Abstract: Disclosed are computer-implemented techniques for valuing non-marketable financial instrument such as employee stock options. The techniques include determining a market price of a derivate security that represents exposure to the non-marketable financial instrument by receiving bids or offers at a pre-determined time prior to the start of an auction and determining price information in a computer prior to a scheduled auction close. The determined price information is disseminated to auction participants, and the techniques includes closing the auction and executing on a computer orders and bids for the security at the determined price.

Abstract: A method of detecting alert conditions includes receiving an electronic market event message for a new quote from a market participant, requesting a previous quote for the items, and determining whether the new quote is higher or lower than the previous quote. The method also includes sending an electronic alert from the alert engine in response to the new quote being a bid and higher than the previous quote.

Abstract: An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The market has a facility, which receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The market also includes processes to handle odd-lot processing and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

Abstract: Techniques are described for securitizing, administrating and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: Techniques are described for securitizing, administrating and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: Techniques are described for securitizing, administrating and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: Techniques are described for securitizing, administraining and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: A method of monitoring orders includes sending a message to a market participant that accepts order deliveries for execution and monitoring an amount of time between sending the message to the market participant and receipt of a response message from the market participant. The method can also include logging an amount of occasions the market participant does not respond within a pre-specified amount of time.

Abstract: Techniques are described for securitizing, administering and trading various index shared securitized by derivative, cash-settled instruments on the underlying index.

Abstract: Techniques are described for securitizing, administrating and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: Techniques are described for securitizing, administrating and trading various index shares securitized by derivative, cash-settled instruments on the underlying index.

Abstract: A financial product is based on a first fund that is traded on a trading marketplace in a first country. The financial product is registered in the first country. The first fund has the characteristics of being based on an index of securities that are traded in a second, different country. The first fund is arbitragable with a second fund that is based on the index and which is registered in a second different country. The first fund has a creation unit basis that is substantially the same basis as a creation unit basis for the second fund. The calculation of the net asset value of the first fund occurs at essentially or exactly the same time that second country fund has its NAV calculated.

Abstract: A dynamic quote window for a securities system includes a quote montage that displays quotes from market participants to buy or sell a security and a plurality of controls disposed proximate to the quote montage, each of the controls displaying a price level and aggregated quote size at the price level for the security. The aggregate controls display aggregated quotes at various price levels that represents publically displayed, available liquidity. Market participants can see the depth of the quotes at the inside. Also described in a multi-order window which when populated and transmitted can generate orders to capture all shares available at the price corresponding to the aggregate interest control depressed and better.

Abstract: A method receives incoming messages from data feed lines. The incoming messages have data on associated market events. The method includes receiving incoming messages from a feed line, translating the received incoming messages into market event messages having a common format, and publishing a portion of the translated messages on a network. Each market event message includes data on a market event and time data. The network has multiple devices capable of receiving the translated messages.

Abstract: A system for handling quotes in an electronic market is described. The system includes a lock/cross quote detector which determines whether a quote which is entered into the market system would lock or cross other quotes in the market system and a quote formatter that receives quotes that, if entered, would lock or cross the market and reformats the quotes as marketable liability orders. The system includes a routing process that routes reformatted quotes as marketable liability orders to a market participant whose quote was locked or crossed.

Abstract: An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

Abstract: A method, executed in a computer system, for opening an electronic market for trading of a security is described. The method includes receiving by the computer system eligible orders and quotes for the security traded in the electronic market and disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the open of trading. The method also includes determining by the computer system a price or prices at which the maximum shares would be executed and determining which price would minimize any imbalance of eligible orders and executing at least some of the eligible orders at the determined opening price.

Abstract: A system dynamically displays graphic identifier information, such as corporate logos, and value information for financial instruments, such as recent trade information, on a video wall having several monitors arranged to form a larger display. The system has input ports to receive feeds with identifiers and corresponding values of financial instruments, a filter to extract the identifiers and corresponding values of the financial instruments, a memory to store the extracted information and a table associating the financial instrument identifiers with graphic symbols, and processors to form a display signal with the graphic symbols and values.

Abstract: A method receives incoming messages from data feed lines. The incoming messages have data on associated market events. The method includes receiving incoming messages from a feed line, translating the received incoming messages into market event messages having a common format, and publishing a portion of the translated messages on a network. Each market event message includes data on a market event and time data. The network has multiple devices capable of receiving the translated messages.

Abstract: A benchmark price reflective of trading in a financial instrument for benchmarking sell-side traders performance is provided by calculating based on received trades a buy volume weighted average price and a sell volume weighted average price for every contra-side party trading in a selected security during a period of time. Ineligible contra-parties are filter out from the determined buy and sell volume weighted average prices and the remaining contra-parties are ranked based on the determined volume weighted average prices from best price to worst to produce ranked, buy volume weighted average prices and ranked sell volume weighted average prices.