Alpha Vision Services, LLC

Pipeline Financial Group, Inc.

Itg Software Solution, Inc.

Stephen Marchini

Henri Waelbroeck

Fred J Federspiel

Carla Gomes

Howard Engelhart

At least one exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order for a market-traded security; (b) checking the data describing the trading order against one or more sets of conditions, and identifying one or more of the one or more sets of conditions that is satisfied; (c) based on the identified one or more of the one or more sets of conditions that is satisfied, identifying a class of trading algorithms appropriate for execution of the trading order; (d) selecting with a processing system one or more trading algorithms from the identified class of trading algorithms, for execution of the trading order; and (e) commencing with the processing system execution of the trading order via the selected one or more trading algorithms; wherein the processing system comprises one or more processors. Other aspects and embodiments comprise related computer systems and software.

Methods and systems related to securities trading

At least one exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order; (b) receiving data describing a selection of one or more first trading algorithms from available stored algorithms for execution of the trading order; (c) commencing execution of the trading order via the one or more first trading algorithms; (d) evaluating quality of execution, during the execution, of the trading order via the one or more first trading algorithms; (e) comparing the evaluated quality of execution to a prediction of future performance of execution of the trading order by the one or more first trading algorithms; and (f) if the evaluated quality of execution compares unfavorably to the prediction of future performance, switching the execution of the trading order to one or more second trading algorithms. Other exemplary aspects comprise related computer systems and software.

Methods and systems related to trading engines

At least one other exemplary aspect comprises a method comprising: (a) receiving electronic data describing a trading order; (b) receiving data describing a selection of one or more first trading algorithms from available stored algorithms for execution of the trading order; (c) commencing execution of the trading order via the one or more first trading algorithms; (d) evaluating, during the execution, execution performance of the trading order via the first trading algorithms; (e) comparing the evaluated execution performance to one or more pre-defined conditions; and (f) if the evaluated execution performance fails to satisfy the pre-defined conditions, switching execution of the trading order to one or more second trading algorithms. In an exemplary embodiment, data describing at least one of the pre-defined conditions is received in connection with the electronic data describing a trading order. Related systems and software are comprised in other aspects.

One exemplary aspect comprises a method comprising: (a) receiving data indicating that one or more orders for a specific security in one or more trading systems are available for aggregation into a potential block of at least a specific size; (b) transmitting data sufficient to enable a trading interface in communication with a first trading system to display an indication of the existence of the potential block and that at least some orders in the block originated from a second trading system in the one or more trading systems, the second trading system being separate from the first trading system; and (c) receiving from the trading interface a contra order in the first trading system that crosses the potential block. Other aspects comprise related computer system, components, and software.

Systems and methods related to liquidity aggregation

At least one aspect comprises a method comprising: (a) receiving electronic data describing a trading order from a market participant; (b) associating the trading order with one or more target brokers, (c) selecting with a processing system one or more first trading algorithms from a plurality of available stored algorithms for execution of the trading order; (d) commencing with the processing system execution of the trading order via the one or more first trading algorithms; (e) evaluating with the processing system quality of execution, during the execution, of the trading order via the one or more first trading algorithms; and (f) if the evaluated quality of execution compares unfavorably to a threshold of acceptability, switching with the processing system the execution of the trading order to one or more second trading algorithms, wherein the processing system comprises one or more processors.

An aspect comprises: (a) receiving data describing a trading order; (b) checking the data to determine whether a first set of conditions is satisfied, wherein the first set of conditions is associated with a first set of trading algorithms, and determining that the first set of pre-defined conditions is satisfied; (c) selecting first trading algorithms from the first set of trading algorithms, for execution of the trading order; (d) commencing execution of the trading order; (e) checking, during execution of the trading order, status of the trading order and the first set of conditions; (f) if the first set of conditions is no longer satisfied, checking whether a second set of conditions is satisfied; and (g) if the second set of conditions is satisfied, switching execution of the trading order to second trading algorithms selected from a second set of trading algorithms associated with the second set of conditions.

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Larchmont, NY, United States of America

Stephen Marchini