Abstract: An electronic trading system utilizes a Match Engine that receives orders, stores them internally, calculates tradable combinations and advertises the availability of real and implied orders in the form of market data. New tradable items defined as combinations of other tradable items may be included in the calculation of tradable combinations. The disclosed embodiments relate to detection of market conditions where identification of implied opportunities may, for example, subvert real orders resulting in undesirable effects. Under circumstances where such undesirable effects are likely to occur, identification of implied opportunities may be delayed thereby allowing market forces to attempt to resolve the aberrant market conditions and avoid the undesirable effects.

Abstract: An electronic trading system utilizes a Match Engine that receives orders, stores them internally, calculates tradable combinations and advertises the availability of real and implied orders in the form of market data. New tradable items defined as combinations of other tradable items may be included in the calculation of tradable combinations. A technique is disclosed for suppression of the calculation and/or subsequent listing of an implied order when the order is either undesired or unnecessary in the market therefore.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.

Abstract: The disclosure describes systems and methods for using enhanced RFQs and incoming enhanced orders to assist in detecting implied orders using an implied spread determination module. In one example, a system includes a processor and memory storing a search list and computer-executable instructions, where the instructions determine whether the financial instrument associated with an eRFQ or new enhanced order is on the search list, and then determine if an implied order exists in combination with that financial instrument and CCP attribute designations. In some embodiments, a timer may be used to track a predetermined amount of time to spend towards determining if implied orders exist for a particular financial instrument at particular clearing houses.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.

Abstract: The disclosure describes systems and methods for using enhanced RFQs and incoming enhanced orders to assist in detecting implied orders using an implied spread determination module. In one example, a system includes a processor and memory storing a search list and computer-executable instructions, where the instructions determine whether the financial instrument associated with an eRFQ or new enhanced order is on the search list, and then determine if an implied order exists in combination with that financial instrument and CCP attribute designations. In some embodiments, a timer may be used to track a predetermined amount of time to spend towards determining if implied orders exist for a particular financial instrument at particular clearing houses.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.

Abstract: The disclosure describes systems and methods for using enhanced RFQs and incoming enhanced orders to assist in detecting implied orders using an implied spread determination module. In one example, a system includes a processor and memory storing a search list and computer-executable instructions, where the instructions determine whether the financial instrument associated with an eRFQ or new enhanced order is on the search list, and then determine if an implied order exists in combination with that financial instrument and CCP attribute designations. In some embodiments, a timer may be used to track a predetermined amount of time to spend towards determining if implied orders exist for a particular financial instrument at particular clearing houses.

Abstract: An electronic trading system utilizes a Match Engine that receives orders, stores them internally, calculates tradable combinations and advertises the availability of real and implied orders in the form of market data. New tradable items defined as combinations of other tradable items may be included in the calculation of tradable combinations. The disclosed embodiments relate to detection of market conditions where identification of implied opportunities may, for example, subvert real orders resulting in undesirable effects. Under circumstances where such undesirable effects are likely to occur, identification of implied opportunities may be delayed thereby allowing market forces to attempt to resolve the aberrant market conditions and avoid the undesirable effects.

Abstract: An electronic trading system utilizes a Match Engine that receives orders, stores them internally, calculates tradable combinations and advertises the availability of real and implied orders in the form of market data. New tradable items defined as combinations of other tradable items may be included in the calculation of tradable combinations. A technique is disclosed for suppression of the calculation and/or subsequent listing of an implied order when the order is either undesired or unnecessary in the market therefore.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled. As such, the primary match server need not be specifically designed or programmed to interact with the fault tolerant mechanisms.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.

Abstract: Fault tolerant operation is disclosed for a primary match server of a financial exchange using an active copy-cat instance, a.k.a. backup match server, that mirrors operations in the primary match server, but only after those operations have successfully completed in the primary match server. Fault tolerant logic monitors inputs and outputs of the primary match server and gates those inputs to the backup match server once a given input has been processed. The outputs of the backup match server are then compared with the outputs of the primary match server to ensure correct operation. The disclosed embodiments further relate to fault tolerant failover mechanism allowing the backup match server to take over for the primary match server in a fault situation wherein the primary and backup match servers are loosely coupled, i.e. they need not be aware that they are operating in a fault tolerant environment.