E*trade Financial Corporation

Etp Holdings, Inc.

Other

Michael Bundy

Vladimir Goldfeld

Randy Prager

Omar Kathwari

Irfan Amanat

Omar Amanat

Methods and systems for providing solutions for trading securities are disclosed, including receiving a level-two quote, the level-two quote including a symbol and at least one market participant quote, the market participant quote including a quote price, a quote quantity, a quote MPID, and a quote side. The methods and systems further include creating a solution set including at least one solution record corresponding to each market participant quote in the level-two quote, the solution record including a solution symbol, a solution side, a solution MPID, a solution price, a solution quantity, and a solution latency, the solution latency including a latency for the market identified by the solution MPID.

Solutions server

Method and system for providing solutions to problems including generating problem definitions for problems, receiving environmental information required for generating solutions for the problems, generating solutions for the problems dependent upon the environmental information and the problem definitions, and communicating solutions to clients before the solutions are disclosed. A solution server comprising a processor coupled to at least one source of environmental information and coupled to at least one client, the processor programmed to generate problem definitions for problems, receive environmental information required for generating solutions for the problems, generate solutions for the problems dependent upon the environmental information and the problem definitions, and communicate solutions to clients before the solutions are disclosed.

The invention provides methods and systems for improved execution of orders for securities and for adding liquidity to markets. Embodiments include receiving from customers orders for quantities of securities to be bought or sold, the orders optionally identifying pre-selected markets. Embodiments include sending orders to a first default market where orders are partially filled. Embodiments typically include sending orders to a pre-selected market, where orders are partially filled, and booking orders in a second default market. Embodiments include discounting fees charged to customers for orders booked into a default market. Booking IOC orders into a second default market typically includes setting the order time-in-force to a value other than zero. In many embodiments, the default markets are sometimes the same market, and sometimes they are different markets. Embodiments include selecting, from among a multiplicity of markets, the default markets dependent upon default market selection criteria. In many embodiments, market selection criteria include such factors as transaction costs or access fee levels for execution of orders in markets, response speed of markets (latency), and liquidity. In many embodiments at least one of the default markets is connected through tight coupling to a broker-dealer system.

Apparatus and method for adding liquidity to an ECN and improving executions of orders for securities

Methods and systems for selecting, in a broker-dealer system for automated trading of securities, a path for sending an order for securities to a terminus market, in which the broker-dealer system includes at least one port, the port being coupled through at least one path to at least one terminus market, wherein each path includes at least one direct link between a port and a market system and optionally one or more additional links between the said market system and other market systems, each path having a first terminus at a port and a second terminus at a terminus market, terminus markets being markets to which orders for securities are sent by the broker-dealer system.

Method and system for multi-path routing of electronic orders for securities

Methods and systems for balancing data communications loads among data communications ports in systems for automated trading of securities. Embodiments typically include receiving acknowledgments of orders previously sent through a port from a broker-dealer system to a market, sending acknowledgments to the broker-dealer system, and determining that port are not overloaded. Various embodiments make determinations of overload on the basis of latency, net order count, or order count compared with acknowledgment count. Alternative embodiments send orders only through least-loaded ports. Least-loaded ports are identified on the basis of latency, net order count, or a combination of the two.

Apparatus and method for load balancing among data communications ports in automated securities trading systems

Method and system for displaying latency, useful in broker-dealer computer systems engaged generally in automated processing of orders for securities including sending to markets messages comprising orders and cancellations and receiving from markets responses to orders and cancellations, including recording for messages sent to markets the time when each message is sent and the identity of the market to which each message is sent, including recording for responses received from markets the time when each response is received, wherein each response corresponds to a particular message. Embodiments include calculating latencies for markets dependent upon recorded time when a message is sent to the market and a recorded time when a corresponding response is received from the market. Latencies are embodied alternatively as instant values or various kinds of averages. Embodiments includes latencies for communications ports as well as for markets. Embodiments include counting messages and responses for markets and for ports, and displaying the counts. Embodiments include displaying the identity of the markets and the latencies for the markets.

Latency monitor

Methods and systems for administering redundant cancellations of orders for securities. Canceling orders for securities in an automated securities trading broker-dealer system. Receiving new cancellations from clients and searching a cancellation queue for cancellations corresponding to the new cancellations. If a corresponding cancellation is found in the cancellation queue, the redundancy count of the corresponding cancellation is incremented in the cancellation queue and the new cancellation is discarded. If a cancellation corresponding to the new cancellation is not found in the cancellation queue, a copy of the new cancellation is placed in the cancellation queue and the new cancellation is sent to the market. Embodiments periodically scanning the cancellation queue for cancellations having a redundancy count greater than zero, decrementing the redundancy count for such cancellations. Some embodiments issue additional cancellations dependent upon receipt of acknowledgments of earlier cancellations. Other embodiments issue additional cancellations dependent upon receipt of rejections of earlier cancellations. Other embodiments provide the capability of canceling orders for securities when an order corresponding to a cancellation is still in a market queue waiting to be sent to a market. Other embodiments include implementing Immediate or Cancel orders (IOC) for markets that do not support IOC orders.

Growing community of inventors

Katy, TX, United States of America

Michael Bundy