LARGE BLOCK TRADING

PATENT Attorney Docket No. 07-2186B-WO Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first 5 trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; 10 receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price. 07-2186B-WO_ ...

ELECTRONIC TRADING SYSTEMS AND METHODS

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

Electronic trading systems and methods

ELECTRONIC SECURITIES MARKETPLACE HAVING INTEGRATION WITH ORDER MANAGEMENT SYSTEMS

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

ELECTRONIC TRADING SYSTEMS AND METHODS

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

ELECTRONIC TRADING SYSTEMS AND METHODS

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Electronic securities marketplace having integration with order management systems

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

Large block trading

LARGE BLOCK TRADING

PA TENT Attorney Docket No. 07-2186B-WO Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

ELECTRONIC TRADING SYSTEMS AND METHODS

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

ELECTRONIC TRADING SYSTEMS AND METHODS

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price. Network Interface(s) System bus Hard Drive(s) Processor( ...

Multicomputer distributed processing of large block trading data

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

Trading system products and processes

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

ELECTRONIC SECURITIES MARKETPLACE HAVING INTEGRATION WITH ORDER MANAGEMENT SYSTEMS

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

Electronic securities marketplace having integration with order management systems

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

Electronic trading systems and methods

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

TRADING SYSTEM PRODUCTS AND PROCESSES

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

TRADING SYSTEM PRODUCTS AND PROCESSES

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

ELECTRONIC SECURITIES MARKETPLACE HAVING INTEGRATION WITH ORDER MANAGEMENT SYSTEMS

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities. 1. (canceled)2. A method executed by at least one processor , the method comprising:receiving a non-binding indication reflecting open orders in the order management system, in which the open orders include at least one first order;receiving at least one second order;determining that the second order matches the at least one first order;in response to determining that the second order matches the at least one first order, transmitting a request for acceptance of a trade fulfilling at least part of the first order and at least part of the second order;receiving the acceptance by the trading firm;in response to receiving the acceptance, facilitating execution of the trade without a negotiation between the trading firm and an originator of the second order regarding the trade; andsuppressing evidence of the determination that the second order matches the at least one first order and the acceptance until after facilitating execution of the trade.3. The method of claim 2 , in which suppressing evidence of the determination and the acceptance includes at least one of: performing at least some actions as if the determination and the acceptance were not made claim 2 , transmitting misleading information regarding the determination and the acceptance claim 2 , and transmitting no information regarding the determination and the acceptance.4. The method of claim 2 , in which the first order includes an indication of a price range in which the trading firm agrees to execute the trade.5. The method of claim 2 , in which the execution of the trade includes an execution at a price ...

Trading system products and processes

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

TRADING SYSTEM PRODUCTS AND PROCESSES

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

ELECTRONIC SECURITIES MARKETPLACE HAVING INTEGRATION WITH ORDER MANAGEMENT SYSTEMS

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities. 1. An apparatus comprising:a computing device; anda non-transitory medium having stored thereon a plurality of instructions that when executed by the computing device cause the apparatus to:receive an indication of an order stored in an order management system of a trading firm;determine that no active matching counter order for the order is available for executing a trade involving the order;in response to determining that no active matching counter order is accessible, determine that a previously active matching counter order to the order existed at a time prior to receiving the indication of the order; andin response to determining that the previously active matching order existed, query a party related to the previously active matching counter order to find a counter party for the trade.2. The apparatus of claim 1 , in which the previously active matching counter order includes at least a part that was previously fulfilled.3. The apparatus of claim 1 , in which the previously active matching counter order includes at least a part that was previously unfulfilled.4. The apparatus of claim 1 , in which the previously active matching counter order includes at least a part that expired.5. The apparatus of claim 1 , in which determining that no currently active matching counter order for the first order is accessible includes searching a set of currently active orders.6. The apparatus of claim 5 , in which the set of currently active orders includes active orders in respective databases of respective order management systems of the plurality of potential counter parties ...

LARGE BLOCK TRADING

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

Trading system products and processes

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Electronic securities marketplace having integration with order management systems

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

ELECTRONIC SECURITIES MARKETPLACE HAVING INTEGRATION WITH ORDER MANAGEMENT SYSTEMS

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities. 148-. (canceled)49. A method comprising:receiving, by at least one electronic marketplace from a computer system configured to access an order management system of a trading firm, non-binding indication reflecting open orders in the order management system, in which the open orders include at least one first order;receiving, by the at least one electronic marketplace, at least one second order;determining, by the at least one electronic marketplace, that the second order matches the at least one first order;in response to determining that the second order matches the at least one first order, transmitting, from the electronic marketplace to the trading firm, a request for acceptance of a trade fulfilling at least part of the first order and at least part of the second order;receiving, by the electronic marketplace, the acceptance by the trading firm;in response to receiving the acceptance, facilitating execution of the trade, by the electronic marketplace, without a negotiation between the trading firm and an originator of the second order regarding the trade; andsuppressing, by the electronic marketplace, evidence of the determination that the second order matches the at least one first order and the acceptance until after facilitating execution of the trade.50. The method of claim 49 , in which suppressing evidence of the determination and the acceptance includes at least one of: performing at least some actions as if the determination and the acceptance were not made claim 49 , transmitting misleading information regarding the determination and the acceptance claim ...

TRADING SYSTEM PRODUCTS AND PROCESSES

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described. 1. A method comprising:receiving, by a marketplace, a firm order for a financial instrument from a broker participant of the marketplace, in which the firm order defines a side of a trade for the financial instrument, and in which the firm order includes an order to execute the trade without additional authorization from the broker participant;in response to receiving the firm order by the marketplace, transmitting an order query identifying the firm order from the marketplace to a plurality of buy-side participants of the marketplace, in which each of the plurality of buy-side participants includes a respective order management system, in which each respective order management system is configured to store securely information about a plurality of order interests without revealing the interests outside of the respective buy-side participant, in which each of the plurality of buy-side participants is configured to securely interface includes a module configured to securely interface with a respective order management system of the respective buy-side participant;in response to receiving a respective order query by a respective buy-side participant, determining, by a respective module configured to securely interface with a respective order management system of a respective buy-side participant of the plurality of buy-side participants, that a matching order is stored in the respective order management system associated with the respective buy-side participant without revealing information about respective trading interests of the respective buy-side participant outside of the respective buy-side participant;in response to the determination, providing, by the respective module of the respective buy-side participant, a request for acceptance of the firm order without revealing information about respective trading interests of ...

Electronic trading systems and methods

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Electronic trading systems and methods

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Trading system products and processes

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

大きいブロック取引

【課題】取引注文を管理するシステムと方法について説明する。【解決手段】一実施例は、第１トレーダーが動作させる第１サーバーから、特定証券、特定数量および特定価格の内の少なくとも１つを含む第１取引注文と１つ以上の選択基準を含む情報を受信するステップと、取引注文のデータベースが前記第１取引注文にマッチングする取引注文を含まないことを決定するステップと、前記選択基準を満たす複数のトレーダーを識別するステップと、複数の第２サーバーへ、前記特定証券、前記特定数量および前記特定価格の内の少なくとも１つを含むクエリーを送信するステップと、第２トレーダーに代わって動作する前記複数の第２サーバーの内の１つから、前記クエリーに対する肯定的な応答を受信するステップと、前記特定価格で、前記特定証券に関して、前記第１トレーダーと前記第２トレーダーとの間での取引の実行を促進するステップとを含む。【選択図】図２

Large block trading

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

大きいブロック取引

【課題】取引注文を管理するシステムと方法について説明する。【解決手段】一実施例は、第１トレーダーが動作させる第１サーバーから、特定証券、特定数量および特定価格の内の少なくとも１つを含む第１取引注文と１つ以上の選択基準を含む情報を受信するステップと、取引注文のデータベースが前記第１取引注文にマッチングする取引注文を含まないことを決定するステップと、前記選択基準を満たす複数のトレーダーを識別するステップと、複数の第２サーバーへ、前記特定証券、前記特定数量および前記特定価格の内の少なくとも１つを含むクエリーを送信するステップと、第２トレーダーに代わって動作する前記複数の第２サーバーの内の１つから、前記クエリーに対する肯定的な応答を受信するステップと、前記特定価格で、前記特定証券に関して、前記第１トレーダーと前記第２トレーダーとの間での取引の実行を促進するステップとを含む。【選択図】図２

Large block trading

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

Large block trading

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.