Pipeline Financial Group, Inc.

Itg Software Solutions, Inc.

Alpha Vision Services, LLC

Henri Waelbroeck

Fred J Federspiel

James J Angel

Brent Gamse

Stephen Marchini

Abe Burmeister

Ian Dempsey

John Lopez

Andrew Shapiro

Alfred Rives Berkeley, Iii

Marcus Hooper

Howard Engelhart

Carla Gomes

Andrew Roper

Sean Kirkpatrick

Adriana Marcela Waelbroeck

Nataliya Bershova

Methods and systems for facilitating trading of securities, preferred methods comprising receiving a first buy or sell order from a first user; calculating a block price range; determining that said first order is reasonably priced; transmitting to a second user a notification that a reasonably priced order is present, but without notifying said second user of the side; receiving a second order from said second user, wherein said second order is a contra to said first order and nearly matches but does not cross said first order; transmitting a contra order notification to said second user after said second order is received, said contra order notification indicating that a nearly matching contra order is active; receiving a third order from said second user, said third order being a contra to said first order and crossing said first order; and executing a trade comprising said first order and said third order.

Confidential block trading system and method

One exemplary aspect comprises a computer-implemented method comprising: (a) electronically receiving, from a first securities market participant, data including information related to a first order and to one or more group rankings for dissemination; (b) electronically determining with one or more processors, based on data regarding a second securities market participant and the order information and group rankings, whether the second securities market participant has a second order, on the contra side of the first order, and whether, in accordance with the group rankings, the second securities market participant is qualified to receive information about the first order; and, (c) after, and only if, the second participant is determined to be qualified, transmitting information sufficient to display to the second securities market participant the information about the first order.

Systems and methods regarding targeted dissemination

One or more aspects comprise: (a) receiving confidential information that comprises data regarding first and second market participants; (b) receiving order and targeting parameters from said first participant; (c) receiving confidential trading interest information from said second participant; (d) identifying said second participant as a participant likely to take a contra side of said order; (e) routing said order to said second participant without revealing said first participant's identity or other confidential information regarding said first market participant, and wherein no information regarding said second participant or said confidential trading interest information received from said second participant is transferred to said first participant; and (f) producing a targeted dissemination list of market participants based on said confidential information and said order and targeting parameters, and wherein identifying a second participant that is most likely to take a contra side of said order is based on said dissemination list.

Methods and systems for directing and executing certified trading interests

One exemplary aspect comprises a computer-implemented method comprising: (a) electronically receiving, from a first securities market participant, data including information related to a first order and to one or more group rankings for dissemination; (b) electronically determining with one or more processors, based on data regarding a second securities market participant and the order information and group rankings, whether the second securities market participant has a second order, on the contra side of the first order, and whether, in accordance with the group rankings, the second securities market participant is qualified to receive information about the first order; and (c) after, and only if, the second participant is determined to be qualified, transmitting information sufficient to display to the second securities market participant the information about the first order.

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

At least one exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order for a market-traded security; (b) checking the data describing the trading order against one or more sets of conditions, and identifying one or more of the one or more sets of conditions that is satisfied; (c) based on the identified one or more of the one or more sets of conditions that is satisfied, identifying a class of trading algorithms appropriate for execution of the trading order; (d) selecting with a processing system one or more trading algorithms from the identified class of trading algorithms, for execution of the trading order; and (e) commencing with the processing system execution of the trading order via the selected one or more trading algorithms; wherein the processing system comprises one or more processors. Other aspects and embodiments comprise related computer systems and software.

Methods and systems related to securities trading

One exemplary aspect comprises a method comprising: (a) receiving data describing an executed trading order in a market traded security and related trade execution data; (b) calculating components of execution costs associated with execution of the order; and (c) transmitting data sufficient to describe the components of execution costs. Other aspects comprise calculations of (1) cost effect of trade decision factors associated with execution of an order; (2) a decomposition of execution of an executed limit order into components related to algorithm performance and components related to trader-input parameters of the order; (3) components of implementation shortfall associated with execution of an order; (4) components of profit/loss associated with execution of an order; and (5) components of execution outcome associated with execution of an order. Other aspects and embodiments comprise related computer systems and software, as will be understood by those skilled in the art after reviewing the present description.

At least one exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order; (b) receiving data describing a selection of one or more first trading algorithms from 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 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 prediction of future performance, switching the execution of the trading order to one or more second trading algorithms. Other exemplary aspects comprise related computer systems and software.

Methods and systems related to trading engines

At least one other exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order; (b) receiving data describing a selection of one or more first trading algorithms from 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, during the execution, execution performance of the trading order via the first trading algorithms; (e) comparing the evaluated execution performance to one or more pre-defined conditions; and (f) if the evaluated execution performance fails to satisfy the pre-defined conditions, switching execution of the trading order to one or more second trading algorithms. In an exemplary embodiment, data describing at least one of the pre-defined conditions is received in connection with the electronic data describing a trading order. Related systems and software are comprised in other aspects.

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

One exemplary aspect comprises a method comprising: (a) receiving data indicating that one or more orders for a specific security in one or more trading systems are available for aggregation into a potential block of at least a specific size; (b) transmitting data sufficient to enable a trading interface in communication with a first trading system to display an indication of the existence of the potential block and that at least some orders in the block originated from a second trading system in the one or more trading systems, the second trading system being separate from the first trading system; and (c) receiving from the trading interface a contra order in the first trading system that crosses the potential block. Other aspects comprise related computer system, components, and software.

Systems and methods related to liquidity aggregation

One exemplary aspect comprises: (a) receiving data describing an executed trading order in a market traded security and related trade execution data; (b) estimating a price of the market traded security if the executed trading order had not been executed, based in part on the data describing the executed trading order; and (c) transmitting the impact-free price estimate. At least one other aspect comprises: (a) receiving data describing a potential trading order and related market data; (b) calculating an impact-free price estimate which estimates an execution price of the potential trading order if the potential trading order were to be executed without market impact, wherein the impact-free price estimate is based in part on the data describing the potential trading order; and (c) transmitting data sufficient to describe the impact-free price estimate.

Growing community of inventors

Scarsdale, NY, United States of America

Henri Waelbroeck