Nyfix, Inc.

Nyse Group, Inc.

Convergex Execution Solutions LLC

Nicolay Landmark

Peter Hansen

Lars Kragh

Real time or near real time assessment of the quality of securities transactions is accomplished by intercepting order and execution communications between trader and broker, comparing the execution data with contemporaneous market data relative to the transaction or transactions involved, and informing the trader of that comparison. This is accomplished without interrupting or impeding the trader-broker communications, except that a broker-trader communication may, if desired, be interrupted and relevant data aggregated until the aggregate reaches a desired value. It is preferred that the comparison be between the volume-weighted average price of the securities transaction and the volume-weighted average price of the market data for that security, over the life of the order. A particular effective way to communicate the quality evaluation to the trader is disclosed.

Process for providing timely quality indication of market trades

In one aspect, the present invention provides an order slicer that receives an order that to trade a financial instrument. The order associates a trading strategy with said order. The trading strategy is replaceable. In another aspect, an interface accepts a trading strategy of an order to trade a financial instrument. A transmitter transmits the trading strategy to an order slicer.

Controlling an order slicer for trading a financial instrument

In a trading environment that comprises buy side traders and securities brokers, a computer process capable of preventing securities brokers from receiving information irrelevant to a commission payment for a securities transaction. The process comprises means for providing an overview of commission payments for a predetermined time period, means for providing details of step-out payments for the predetermined period, means for adjusting step-in amounts and frequencies, means for providing notification that a commission payment has been stepped out and is capable of being credited, means for automatically suggesting and performing step-ins and step-outs, and means for assessing the step-outs and step-ins against a predetermined budget.

System for providing step out commissions and compensation for research brokers

An execution concentrator is interposed in a communications network for handling information concerning securities transactions or the like, that concentrator acting to transmit transaction information to the trader or the like at such times and in such details as may be most convenient or efficient to the recipient, independently of the timing and details of the actual transaction.

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Hall Green, United Kingdom

Nicolay Landmark