Abstract: A system and method for user defined markets for electronic trading is disclosed. In one embodiment, a technology platform is provided that allows a user to define a new market for electronic trading and automatically generate the new market for live trading. In one embodiment, the new market is automatically tested using a trading simulator that simulates the new market for electronic trading.

Abstract: A system and method for user defined markets for electronic trading is disclosed. In one embodiment, a technology platform is provided that allows a user to define a new market for electronic trading and automatically generate the new market for live trading. In one embodiment, the new market is automatically tested using a trading simulator that simulates the new market for electronic trading.

Abstract: An automated market data distribution system uses proprietary order flow information to provide a trader (or an automated trading system) with an enhanced version of a received market data feed that avoids the need for the trader or automated trading system to always wait for a response to a prior order from such exchange before submitting further orders. The data distribution system preferably comprises a geographically distributed data network with market data enhancement and intelligent order routing capabilities in each region that not only provides each region with market data that is enhanced with order flow data from other regions, but that also employs statistical data and heuristics to re-route and/or cancel orders from a trader in one region to an exchange in another region.

Abstract: Order flow information is used to provide traders with an enhanced market data feed. The external market data are overlaid with detailed internal customer order flow data to produce an enhanced virtual order book that more accurately reflects the best price and quantity available to traders at the receiving location and also the market liquidity behind that current best price. If a market impact overlay processor at a particular location closer to the exchange has access to customer order flow data from other more remote locations, the resultant enhanced virtual order book may not only be shared with traders at the closer location but also may be broadcast to market impact overlay processors at the remote locations, which may further enhance the shared data with more recent customer order flow data that would have not been received at the closer location at the time the enhanced data was broadcast.