Method and Apparatus For A Fair Exchange

Abstract

A fair exchange is disclosed to reduce potential inequities in an electronic trading environment. Market data is sent from a host system to client devices through one or more synchronized local communication servers such that the data can be displayed simultaneously or nearly simultaneously at each client device. Market data sent to client devices might include price information. Likewise, a host system may transaction data sent from client devices via the local communication servers. The ordering of transaction data is based, at least in part, on when the local communication servers received the transaction data from the client devices. Transaction data sent to a host system might include order information.

1 . (canceled) 
     
     
         2 . A method including:
 establishing by an exchange host system a plurality of travel times, wherein each travel time of the plurality of travel times is from the exchange host system to one of a plurality of network devices, wherein each network device of the plurality of network devices is in communication with a respective client device;   arranging by the exchange host system, in a look-up table, the travel times in an order of longest to shortest travel times;   generating by the exchange host system a first market data message for a tradable object;   setting by the exchange host system a pointer to one of the plurality of network devices with a longest travel time;   sending by the exchange host system the first market data message to the one of the plurality of network devices with the longest travel time;   entering by the exchange host system a loop including:
 incrementing the pointer to the next network device in the look-up table; 
 determining a difference in travel times between the network device indicated by the pointer and the previous network device in the look-up table; 
 waiting for a period of time equal to the difference in travel times; 
 sending the first market data message from the exchange host system to the network device indicated by the pointer; and 
 executing the loop until the pointer is pointing to the last network device in the look-up table. 
   
     
     
         3 . The method of  claim 2 , further including:
 storing by the exchange host system the look-up table in a memory of the exchange host system.   
     
     
         4 . The method of  claim 2 , wherein each of the plurality of network devices is geographically positioned at approximately the same location as the respective client device. 
     
     
         5 . The method of  claim 2 , wherein the exchange host system has access to a synchronized clock. 
     
     
         6 . The method of  claim 2 , wherein each travel time includes at least a portion of a travel time from the exchange host system to the respective client device associated with the network device that the travel time is in respect of. 
     
     
         7 . The method of  claim 2 , wherein each of the plurality of network devices, upon receiving the first market data message, releases the first market data message to the respective client device. 
     
     
         8 . The method of  claim 2 , wherein each of the plurality of network devices is under control of the exchange host system.