Icap Services North America LLC

Steven Cooper

William Riggio

Geoffrey Bernard

An electronic trading system and method are disclosed for implementing an electronic trading protocol that permits buyers and sellers to 'negotiate in the middle' or 'NIM' i.e., to negotiate the purchase and sale of an item (e.g., securities) at a price between or equal to the best current bid and offer prices for the item through the submission of an initial NIM order and one or more NIM counteroffer orders. In a preferred embodiment, each NIM session may comprise two phases, a NIM private phase and a NIM public phase. During the NIM private phase, the initial NIM order is presented only to the trader on the opposite side of the market with the highest ranked order based on price and time priority. During the NIM public phase, the initial NIM order is presented to all traders on the opposite side of the market with pending orders at the best market price. The trader who submitted the initial NIM order is preferably granted authority to determine whether or not a public phase for the NIM should be allowed.

System and method for processing trading orders to provide 'negotiate in the middle' capability

A system and interface for trading financial instruments includes an intermediary computer system that is operable to communicate with one or more trader terminals. The intermediary computer system includes one or more processors and storage media, and it communicates with trader terminals and displays to the trader terminals a listing of financial instruments, and information related to such financial instruments, that are available for trading. The intermediary computer system periodically updates the option adjusted price of financial instruments to provide traders with a time period in which the price will remain stable and during which time the traders can confidently execute orders based on the then available price. A timer, which is constantly visible to traders, displays the amount of time remaining until the displayed adjusted prices will be updated.

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Rumson, NJ, United States of America

Steven Cooper