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: Methods, systems and computer program products for high performance data streaming are provided. A computer-implemented method may include receiving a data mapping describing an association between one or more fields of a data storage location of a data source and one or more fields of a data storage location of a target destination, generating a data transfer execution plan from the data mapping to transfer data from the data source to the target destination where the data transfer execution plan comprises a determined degree of parallelism to use when transferring the data, and transferring the data from the storage location of the data source to the data storage location of the target destination using the generated data transfer execution plan.

Abstract: Methods, systems and computer program products for high performance data streaming are provided. A computer-implemented method may include receiving a data mapping describing an association between one or more fields of a data storage location of a data source and one or more fields of a data storage location of a target destination, generating a data transfer execution plan from the data mapping to transfer data from the data source to the target destination where the data transfer execution plan comprises a determined degree of parallelism to use when transferring the data, and transferring the data from the storage location of the data source to the data storage location of the target destination using the generated data transfer execution plan.

Abstract: Methods, systems and computer program products for high performance data streaming are provided. A computer-implemented method may include receiving a data mapping describing an association between one or more fields of a data storage location of a data source and one or more fields of a data storage location of a target destination, generating a data transfer execution plan from the data mapping to transfer data from the data source to the target destination where the data transfer execution plan comprises a determined degree of parallelism to use when transferring the data, and transferring the data from the storage location of the data source to the data storage location of the target destination using the generated data transfer execution plan.

Abstract: A securities transaction, such as a buy or sell order is transmitted to a securities exchange with an indicator requesting automatic execution. In one embodiment, the securities transaction has a limit price and if the limit price is equal to or better than the current quote for the security on the exchange, the transaction is automatically executed without exposing the transaction to the auction market crowd on the exchange floor for possible price improvement. In another embodiment, the securities transaction is a market order, and if otherwise eligible, the transaction is automatically executed without exposing the transaction to auction market crowd on the exchange floor for possible price improvement.

Abstract: A trading platform adapted for pairs trading of unrelated securities from one or more asset classes using a single order approach is provided.

Abstract: A directed order process and related market center are disclosed, wherein a market center grants permission to order sending firms to send directed order flow to participating designated market makers. Such designated market makers create a virtual guarantee order book for each permissioned order sending firm. If an order sending firm sends a directed order to the market center that is marketable against a virtual guarantee order, then the market center automatically pairs the orders in a two-sided directed cross order instruction, which executes against any superior trading interest in the marketplace first before crossing.

Abstract: Methods, systems and computer program products for high performance data streaming are provided. A computer-implemented method may include receiving a data mapping describing an association between one or more fields of a data storage location of a data source and one or more fields of a data storage location of a target destination, generating a data transfer execution plan from the data mapping to transfer data from the data source to the target destination where the data transfer execution plan comprises a determined degree of parallelism to use when transferring the data, and transferring the data from the storage location of the data source to the data storage location of the target destination using the generated data transfer execution plan.

Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.

Abstract: An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.

Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.

Abstract: To improve the performance of a market data platform, a market data platform includes a hardware offload solution that allows received financial information to bypass the software portion of the platform and be written directly into memory. The hardware offload solution includes a field programmable gate array (FPGA) that takes over responsibility for some tasks that were previously performed in software. These tasks include performing line arbitrage on financial information feed pairs to ensure that an accurate copy of the financial information feed is obtained and stored in memory as quickly as possible. These tasks also include performing memory paging in order to allow financial orders to be stored and accessed in an efficient manner.

Abstract: An enhanced system and method for the “smart” routing of orders in an electronic options environment is disclosed. The method of routing includes different rules and protocols for orders that are allowed to route using a traditional intermarket linkage than for orders that are allowed to route using an alternative private direct connection or third-party service provider. The system and method of routing has at its basis a configurable, rules-based routing table that allows orders to be routed using different protocols based on the account type of the incoming order.

Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.

Abstract: An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.

Abstract: A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.