Abstract: Systems and methods for providing traders with an opportunity to trade on the VWAP price are provided. After a trader enters a VWAP auction session, the trader has a predetermined about of time (i.e., the length of the VWAP auction period) to place bids and/or offers on an item. When the VWAP auction period ends, the electronic trading application matches the VWAP orders. The VWAP orders that are not matched are cancelled. The electronic trading application collects trading information (e.g., price, size, etc.) corresponding to the received orders. The collected information is processed to determine the VWAP price. The VWAP price is presented to the trader and the matched VWAP orders are filled based on the determined VWAP price.

Abstract: Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters.

Abstract: Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters.

Abstract: Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters.

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 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: 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 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 electronic trading that provide incentives to users of a trading system. The systems and methods may monitor a trading activity of the user and determine that the orders submitted by the user over a period of time exceed a first pre-determined threshold. Systems and methods also determine that a spread of the plurality of orders exceeds a second pre-determined threshold. Based on these determinations, the user is designated as qualifying for a special status, which entitles the user to incentives in trading. Systems and methods apply the incentives to an order submitted by the user. One such incentive provides the user with a priority in a trading queue, where orders submitted by the user are executed in advance of other orders in the trading queue.

Abstract: Systems and methods for providing incentives for gathering orders, making markets, and submitting block orders, and that enable linking of multiple auctions. First, the system determines whether the trader qualifies for an incentive. This determination may be made based upon characteristics, such as price, size, duration of orders submitted to the trading system. The incentives provided may include reduced transaction costs, cash payments, priority or exclusivity in trading, self execution of transactions. Before an order is eligible to be traded in an auction that is linked to another auction in the trading system, the order is preferably confirmed as qualifying to be auctioned in such a manner. If an order is confirmed, the auction is created and preferably linked to another auction based upon a characteristic of the order. Information from each auction also may be available to traders in the other auctions.

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: 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 providing traders with an opportunity to trade on the VWAP price are provided. After a trader enters a VWAP auction session, the trader has a predetermined about of time (i.e., the length of the VWAP auction period) to place bids and/or offers on an item. When the VWAP auction period ends, the electronic trading application matches the VWAP orders. The VWAP orders that are not matched are cancelled. The electronic trading application collects trading information (e.g., price, size, etc.) corresponding to the received orders. The collected information is processed to determine the VWAP price. The VWAP price is presented to the trader and the matched VWAP orders are filled based on the determined VWAP price.

Abstract: A service is provided that verifies, repairs, and provides a resale mechanism for electronic merchandise over the Internet. A reseller sends in a request to sell electronic merchandise. The service provider may verify the authenticity of the merchandise. Next, depending on the reseller's requests, the service provider may verify the electronic merchandise and repair the electronic merchandise if the data is faulty. When the electronic merchandise is ready, the service provider may advertise the merchandise using a method specified by the reseller. Once there is a buyer, the service provider may notify the reseller, a transaction may occur, and the electronic merchandise and copyrights may be transferred from reseller to buyer.

Abstract: The invention is systems and methods for transferring items with restricted transferability. Initially, the systems and methods wait for a first consumer to make a request to transfer an item after having purchased the item from a provider. The systems and methods then send a request to transfer the item to the provider. This request may indicate inducements to the provider to authorize the transfer. If the transfer is authorized, the systems and methods then present information regarding the item to other consumers. This information may be presented as part of a bidding interface or as part of an advertising interface. Once the second consumer submits a winning bid for the item when the information is presented in a bidding interface, or an acceptable offer when the information is presented in an advertising interface, the transfer of the item can then be completed with or without the assistance of an intermediary.

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 providing traders with an opportunity to trade on the VWAP price are provided. After a trader enters a VWAP auction session, the trader has a predetermined about of time (i.e., the length of the VWAP auction period) to place bids and/or offers on an item. When the VWAP auction period ends, the electronic trading application matches the VWAP orders. The VWAP orders that are not matched are cancelled. The electronic trading application collects trading information (e.g., price, size, etc.) corresponding to the received orders. The collected information is processed to determine the VWAP price. The VWAP price is presented to the trader and the matched VWAP orders are filled based on the determined VWAP price.

Abstract: Systems and methods for electronic trading that provide incentives for gathering orders, making markets, and submitting block orders, and that enable linking of multiple auctions are provided. These systems and methods may first determine if the trader qualifies for an incentive. This determination may be made based upon one or more characteristics, such as price, size, duration, etc., of orders submitted to the trading system by the trader. Once the trader has been determined as being eligible for one or more incentives, the incentives that are provided may include reduced transaction costs, cash payments, priority or exclusivity in trading, self execution of transactions, etc. Similarly, before an order is eligible to be traded in an auction that is linked to another auction in the trading system, the order is preferably confirmed as qualifying to be auctioned in such a manner.

Abstract: The invention is systems and methods for transferring items with restricted transferability. Initially, the systems and methods wait for a first consumer to make a request to transfer an item after having purchased the item from a provider. The systems and methods then send a request to transfer the item to the provider. This request may indicate inducements to the provider to authorize the transfer. If the transfer is authorized, the systems and methods then present information regarding the item to other consumers. This information may be presented as part of a bidding interface or as part of an advertising interface. Once the second consumer submits a winning bid for the item when the information is presented in a bidding interface, or an acceptable offer when the information is presented in an advertising interface, the transfer of the item can then be completed with or without the assistance of an intermediary.

Abstract: Systems and methods for electronic trading that provide incentives for gathering orders, making markets, and submitting block orders are provided. These systems and methods may first determine if the trader qualifies for an incentive. This determination may be made based upon one or more characteristics, such as price, size, duration, etc., of orders submitted to the trading system by the trader. Once the trader has been determined as being eligible for one or more incentives, the incentives that are provided may include reduced transaction costs, cash payments, priority or exclusivity in trading, self execution of transactions, etc.