Nyse Group, Inc.

Archipelago Holdings, Inc.

Other

Archipelogo Holdings, Inc.

Thomas F Haller

Robert A Hill

Michael A Cormack

Paul D Adcock

Jennifer L Drake

Amy Joy Farnstrom

Amy Famstrom

Mario Jimenez

Paul D Addock

Roark F Siko

A tracking liquidity order and related market center and process are disclosed which allow posting market centers (e.g. exchanges) to fill routable, smaller orders that would have otherwise routed off the posting market center. Such tracking liquidity orders increase the liquidity of that posting market center and allow it to execute more orders internally, without having to route them to an away market center.

Tracking liquidity order

An unpriced order auction and related market center and process are disclosed which allow posting market centers (e.g., exchanges) to schedule an auction that includes unpriced (Market) orders only. Such unpriced order auction executes at the midpoint of the NBBO, ensuring that the cross reflects the best prices in the entire marketplace, while discouraging the manipulation of the auction price on the posting market center. The disclosed auction also executes concurrently, but separately from the regular continuous matching process.

Unpriced order auction and routing

A directed order process and related market center system are disclosed, wherein a market center system grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center system automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior interest in an electronic marketplace before crossing, all while maintaining anonymity amongst the parties.

Directed order

A trading platform adapted for pairs trading of unrelated securities from one or more asset classes using a single order approach is provided.

Pairs trading system and method

Growing community of inventors

Longwood, FL, United States of America

Thomas F Haller