Bgc Partners, Inc.

Espeed, Inc.

Nasdaq, Inc.

Other

Cfph, LLC

Tradeweb Markets LLC

Chart Trading Development, LLC

Joseph C Noviello

Howard W Lutnick

Michael Sweeting

Kevin M Foley

Matthew W Claus

William P Gill

Lee M Amaitis

Jim Johnson

Leo Golubovsky

Chung-Sin Wang

Steven Cooper

Gregory P Manning

James R Driscoll

Peter Bartko

John Robert Capuano

Brian Alexander Weston

Jonathan Wakefield

Andrew C Gilbert

Glenn D Kirwin

Deborah J Nakamura

Lon Steger

James C Johnson

James A Longman

Jonathan Uman

Julie Uman, Legal Representative

Frederick Varacchi

Eileen Varacchi, Legal Representative

Christopher L Pepe

Bijoy Paul

Atul Bhatia

Daniel Eccleston

James L Davies

Matt Claus

James P Stedman

Nigel J Renton

Peter Francis Nabicht

Systems and methods of trading items on an electronic trading system according to the invention are provided. The embodiments of the invention are based at least in part on a new order type. The new order type is a modification of a conventional good-until-bettered order type. A good-until-bettered bid/offer is received along with instructions that specify a good-until-bettered increment value and/or duration. The good-until-bettered order is maintained in the electronic trading system until a bid/offer that is better by the specified plurality of standard trading increments is received by the electronic trading system and/or remains in the system for the good-until-bettered duration.

Systems and methods for maintaining the viability of a good-until-bettered order type in electronic trading systems

The invention relates to systems and methods that provide a user interface for use with an electronic trading system. The interface notifies the user that the price at which he or she may have attempted to trade has changed and presents the user with the opportunity to submit, modify or cancel the trade command. The user may configure the trading system to enable such a notification based on the time span for the price change, the number of increments of the price change, a combination thereof or any other appropriate consideration for protecting against the occurrence of erroneous price entries. Subsequent trade commands, such as those entered by third parties, may be used to validate prices and execute trades at these prices.

Systems and methods for protecting against erroneours price entries in the electronic trading of financial and other instruments

A computer system is provided that includes a paired list of data transaction requests on which a matching process is performed. There are multiple different types of data transaction requests that are stored in the paired list including data transaction requests with midpoint attributes and data transaction requests with discretion attributes. The computer system may determine how the multiple different types of data transaction requests may be match against each other. Two matching processes can be used to determine if a match exists between the first and second sides of the paired list. Matches that are determined at private values are not disseminated to third-parties via public market data feeds.

Matching techniques for data transaction requests with private attributes

An apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center. The canceled portion of the second buy order is determined based at least in part upon the second trading information. The processor further routes at least one additional sell order to the first market center having a quantity that is based upon at least one of the first trading information and the canceled portion of the second buy order.

System and method for routing a trading order based upon quantity

Systems and methods are provided for managing orders and aggregating market data across a plurality of liquidity sources via an order router and market aggregator that is tightly integrated with a matching engine for substantially synchronous activity.

Method and system for an improved aggregated liquidity pool

A system for providing an operator interface for displaying market data, trader options, and trader input includes a memory and a processor. The memory stores market data for a trading product, where the market data includes an inside market price for the trading product. The processor initiates display of a market data section of a tile, where the market data section comprises the market data. The processor initiates display of a trader input section of the tile, where the trader input section comprises options. The processor receives a selection of a bid-offer pair for the trading product from the options and updates the trader input section to indicate the selected bid-offer pair.

System and method for providing an operator interface for displaying market data, trader options, and trader input

Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments

A system for managing trading orders comprises a memory operable to store an order associated with a first price. The system further comprises a processor communicatively couple to the memory and operable to identify a latency value. The processor is further operable to receive a counterorder and to identify a potential trade associated with the order and the counterorder, the potential trade based at least in part on the first price. If the latency value satisfies a configurable condition, the processor is further operable to initiate a configurable period of time. If the potential trade is not valid upon expiration of the configurable period, the processor is further operable to prevent the execution of the potential trade.

System and method for providing latency protection for trading orders

In various embodiments, an apparatus includes a processor and a memory. The memory is communicatively coupled to the processor. The memory stores software instructions that, when executed by the processor, cause the processor to receive a trading order for a particular quantity of a trading product. The trading order specifies that a first portion of the particular quantity is a displayed quantity and that a second portion of the particular quantity is a reserved quantity. The trading order specifies at least one of a decay rule, a decay interval, a decay rate, decay quantity, and one or more conditions. The software instructions, when executed by the processor, cause the processor to cause the reserved quantity to decay based at least in part on at least one of the decay rule, the decay interval, the decay rate, and the decay quantity, and one or more conditions.

Trading orders with decaying reserves

A system for managing trading orders comprises a memory to store a first trading order for a particular trading product, wherein the first trading order comprises display and reserve portions and is received from a first trader. The memory may store a second trading order for the particular trading product, wherein the second trading order comprises display and reserve portions and is received from a second trader after the first trading order. A processor of the system communicatively coupled to the memory may receive from a counterparty trader a counterorder for the trading product. The processor may use the counterorder to fill the display portions respectively of the first and second trading orders. After filling the display portion of the second trading order, the processor may exclusively offer at least a portion of the counterorder to the first trader for a configurable period of time.

System and method for matching trading orders based on priority

The present invention relates to systems and methods for providing customized keyboards for receiving user inputs, and view regions for displaying information for users in useful arrangements. Such keyboards include keys that are pre-programmed to reflect the issues present in each trading pane of the view regions. Using such keys, a user may direct the trading application to quickly and efficiently switch between multiple issues, and place, manipulate or cancel orders on them. The keyboard may also be designed such that multiple keys may be disabled, replaced or mapped to perform different functions.

Keyboard trading system

Growing community of inventors

Summit, NJ, United States of America

Joseph C Noviello