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

The present invention relates to a method and system for electronically trading a financial instrument. The method includes entering a bid order for the financial instrument and placing the bid order in a bid queue associated with a buyer who maintains a list of sellers to sell the financial instrument to. Then, entering an ask order for the financial instrument and placing the ask order in an ask queue associated with a seller who maintains a list of buyers to buy the financial instrument from. Next, the present invention will match the bid order and the ask order and to execute a trade between the buyer and the seller. Lastly, the trade is executed if the bid order is not less than the ask order, and if the buyer is on the list of buyers and the seller is on the list of sellers.

System and method for real-time options trading over a global computer network

An auction methodology wherein the auction competition among the bidders is generated by allowing each bidder to bid for non-price bid parameters (e.g., lead time, labor rate, contract length, etc.) in addition to the price of the lot on auction. Such a multi-parameter bidding provides the buyer (i.e., the auction requester) with more diverse information when selecting the winning bidder. The buyer and each bidder participating in the electronic auction may receive a real-time feedback of the bidding activity including details on bids placed for price and non-price parameters, which allows each bidder to adjust or modify one or more of its own bids (for price and non-price bid parameters) to effectively compete in the auction. The bidding software nullifies the effect of each bidder's bids for the non-price parameters on that bidder's bid for the price parameter by multiplying the value of the bid for each non-price parameter by the number zero (0) and also locks the bid values initially received for the non-price parameters to avoid affecting their values when lot price is changed during bidding. Such zero-weighting and locking helps the buyer objectively determine the optimal bid for the lot on auction.

System and method for conducting electronic auctions with multi-parameter optimal bidding

The present invention provides a method of displaying option market information including establishing a communication link between a member computer and a central computer, accessing option trading data from the central computer through the member computer, and inputting at least one signal to the member computer. The signal represents either an underlying asset symbol or an option class symbol of an underlying asset. The method further includes generating a display page listing option trading information for a plurality of option series relating to at least one of the entered underlying asset symbol and the entered option class symbol, and displaying the plurality of option series on the display page such that the option series having a strike price approximately equal to the current trading price of the underlying asset is centrally positioned on the display page. Additionally, a strike price and a first date indicator can be input and the display page can list trading information for the entered option and plurality of option series having at least a second expiration date, the plurality of option series extending over a range of strike prices, the range centrally positioned at the current trading price of the underlying stock, the plurality of option series relating to the at least one of the entered underlying asset symbol and the entered option symbol. A further method of the invention includes generating a display page listing option trading information for a month entered for an underlying asset. A still further method of the invention includes generating a display page listing option trading information for a strike price entered for an underlying asset.

System and method for displaying option market information

A computer network and method for electronically trading derivatives. The system includes networks and methods where a control or network managing station in the network acts as a facilitator for the market makers and subscribers to make a trade at an Exchange. In another embodiment the network managing station consummates the trade between a market maker and a subscriber by matching binding quotes and orders and clears the trade at an Exchange. The computer network for electronically trading derivative comprises: (a) network managing station; (b) one or more market maker stations; (c) one or more subscriber stations; (d) one or more Exchanges. The network managing station connects market makers and subscribers for making real time indicative quotes, issuing requests for quotes, obtaining binding quotes and wherein the market maker and subscriber are in communication with an Exchange for sending binding quotes and orders to the Exchange for clearing and confirming transactions.

Network and method for trading derivatives

An Internet based real-time interactive electronic trading system for broadcasting quotes, usually bid and ask prices, for high-yield corporate bonds to buyers and sellers in a fully encrypted manner. Further, it processes orders and executes trades between clients. In addition to fully automating the entire high yield bond trading process, the system maintains a full audit trail of every event in the trading process. The system permits direct but anonymous trading which permits both buyers and sellers to see the price at which they will trade and avoids the need, and cost, for an intermediary. It allows the sale of municipal Bonds in an anonymous and transparent market and allows the purchaser of Municipal Bonds to contemporaneously insure their Bond purchase from default electronically through a municipal bond insurance provider, such as MBIA Insurance Corporation, when making the purchase. The system permits direct but anonymous trading of Convertible debt and Emerging Market Debt as well as providing transparency and liquidity not previously attainable in those markets.

Murray Finebaum

Papers

Method and apparatus for trading bonds