The Nasdaq Omx Group, Inc.

The Nasdaq Stock Market, Inc.

Peter J Martyn

Daniel F Moore

John Malitzis

Stuart Serkin

Adam Seth Nunes

Richard G Ketchum

Timothy E Cox

Mark DeNat

Frank Hatheway

Dan Barnard Franks

John T Hughes, Jr

Timothy Vincent

Debra Peter

Thomas P Moran

Daniel B Franks

Bruce E Friedman

Yek Kwong Eng

Dean Furbush

Oliver Albers

Richard Justice

Timothy McCormick

Patti Dizenhaus

Doug Brown

Christopher Kokis

James N Richmann

Paul Niche

Paul Zaremba

Thomas Boyce

Alyssa Ligammari

Diane Geberth Hall

Ira Slomowitz

Mei Pang

Robert Wheelock

Edward Flynn

Mike Waldo

Pam Sweet

Deane Coords

John Hughes

Maureen Franke

Eugene A Ryan

Robert A Waghorne

Charis Yang

Michael Galus

Patricia Dizenhaus

Gene Lopez

Karen Peterson

A method, executed in a computer system, for opening an electronic market for trading of a security is described. The method includes receiving by the computer system eligible orders and quotes for the security traded in the electronic market and disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the open of trading. The method also includes determining by the computer system a price or prices at which the maximum shares would be executed and determining which price would minimize any imbalance of eligible orders and executing at least some of the eligible orders at the determined opening price.

Opening cross in electronic market

An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

Order processing for automated market system

Directed order processing for automated market system

A method for trading a security in an electronic market includes receiving closing orders and orders for the security traded in the electronic market, disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the close of trading, determining a closing price for the security based on the closing orders and orders, and executing at least some of the closing orders at the determined closing price.

Closing in an electronic market

A market system that includes an internal execution process is described. The system includes an order execution process that receives orders and matches orders against quotes posted in the system on a time priority basis and an order match-off process that checks if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer price in the system.

Match-off of order flow in electronic market system

A method for managing display of quotes for securities in an electronic market includes entering a quote into a system for trading securities, a portion of the entered quote being displayable and another portion of the entered quote being held as reserved quote interest, executing a portion of the displayable quote portion against interest in the market, aggregating an unexecuted displayable quote portion, with a portion of the reserved quote, if the unexecuted displayable quote portion is less than a round lot, and displaying the aggregate.

Refreshing displayed quotes for automated market system

Multiple securities processors each process attributable security interest messages generated by market participants. Each of these attributable security interest messages relates to a specific security chosen from a plurality of securities traded on the securities trading system, such that each individual security is assigned to one or more of the securities processors. An order routing system routes each attributable security interest message to one of the securities processors.

Multi-parallel architecture and a method of using the same

A round-lot-based system for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The system receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The system uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The system also aggregates round, odd, and/or mixed lot orders into an aggregate of actual shares. The aggregate of actual shares may be placed on a book and rounded down to the nearest round lot for displaying on the round-lot-based system.

Trading actual shares of a security in a round-lot-based system

A system for determining an opening price for products traded over a distributed, networked computer system, includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system and a server computer coupled to the workstations for receiving the orders. The server computer determines when a time just prior to an official opening time for opening regular trading has been reached, and executes a server process that determines an opening price for the product. The server process identifies the oldest of interest at the most aggressive price on each side of the market and selects the older interest of the identified interest to designate as initial interest. The server process matches initial interest against all contra side interest.

Opening price process for trading system

Montage for automated market system

A proprietary position display process includes an ask-side display process for displaying, in a multi-column format, an ask-side entry for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, a reserve size, and an ask price. A bid-side display process displays, in a multi-column format, a bid-side entry for the specific security that is sought for purchase by a market participant on a securities market. This bid-side entry includes a market participant identifier, a lot size, a reserve size, and a bid price. The bid-side display process is configured to display the bid-side entry such that it is essentially a mirror image of the ask-side entry.

Proprietary quote data

A system for determining an opening price for products traded over a distributed, networked computer system, includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system and a server computer coupled to the workstations for receiving the orders. The server computer executes a server process that determines an opening price for the product. The server process identifies the oldest of interest at the most aggressive price on each side of the market and selects the older interest of the identified interest to designate as initial interest. The server process matches initial interest against all contra side interest.

An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The market has a facility, which receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The market also includes processes to handle odd-lot processing and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

Odd lot processing in centralized automated market system

Growing community of inventors

Ridgewood, NJ, United States of America

Peter J Martyn