Abstract: Systems and methods are provided to control gaming in electronic trading markets. These systems and methods alleviate the problem of a seller or buyer trying to act on a trader's original bid or offer only to trade at an unfavorable level after the trader changes the bid or offer. A pricing method suspends trading for a period of time if a price difference between two bids or offers by the same trader is too great. A timing method prevents a trader from canceling or replacing a bid or offer for a period of time. These methods provide a more fair and efficient way of executing electronic trades.

Abstract: The present invention is systems and methods for matching desired purchases and sales of mis-matched items. These systems and methods compare the requirements of potential buyers and sellers of items against those of sets of other potential buyers and sellers of items to construct transaction sets that will enable an optimal transaction or set of transactions for the parties involved. The present invention may be used to match purchases and sales of any items, such as goods, services, financial instruments, and property interests (e.g., ownership interests in real property, possessory interests in personal property, etc.).

Abstract: The present invention is systems and methods for trading. In accordance with these systems and methods, a plurality of trader work stations that are connected to a central server may be provided. Through the work stations and central server, the systems and methods may perform participant qualification, instrument creation, bid/offer entry and response, when hit and take, workup, price retention, price improvement, request for market, bid/off restoration, price generation, position conversion, marking to market, and delivery functions.

Abstract: Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.

Abstract: Systems and methods for instantly quoting a two-sided market. Using these systems and methods, a trader can use various trading interfaces to initiate two-sided market orders based on a value submitted and a pre-set spread amount as configured by the trader.

Abstract: Methods and systems for providing and implementing crossing markets are provided. These methods and systems preferably include facilitating trading at crossing markets by establishing crossing market trading rules, incentivizing crossing market participants, and improving the efficiency of crossing market trading.

Abstract: Systems and methods for creating and trading dynamic securities are provided. Dynamic securities according to the invention may preferably include any security or non-securitized investment. To form the dynamic security, a user may select a plurality of securities including stocks, bonds, baseball cards and modern art paintings to create a dynamic security. The selection may be limited to a pre-determined list of securities.

Abstract: Systems and methods for linking bids and offers in a trading interface are provided. The systems and methods of the present invention are directed particularly towards linking bids and offers related to the same or similar items (e.g., currency, stocks, bonds, futures contracts, energy). A user may enter parameters for linking bids and offers. The user may enter bids and offers. The parameters may be entered prior to, or concurrently with, the entry of the bids and offers. In response to a trading system receiving parameters and bids and offers entered by a user, the trading system may generate an offer and a bid substantially simultaneously. Generating an offer and a bid substantially simultaneously may reduce the adverse affects of changed market conditions on the latter of an entered bid or offer.

Abstract: Electronic trading systems and methods which facilitate principal/broker trading are provided. In a first aspect of the invention, a database relating to trading participants in the trading system is designed to indicate which traders utilize a principal/broker relationship and what, if any, limitations are placed on the activity of the broker, trading commands submitted by the broker, and counterparties in a transaction with the broker. In another aspect of the invention, trading commands and executed trades involving principals/brokers may be presented to other traders using special designations. The ability to enter certain trading commands by, and in response to, brokers may be limited. In a further aspect of the invention, anonymous trading features may prevent traders from knowing whether another trader is a broker or principal, may restrict traders from being able to block trading with brokers, and may permit brokers to configure anonymous trading parameters.

Abstract: Systems and methods for providing traders with the ability to negotiate prices in an exclusive inside market. Using these systems and methods, traders are provided with a trading environment (inside market) that is reserved for traders associated with the best bids/offers of a general market. These traders are provided with the ability to submit new bids/offers to negotiate prices on the items available in the market. Traders can also submit counteroffers to re-negotiate prices on items. Likewise, traders can purchase or sell items in the inside market.

Abstract: Systems and methods for rule-based bilateral negotiation of quotes in response to request for quotes (RFQ) and inside market inquiries is provided. A trader is provided with a user-interactive trading interface for submitting and receiving an RFQ. The user-interactive trading interface may provide a requesting trader with an opportunity to generate requests or inquires pertaining to a desired instrument in a particular market (e.g., a bond market). The RFQ may be forwarded to a select group of market participants, determined automatically or by the requesting trader. The market participant may respond to the RFQ with a quote via the user-interactive trading interface. A rule-based negotiation session may be initialized upon receiving the quote from the market participant.

Abstract: Methods and systems for trading of future contracts for intangible assets are provided. The methods and systems allow traders to access information on intangible asset futures contracts and future contract funds and to execute their trades in a computer-based futures exchange. Intangible assets include future royalties or revenues from artistic works or future salaries of professionals, for instance. The futures exchange system provides real-time trading status on the futures contracts or funds as well as detailed information on contract terms. Quotes may be matched automatically by the futures exchange. Sensitivity analysis of various factors on the outcome of futures contracts valuation may be provided. Additionally, offer and contract terms for categories of intangible assets may be standardized in the futures exchange for trading simplification.

Abstract: Systems and methods for a trading interface with advanced features are provided. Using these systems and methods, a user may create orders, manipulate orders, cancel orders, configure alternative keyboard settings, and/or obtain additional information on transactions. When a user clicks on a bid and/or offer, a dialog box may pop-up, thereby providing the user with multiple options. To enable customization of the keyboard settings to a user's preference, a keyboard settings feature is provided. Users may also be provided with additional information relating to the user's wish to transact.

Abstract: A bid/offer spread market is presented that allows a trader to increase liquidity in traded items. A bid/offer spread market maker may make a bid/offer spread market. This bid/offer spread market may be made available to any market participant. In response to the spread market, an aggressor may respond to a bid or an offer with a hit or a take, respectively. In response to the hit or the take, the aggressor or bid/offer spread market maker, respectively, may create a separate underlying market using the selected (bid or offer) spread within a specified amount of time. The other party, a bid/offer spread trader, may trade on the quoted price within a specified amount of time, at which point a trade has occurred.

Abstract: Systems and methods for user-configurable financial instrument inspection are provided. A user may select the type of financial performance information and presentation format of the financial performance information to be displayed when the user selects a particular financial instrument. The user may associate a set of financial performance information and presentation format with a particular financial market for financial instruments. The financial instrument inspector may also facilitate trading of financial instruments.

Abstract: Systems and methods are provided to control gaming in electronic trading markets. These systems and methods alleviate the problem of a seller or buyer trying to act on a trader's original bid or offer only to trade at an unfavorable level after the trader changes the bid or offer. A pricing method suspends trading for a period of time if a price difference between two bids or offers by the same trader is too great. A timing method prevents a trader from canceling or replacing a bid or offer for a period of time. These methods provide a more fair and efficient way of executing electronic trades.

Abstract: Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.

Abstract: Systems and methods for shifting bids and/or offers in a trading interface are provided. Using these systems and methods, a trader may access various bid and/or offer data, adjust bid and/or offer statuses, and shift a plurality of bid and/or offer prices and sizes to accommodate for changes in a trading environment. The trading interface may provide users with multiple bid and/or offer interaction. This may allow users to apply changes to a plurality of bids and/or offers simultaneously and provide time efficient bid and/or offer shifting. Furthermore, the trading interface may allow the user to access or import books from various trading applications.

Abstract: Systems and methods for configurable trading interfaces that allow a trader to quickly and easily submit trading commands to a trading system are provided. Using these systems and methods, a trader can using various trading interfaces to initiate trading commands, configure various display features and default command settings, and control a level of command entry verification that is provided to protect against inadvertent entry of incorrect trading commands.

Abstract: Systems and methods for anonymous electronic trading that allow a trader to hide his or her identity and inhibit trading interactions are provided. Using these systems and methods, a trader can, using various trading interfaces, control a level of trading anonymously and configure warnings that are provided to protect against inadvertent completion of potential-risk-involved trades.