Abstract: A distributed computer system includes a matcher server that stores an order book of pending orders and a gateway that routes an order message to the matcher server for matching. The gateway also receives individual quote messages bundled into a mass quote message, each individual quote message including a price value for one of a plurality of different instrument identifiers. The gateway routes the mass quote message to a field programmable gate array (FPGA) circuit without involving the matcher server. The FPGA parses and stores data for each individual quote message to a data structure located in the memory of the FPGA. The parsed data is organized in the data structure according to both the instrument identifier and a client identifier that corresponds to a client that sent the mass quote message.

Abstract: An automated exchange is provided for trading financial instruments, such as options contracts. The exchange receives a plurality of orders to buy or sell the instruments and stores them in a book memory arranged in order of best price to worst price. The exchange also receives a quotation to purchase or sell a quantity of the instruments at the best price and stores the quotation in the book memory. The orders are traded with the quotation at the best price and when the entirety of the quotation is traded a new quotation is generated and stored in the book memory at a price one or more minimum trading increments worse than the best price. The size of the generated quotation is based on values stored in a quotation table.

Abstract: A system and method for monitoring an equity rights transaction for strategic investors in a securities exchange. More specifically, a technological infrastructure which monitors an equity rights program in which units representing the right to acquire equity in an exchange or an exchange's parent holding company are issued to a participating member in exchange for a cash payment and the achievement of certain volume thresholds on the exchange over a specified period.

Abstract: A computerized trading system having a plurality of independent trading environments for trading quotes relating to financial instruments received from quoting firms. A multicast data bus provides communication between a matching engine, a plurality of edge applications operating in each independent trading environment, and an order gateway which is common to the plurality of independent trading environments. Quotes are received from the quoting firms at the respective quote interface applications. The quotes are placed in the respective assigned areas of the shared memory. The matching engine matches the received quotes by polling and processing each area of the shared memory. The matching engine, upon completion of polling all areas of the shared memory, checks a port of the multicast data bus to receive messages transmitted by the edge applications and to receive incoming orders for financial instruments from the order gateway.

Abstract: A method is provided for testing a trading system having a verification subsystem and trading environments. Each of the environments has a network interface, memory, and a matching engine executed by a processor. The method includes retrieving, by the verification subsystem, at least one defined use case. Each defined use case includes command lines. The method also includes parsing the command lines based on defined parsing rules to produce parsed command lines. Each parsed command line includes a verb specifying financial transactions. Each parsed command line also includes data fields. The method further includes mapping the verb and fields of each command line based on defined mapping relationships to generate a test case. The method also includes executing the test case to generate messages to be executed by the trading system. The method also includes reading parameters of the trading system for comparison to specified validation values.

Abstract: An electronic trading platform performs trading of one or more types of financial instruments and includes at least one cloud providing at least one independent trading environment executed by a server. The at least one cloud includes a plurality of instances of an express interface application executed by the server and configured to receive interests in the financial instruments. The plurality of instances of the express interface application are configured to write the interests to a shared memory on the server. A matching engine, executed by the server, is configured to continuously poll the shared memory, read the interests written by the plurality of instances of the express interface application, analyze the read interests to determine if there is a matching contraside interest and allocate matching interests based on at least one allocation rule.

Abstract: Systems, methods, and computer programs for receiving and processing messages for a financial exchange comprising a matcher server integrated circuit such as an FPGA or ASIC component configured to receive and process information associated with a financial instrument operatively connected to the matcher server, wherein the integrated circuit component is configured to receive and store a plurality of messages from at least one computer server, each message of the plurality of messages being comprised of at least one message type.

Abstract: An application under test may be run in a test mode that receives a series of test scenarios and produces a set of test results under the control of a verification application. The verification application utilizes “typed-data” (i.e., data having known types that are associated with the data itself, e.g., XML-based data) such that a number of parameters can be set for each event and a number of result parameters can be checked for each result in at least one script. A series of scripts can be combined into an action file that may invoke scripts and override parameters within the invoked scripts. The events can be sent and received using a number of messaging protocols and communications adapters.

Abstract: An electronic trading platform performs trading of one or more types of financial instruments and includes at least one cloud providing at least one independent trading environment executed by a server. The at least one cloud includes a plurality of instances of an express interface application executed by the server and configured to receive interests in the financial instruments. The plurality of instances of the express interface application are configured to write the interests to a shared memory on the server. A matching engine, executed by the server, is configured to continuously poll the shared memory, read the interests written by the plurality of instances of the express interface application, analyze the read interests to determine if there is a matching contraside interest and allocate matching interests based on at least one allocation rule.

Abstract: A method is provided for testing a trading system having a verification subsystem and trading environments. Each of the environments has a network interface, memory, and a matching engine executed by a processor. The method includes retrieving, by the verification subsystem, at least one defined use case. Each defined use case includes command lines. The method also includes parsing the command lines based on defined parsing rules to produce parsed command lines. Each parsed command line includes a verb specifying financial transactions. Each parsed command line also includes data fields. The method further includes mapping the verb and fields of each command line based on defined mapping relationships to generate a test case. The method also includes executing the test case to generate messages to be executed by the trading system. The method also includes reading parameters of the trading system for comparison to specified validation values.

Abstract: An application under test may be run in a test mode that receives a series of test scenarios and produces a set of test results under the control of a verification application. The verification application utilizes “typed-data” (i.e., data having known types that are associated with the data itself, e.g., XML-based data) such that a number of parameters can be set for each event and a number of result parameters can be checked for each result in at least one script. A series of scripts can be combined into an action file that may invoke scripts and override parameters within the invoked scripts. The events can be sent and received using a number of messaging protocols and communications adapters.

Abstract: A computerized trading platform for performing Enhanced Allocation of contracts from an order to Lead Market Makers depending on the number of contracts to be traded at a national best bid offer (NBBO). After all customer orders have been processed, lots of a small size order (SSO) will be preferentially directed to a Lead Market Maker without sharing. For each incoming order that is not a small size, if the Lead Market Maker is quoting at the NBBO, its participation entitlement is equal to the greater of (i) the proportion of the size of the LMM's quote to the total quote size at the LE-BBO, (ii) sixty percent (60%) of the contracts to be allocated if there is only one (1) other Market Maker quotation at the LE-BBO and (iii) forty percent (40%) of the contracts if there are two (2) or more other Market Maker quotations at the LE-BBO. For purposes of allocation, all Market Maker Priority interest at a certain price level shall be aggregated.

Abstract: An automated system and method for trading option instruments on an automated exchange comprising a participant system for communicating with an automated exchange system. The disclosed system and method allows a market professional such as a market maker to inactivate the quotes in instruments for a related product while the market maker's quoting engine continues to update the quotes. Also disclosed is a system and method for reducing load on a exchange network in recalculating a best bid and offer price. Disclosed herein is a system and method for maintaining control over professional quotes for the purchase and sale of option instruments for a product in an exchange system.

Abstract: Presented is a method for calculating and distributing quoting share revenue to exchange members that contribute quote data to market data feeds. First, the method reads in trading data chronologically for a particular day. Using an object oriented framework, the method divides the symbols and orders into groups of objects to facilitate the tracking of the total price, quantity, and seconds displayed for each symbol. The timestamp of each message is read and the seconds field is parsed ignoring fractional seconds. Credits are awarded for each second the quote is displayed at the National Best Bid/Offer (“NBBO”) by multiplying the price, quantity, and elapsed whole seconds. These quote credits are stored by the system for each member and symbol. Members are eligible to earn quote credits on either the bid or the offer or both at the same time.

Abstract: An automated system for matching orders to buy and sell securities including a displayed market where orders are executed at a BBO price and where information about the market is made available to investors and a midpoint matching market for matching buy and sell orders at a predetermined price, namely, the midpoint between the national best bid and offer. The displayed market and the midpoint matching market are linked so that orders submitted to the displayed market are exposed to the midpoint matching market and can be executed at an improved price if a contra order is available on the midpoint matching market.

Abstract: Presented is a method for calculating and distributing quoting share revenue to exchange members that contribute quote data to market data feeds. First, the method reads in trading data chronologically for a particular day. Using an object oriented framework, the method divides the symbols and orders into groups of objects to facilitate the tracking of the total price, quantity, and seconds displayed for each symbol. The timestamp of each message is read and the seconds field is parsed ignoring fractional seconds. Credits are awarded for each second the quote is displayed at the National Best Bid/Offer (“NBBO”) by multiplying the price, quantity, and elapsed whole seconds. These quote credits are stored by the system for each member and symbol. Members are eligible to earn quote credits on either the bid or the offer or both at the same time.

Abstract: A system is provided for trading complex orders for financial instruments, including complex orders that include legs that are to be executed on different markets. The legs of the order are optionally specified to be executed in a particular ratio, at net price, and/or at a range of net prices. The system halts trading for all legs in one market, determines a quantity and price to execute a second leg of the order on the other market to achieve a specified ratio or net price and then submits the second leg for execution on the other market if the second leg remains marketable on the other market. If an execution is received from the other market, then the legs in the first market are executed and the series unfrozen. If the other market has not responded after a predetermined time, then the legs in the first market are unfrozen and trading continues.

Abstract: An automated system for matching orders to buy and sell securities including a displayed market where orders are executed at a BBO price and where information about the market is made available to investors and a midpoint matching market for matching buy and sell orders at a predetermined price, namely, the midpoint between the national best bid and offer. The displayed market and the midpoint matching market are linked so that orders submitted to the displayed market are exposed to the midpoint matching market and can be executed at an improved price if a contra order is available on the midpoint matching market.

Abstract: An automated system for matching orders to buy and sell securities at the midpoint of a best bid and offer (“BBO”), wherein the automated system is adapted to (i) operate on a fully-anonymous and continuous basis, (ii) process multiple, computer-generated orders, of any size, transmitted by algorithmic, program, and other automated trading systems, (iii) automatically match multiple, executable orders according to a priority scheme, and (iv) execute a matching algorithm that maximizes tradable volume when an executable order can not be matched according to the priority scheme. The system may be executed at a server or participant system, or combination of the two.

Abstract: The present invention relates to a system and method for generating and managing bait orders in high performance computer systems, in particular it relates to a computer system and method for bait generation in high performance trading systems. The present invention removes bait orders when the base order has changed in such a way so that the bait order is not tradable. Thereafter the invention regenerates the bait order at a later time.