Abstract: Amongst other things, a computer implemented method for releasing a security for trading in a trading venue includes determining volatility in prices of quotations for a security before the security is released for trading; comparing the determined volatility to a volatility threshold; calculating an adjusted price of the quotations based on the output of the determined volatility in the prices; sending a message to release the security for trading, with the security having the adjusted price that is based on the outcome of comparing

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.