Abstract:
An electronic trading system including various rules is described herein. Many of the rules relate to implementing periods of exclusive priority in trading. For example, in one of the rules, an exclusive period of trading may be controlled by an aggressor and a designated passive participant. The aggressor may have exclusive rights on his side of the trade at a particular price point for a particular time. The aggressor may elect to change the price point at which he controls the trade to a new price point which is more favorable to him. Thereafter, another participant may assume the exclusivity of the trade by entering the trade on the same side of the aggressor at the old price point. In so doing, the other participant also preferably truncates the aggressor's exclusivity at the new price point.
Abstract:
Systems and methods that may provide speculators an opportunity to invest in items and markets that, in the past, were not liquid enough to allow for investment by the general public are provided. Systems and methods for creating indices for these items or markets are also provided. One embodiment of the systems and methods of the invention pertains to the trading of futures and/or options contracts based on an intellectual property assets index. This embodiment allows investors to invest in or hedge against the success of failure of a company's of group of companies' intellectual property assets. Another embodiment of the systems and methods of the invention pertains to the trading of futures and/or options contracts based on a bankruptcy index. This embodiment may provide investors with protection from losses associated with the bankruptcy of one or more companies.
Abstract:
Systems and methods for a trading interface with advanced features are provided. Along with providing the benchmark issue and non-benchmark issues, the trading application may also provide the trader with the ability to obtain trading information (e.g., another quad) for each of the related U.S. Treasury swaps (“T-swaps”), off-the-runs, yield curve T-swaps, and basis. In some embodiments, the trader may be provided with a customized keyboard to navigate through the trading interface. The keyboard preferably includes keys that allow the trader to quickly and efficiently switch between multiple issues in a quad. Using the keyboard, the trader may also be provided with price improvement functionality and direct dealing functionality. In some embodiments, the trading application may simultaneously display a DD ticker along with the trading quadrant that provides the trader with the progression of the direct dealings of the selected issue.
Abstract:
An electronic exchange system includes a physical data bus directly communicatively coupling first and second physical processing elements of an electronic processor. The second element may receive indications of orders from remote devices not part of the system, add each order to a respective one of a queue of buy orders and a queue of sell orders for a financial instrument, and determine a match between orders of the respective queues. The first element may receive an indication of an occurrence of an event, determine that an adjustment to an order is conditioned on a criteria associated with the occurrence, determine that the criteria is satisfied, and transmit, through the physical data bus, to the second element, an indication to adjust the order that acts as an interrupt to processing of the second element to cause the second element to, in response to receiving the indication, adjust the order.
Abstract:
Systems and methods of trading items on an electronic trading system according to the invention are provided. The embodiments of the invention are based at least in part on a new order type. The new order type is an only at best order type, whereby trades are preferably only executed at the best price the item is being bought or sold.
Abstract:
According to one embodiment, a method of managing trading is provided. A first bid for a first instrument is received from a first market maker at a first bid price. A first offer for the first instrument is received from a second market maker at a first offer price, the first offer price being lower than the first bid price. As a result of the first offer price being lower than the first bid price, the first bid price is automatically decreased to match the first offer price, and a first timer having a predetermined duration is started. If the first timer expires and both the first bid and the first offer exist at the first offer price when the first timer expires, a trade between the first bid and the first offer is automatically executed.