對；（i i i)對每一對 滿意密度概要計算一個互相滿意函數，表示一個互相滿 意的等級，及（i v)將該等互相滿意函數排列分級（) 〇 162·如申請專利範圍第161項之交叉網路，更進一步包括至 少一個和該匹配控制器電腦耦合的交易者終端機。 163·如申請專利範圍第162項之交叉網路，更進一步包括一 個通訊網路，其中該至少一個交易者終端機經由該通訊 網路和該匹配控制器電腦耦合。 164.如申請專利範圍第162項之交叉網路，其中該等委乾中 至少有一部分從該至少一個交易者終端機傳輸給該匹配 控制器電腦。 165·如申請專利範圍第161項之交叉網路，其中該匹配控制 -30- 本紙張尺度適用中國國家標準(CNS) A4規格(210X297公嫠) 495691 A8 B8 C8 修、ρ "— --------D8 | 六、申請專利範圍 名；： 器電腦更進一步程式化成根據該排列分級而匹配買入和 賣出委託。 166·如申請專利範圍第！ 62項之交叉網路，其中該匹配控制器 >4s ί.?/ v:;tffiE( 電腦更進一步程式化成從相同排列分級的互相滿意函數 之間選取。 167. —種用以匹配買入委託和賣出委託之方法，包括以下步 驟： a) 接收多個買入和賣出委託，其中每一個委託為一個 二維的優選概要之形式，每一個優選概要包括多個價格/ 數量坐‘，每一個坐標具有一個與其相關聯的優選值； b) 從多個買入優選概要中產生一組買入核心，並從多 個買出優選概要中產生一組賣出核心，每一個核心包括 多個具有在一個容量範圍之間、在一個特殊價格上具一 個最大優選值之鄰近的坐標； c) 從一組核心中選取一個核心； d) 集合多個反方核心、以填滿一個交易價格上該選取 核心的容量；及 e) 增量地增加該選取核心的該交易價格。 168.如申請專利範圍第167項之方法，更進_ | 艾包括選取一 個具取有積極交易價格的核心。 量地 169·如申請專利範圍第168項之方法，更淮—止 增加遠選取核心的交易價格，直到偵測出〜 ,_ 步包括增 個用以交易 的有效數量減少為止。 170·—種用以交易法定文件之方法，包括以下步輝 -31 本紙張尺度適用中國國家標準(CNS) Α4規格(210 X 297公釐） 495691 A8 B8 C8 _ D8 堂本— wtt#員，， 、申請專利範圍 a) 接收多個反方委託，用以交易一個法定文件； b) 啟始每一個委託的部分； c) 選取一個委託的一個啟始部分，以為此在一個數量 範圍内以一個交易價格嘗試一個交易； d) 集合多個反方啟始的部分，以填滿該交易價格上該 選取啟始部分的數量；及 e) 嘗試增加該選取啟始部分的該交易價格。 171•—種用以匹配委託的方法，包括： a) 根據一個證券的買入和賣出委託產生多個買入和賣 出核心，其中每一個核心具有該證券的一個交易者願意 買入/賣出該證券之價格、該交易者願意買入/賣出該證 券的最小和最大量以及與其相關的優先順序特徵； b) 根據該等優先順序特徵排序該買入和賣出核心； c) 從等排序的買入和賣出核心中選取一個買入/賣出核 心；及 d) 對照在該核心相關聯的價格上的該選取的買入/賣 出核心、集合賣出/買入核心。 172·如申請專利範圍第171項之方法，更進一步包括以下步 驟： e) 變更該選取核心的價格； f) 對照在該變更的價格上的該選取的買入/賣出核心集 合賣出/買入核心；及 g) 以該變更的價格、執行與該核心相關聯之該證券的 一個交易。 -32- 本紙張尺度適用中國國家標準(CNS) A4規格(210X 297公嫠)Input in the form of a density profile, which represents a result that matches the buyer and the seller in multiple (price, number I) combination transactions of a statutory document; b) in a child exchange 2. To execute the transaction between the buyer and the seller ^ in the special legal document, the matching engine shall select the best one among all the buyers and sellers among the multiple transaction orders entered by the multiple traders. The common satisfaction generated by the transaction resulted in the transaction; and 0 a confirmation message was passed from the exchange to the external host computer, indicating that the special legal document had been executed. The transaction between the buyer and the seller was 0 139. The method of trading legal documents, in which a matching engine in an external host computer is used to match the legal documents, the method includes the following steps: a) receiving a transaction message of an exchange, indicating that it is intended to use a special law A transaction between the at least one buyer and at least one seller executes a transaction of the special legal document, in which the matching engine The seller and the seller are optimised and jointly satisfied to generate the transaction to be executed; b) in the exchange, execute the transaction between the buyer and the seller in the special legal document; and 0 pass the confirmation A message indicating that the transaction between the buyer and seller of the special legal document has been executed. M0-A method for trading legal documents, including the following steps: a) Receive an electronic transaction message indicating that you want to submit a special legal document in a special legal document. A transaction to :: the seller executes this special profile, and all buys if: where the matching engine wants to execute the transaction according to the satisfaction density; the optimized mutual satisfaction generates t C? An electronic confirmation message that refers to a transaction between a buyer and a seller. A special method for trading legal documents, including the following steps. A) Receive an electronic transaction message indicating that you want to buy at least one of the documents containing $ 丨, * special laws and legal documents 1-4: to 2: the buyer executes this special profile, so ^ I where the child matching engine summarizes all the sellers and sellers according to the density of satisfaction, the best transaction to execute; And ^ Satisfaction results in b) the execution of the special statutory, seller-to-seller transaction in an exchange. ~ Λ 者 and the 142. Method of applying for patent No. 141: After executing the transaction, electronically transmit one ::;: Γ clearing house to identify the buyer and the seller. ,., = — The message includes at least an identification code of the buyer, which: determines, relates to the quantity and price of the transaction. Buyer, statutory documents 143. If the method of applying for the scope of patent application No. 141 is applied, after the transaction, a confirmation message is transmitted to the buyer = including the execution of the transaction, and this step. And child sellers, indeed • 27- This paper size is applicable to Chinese National Standard (CNS) A4 specification (210X297 mm) 495691 A8 B8 C8 ---- D8 ______ VI. Application scope 144 The 141-item method further includes "the step of transmitting a message to a market data recording service, indicating a result of the transaction". 145. —The computer-implemented trading system, in which a cross-network matches the mandate of legal documents, and each commission is represented with a satisfactory density profile. The computer-implemented trading system includes: a) a device for receiving a transaction message , Indicating that a transaction is to be executed between a buyer and a seller, wherein a transaction to be executed is generated by a match of the cross network, and the receiving device and the cross network are rotated in turn; b) is used for the transaction A device between the buyer and the seller identified in the message to execute the transaction of the legal document received in the transaction message; and c) a device for transmitting a confirmation message to confirm that the identification in the transaction message has been performed Of the transaction. 146 · —An exchange used to trade multiple statutory documents, where an external computer matches the mandates of the multiple statutory documents, and each of them is represented by a satisfactory density profile, the exchange includes a programmatically Computer: a) receiving multiple transaction messages from the external computer, each of which is 7F-a transaction to be performed between a buyer and a seller •, and b) each of these transactions, Among them, the -28-this paper size applies the Chinese National Standard (CNS) A4 specification (210X297 mm) 495691 Yin. Ad iL contains this M without a household change In 1 年 year W η < price At f " Oi called iL · 槎 et 6. Each patent application scope transaction, and the buyer and Among the sellers / dealers, there are ^^ forkyi messages, such as the exchange of patent application No. 146, where == a confirmation message confirming that these multiple transactions have not been performed. Each of these transactions:: The exchange of the scope of patent scope, where the statutory document package 149 ::: The exchange of scope of the patent scope M, where the statutory package 150. If the exchange of the scope of application for patent scope 146 includes currency. 15L, such as the exchange of patent application No. 146 including bonds. 152. In the case of the 146th scope of the patent application, the options include options. 153. If the patent application scope No. 146 includes commodities. 154. If the patent application scope 146 includes the derivatives. 155. If the patent application scope No. 146 includes the insurance contract. 156. If the exchange for which the scope of patent application is No. 146 includes air tickets. μIf the exchange applying for the scope of patent No. 146, wherein the statutory document package among the statutory document package among the statutory document package among the statutory document package among the statutory document package among the statutory document package among the statutory document package among which the statutory Document Pack-29-This paper size applies Chinese National Standard (CNS) A4 (210X297mm) 495691 A BCD Is there any change in the original of the insurance ^ Hei. ^ 夂 € '^ 1- 余 ^. ≪ VI. Patent Application The scope includes contracts for goods. 158. The exchange applying for item 146 of the patent scope, wherein the legal order includes computer chips. i59. If you apply for an exchange specifically for item 146, the statutory number includes concert tickets. For example, the exchange applying for item 146 of the patent scope, in which the transaction information is received within the normal time interval. 161 · —A kind of cross network suitable for matching commissions, including: a matching controller computer, programmed into (i) receiving commissions, where the light includes a summary of satisfactory density, indicating that multiple (price, quantity) combinations are used. (Ii) pairing the summary of the satisfaction order $ of the purchase order with the satisfaction level and degree summary of the purchase commission; (iii) calculating a mutual satisfaction function for each pair of satisfaction density profiles, indicating a Levels of mutual satisfaction, and (iv) ranking of these mutually satisfactory functions () 162. If the cross-network of the scope of patent application No. 161, further includes at least one trader terminal coupled to the matching controller computer machine. 163. If the cross-connection network of the patent application No. 162 further includes a communication network, the at least one trader terminal is coupled to the matching controller computer via the communication network. 164. In the cross-network of claim 162, at least a part of the delegations is transmitted from the at least one trader terminal to the matching controller computer. 165 · If the cross-network of the scope of application for patent No. 161, where the matching control -30- This paper size is applicable to Chinese National Standard (CNS) A4 specifications (210X297 cm) 495691 A8 B8 C8 ------ D8 | 6. Name of patent application scope: The computer is further programmed to match the buy and sell orders according to the ranking. 166 · If the scope of patent application is the first! A crossover network of 62 items, in which the matching controller > 4s ί.? / V:; tffiE (The computer is further programmed to select from mutually satisfactory functions in the same arrangement and ranking. 167.-a kind of matching buy The method of commissioning and selling commissions includes the following steps: a) receiving multiple buy and sell commissions, each of which is in the form of a two-dimensional preferred summary, each preferred summary includes multiple price / quantity sits' , Each coordinate has a preferred value associated with it; b) generating a set of buying cores from multiple buying preference profiles, and generating a set of selling cores from multiple buying preference profiles, each core includes Multiple adjacent coordinates with a maximum preferred value at a particular price between a range of capacity; c) selecting a core from a set of cores; d) collecting multiple contrarian cores to fill a transaction price The capacity of the selected core; and e) incrementally increasing the transaction price of the selected core. 168. If the method of applying for the scope of patent application No. 167, go further _ | Ai includes selecting a core with a positive transaction price. Quantitatively 169. If the method of applying for the scope of patent application No. 168 is more effective-increase the transaction price of the selected core until it detects ~~, the step includes increasing the effective quantity for trading and reducing it. 170 · —A method for trading statutory documents, including the following steps Hui-31 This paper size applies Chinese National Standard (CNS) A4 specifications (210 X 297 mm) 495691 A8 B8 C8 _ D8 Domoto — wtt # member ,, Scope of patent application a) Receive multiple counter-party commissions to trade a legal document; b) Initiate the part of each commission; c) Select an initiation part of a commission to do this in one transaction within a range of quantities The price attempts a transaction; d) aggregates the initiation of multiple opposing parties to fill the number of the selected initiation portion on the transaction price; and e) attempts to increase the transaction price of the selected initiation portion. 171 • —A method to match commissions, including: a) Generate multiple buy and sell cores based on a security's buy and sell commissions, each of which has a trader willing to buy / The price at which the security was sold, the minimum and maximum quantities the trader was willing to buy / sell the security, and the priority characteristics associated with it; b) the core of the buying and selling according to these priority characteristics; c) Select a buy / sell core from the equally ordered buy and sell cores; and d) compare the selected buy / sell core and collective sell / buy core at the price associated with the core . 172. If the method of claim 171 is applied, the method further includes the following steps: e) changing the price of the selected core; f) comparing the selected buy / sell core set at the changed price to sell / Buy the core; and g) execute a transaction for the security associated with the core at the changed price. -32- This paper size applies to China National Standard (CNS) A4 (210X 297 cm)