Abstract: A computerized method provides periodic mark trading of financial instruments on a computerized trading system having one or more server computers. The method comprises at least one of the server computers: receiving a communication from a customer computer on a trading date, the communication including at least one periodic mark limit order, including at least an amount and an indication of a mark time at which a price will be determined for the at least one periodic mark limit order, and placing the received at least one periodic mark limit order in a periodic mark pool; calculating a periodic mark price from non-periodic mark orders on the book of an FX ECN; matching the received periodic mark limit order with a compatible other periodic mark limit order in the periodic mark pool; after the mark time, executing the matched received periodic mark limit order at the calculated periodic mark price.

Abstract: In a computerized trading system, at least one passive order from a liquidity provider is placed on a book of orders. An order received from a liquidity consumer is held for a holding period. During the holding period the order from the liquidity consumer is checked and information relating to the received order from the liquidity consumer is sent to eligible ones of one or more liquidity providers. If, during the holding period, changes to the orders on the book of orders are made by the liquidity providers, those orders are modified on the book and the book of orders is revised. Upon expiration of the holding period, the order from the liquidity consumer is matched with orders that remain on the book after any revisions.

Abstract: Securities trading systems and methods for creating, issuing, offering, trading, redeeming, converting, and clearing a novel debt obligation convertible into cash plus a foreign exchange spot or forward contract that is priced to reflect the value of the debt obligation in a base currency in relation to the value of a reference currency. In the system, an order book server aggregates bid and offer information for the debt obligations. Best bid and offer information is communicated to one or more trading terminals. The trading terminals are capable of displaying best bid and offer and other information relevant to trading, redeeming, and converting the debt obligations in real time and allow a trader to trade, redeem, and convert C-Notes™ by interacting with the display on the trading terminal. The order book server and issuer calculate and track accrued interest on the debt obligations.