Pipeline Financial Group, Inc.

Itg Software Solutions, Inc.

Brent Gamse

Henri Waelbroeck

Abe Burmeister

Ian Dempsey

Andrew Shapiro

Fred J Federspiel

In one aspect, the invention comprises a system for enabling a crossing system operator to calculate a rebate payment to a second participant for executing the block order of a first participant based on at least one of: (a) a difference between a benchmark price and an execution price of the block order; (b) total volume of block execution; and (c) an amount that decays exponentially with the time between the first participant's order and the order's execution by a liquidity provider.

Systems and methods for increasing participation of liquidity providers on crossing system

Embodiments of the invention provide computer systems and methods for providing an anonymous request for quotation environment that enables sharing of confidential trading interest information without sacrificing anonymity or enabling information leakage.

Systems and methods for providing anonymous requests for quotes for financial instruments

An exemplary embodiment comprises: (a) receiving electronic data describing a trading order; (b) selecting one or more first trading algorithms from a plurality of available stored algorithms for execution of the trading order; (c) commencing execution of the trading order via the one or more first trading algorithms; (d) evaluating quality of execution, during the execution, of the trading order via the one or more first trading algorithms; (e) comparing the evaluated quality of execution to a threshold of acceptability based on a prediction of future performance of execution of the trading order by the one or more first trading algorithms; and (f) if the evaluated quality of execution compares unfavorably to the threshold of acceptability, switching the execution of the trading order to one or more second trading algorithms, wherein the processor unit comprises one or more processors.

Coordination of algorithms in algorithmic trading engine

A graphical user interface is used along with an automated algorithm selection function to enable market participants to initiate automated, multi-algorithm trading strategies through a single drag and drop motion. A symbol representing a security can be dragged and dropped onto an icon representing a tactical or strategic algorithm. Other features of the graphical user interface show information such as the progress of the algorithms.

Rich graphical control interface for algorithmic trading engine

Display of market impact in algorithmic trading engine

Drag-and-drop graphical control interface for algorithmic trading engine

A graphical user interface is used along with an automated algorithm selection function to enable market participants to initiate automated, multi-algorithm trading strategies through a single drag and drop motion. A symbol representing a security can be dragged and dropped onto an icon representing a tactical or strategic algorithm. Other features of the graphical user interface show information such as the progress of the algorithms. Fast switching and safe mode are used to minimize a cost associated with algorithm switching.

Coordination of algorithms in algorithmic trading engine with fast switching and safe mode

Display of selected items in visual context in algorithmic trading engine

Embodiments of the invention provide an anonymous RFQ system for financial instruments that resolves the inherent conflict between a capital provider's need for information and a market participant's need for confidentiality by creating an environment where market participants and capital providers can realize the benefits of sharing confidential trading interest (CTI) information without sacrificing anonymity or enabling information leakage. This secure environment preferably is created within an electronic matching book that distills all CTI information related to each Request for Quote (RFQ) into a risk class that is sent to capital providers in lieu of order-identifying or trader-identifying information. These risk classes give capital providers enough information to offer customized, risk-adjusted quotes without requiring the market participant to reveal confidential information about herself or her order.

Growing community of inventors

Delray Beach, FL, United States of America

Brent Gamse