Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: Auctioning mechanisms adapted to improve the integrity of dark order block trading is provided.

Abstract: A system is configured to hold price improvement auctions for customer orders for a duration that is based on a random timer. The system receives an initiating order from an auction guarantor that describes the financial instrument that a customer wishes to trade. The auction guarantor provides a guaranteed order that can fill the initiating order. A random time period to hold the auction is selected. The system solicits responses from other market participants for the financial instrument. When the random time period expires the system matches the initiating order against the responses, existing orders in an order book, and the guaranteed order.

Abstract: Using a feed backbone computer network, enables connection of counterparty customers in disparate Financial Information Exchange (FIX) networks, across IP network boundaries. The feed backbone network links consumer, database, management, and proxy computer systems with a FIX backbone computer network in turn connected to trading extranets via access centers. Proxy computer systems balance their shared message processing load, log message traffic, manage operational sessions, and collect and present aggregated feed information to client users, whether connected locally or to the trading extranets. A software proxy acts as a “middleman” between the two customer endpoints. Copies selected FIX messages to a multicast backbone for aggregation in a standard format. The entire network is centrally configurable and supports realtime operational status.