Abstract: A method for virtual floor trading implemented via an exchange system includes establishing a secure connection with a first market participant and transmitting, to a first to a computing device associated with a first market participant, data causing a graphical user interface (GUI) of the computing device to render a graphical representation of a virtual trading floor associated with the exchange system. The method also includes receiving a first order and transmitting, to a second computing device associated with a second market participant, data causing a GUI of the second computing device to render a second graphical representation of the virtual trading floor comprising a first virtual trader associated with the first market participant. The method includes receiving, from the second computing device, a second order, determining that the second order matches the first order, and executing a transaction based on the first order and the second order.

Abstract: An exchange computer system for improving risk management is described. A user may create a risk profile that includes a risk threshold, and may identify a set of one or more security transaction orders to be associated with the risk profile. The exchange computer system may receive the risk profile from a user device, determine that the set of one or more security transaction orders are associated with the risk profile, and monitor the one or more security transaction orders included in the set. Based on the monitoring, the exchange computer system may determine that the risk threshold is satisfied. In response to determining that the risk threshold is satisfied, the exchange computer system may alert the user and cancel the one or more security transaction orders included in the set.

Abstract: A method for performing an auction implemented via an exchange computer system includes receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, initiating an auction timer that runs for a second period of time, determining that the first period of time has expired, notifying a plurality of market participants of an auction, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A method is provided for compressing data in an exchange computer system. The method includes receiving position data indicative of a position held with respect to a financial instrument by an exchange participant from among a plurality of exchange participants, and receiving constraint data indicative of one or more constraints on compression defined by the exchange participant. The exchange computer system compresses data based on the position data and the constraint data, resulting in, for each of the plurality of exchange participants, a new allocation of position sizes relative to positions held prior to compression. The new allocation of position sizes is such that a set of long positions held by the plurality of exchange participants with respect to the financial instrument are cancelled out by a set of short positions held by the plurality of exchange participants with respect to the financial instrument.

Abstract: Systems and techniques are disclosed for reducing regulatory capital requirements for market participants with financial positions. Participant positions are received in a database for matching the participant positions. Additionally, participant assessed theoretical value by position, capital requirement reduction benefit for closing transactions and penalty for opening transactions by position, compression cost constraints, and zero or more custom constraints specifying acceptable risk profile in a portfolio of trades are received from each participant. A set of trades between a plurality of participants that delivers a capital requirement reduction to each of the plurality of participants, while simultaneously satisfying all participant specified cost and risk constraints is calculated. A time period to review and approve compression portfolios prior to consummating trades is provided.

Abstract: A system and method for managing latency of messages in an exchange system in response to removal of liquidity are disclosed. In one implementation, the system may include an exchange system, and a set of instructions to cause a processor of the exchange system to gather information on quote patterns. The monitored quote patterns are assessed against quote parameters maintained in system memory, and a latency adjustment is automatically made to delay messages from particular market participants removing liquidity in the exchange system. Market participants may be identified as aggressive market participants, and their subsequent liquidity removing orders delayed, based on predetermined quote pattern parameters.

Abstract: An exchange computer system for improving risk management is described. A user may create a risk profile that includes a risk threshold, and may identify a set of one or more security transaction orders to be associated with the risk profile. The exchange computer system may receive the risk profile from a user device, determine that the set of one or more security transaction orders are associated with the risk profile, and monitor the one or more security transaction orders included in the set. Based on the monitoring, the exchange computer system may determine that the risk threshold is satisfied. In response to determining that the risk threshold is satisfied, the exchange computer system may alert the user and cancel the one or more security transaction orders included in the set.

Abstract: A method for trading a financial instrument via an exchange computing system includes receiving, from a user interface, data indicative of an order to trade the financial instrument, and one or more parameter values to customize parameters for the order, the parameters including at least one of a price, a quantity, an expiration time, a settlement time, an order type, a product type, a strategy identification, hedge information, an equity, and an index. The method includes adding one or more legs to the order, transmitting a request for clearing information associated with the one or more legs, receiving, from the user interface, data indicative of the clearing information including a matching level and a contra party, configuring the order, and executing the order by matching the order to an offer that satisfies the parameter values and the clearing information.

Abstract: An apparatus includes a processor and a non-transitory computer-readable medium storing instructions that, when executed by the processor, cause the processor to perform operations including receiving a request for object identifiers, the request associated with a unique session, sending an object identifier, the object identifier associated with an object from a list of objects each having a corresponding object identifier, receiving a request for data, the request referencing the object identifier and a data value associated with the object, performing an in-memory retrieval for the data value associated with the object identifier, and transmitting the data value.

Abstract: A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A method for performing an auction implemented via an exchange computer system includes receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, initiating an auction timer that runs for a second period of time, determining that the first period of time has expired, notifying a plurality of market participants of an auction, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A system and method determine rewards or other incentives for market participants submitting orders for financial instruments on a financial exchange. The system and method determine if orders submitted by one or more market participants are eligible for a reward or other incentive by identifying orders that are at a best bid or offer for a corresponding financial instrument. The system and method determine a number of eligible orders submitted by each of the one or more market participants and applies a reward or other incentive to a particular market participant with the most eligible orders or greatest aggregate size of eligible orders.

Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.

Abstract: A method for performing an auction implemented via an exchange computer system includes receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, initiating an auction timer that runs for a second period of time, determining that the first period of time has expired, notifying a plurality of market participants of an auction, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A method for performing an auction implemented via an exchange computer system, including receiving, from a user device, a security transaction order, receiving a first matching order, initiating a delay timer that runs for a first period of time, determining that the first period of time has expired, initiating an auction timer that runs for a second period of time, receiving, during the second period of time, one or more additional matching orders, wherein each of the one or more additional matching orders includes a request for participation in the auction, determining that the second period of time has expired, and facilitating a transaction based on the security transaction order.

Abstract: A method of providing orders to a virtual trading crowd in an exchange prior to automatically linking the order to an away market includes receiving a marketable order at the exchange, wherein the exchange price differs from a national best bid or offer (NBBO) price, routing the order to a trade engine, disseminating a request for price message, the request for price message including a price equal to the NBBO price, receiving a response message, initiating a quote trigger, wherein the quote trigger occurs for a period of N seconds, allocating at least a portion of the order according to an allocation algorithm, wherein an order size of each market maker is capped to prevent inflation of an allocated portion of the order, and allocating any remaining portion of the order to at least one predetermined market maker guarantor for execution at the NBBO price.

Abstract: A system and method of allocating orders in an exchange configured for trading by a combination of electronic and open-outcry trading mechanisms is provided. One method includes permitting multiple quotes to be disseminated to the market, but limiting market making to only those entities having a physical presence on the floor of the exchange. Methods of enhancing the hybrid electronic and open-outcry exchange also include automatically eliminating crossed quotes and locked quotes while permitting certain orders to trade against locked quotes.

Abstract: A method of providing an automated auction for internalization for the purchase or sale of securities or derivatives in an exchange is disclosed. The method may include receiving an order at an electronic trade engine, disseminating a request for price message to at least one user in response to receiving the order, receiving a one-sided response message representative of a participant-type in response to the request for price message, selecting an allocation algorithm from a plurality of allocation algorithms, initiating the selected allocation algorithm and allocating the order according to the participant-type upon termination of the selected auction. The system may include an electronic trading engine configured to disseminate an auction message in response to an order, a database of allocation algorithms, and a trade processor for initiating an auction according the one of the allocation algorithms and terminating the auction upon defined early termination events.

Abstract: A system and method determine rewards or other incentives for market participants submitting orders for financial instruments on a financial exchange. The system and method determine if orders submitted by one or more market participants are eligible for a reward or other incentive by identifying orders that are at a best bid or offer for a corresponding financial instrument. The system and method determine a number of eligible orders submitted by each of the one or more market participants and applies a reward or other incentive to a particular market participant with the most eligible orders or greatest aggregate size of eligible orders.