Abstract: Embodiments of an overlay network with innovative virtual network switches and related network interface controllers are disclosed. According to one embodiment, the overlay network may comprise at least one virtual network switch (VNS), wherein each VNS is installed within a corresponding first processing endpoint which is logically above a virtualization layer of a virtual network. And, the VNS may be configured to intercept data packets transmitted on a network layer logically below the virtualization layer of the virtual network. The VNS may comprise: (a) a manager element configured to connect to at least one virtual network interface controller (VNIC), each VNIC being installed within a corresponding second processing endpoint of the virtual network, the second processing endpoint being separate from the first processing endpoint; (b) a replicator node configured to replicate and route the data packets; and (c) a switch controller configured to control the first replicator node.

Abstract: In a processing system, an identifier for a current version of code for an application is published in a message to a shared event stream. Any instances of the application within the processing system may update to the current version before processing other messages having sequence numbers after the message containing the identifier. In this manner, multiple instances of the application may be periodically updated to maintain global consistency of the application and the shared event stream.

Abstract: Embodiments of the present invention provide a novel system and method for TCP-to-multicast (T2M) communications. The T2M techniques may allow a client to make a single TCP connection that then fans out into communications with multiple back-end resources. Such one-to-many communications may be invisible to the client but can achieve many practical benefits.

Abstract: Communication techniques are disclosed for a distributed computing system. The technique may be applied to an inline clearing and settlement messaging protocol whereby a matching engine may issue a transaction request (or settlement request) upon matching a proposed trade, identifying the parties and assets for the trade. A message gateway may validate and transmit the transaction request to a sequencer which sequences the transaction request into a time-accurate event stream so that transaction requests are distributed to relevant parties in chronological order. Each party may respond to the transaction request by simply checking its account to confirm availability of the relevant asset for the proposed trade and issuing a clearance response. The clearance responses form the basis for a transaction response that the message gateway sends to the matching engine to indicate success or failure of the inline clearing and settlement.

Abstract: In order to protect a trading party from predatory trading strategies employed by some market participants, especially during certain periods when quotes for a particular security are experiencing rapid changes or transitions, embodiments of the present invention facilitate and support various new type of trading orders whose booking and execution behaviors are dynamically varied in response to environmental market conditions and/or predefined rules. For example, the orders may be allowed to trade at more aggressive price levels if the market is relatively stable, and the orders can only trade at less aggressive price levels or be automatically suspended or even cancelled when the market is unstable.

Abstract: Embodiments of the transmission latency leveling apparatuses, methods and systems provide an electronic bidding order management infrastructure, such as a “point-of-presence,” which receives and routes electronic trading orders from different trading entities at a server via a transmission medium to create a certain amount of transmission latency before the trading orders could arrive at and be executed at electronic exchanges to reduce latency arbitrage and/or order book arbitrage that may be experienced by high frequency trading participants. A similar transmission latency may be applied to the egress transmission of market data updates issued by an electronic exchange. Other techniques for facilitating electronic trading are also disclosed.

Abstract: A method and system operate to secure and efficiently manage data. The method includes performing steps such as generating independent keys corresponding to multiple portions of segmented data and utilizing the independent keys to encrypt the multiple portions of segmented data. The method additionally includes generating a master key, encrypting the independent keys with the master key, and storing each portion of the segmented data adjacent to the corresponding independent key in a data and key storage device. The method additionally includes segmenting the master key, thereby creating multiple master key segments and storing the multiple master key segments in disparate locations separate from the data.

Abstract: In a message processing system, an application connected to an event stream publishes a schema for the structure of data payloads contained in messages from the application. Other readers and writers within the system can receive the schema and apply the schema to subsequent inbound and/or outbound messages as appropriate. The application may from time to time dynamically update the schema and publish a revised schema for use by the other applications connected to the event stream for subsequent messages.

Abstract: A Data Synchronization and Failover Management (DSFM) system monitors simultaneous execution of non-identical instances of a software application and may label as a particular result of the software application the earliest output corresponding to that result produced by one of the instances. The DSFM may label one of the instances as a primary instance and the other instances as secondary instances and, if the primary instance fails, may re-label one of the secondary instances that computed all of the operations associated with the last result produced prior to the failure of the primary instance, as a new primary instance.

Abstract: A number of techniques for improving electronic trading are disclosed. According to some embodiments, an electronic trading system may selectively disclose to, or withhold from, trade participants order book data depending on whether each participant's trade order meets a predetermined threshold price and/or threshold size or other criteria.

Abstract: Embodiments of the present invention may provide an improved distributed computing system. Entities in the distributed computing system may be divided into four categories: writers, readers, gateways, and applications. End users may interact with the system via the applications through the gateways. The role of writers and readers may be separated to distribute computational burdens. Writers may generate messages for an event stream. The messages may include a timestamp for consistent global ordering. The readers may arrange messages from various writers based on the timestamps to generate globally time-consistent event streams.

Abstract: A specialized memory structure is provided for storing parts of orders received at an electronic trading system. A received order is divided into a displayed portion and a non-displayed portion, and each portion is allocated to a respective part of the memory structure. The memory structure is configured such that while matching the order with a contra order, priority is given to the displayed portion over the non-displayed portion. If such a match occurs, the displayed portion may be replenished. The matching in the non-displayed portion generally occurs according to rules of applying discretion. The matching in the displayed portion may occur at the displayed price or according to the rules of discretion.

Abstract: Embodiments of the present invention may provide an improved distributed computing system. Entities in the distributed computing system may be divided into four categories: writers, readers, gateways, and applications. End users may interact with the system via the applications through the gateways. The role of writers and readers may be separated to distribute computational burdens. Writers may generate messages for an event stream. The messages may include a timestamp for consistent global ordering. The readers may arrange messages from various writers based on the timestamps to generate globally time-consistent event streams.

Abstract: A number of techniques for improving electronic trading are disclosed. According to some embodiments, an electronic trading system may establish a new Facilitation Cross order type which automatically performs a number of trading steps in a single uninterrupted sequence so as to help a risk trader fulfill a client investor's trading request efficiently and with lower market risk.

Abstract: Embodiments of the transmission latency leveling apparatuses, methods and systems provide an electronic bidding order management infrastructure, such as a “point-of-presence,” which receives and routes electronic trading orders from different trading entities at a server via a transmission medium to create a certain amount of transmission latency before the trading orders could arrive at and be executed at electronic exchanges to reduce latency arbitrage and/or order book arbitrage that may be experienced by high frequency trading participants. A similar transmission latency may be applied to the egress transmission of market data updates issued by an electronic exchange. Other techniques for facilitating electronic trading are also disclosed.

Abstract: In a system for executing transaction requests, a received request for a transaction in an item is delayed prior to matching that request with another request for transaction in that item by a delay based on a communication delay and/or a processing delay. The communication delay represents the time required to receive updated information about the item and the processing delay represents the time required to compute an updated item price using the received updated information.

Abstract: A number of techniques for improving electronic trading are disclosed. According to some embodiments, an electronic trading system may selectively disclose to, or withhold from, trade participants order book data depending on whether each participant's trade order meets a predetermined threshold price and/or threshold size or other criteria.

Abstract: A Data Synchronization and Failover Management (DSFM) system monitors simultaneous execution of non-identical instances of a software application and may label as a particular result of the software application the earliest output corresponding to that result produced by one of the instances. The DSFM may label one of the instances as a primary instance and the other instances as secondary instances and, if the primary instance fails, may re-label one of the secondary instances that computed all of the operations associated with the last result produced prior to the failure of the primary instance, as a new primary instance.

Abstract: In order to protect a trading party from predatory trading strategies employed by some market participants, especially during certain periods when quotes for a particular security are experiencing rapid changes or transitions, embodiments of the present invention facilitate and support a new type of trading orders whose booking and execution behaviors are dynamically varied in response to environmental market conditions. Pursuant to predefined rules for the new type of trading orders, the orders may be allowed to trade at more aggressive price levels if the market is relatively stable, and the orders can only trade at less aggressive price levels when the market is unstable.

Abstract: Embodiments of the Message Retransmission Mechanism Apparatuses, Methods and Systems (“MRM”) transform application requests for message journals via MRM components into expedited access to segmented message streams. In one implementation, the MRM may obtain message journal of messages written by applications during system operations and divide up the message obtained from the complete message journal into message segments. In some implementations, the MRM may provide recovering applications access to said message segments for expedited message consumption.