DETAILED ACTION
This Non-Final Office Action is in response to the application filed on 08/21/2026 and the Preliminary Amendment filed on 08/22/2026.
Notice of Pre-AIA or AIA Status
The present application is being examined under the pre-AIA first to invent provisions.
Claim Rejections - 35 USC § 101
35 U.S.C. 101 reads as follows:
Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefor, subject to the conditions and requirements of this title.
Claims 2-21 are rejected under 35 U.S.C. 101 because the claimed invention is directed to a judicial exception (i.e., a law of nature, a natural phenomenon, or an abstract idea) without significantly more.
As an initial matter, the claims as a whole are to a process, a manufacture and an apparatus, which falls within one or more statutory categories. (Step 1: YES) The recitation of the claimed invention is then further analyzed as follow, in which the abstract elements are boldfaced.
Claim 2 recites:
A method including:
receiving, by a coordination hub, during a coordination interval, a first coordinated order from a first matching engine, wherein the coordination hub is in communication with the first matching engine and a second matching engine, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first matching engine matches orders for the first tradeable object, wherein the second matching engine matches orders for the second tradeable object;
receiving, by the coordination hub, first market information data from the first matching engine associated with the first tradeable object; receiving, by the coordination hub, second market information data from the second matching engine associated with the second tradeable object;
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; and
notifying, by the coordination hub, the first matching engine and the second matching engine of the match.
Claim 3 recites:
establishing, by the coordination hub, a first connection between the coordination hub and the first matching engine; and establishing, by the coordination hub, a second connection between the coordination hub and the second matching engine.
Claim 4 recites:
wherein the first coordinated order is one of a cross-exchange spread or an if-and-only-if (IFF) order.
Claims 5 and 12 recite:
wherein the first matching engine is at a first electronic exchange, wherein the second matching engine is at a second electronic exchange.
Claims 6, 13 and 18 recite:
wherein the first market information data includes data related to one or more contra-side trade orders with respect to a first portion of the first coordinated order associated with the first tradeable object, wherein the second market information data includes data related to one or more contra-side trade orders with respect to a second portion of the first coordinated order associated with the second tradeable object.
Claims 7, 14 and 19 recite:
wherein the coordination interval overlaps with the matching interval.
Claim 8 recites:
wherein the coordination hub is centralized.
Claims 9, 15 and 20 recite:
receiving, by the coordination hub, during the coordination interval, a second coordinated order;
determining, by the coordination hub, during the matching interval, no match for the second coordinated order; and
maintaining, by the coordination hub, the second coordinated order until a subsequent matching interval.
Claims 10, 16 and 21 recite:
determining, by the coordination hub, during the subsequent matching interval, no match for the second coordinated order; and cancelling, by the coordination hub, the second coordinated order.
Claim 11 recites:
A tangible, non-transitory computer readable medium including instructions that, when executed, cause at least one processor to perform a set of operations including:
receiving, by a coordination hub, during a coordination interval, a first coordinated order from a first matching engine, wherein the coordination hub is in communication with the first matching engine and a second matching engine, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first matching engine matches orders for the first tradeable object, wherein the second matching engine matches orders for the second tradeable object;
receiving, by the coordination hub, first market information data from the first matching engine associated with the first tradeable object;
receiving, by the coordination hub, second market information data from the second matching engine associated with the second tradeable object;
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; and
notifying, by the coordination hub, the first matching engine and the second matching engine of the match.
Claim 17 recites:
A system including:
at least one processor; and
a tangible, non-transitory computer readable medium including instructions that, when executed, cause the at least one processor to perform a set of operations including:
receiving, by a coordination hub, during a coordination interval, a first coordinated order from a first matching engine, wherein the coordination hub is in communication with the first matching engine and a second matching engine, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first matching engine matches orders for the first tradeable object, wherein the second matching engine matches orders for the second tradeable object;
receiving, by the coordination hub, first market information data from the first matching engine associated with the first tradeable object;
receiving, by the coordination hub, second market information data from the second matching engine associated with the second tradeable object;
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; and
notifying, by the coordination hub, the first matching engine and the second matching engine of the match.
Based on the limitations above, the claims describe a process that covers coordinating trade orders match. Coordinating trade orders match manages forming of a financial agreement (trade) and is considered to be a commercial interaction, which falls within the “Certain Methods or Organizing Human Activity” grouping of abstract ideas. As such, the claim(s) recite(s) a Judicial Exception. (Step 2A prong one: Yes)
This analysis then evaluates whether the claims as a whole integrates the recited Judicial Exception into a practical application of the exception. In particular, the claims recite the additional element(s) of “hub” (computing) as a mere tool to perform the … steps of the Judicial Exception, which encompasses no more than Mere Instruction to Apply.
For example, the limitation “receiving, by a coordination hub, during a coordination interval, a first coordinated order from a first matching engine, wherein the coordination hub is in communication with the first matching engine and a second matching engine, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first matching engine matches orders for the first tradeable object, wherein the second matching engine matches orders for the second tradeable object” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of a trade coordinator communicating with a first order matcher and a second order matcher, each matches order for a tradeable object, and receiving a first coordinated order from the first order matcher;
the limitation “receiving, by the coordination hub, first market information data from the first matching engine associated with the first tradeable object” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator receiving first market information data from the first order matcher associated with the first tradeable object;
the limitation “receiving, by the coordination hub, second market information data from the second matching engine associated with the second tradeable object” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator receiving second market information data from the second order matcher associated with the second tradeable object;
the limitation “determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator determining a match for the first coordinated order;
the limitation “notifying, by the coordination hub, the first matching engine and the second matching engine of the match” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator notifying the first and second order matcher of the match;
the limitation “establishing, by the coordination hub, a first connection between the coordination hub and the first matching engine; and establishing, by the coordination hub, a second connection between the coordination hub and the second matching engine” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator communicating with a first order matcher and a second order matcher;
the limitation “receiving, by the coordination hub, during the coordination interval, a second coordinated order” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator receiving a second coordinated order;
the limitation “determining, by the coordination hub, during the matching interval, no match for the second coordinated order” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator determining no match for the second coordinated order during the matching interval;
the limitation “maintaining, by the coordination hub, the second coordinated order until a subsequent matching interval” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator maintain the second coordinated order until a subsequent matching interval;
the limitation “determining, by the coordination hub, during the subsequent matching interval, no match for the second coordinated order; and cancelling, by the coordination hub, the second coordinated order” encompasses no more than generically invoking a computing hub to apply the Judicial Exception step of the trade coordinator determining no match for the second coordinated order during the subsequent matching interval and cancelling the second coordinated order.
Other than being generally linked to the steps of the Judicial Exception, the additional elements in the above step(s) is/are recited at a high-level of generality, without technological detail of how the particular steps are performed technologically.
The additional element(s) of “memory” and/or “non-transitory storage medium” are generically recited to store data and/or instructions of the Judicial Exception.
The examiner further noted generic computer affixes such as “hub” or “engine” are invoked in place of elements the Judicial Exception such as trade coordinator and order matcher, but found that to be mere instructions to implement the Judicial Exception idea on a computer.
Indeed, the instant claims (1) attempted to cover a solution to an identified problem with no restriction on how the result is accomplished and no description of the mechanism for accomplishing the result; (2) used of a computer or other machinery in its ordinary capacity for economic or other tasks or simply added a general purpose computer or computer components after the fact to the Judicial Exception and (3) generally applied the Judicial Exception to a generic computing environment without limitation indicative of practical application (See MPEP 2106.04(d)I). Thus, the claims are no more than Mere Instruction to Apply the Judicial Exception (See MPEP 2106.05(f)) or adding insignificant extra-solution activity to the judicial exception (See MPEP 2106.05(g)), which do not integrate the cited Judicial Exception into practical application (Step 2A prong two: No) The claims are directed to a Judicial Exception.
The claim does not include additional elements that are sufficient to amount to significantly more than the judicial exception. As discussed above with respect to integration of the abstract idea into a practical application, the additional element of using a computing hub to coordinate trade orders amount to no more than mere instructions to apply the exception using generic computer components. Mere instructions to apply an exception using a generic computer component cannot provide an inventive concept. Dependent claim 4-8, 12-14 and 18-19 merely limit the abstract idea but do not recite any additional element beyond the cited abstract idea, thus, do not amount to significantly more. No additional element currently recited in the claims amount the claims to be significantly more than the cited abstract idea. (Step 2B: No)
Therefore, claims 2-21 are rejected under 35 U.S.C. 101 as being directed to non-statutory subject matter.
Claim Rejections - 35 USC § 103
The following is a quotation of pre-AIA 35 U.S.C. 103(a) which forms the basis for all obviousness rejections set forth in this Office action:
(a) A patent may not be obtained though the invention is not identically disclosed or described as set forth in section 102, if the differences between the subject matter sought to be patented and the prior art are such that the subject matter as a whole would have been obvious at the time the invention was made to a person having ordinary skill in the art to which said subject matter pertains. Patentability shall not be negated by the manner in which the invention was made.
Claim 2-8, 11-14 and 17-19 is/are rejected under pre-AIA 35 U.S.C. 103(a) as being unpatentable over Callaway et al. (US 2010/0017321) in view of Troxel, Jr. et al. (US 7788163)
As per claim 2, Callaway teaches a method comprising:
receiving, by a coordination hub, during a coordination interval, a first coordinated order, from a first matching engine, wherein the coordination hub is in communication with the a first matching engine first orderbook and a second orderbook, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first orderbook matches orders for the first tradeable object, wherein the second orderbook matches orders for the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036, the Implied Spread Module is functionality equivalent to the coordination hub)
receiving, by the coordination hub, first market information data from the first orderbook associated with the first tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
receiving, by the coordination hub, second market information data from the second orderbook associated with the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; (See Callaway Paragraph 0027 and 0031-0036) and
notifying, by the coordination hub, the first matching of the match. (See Callaway Paragraph 0027 and 0031-0036)
Callaway does not explicitly teach that the two order books are maintained by to two separate matching engines and that the coordination hub communicate with two separate matching engines.
Troxel, Jr. teaches multiple matching engine each having an order book on its own. (See Troxel, Jr. Col. 4 Line 9-21)
It would have been obvious to one of ordinary skill in the art at the time of the effective filing date to modify the order spread system taught by Callaway with teaching from Troxel, Jr. to communicate with a second matching engine having a second orderbook. One of ordinary skill in the art would have been motivated as it is a simple substitution of one known element (one matching engine holding a plurality of orderbooks) for another (one matching engine per orderbook) to yield predictable result. (now communicate with more than one matching engines)
As per claim 11, Callaway teaches a tangible, non-transitory computer readable medium including instructions that, when executed, cause at least one processor to perform a set of operations including:
receiving, by a coordination hub, during a coordination interval, a first coordinated order, from a first matching engine, wherein the coordination hub is in communication with the a first matching engine first orderbook and a second orderbook, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first orderbook matches orders for the first tradeable object, wherein the second orderbook matches orders for the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036, the Implied Spread Module is functionality equivalent to the coordination hub)
receiving, by the coordination hub, first market information data from the first orderbook associated with the first tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
receiving, by the coordination hub, second market information data from the second orderbook associated with the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; (See Callaway Paragraph 0027 and 0031-0036) and
notifying, by the coordination hub, the first matching of the match. (See Callaway Paragraph 0027 and 0031-0036)
Callaway does not explicitly teach that the two order books are maintained by to two separate matching engines and that the coordination hub communicate with two separate matching engines.
Troxel, Jr. teaches multiple matching engine each having an order book on its own. (See Troxel, Jr. Col. 4 Line 9-21)
It would have been obvious to one of ordinary skill in the art at the time of the effective filing date to modify the order spread system taught by Callaway with teaching from Troxel, Jr. to communicate with a second matching engine having a second orderbook. One of ordinary skill in the art would have been motivated as it is a simple substitution of one known element (one matching engine holding a plurality of orderbooks) for another (one matching engine per orderbook) to yield predictable result. (now communicate with more than one matching engines)
As per claim 17, Callaway teaches a system comprising:
at least one processor; and a tangible, non-transitory computer readable medium including instructions that, when executed, cause the at least one processor to perform a set of operations including:
receiving, by a coordination hub, during a coordination interval, a first coordinated order, from a first matching engine, wherein the coordination hub is in communication with the a first matching engine first orderbook and a second orderbook, wherein the first coordinated order is associated with a first tradeable object and a second tradeable object, wherein the first orderbook matches orders for the first tradeable object, wherein the second orderbook matches orders for the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036, the Implied Spread Module is functionality equivalent to the coordination hub)
receiving, by the coordination hub, first market information data from the first orderbook associated with the first tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
receiving, by the coordination hub, second market information data from the second orderbook associated with the second tradeable object; (See Callaway Paragraph 0027 and 0031-0036)
determining, by the coordination hub, during a matching interval, a match for the first coordinated order based on the first market information data and the second market information data; (See Callaway Paragraph 0027 and 0031-0036) and
notifying, by the coordination hub, the first matching of the match. (See Callaway Paragraph 0027 and 0031-0036)
Callaway does not explicitly teach that the two order books are maintained by to two separate matching engines and that the coordination hub communicate with two separate matching engines.
Troxel, Jr. teaches multiple matching engine each having an order book on its own. (See Troxel, Jr. Col. 4 Line 9-21)
It would have been obvious to one of ordinary skill in the art at the time of the effective filing date to modify the order spread system taught by Callaway with teaching from Troxel, Jr. to communicate with a second matching engine having a second orderbook. One of ordinary skill in the art would have been motivated as it is a simple substitution of one known element (one matching engine holding a plurality of orderbooks) for another (one matching engine per orderbook) to yield predictable result. (now communicate with more than one matching engines)
As per claim 3, Callaway in view of Troxel, Jr. teaches:
establishing, by the coordination hub, a first connection between the coordination hub and the first matching engine; and establishing, by the coordination hub, a second connection between the coordination hub and the second matching engine. (See Callaway Paragraph 0027 and 0031-0036 and Troxel, Jr. Col. 4 Line 9-21)
As per claim 4, Callaway in view of Troxel, Jr. teaches:
wherein the first coordinated order is one of a cross-exchange spread or an if-and-only-if (IFF) order. (See Callaway Paragraph 0027)
As per claims 5 and 12, Callaway in view of Troxel, Jr. teaches:
wherein the first matching engine is at a first electronic exchange, wherein the second matching engine is at a second electronic exchange. (See Callaway Paragraph 0027 and 0031-0036 and Troxel, Jr. Col. 4 Line 9-21)
As per claims 6, 13 and 18, Callaway in view of Troxel, Jr. teaches:
wherein the first market information data includes data related to one or more contra-side trade orders with respect to a first portion of the first coordinated order associated with the first tradeable object, wherein the second market information data includes data related to one or more contra-side trade orders with respect to a second portion of the first coordinated order associated with the second tradeable object. (See Callaway Paragraph 0027 and 0031-0036)
As per claims 7, 14 and 19, Callaway in view of Troxel, Jr. teaches:
wherein the coordination interval overlaps with the matching interval. (See Callaway Paragraph 0027 and 0031-0036)
As per claim 8, Callaway in view of Troxel, Jr. teaches:
wherein the coordination hub is centralized. (See Callaway Paragraph 0027 and 0031-0036 and Troxel, Jr. Col. 4 Line 9-21)
Claim 9-10, 15-16 and 20-21 is/are rejected under pre-AIA 35 U.S.C. 103(a) as being unpatentable over Callaway et al. (US 2010/0017321) in view of Troxel, Jr. et al. (US 7788163) further in view of Official Notice.
As per claims 9, 15 and 20, Callaway in view of Troxel, Jr. teaches:
receiving, by the coordination hub, during the coordination interval, a second coordinated order; (See Callaway Paragraph 0027 and 0031-0036)
but does not teach:
determining, by the coordination hub, during the matching interval, no match for the second coordinated order; and
maintaining, by the coordination hub, the second coordinated order until a subsequent matching interval
Official Notice is taken that maintaining unmatched order for a subsequent matching interval is a common practice in the financial industry, such as a good-til-cancel order.
It would have been obvious to one of ordinary skill in the art at the time of the effective filing date to modify the order spread system taught by Callaway in view of Troxel, Jr. with common industry practice to maintain unmatched order for a subsequent matching interval. One of ordinary skill in the art would have been motivated as it eases the burden of a market participant to reenter the order for each matching interval.
As per claims 10, 16 and 21, Callaway in view of Troxel, Jr. does not teach:
determining, by the coordination hub, during the subsequent matching interval, no match for the second coordinated order; and cancelling, by the coordination hub, the second coordinated order.
Official Notice is taken that cancelling unmatched order after not matching in subsequent matching interval is a common practice in the financial industry, such as a good-til-date order or a good-til-time order.
It would have been obvious to one of ordinary skill in the art at the time of the effective filing date to modify the order spread system taught by Callaway in view of Troxel, Jr. with common industry practice cancel unmatched order after not matching in subsequent matching interval. One of ordinary skill in the art would have been motivated as it allows a market participant to control exposure of position.
Conclusion
Any inquiry concerning this communication or earlier communications from the examiner should be directed to CHO KWONG whose telephone number is (571)270-7955. The examiner can normally be reached 9am - 5pm EST M-F.
Examiner interviews are available via telephone, in-person, and video conferencing using a USPTO supplied web-based collaboration tool. To schedule an interview, applicant is encouraged to use the USPTO Automated Interview Request (AIR) at http://www.uspto.gov/interviewpractice.
If attempts to reach the examiner by telephone are unsuccessful, the examiner’s supervisor, MICHAEL W ANDERSON can be reached at 571-270-0508. The fax phone number for the organization where this application or proceeding is assigned is 571-273-8300.
Information regarding the status of published or unpublished applications may be obtained from Patent Center. Unpublished application information in Patent Center is available to registered users. To file and manage patent submissions in Patent Center, visit: https://patentcenter.uspto.gov. Visit https://www.uspto.gov/patents/apply/patent-center for more information about Patent Center and https://www.uspto.gov/patents/docx for information about filing in DOCX format. For additional questions, contact the Electronic Business Center (EBC) at 866-217-9197 (toll-free). If you would like assistance from a USPTO Customer Service Representative, call 800-786-9199 (IN USA OR CANADA) or 571-272-1000.
/CHO YIU KWONG/Primary Examiner, Art Unit 3693
Prosecution Insights