Abstract: A method, executed in a computer system, for opening an electronic market for trading of a security is described. The method includes receiving by the computer system eligible orders and quotes for the security traded in the electronic market and disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the open of trading. The method also includes determining by the computer system a price or prices at which the maximum shares would be executed and determining which price would minimize any imbalance of eligible orders and executing at least some of the eligible orders at the determined opening price.

Abstract: A method for trading a security in an electronic market includes receiving closing orders and orders for the security traded in the electronic market, disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the close of trading, determining a closing price for the security based on the closing orders and orders, and executing at least some of the closing orders at the determined closing price.

Abstract: Multiple securities processors each process attributable security interest messages generated by market participants. Each of these attributable security interest messages relates to a specific security chosen from a plurality of securities traded on the securities trading system, such that each individual security is assigned to one or more of the securities processors. An order routing system routes each attributable security interest message to one of the securities processors.

Abstract: A method, executed in a computer system, for opening an electronic market for trading of a security is described. The method includes receiving by the computer system eligible orders and quotes for the security traded in the electronic market and disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the open of trading. The method also includes determining by the computer system a price or prices at which the maximum shares would be executed and determining which price would minimize any imbalance of eligible orders and executing at least some of the eligible orders at the determined opening price.

Abstract: A method, executed in a computer system, for opening an electronic market for trading of a security is described. The method includes receiving by the computer system eligible orders and quotes for the security traded in the electronic market and disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the open of trading. The method also includes determining by the computer system a price or prices at which the maximum shares would be executed and determining which price would minimize any imbalance of eligible orders and executing at least some of the eligible orders at the determined opening price.

Abstract: A round-lot-based system for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The system receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The system uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The system also aggregates round, odd, and/or mixed lot orders into an aggregate of actual shares. The aggregate of actual shares may be placed on a book and rounded down to the nearest round lot for displaying on the round-lot-based system.

Abstract: A system for determining an opening price for products traded over a distributed, networked computer system, includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system and a server computer coupled to the workstations for receiving the orders. The server computer determines when a time just prior to an official opening time for opening regular trading has been reached, and executes a server process that determines an opening price for the product. The server process identifies the oldest of interest at the most aggressive price on each side of the market and selects the older interest of the identified interest to designate as initial interest. The server process matches initial interest against all contra side interest.

Abstract: A proprietary position display process includes an ask-side display process for displaying, in a multi-column format, an ask-side entry for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, a reserve size, and an ask price. A bid-side display process displays, in a multi-column format, a bid-side entry for the specific security that is sought for purchase by a market participant on a securities market. This bid-side entry includes a market participant identifier, a lot size, a reserve size, and a bid price. The bid-side display process is configured to display the bid-side entry such that it is essentially a mirror image of the ask-side entry.

Abstract: A method for trading a security in an electronic market includes receiving closing orders and orders for the security traded in the electronic market, disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the close of trading, determining a closing price for the security based on the closing orders and orders, and executing at least some of the closing orders at the determined closing price.

Abstract: A method for trading a security in an electronic market includes receiving closing orders and orders for the security traded in the electronic market, disseminating an order imbalance indicator indicative of predicted trading characteristics of the security at the close of trading, determining a closing price for the security based on the closing orders and orders, and executing at least some of the closing orders at the determined closing price.

Abstract: A round-lot-based system for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The system receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The system uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The system also aggregates round, odd, and/or mixed lot orders into an aggregate of actual shares. The aggregate of actual shares may be placed on a book and rounded down to the nearest round lot for displaying on the round-lot-based system.

Abstract: Multiple securities processors each process attributable security interest messages generated by market participants. Each of these attributable security interest messages relates to a specific security chosen from a plurality of securities traded on the securities trading system, such that each individual security is assigned to one or more of the securities processors. An order routing system routes each attributable security interest message to one of the securities processors.

Abstract: A system for determining an opening price for products traded over a distributed, networked computer system, includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system and a server computer coupled to the workstations for receiving the orders. The server computer determines when a time just prior to an official opening time for opening regular trading has been reached, and executes a server process that determines an opening price for the product. The server process identifies the oldest of interest at the most aggressive price on each side of the market and selects the older interest of the identified interest to designate as initial interest. The server process matches initial interest against all contra side interest.

Abstract: A summary display process includes a securitiy selection process for selecting a specific security traded on a securities market. A price range specification process specifies a desired price range for that specific security. An ask-side aggregated display process displays, in a multi-column format, an ask-side entry for the specific security that is offered for sale by at least one market participant on the securities market. This ask-side entry includes an ask price, a lot size, and an ask-side aggregate value. A bid-side aggregated display process displays, in a multi-column format, a bid-side entry for the specific security that is wanted for purchase by at least one market participant on the securities market. This bid-side entry includes a bid price, a lot size, and a bid-side aggregate value, and the bid-side aggregated display process is configured to display the bid-side entry such that it is essentially a mirror image of the ask-side entry.

Abstract: A market participant profiling process includes a parameter specification process that allows a market participant to define one or more default order processing parameters. A default parameter application process applies the default order processing parameters to all future orders entered by the market participant.

Abstract: A proprietary position display process includes an ask-side display process for displaying, in a multi-column format, an ask-side entry for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, a reserve size, and an ask price. A bid-side display process displays, in a multi-column format, a bid-side entry for the specific security that is sought for purchase by a market participant on a securities market. This bid-side entry includes a market participant identifier, a lot size, a reserve size, and a bid price. The bid-side display process is configured to display the bid-side entry such that it is essentially a mirror image of the ask-side entry.

Abstract: A multi-mechanism order scanning process includes a first interface process for monitoring the trading activity of securities traded on a first trading platform. A second interface process monitors the trading activity of securities traded on a second trading platform. A summarized display process, which is responsive to the first and second interface processes, provides a summarized display that itemizes at least a portion of the trading activity monitored on the first and second trading platforms.