Abstract: Various systems and methods are described herein for a risk check. The risk check bases a decision to allow a trading strategy to proceed on whether the order quantity for each leg of the trading strategy satisfies a certain condition. Particularly, when a trading strategy is initiated, the quantity for each of the orders to be submitted on behalf of the trading strategy, including the quantity of the initial order and any subsequent orders, is then compared to a corresponding risk value. If the order quantity for each of the orders is less than the corresponding risk value, then the trading strategy can proceed and the initial order can be sent on to the exchange. However, if the order quantity for any of the orders exceeds the risk value, then the initial order is not sent to the electronic exchange.

Abstract: According to an embodiment for a risk check, a trading strategy may proceed when the order quantity for each leg of the trading strategy satisfies a certain condition. The quantity for each of the orders of the trading strategy, including the quantity of the initial order and subsequent orders, is compared to a corresponding risk value. When the order quantity for each of the orders is less than the corresponding risk value, the initial order can be sent. When the order quantity for any of the orders exceeds the risk value, the initial order is not sent. Additionally, quantity associated with the trading strategy is held or reserved for execution of the trading strategy regardless of the activity taken by the trader since initiating the trading strategy. The reserved quantity can be drawn from the trading strategy until the quantity is depleted, the trading strategy has ended, or both.

Abstract: Certain embodiments provide a method for trading in an electronic trading environment including receiving market data relating to a plurality of tradable objects; sending a order to an exchange for the first tradable object at a quoted price; receiving a fill confirmation for the quoting order at a filled price; determining a difference between the quoted price and the filled price; determining a hedge price for each of the plurality of tradable objects other than the first tradable object based at least in part on the difference and at least one multiplier associated with at least one leg of the trading strategy; and sending hedge orders for each of the plurality of tradable objects other than the first tradable object at the corresponding hedge price. The plurality of tradable objects includes at least a first, second, and third tradable object, which are traded as legs of a trading strategy.

Abstract: A system and methods for dynamically changing a trade order quantity in an electronic trading environment are described herein. According to one example embodiment, an automated trading tool determines if a leaned on quantity of a trading strategy has increased or decreased and if so, dynamically changing a desired order quantity to reflect the change in the leaned on quantity. Dynamically changing an order quantity may be more profitable for a trader as order queue position may be maintained and portion of the desired order quantity may get filled; rather than a trader losing their order queue position and/or taking a chance of not getting any of their order quantity filled.

Abstract: Hedge legs for synthetic spread trading strategies are managed as attached or detached from a synthetic spread order. A legged hedge order may be changed, adjusted, deleted, cancelled or otherwise managed according to changes, adjustments, deletions ad/or cancellations of the synthetic spread order upon which the legged spread order was submitted.

Abstract: Certain embodiments of the present inventions provide implied order quality. The quality may be viewed as an indication of how much an implied order and/or an aggregate quality for implied orders may be relied upon. Certain embodiments utilize various techniques for determining a quality for an implied order. Certain embodiments utilize various techniques for determining an aggregate quality for implied orders. Certain embodiments provide an indicator of the quality for an implied order and/or of the aggregate quality for implied orders. Certain embodiments filter an implied order based on a determined quality value and/or determined aggregate quality.

Abstract: Certain embodiments of the present inventions provide implied order quality. The quality may be viewed as an indication of how much an implied order and/or an aggregate quality for implied orders may be relied upon. Certain embodiments utilize various techniques for determining a quality for an implied order. Certain embodiments utilize various techniques for determining an aggregate quality for implied orders. Certain embodiments provide an indicator of the quality for an implied order and/or of the aggregate quality for implied orders. Certain embodiments filter an implied order based on a determined quality value and/or determined aggregate quality.

Abstract: A sticky order routing system may include multiple order routers in communication with an electronic exchange for communicating transaction messages. Each of the order routers communicates transaction messages between multiple associated trading sessions and the electronic exchange, where of the associated trading sessions is assigned to the order router in communication with the electronic exchange. Transaction message traffic between the order routers and the electronic exchange is monitored, such as randomly, based on round-robin assignment, and/or trading data. In response to transaction message traffic exceeding a threshold, the trading session may be assigned to a new order router.

Abstract: An electronic trading method is provided. The method includes receiving a trading strategy order having a parent trading strategy including multiple quoting legs; splitting the trading strategy order into multiple child orders; and submitting each of the multiple child orders to exchange systems adapted to fill the quoting legs in the child orders. Each child order includes a child trading strategy having a single quoting leg or a reduced number of quoting legs relative to the parent trading strategy. The child trading strategies are the same as the parent trading strategy except for the number of legs marked as quoting legs. The method may be performed by a trading strategy device disposed between a client device and multiple server side devices.

Abstract: Hedge legs for synthetic spread trading strategies are managed as attached or detached from a synthetic spread order. A legged hedge order may be changed, adjusted, deleted, cancelled or otherwise managed according to changes, adjustments, deletions ad/or cancellations of the synthetic spread order upon which the legged spread order was submitted.

Abstract: A smart match for synthetic trades may include monitoring working, or quoting orders, as well as legged hedge orders for one or more synthetic trades of a trader to identify possible matches prior to submitting a new order for trading. A resting (i.e., legged) hedge order for a synthetic trade of a trader may be pending execution while a second order from the synthetic trade, another synthetic trade, or an outright trade, may be identified. When the resting hedge order matches the second order, a cancel or delete message may be sent to the exchange for the resting hedge order, and the resting hedge order and second order may be matched or filled for the trader. When the resting hedge order is for a larger quantity than the second order, the message may delete or cancel a portion of the resting hedge order.

Abstract: Certain embodiments of the present inventions provide implied order quality. The quality may be viewed as an indication of how much an implied order and/or an aggregate quality for implied orders may be relied upon. Certain embodiments utilize various techniques for determining a quality for an implied order. Certain embodiments utilize various techniques for determining an aggregate quality for implied orders. Certain embodiments provide an indicator of the quality for an implied order and/or of the aggregate quality for implied orders. Certain embodiments filter an implied order based on a determined quality value and/or determined aggregate quality.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. The randomized order is then automatically placed on the market.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. The randomized order is then automatically placed on the market.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. The randomized order is then automatically placed on the market.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. The randomized order is then automatically placed on the market.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. The randomized order is then automatically placed on the market.

Abstract: Management of transaction message flow utilizing a transaction message queue. The system and method are for use in financial transaction messaging systems. The system is designed to enable an administrator to monitor, distribute, control and receive alerts on the use and status of limited network and exchange resources. Users are grouped in a hierarchical manner, preferably including user level and group level, as well as possible additional levels such as account, tradable object, membership, and gateway levels. The message thresholds may be specified for each level to ensure that transmission of a given transaction does not exceed the number of messages permitted for the user, group, account, etc.

Abstract: Various systems and methods are described herein for a risk check. The risk check bases a decision to allow a trading strategy to proceed on whether the order quantity for each leg of the trading strategy satisfies a certain condition. Particularly, when a trading strategy is initiated, the quantity for each of the orders to be submitted on behalf of the trading strategy, including the quantity of the initial order and any subsequent orders, is then compared to a corresponding risk value. If the order quantity for each of the orders is less than the corresponding risk value, then the trading strategy can proceed and the initial order can be sent on to the exchange. However, if the order quantity for any of the orders exceeds the risk value, then the initial order is not sent to the electronic exchange.

Abstract: When a trading application on a client terminal receives a trade order, a randomizer application may automatically randomize one or more order parameters to generate a randomized order. For example, an order quantity, a price level, and/or a time period between sending any two consecutive orders may be randomized. In another example, in a thin market randomized order quantities may be decreased and in a heavy market randomized order quantities may be increased. The randomized order is then automatically placed on the market.