An electronic exchange system network includes a trader site having an automated trading system capable of submitting orders and/or quotes to an exchange site. The automated trading system determines whether an order or quote should be submitted based on, for example, the current market price of an option and theoretical buy and sell prices. The theoretical buy and sell prices are derived from, among other things, the current market price of the security underlying the option. The theoretical buy and sell prices are calculated when underlying factors that contribute to the theoretical prices change. Computation times of the theoretical prices may be reduced by using precalculated values and/or using interpolation and extrapolation. Other techniques may be used in addition or in the alternative to speed automatic decision-making. In addition, a system of checks may be conducted to ensure accurate and safe automated trading. The automated trading system may be capable of automatically submitting orders in connection with the underlying security in order to hedge part of the delta risk associated with the automated option trades.

Automated Trading System in an Electronic Trading Exchange

In a computer system with a DBMS running thereon, management of the performance of a storage apparatus is executed by using a performance indicator provided by a user job so as to simplify the management of the performance. For this reason, a management server employed in the computer system monitors an operating state of each system element, a response time onto a job and other information. A method for estimating a processing time is given to the management server, which issues a setting modification command based on an estimated processing time.

Computer system for managing performances of storage apparatus and performance management method of the computer system

Trading processes are operative to route orders from order rooms to market processes, which process the orders according to respective market methodologies. The order routing strategy can be embodied in a decision table having rules with conditions and actions to be taken when the conditions are true. Accordingly, order rooms can readily configure and reconfigure trading processes.

Routing control for orders eligible for multiple markets

A trading process having a trading methodology selected by a user is operative to interact with market processes having respective market methodologies. The trading process and the market processes are supported on a platform that also supports platform processes for providing services to the trading processes and market processes. The trading processes interact with each other and with external markets through the market processes.

Trading program for interacting with market programs on a platform

Management of transaction message flow utilizing a transaction message queue. The system and method are for use in financial transaction messaging systems. The system is designed to enable an administrator to monitor, distribute, control and receive alerts on the use and status of limited network and exchange resources. Users are grouped in a hierarchical manner, preferably including user level and group level, as well as possible additional levels such as account, tradable object, membership, and gateway levels. The message thresholds may be specified for each level to ensure that transmission of a given transaction does not exceed the number of messages permitted for the user, group, account, etc.

Method and apparatus for message flow and transaction queue management

Methods and systems for selecting, in a broker-dealer system for automated trading of securities, a path for sending an order for securities to a terminus market, in which the broker-dealer system includes at least one port, the port being coupled through at least one path to at least one terminus market, wherein each path includes at least one direct link between a port and a market system and optionally one or more additional links between the said market system and other market systems, each path having a first terminus at a port and a second terminus at a terminus market, terminus markets being markets to which orders for securities are sent by the broker-dealer system.

Method and system for multi-path routing of electronic orders for securities

Methods and systems for administering redundant cancellations of orders for securities. Canceling orders for securities in an automated securities trading broker-dealer system. Receiving new cancellations from clients and searching a cancellation queue for cancellations corresponding to the new cancellations. If a corresponding cancellation is found in the cancellation queue, the redundancy count of the corresponding cancellation is incremented in the cancellation queue and the new cancellation is discarded. If a cancellation corresponding to the new cancellation is not found in the cancellation queue, a copy of the new cancellation is placed in the cancellation queue and the new cancellation is sent to the market. Embodiments periodically scanning the cancellation queue for cancellations having a redundancy count greater than zero, decrementing the redundancy count for such cancellations. Some embodiments issue additional cancellations dependent upon receipt of acknowledgments of earlier cancellations. Other embodiments issue additional cancellations dependent upon receipt of rejections of earlier cancellations. Other embodiments provide the capability of canceling orders for securities when an order corresponding to a cancellation is still in a market queue waiting to be sent to a market. Other embodiments include implementing Immediate or Cancel orders (IOC) for markets that do not support IOC orders.

Method and apparatus for automated cancellation of orders for securities

Methods and systems for balancing data communications loads among data communications ports in systems for automated trading of securities. Embodiments typically include receiving acknowledgments of orders previously sent through a port from a broker-dealer system to a market, sending acknowledgments to the broker-dealer system, and determining that port are not overloaded. Various embodiments make determinations of overload on the basis of latency, net order count, or order count compared with acknowledgment count. Alternative embodiments send orders only through least-loaded ports. Least-loaded ports are identified on the basis of latency, net order count, or a combination of the two.

Michael Bundy

Papers

Method and system for multi-path routing of electronic orders for securities

Method and apparatus for automated cancellation of orders for securities

Apparatus and method for load balancing among data communications ports in automated securities trading systems