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1. (WO2018200569) SYSTEMS AND METHODS FOR PREVENTION OF MANIPULATION AND GAMING IN ELECTRONIC INTRADAY AUCTIONS

Pub. No.:    WO/2018/200569    International Application No.:    PCT/US2018/029199
Publication Date: Fri Nov 02 00:59:59 CET 2018 International Filing Date: Wed Apr 25 01:59:59 CEST 2018
IPC: G06Q 40/00
Applicants: GOLDMAN SACHS & CO. LLC
Inventors: BRENNAN, Paul M.
BROUSSIN, Charles
Title: SYSTEMS AND METHODS FOR PREVENTION OF MANIPULATION AND GAMING IN ELECTRONIC INTRADAY AUCTIONS
Abstract:
This disclosure provides systems and methods for prevention of manipulation and gaming in electronic intraday auctions. The system includes using at least one processing device (202) for obtaining orders related to an asset from an electronic trading system (100). The system includes using at least one processing device for identifying a value for the asset to be used during an intraday auction (504) involving the asset. The identified value is based on a detected order cross (506) within the orders. The value is identified and set prior to the intraday auction. The value is located within a best bid and best offer spread (BBO) band (502). The system includes using at least one processing device to for initiating the intraday auction involving the asset based on the identified and set value and the detected order cross. Changes to the BBO band during the intraday auction do not affect the identified and set value.