Bgc Partners, Inc.

Cfph, LLC

Espeed, Inc.

Bloomberg L.p.

Synta Pharmaceuticals Corporation

Cfph, L.l.c.

Kevin M Foley

Howard W Lutnick

Joseph C Noviello

Dean P Alderucci

Lijun Sun

Michael Sweeting

Brian L Gay

Mark A Miller

Zachary Demko

William P Gill

Andrew Fishkind

Matthew W Claus

Charles Plott

Philip Marber

Bill Rice

Lon Steger

Peter McGovern

Kim Bang

Weiwen Ying

Nigel John Renton

Mark Miller

William Rice

Howard P Ng

Dinesh U Chimmanamada

Shijie Zhang

Teresa Przewloka

Zhenjian Du

David James

Elena Kostik

James G Barsoum

Hao Li

Junghyun Chae

Dan Zhou

Shuzhen Qin

Minghu Song

Chi-Wan Lee

Brian L Gray

Matt Claus

John Silvestri

Thomas Daley

Shije Zhang

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

A distributed trading platform comprising: a first participant system of a liquidity provider configured to determine a first order that is stored in a first order management system; a central system configured to determine a plurality of second orders based on the first order, an aggression level and market data; and a second participant system of a liquidity taker configured to determine that a contra order is stored in a second order management system, determine a single second order of the plurality of second orders that the liquidity taker is qualified to view based on a third quantity of the contra order, and populate a second trader interface with information soliciting submission of the contra order to the distributed trading platform for matching with the single second order.

Distributed trading network and interface

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

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

Large block trading

A method and system for order management that allows access to additional pools of liquidity is described. Other embodiments are also described.

Method and system for order management

Systems and methods for processing a discretion order in a dark pool matching environment may receive a first order of a first trader, and a contra second order defining a quantity reserved in an OMS of a second trader and a price range. When a first price of the first order is determined to be within the price range, (1) the price of the first order and (2) execution indicia selectable by the second trader to cause execution of a portion of the second order against a portion of the first order, are provided to the second trader. The first price of the first order and the execution indicia are not output or otherwise disclosed to the second trader, prior to determining that the first price of the first order is within the price range of the second order.

Darkpool matching of orders with price discretion

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

Various embodiments are directed to a trading system and method for indicating trading interests. A wrapped liquidity notice may be provided to a user, in which the wrapped liquidity notice provides first information about a trading interest of at least one other user. The user may request to unwrap the liquidity notice. Responsive to the request, the liquidity notice may be at least partially unwrapped to provide to the user second information about the trading interest. The liquidity notice may be unwrapped additional times to reveal additional information about the trading interest. Exemplary information that may be unwrapped for the user comprises information about the buy/sell side, trading product, price, and quantity of the trading interest.

Computer systems for selective transmission

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

An apparatus for processing trading orders comprises a memory and a processor. The memory stores a first order and a second order. The first order is associated with a product and comprises a displayed quantity and a reserved quantity. The second order is associated with the product and comprises a displayed quantity and a reserved quantity. The processor is coupled to the memory and receives a counterorder associated with the product. The processor fills the displayed quantity of the first order with a corresponding portion of the counterorder, and fills the displayed quantity of the second order with a corresponding portion of the counterorder. The processor allocates a first additional portion of the counterorder to the first order. The first additional portion is based at least in part on a ratio of the displayed quantity of the first order to a sum of the displayed quantity of the first order and the displayed quantity of the second order.

System and method for apportioning trading orders based on size of displayed quantities

Various embodiments are directed to systems and methods for processing a discretion order in a dark pool matching environment. A first order to buy or sell a trading product is received from a computer of a first trader. The first order has a first price and a first size. A second order to buy or sell the trading product that is contra to the first order is received from a second trader. The second order defines a second quantity and a price range of possible prices at which the second order can be executed. The price range comprises at least a second price. The second quantity of the trading product is reserved in an OMS of the second trader such that the second quantity of the second order is permitted by the OMS to be executed at any price within the price range. The second order is received before or after the first order is received. A processor determines that the first price of the first order is within the price range of the second order. Responsive to the determination, two items are output to the second trader: (1) the price of the first order and (2) an execution indicia selectable by the second trader to cause at least a portion of the second order to be executed against at least a portion of the first order. The first price of the first order and the execution indicia are not output or otherwise disclosed to the second trader prior to the act of determining that the first price of the first order is within the price range of the second order.

Growing community of inventors

New York, NY, United States of America

Kevin M Foley