The Nasdaq Omx Group, Inc.

Nasdaq, Inc.

Bruce E Friedman

John T Hughes, Jr

Daniel F Moore

Timothy Vincent

Peter J Martyn

Mark DeNat

Yek Kwong Eng

Richard Justice

Gopichand Kongani

Michael Galus

John Hughes

A computer system includes a front end interface configured for data communications over a network with data producer terminals, multiple distributed data processors coupled to the front end interface by a data messaging infrastructure, the multiple distributed data processors including a first distributed data processor and a second distributed data processor, and an information bus coupled to the multiple distributed data processors and to multiple independent consumer modules. The first processor receives and processes data order messages for the first security, and maintains a first order book that stores outstanding orders for the first security. The second processor receives and processes received data order messages for the second security, and maintains a second order book that stores outstanding orders for the second security.

Distributed data processing

A securities processor includes non-volatile storage, a first-in-first-out queue maintained in the non-volatile storage to store events, a random access memory, and an order book maintained in the random access memory to store one or more events corresponding to quotes or outstanding orders related to a security. A matching process receives the events from the queue, determines whether the event can be matched with a contra-side event stored in the order book, and executes a transaction between the received event and a matched contra side event if a match is found.

Security transaction matching

A trading process for trading securities in an electronic market includes a matching process to match a portion of a received order for a security against a security interest stored in an order book that resides in main memory of a computer system.

Order matching process and method

A process for chronicling a portion of an electronic market includes a record process for recording an activity relating to a security interest in an order book in main memory of a computer system and another record process for recording the activity in a persistent store.

Order chronicle process and method

A round-lot-based system for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The system receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The system uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The system also aggregates round, odd, and/or mixed lot orders into an aggregate of actual shares. The aggregate of actual shares may be placed on a book and rounded down to the nearest round lot for displaying on the round-lot-based system.

Trading actual shares of a security in a round-lot-based system

A message prioritization process includes an interface process for receiving a primary attributable security interest message and one or more secondary attributable security interest messages placed by the market participant on a securities trading system. The primary attributable security interest message relates to a defined quantity of an individual security traded on the securities trading system. Each secondary attributable security interest message increments the defined quantity of the primary attributable security interest message by an incremental quantity. A code assignment process assigns a superior prioritization code to the primary attributable security interest message and an inferior prioritization code to each secondary attributable security interest message. These prioritization codes control the order in which the attributable security interest messages are processed by a matching process, and the inferior prioritization code is subordinate to the superior prioritization code.

Message prioritization process and method

A system for determining an opening price for products traded over a distributed, networked computer system, includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system and a server computer coupled to the workstations for receiving the orders. The server computer executes a server process that determines an opening price for the product. The server process identifies the oldest of interest at the most aggressive price on each side of the market and selects the older interest of the identified interest to designate as initial interest. The server process matches initial interest against all contra side interest.

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Monroe, CT, United States of America

Bruce E Friedman