Iex Group, Inc.

Lex Group, Inc.

Adrian Facini

Robert Park

Bradley Toshio Katsuyama

Daniel Aisen

Francis Chung

Constantine Sokoloff

Donald Bollerman

Matthew Norbert Trudeau

Benjamin Aaron Small

In order to protect a trading party from predatory trading strategies employed by some market participants, especially during certain periods when quotes for a particular security are experiencing rapid changes or transitions, embodiments of the present invention facilitate and support a new type of trading orders whose booking and execution behaviors are dynamically varied in response to environmental market conditions. Pursuant to predefined rules for the new type of trading orders, the orders may be allowed to trade at more aggressive price levels if the market is relatively stable, and the orders can only trade at less aggressive price levels when the market is unstable.

Dynamic peg orders in an electronic trading system

A specialized memory structure is provided for storing parts of orders received at an electronic trading system. A received order is divided into a displayed portion and a non-displayed portion, and each portion is allocated to a respective part of the memory structure. The memory structure is configured such that while matching the order with a contra order, priority is given to the displayed portion over the non-displayed portion. If such a match occurs, the displayed portion may be replenished. The matching in the non-displayed portion generally occurs according to rules of applying discretion. The matching in the displayed portion may occur at the displayed price or according to the rules of discretion.

Systems and methods for processing full or partially displayed dynamic peg orders in an electronic trading system

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Brooklyn, NY, United States of America

Adrian Facini