Abstract: A system and related method for hedging risks associated with a market level of informed trading are disclosed. The system includes a network interface for receiving a data feed that includes informed trading metric data. The system also has a server for electronically publishing the informed trading metric data. A second network interface receives requests to purchase informed trading metric-based derivative contracts at a first price and offers to sell informed trading metric-based derivative contracts at a second price. A matching server matches the received requests with the received offers. A settlement processor settles the derivative contracts based on informed trading metric data received by the network interface.

Abstract: Systems and computerized methods for calculating and using an informed trading metric are disclosed. The process of calculating the informed trading metric, executed by a processor, includes analyzing sets of trades of the security. The processor determines a magnitude of a difference between a volume of buy transactions and the volume of sell transactions in the plurality of trades. The processor then derives the informed trading metric based on the ratio of the determined difference magnitude to the total volume of analyzed trades. The derived informed trading metric may be employed by various systems to, among other things, hedge against market volatility, control securities exchange behavior, evaluate trader performance, and control the timing of trade execution by a broker dealer.

Abstract: A computerized exchange system and a method of operating a computerized exchange system are disclosed. The exchange system variably favors execution of buy trades or sell trades based on the value of an informed trading metric, thereby attempting to forestall predatory increases in order toxicity. The system includes a first network interface for receiving a plurality of securities trades, including a plurality of buy transactions and a plurality of sale transactions. A matching processor matches the securities trades to market makers. The matching processor is configured to obtain a value of the informed trading metric and to determine a buy transaction bias or a sell transaction bias based on the value of the informed trading metric. The matching processor then matches trades to market makers favoring buy transactions or sell transactions based on the determined bias. A settlement processor then settles the matched trades.

Abstract: A cleaning device for use with a wheeled apparatus, the device utilizing the rotational motion of at least one of the wheels to clean a portion of an implement, such as a golf club. The device is removably attachable to at least one of the wheels of a golf cart and rotates therewith when the golf cart is in motion. The device may include bristles that rotate with the wheel of the golf cart to remove at least some amount of debris from the golf club when the golf club is held in contact with the rotating bristles. The device, or subcomponents thereof, may be removed from the wheel for storage, security, maintenance, replacement, cleaning, or other purposes.