Bgc Partners, Inc.

Andrew Stergiopoulos

Andrew C Gilbert

William P Tselepis

Mary Ann Gilbert, Legal Representative

Angela Stergiopoulos, Legal Representative

Mary K Tselepis, Legal Representative

Systems and methods for user-configurable financial instrument inspection are provided. A user may select the type of financial performance information and presentation format of the financial performance information to be displayed when the user selects a particular financial instrument. The user may associate a set of financial performance information and presentation format with a particular financial market for financial instruments. The financial instrument inspector may also facilitate trading of financial instruments.

Systems and methods for financial instrument inspection

A bid/offer spread market is presented that allows a trader to increase liquidity in traded items. A bid/offer spread market maker may make a bid/offer spread market. This bid/offer spread market may be made available to any market participant. In response to the spread market, an aggressor may respond to a bid or an offer with a hit or a take, respectively. In response to the hit or the take, the aggressor or bid/offer spread market maker, respectively, may create a separate underlying market using the selected (bid or offer) spread within a specified amount of time. The other party, a bid/offer spread trader, may trade on the quoted price within a specified amount of time, at which point a trade has occurred.

Bid/offer spread trading

Electronic trading systems and methods which facilitate principal/broker trading are provided. In a first aspect of the invention, a database relating to trading participants in the trading system is designed to indicate which traders utilize a principal/broker relationship and what, if any, limitations are placed on the activity of the broker, trading commands submitted by the broker, and counterparties in a transaction with the broker. In another aspect of the invention, trading commands and executed trades involving principals/brokers may be presented to other traders using special designations. The ability to enter certain trading commands by, and in response to, brokers may be limited. In a further aspect of the invention, anonymous trading features may prevent traders from knowing whether another trader is a broker or principal, may restrict traders from being able to block trading with brokers, and may permit brokers to configure anonymous trading parameters.

System and methods for electronic trading that permit principal/broker trading

Systems and methods for instantly quoting a two-sided market. Using these systems and methods, a trader can use various trading interfaces to initiate two-sided market orders based on a value submitted and a pre-set spread amount as configured by the trader.

Two sided trading orders

Systems and methods are provided to control gaming in electronic trading markets. These systems and methods alleviate the problem of a seller or buyer trying to act on a trader's original bid or offer only to trade at an unfavorable level after the trader changes the bid or offer. A pricing method suspends trading for a period of time if a price difference between two bids or offers by the same trader is too great. A timing method prevents a trader from canceling or replacing a bid or offer for a period of time. These methods provide a more fair and efficient way of executing electronic trades.

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New York, NY, United States of America

Andrew Stergiopoulos