Method for managing distributed trading data

• US 7,778,919 B2
• Filed: 05/11/2009
• Issued: 08/17/2010
• Est. Priority Date: 12/05/2001
• Status: Expired due to Fees

• Current Assignee: Virtu ITG Software Solutions LLC
• Original Assignee: Aritas Group, Inc.
• Inventors: Federspiel, Fred J., Waelbroeck, Henri, Lopez, John E.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US12/463,886
• Publication Number:
  US 20090281954A1
• Time in Patent Office: 463 Days
• Field of Search: 705 36- 38, 705/99
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0255 based on user history
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

In a preferred embodiment, the invention comprises a computer-implemented system and method of managing market information across a network of data providers, comprising the steps of: (a) electronically receiving first data including confidential information regarding market participants in a first system that protects said first data behind a firewall; (b) electronically receiving second data including confidential information regarding market participants in a second system that protects said second data behind a firewall; (c) electronically receiving an order and targeting parameters from a first market participant; (d) electronically issuing an advertisement request message to said first system and said second system, said advertisement message comprising display attributes of said order and comprising said targeting parameters; (e) electronically prompting said first system and said second system via the advertisement request message to each send a coordination request message to a Coordination Hub, said coordination request message comprising information deduced from said confidential information regarding market participants in said first and second systems, wherein the selection of the information that is sent to the Coordination Hub is based at least in part on said first market participant'"'"'s targeting parameters; (f) electronically prompting based on the coordination request message said Coordination Hub to issue permissions to advertise the order to selected market participants, wherein market participants are selected based, at least in part, on said received information regarding market participants; and (g) electronically prompting based on the permission to advertise the order said first system and said second system to route information about said order from first participant to said selected market participants.

Claims

1. A computer-implemented method of managing securities market information across a network of securities market data providers, comprising the steps of:

(a) electronically receiving, from a first securities market participant over a computer network, first data including an electronically executable order and order display attributes and targeting parameters in a first securities market system that protects said first data behind a firewall, said first securities market system comprising at least one of an auction server and a matching engine for initiating searches for contra-side trading interests and enabling executions between said first market participant and qualified contra parties;

(b) electronically receiving, from a second securities market participant, second data including confidential information regarding said second securities market participant in a second securities market system that protects said-second data behind a firewall, said second securities market system comprising at least one of a routing engine and an interface to a remote database for the purpose of evaluating whether said second participant is qualified to receive information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order, said second system not informing said second participant of said first participant'"'"'s order unless said second participant is determined to be qualified to receive said information about said first participant'"'"'s order;

(c) electronically issuing, over said computer network, an advertisement request message from said first system to said second system, said advertisement message comprising said order display attributes and said targeting parameters of said first data from said first system;

(d) electronically prompting said second system via the advertisement request message to use said first data from said first securities market system and said second data from said second securities market system and one or more rules to check whether said second securities market participant has in a system for managing orders an order on the contra side of said first participant'"'"'s order, and based at least in part on a result of said check, determining whether said second securities market participant is qualified to receive information about the first participant'"'"'s order as instructed by the order display attributes attached to said first participant'"'"'s order; and

(e) displaying on said second system said information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order based on said qualification from step (d).

3. The method of claim 1, wherein said second data comprise an electronically executable order.

4. The method of claim 1, wherein said second data comprise an indication of interest.

5. The method of claim 1, wherein said second data comprise information contained in an Order Management System (OMS).

6. The method of claim 1, wherein said second data comprise information contained about unfilled orders.

7. The method of claim 1, wherein said second data comprise data on executed trades.

8. The method of claim 1, wherein said second data comprise data on past usage data.

9. The method of claim 1, wherein said first system attaches default order display attributes and targeting parameters if said order display attributes and targeting parameters have not been provided by said first market participant.

10. The method of claim 1, wherein said order display attributes comprise routing instructions.

11. The method of claim 1, wherein said order display attributes comprise price.

12. The method of claim 11, wherein said price is set in relation to a trading benchmark.

13. The method of claim 1, wherein said order display attributes comprise time in force.

14. The method of claim 1, wherein said order display attributes comprise symbol.

15. The method of claim 1, wherein said order display attributes comprise side.

16. The method of claim 1, wherein said order display attributes comprise quantity.

17. The method of claim 1, wherein said order display attributes comprise minimum quantity.

18. The method of claim 1, wherein said order display attributes comprise advertisement request message duration.

19. The method of claim 1, wherein said order display attributes comprise a price aggression flag.

20. The method of claim 1, wherein said order display attributes comprise display instructions.

21. The method of claim 1, wherein said order display attributes comprise advertisement request message ID.

22. The method of claim 1, wherein said order display attributes comprise current midpoint price of symbol.

23. The method of claim 1, wherein said targeting parameters comprise an advertisement request message reason.

24. The method of claim 1, wherein said targeting parameters comprise minimum requirements for validating said second participant as qualified to receive information about the first participant'"'"'s order.

25. The method of claim 1, wherein said step of determining if said second participant is qualified to receive information about said first participant'"'"'s order comprises checking for appropriate advertisement request message reason.

26. The method of claim 1, wherein said routing engine or said interface to said remote database also serves as an order entry intermediary in the form of a Graphic User Interface (GUI).

27. The method of claim 26, wherein said routing engine enables said market participants to configure default order display attributes and targeting parameters.

28. The method of claim 26, wherein said routing engine supports specifying user attributes, including an interest list that gives the set of market securities said second participant is interested in.

29. The method of claim 28, further comprising permitting said second market participants to use said interest list to associate default order display attributes and targeting parameters with items on said list.

30. The method of claim 29, further comprising permitting said second market participants to use said interest list to make changes to said default order display attributes and targeting parameters in a single step.

31. The method of claim 29, further comprising permitting said second market participants to use said interest list as a filter for managing the receipt of said advertisement request messages from said first system.

32. The method of claim 1, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said first participant cancels said electronically executable order.

33. The method of claim 1, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said electronically executable order is filled by a response from one of said second participants.

34. The method of claim 1, wherein said display of said information regarding said first participant'"'"'s order expires.

35. The method of claim 1, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said first participant modifies any of said order display attributes of said electronically executable order.

36. The method of claim 1, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed and replaced when said first participant modifies any of said order display attributes of said electronically executable order.

37. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via an email message alert to said second market participant.

38. The method of claim 37, further comprising permitting said second market participant to use said email message alert to launch an order entry dialog for submitting a responding order.

39. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a pager alert to said second market participant.

40. The method of claim 39, further comprising permitting said second market participant to use said pager alert to launch an order entry dialog for submitting a responding order.

41. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a mobile phone alert to said second market participant.

42. The method of claim 41, further comprising permitting said second market participant to use said mobile phone alert to launch an order entry dialog for submitting a responding order.

43. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a telephone call to said second market participant.

44. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via an instant message on said second market participant'"'"'s computer.

45. The method of claim 44, further comprising permitting said second market participant to use said instant message to launch an order entry dialog for submitting a responding order.

46. The method of claim 1, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a pop up alert on said second market participant'"'"'s computer.

47. The method of claim 46, further comprising permitting said second market participant to use said pop up alert to launch an order entry dialog for submitting a responding order.

48. The method of claim 1, wherein the first system communicates with the first securities market participant using encrypted communication.

49. The method of claim 1, wherein the second system communicates with the second securities market participants using encrypted communication.

50. The method of claim 1, wherein said first system communicates with said second system using encrypted communication.

51. The method of claim 1, wherein said routing engine or interface to said remote database is hosted by a broker with its own client communication servers, such that said routing engine or interface to said remote database acts as interface to deliver advertisement request messages to said broker'"'"'s servers which forward the messages to said brokers exiting client GUIs.

52. The method of claim 1, wherein said routing engine or said interface to said remote database is hosted at a third-party site.

53. The method of claim 1, where said first securities market participant simultaneously enters said electronically executable order into said first system and requests that said electronically executable order be exposed to an electronic market or alternative trading system.

54. The method of claim 53, wherein said simultaneous exposure of said first participant'"'"'s electronically executable order is enabled by the use of a placeholder order on said electronic market or alternative trading system.

55. The method of claim 53, further comprising permitting said first participant to control how much of said electronically executable order is displayed via said first system and said electronic market or alternative trading system.

56. The method of claim 53, further comprising permitting said first participant to control the order display attributes used to determine how orders are displayed on said electronic market or alternative trading system.

57. The method of claim 1, wherein said electronically executable order in said first data comprises an aggregate order.

58. The method of claim 57, wherein said first system is configured to enable pairs trading or basket trading.

59. The method of claim 57, wherein said aggregate order comprises a plurality of individual orders to buy or sell a set of securities.

60. The method of claim 57, wherein said first system advertises said individual orders independently to said second market participants as in claim 1;

but only executes said aggregate order.

61. The method of claim 57, wherein said first system advertises said individual orders independently to said second market participants but only enables executions according to rules that couple said individual order.

62. The method of claim 1, further comprising permitting said second participant to place an order in response to a display of said information about said first participant'"'"'s order.

63. The method of claim 62, wherein said first system records and monitors activity of said second participants to determine how often each of said second market participants responds to said display of said first participant'"'"'s order information with a responding order.

64. The method of claim 62, wherein said first system records and monitors activity of said second participants to determine whether said second participants show a tendency to penny-jumping.

65. The method of claim 63, wherein said first system places one of said second participants in a penalty box in the event said second participant receives said display of information about said first participant'"'"'s order and does not respond such that said second participant in said penalty box is prevented from receiving any further displays of information for some system defined period of time.

66. The method of claim 65, wherein said second participant is placed into the penalty box or not in accordance with a level of aggressiveness of said first participant'"'"'s order.

67. The method of claim 62, wherein said response order is a match to said first participant'"'"'s order, and said matching engine or auction server executes a trade between said first participant'"'"'s order and said response order.

68. The method of claim 62, wherein, in a case in which said response order does not match the terms of said first participant'"'"'s order, a negotiation is initiated between said first and second participants.

69. The method of claim 62, wherein said second participant uses said routing engine or said interface to said remote databases to enter said response order.

70. The method of claim 62, wherein said response order is incorporated into an order book of said matching engine or auction server applying matching rules to determine the opportunity and nature of execution.

71. The method of claim 62, wherein in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, said first participant'"'"'s order is posted on an exchange or alternative trading system for execution.

72. The method of claim 1, wherein the entirety of said first participant'"'"'s electronically executable order is routed to said second securities market systems for advertisement while simultaneously smaller pieces of said electronically executable order are sent to an algorithm or algorithmic trading engine.

73. The method of claim 30, wherein said placeholder order takes the form of a suspended order that enables said matching engine or auction sever to register the existence of said order without executing said order.

74. The method of claim 62, wherein, in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, said first participant'"'"'s order is sent to an algorithm or algorithmic trading engine to be worked in smaller pieces.

75. The method of claim 1, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

76. The method of claim 72, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

77. The method of claim 74, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

78. The method of claim 75, wherein, in a case in which said algorithm or said algorithm switching engine is not able to fill said smaller pieces of said electronically executable order at the rate indicated in the order display attributes, said algorithm or algorithmic trading engine changes its management of said smaller pieces of said electronically executable order to accelerate execution.

79. The method of claim 62, wherein, in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, portions of said first participant'"'"'s order are simultaneously posted on an exchange or alternative trading system for execution and sent to an algorithm or algorithmic trading engine to be worked in smaller pieces.

80. The method of claim 79, wherein, in a case in which said matching engine receives a response order from one of said second market participants after portions of said first participant'"'"'s order were posted on an exchange or alternative trading system for execution said smaller orders that are still open are cancelled as needed to match with said response order.

81. The method of claim 79, wherein, in a case in which said matching engine receives a response order from one of said second market participants after portions of said first participant'"'"'s order were sent to be divided into smaller pieces through an algorithm or algorithmic trading engine said smaller pieces of said order that are still open are cancelled as needed to enable a match with said response order.

82. The method of claim 1, wherein said first participant'"'"'s order display attributes comprises a price range in which an order is immediately executable.

83. The method of claim 1, wherein said first participant'"'"'s order display attributes comprises a price range in which the order is negotiable.

84. The method of claim 1, wherein said first participant'"'"'s order display attributes comprises two prices, one for smaller sized executions and one for larger sized executions.

85. The method of claim 1, wherein said first participant'"'"'s order display attributes comprises two prices, one price being a display price attribute and one being a discretionary price.

86. The method of claim 62, wherein said second participant'"'"'s responding order contains instructions as to when the order is immediately executable.

87. The method of claim 62, wherein said second participant'"'"'s responding order contains instructions as to when the order can initiate a negotiation.

88. The method of claim 83, wherein the price range in which the order is immediately executable comprises a first price range for a first order size range and a second price range for a second order size range.

89. The method of claim 1, wherein said first system does not receive any information in response to said advertisement request message sent to said second system unless a trade is executed between some portion of said first electronically executable order and a responding order from one of said second market participants.

90. The method of claim 1, wherein the first system receives information in response to said advertisement request message sent to said second system, the information received in response comprising an indication of whether said advertisement request message successfully identified one of said second participants qualified to receive said information about said first participant'"'"'s order.

91. The method of claim 90, wherein the first system receives said information immediately.

92. The method of claim 90, wherein the first system receives said information after a system defined delay period.

93. The method of claim 90, wherein said first system imposes restrictions on said first participant'"'"'s electronically executable order to discourage said first participant from using the system to extract information about potential counter parties.

94. The method of claim 90, wherein the timing and content of said information received by said first participant is tied to said order display attributes of said first participant'"'"'s electronically executable order.

95. The method of claim 93, wherein said restrictions comprise at least one of minimum quantity, price aggression and time in force.

96. The method of claim 95, wherein said first system rejects said first participant'"'"'s electronically executable order if said electronically executable order does not meet at least one of said restrictions.

97. The method of claim 90, wherein, when there are no such qualified second participants, the confidential trading interest information is declined.

98. The method of claim 90, wherein the information received in response further comprises an indication of whether said display attributes have been displayed.

99. The method of claim 90, wherein the information received in response further comprises an indication of a number of parties to whom the display attributes have been displayed.

100. The method of claim 99, wherein the indication of the number of parties is delayed.

101. The method of claim 1, wherein the display attributes are displayed only to parties who tend to act on the display attributes.

102. The method of claim 1, wherein the confidential trading interest information comprises an indication of a interest in selling a first item and buying a second item as part of a transaction.

103. The method of claim 102, wherein one of the selling and the buying is conditioned on the other of the selling and the buying.

161. The system of claim 158, wherein said first system advertises said individual orders independently to said second market participants as in claim 1;

but only executes said aggregate order.

2. A computer system for managing securities market information across a network of securities market data providers, comprising:

(a) a first securities market system for electronically receiving, from a first securities market participant over a computer network, first data including an electronically executable order and order display attributes and targeting parameters, said first securities market system comprising at least one of an auction server and a matching engine for initiating searches for contra-side trading interests and enabling executions between said first market participant and qualified contra parties; and

(b) a second securities market system for electronically receiving, from a second securities market participant, second data including confidential trading interest information regarding market participants, said second securities market system comprising at least one of a routing engine and an interface to a remote database for the purpose of evaluating whether said second participant is qualified to receive information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order, said second system not informing said second participant of said first participant'"'"'s order unless said second participant is determined to be qualified to receive said information about said first participant'"'"'s order;

said first system being configured for electronically issuing an advertisement request message to said second system, said advertisement message comprising said order display attributes and said targeting parameters from said first system;

said second system being configured to be electronically prompted via the advertisement request message to use said first data from said first securities market system and said second data from said second securities market system and one or more rules to check whether said second securities market participant has in a system for managing orders an order on the contra side of said first participant'"'"'s order, and based at least in part on a result of said check, determining whether said second securities market participant is qualified to receive information about the first participant'"'"'s order as instructed by the order display attributes attached to said first participant'"'"'s order; and

said second system being configured for displaying said information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order based on said qualification.

104. The system of claim 2, wherein said second data comprise an electronically executable order.

105. The system of claim 2, wherein said second data comprise an indication of interest.

106. The system of claim 2, wherein said second data comprise information contained in an Order Management System (OMS).

107. The system of claim 2, wherein said second data comprise information contained about unfilled orders.

108. The system of claim 2, wherein said second data comprise data on executed trades.

109. The system of claim 2, wherein said second data comprise data on past usage data.

110. The system of claim 2, wherein said first system is configured to attach default order display attributes and targeting parameters if said order display attributes and targeting parameters have not been provided by said first market participant.

111. The system of claim 2, wherein said order display attributes comprise routing instructions.

112. The system of claim 2, wherein said order display attributes comprise price.

113. The system of claim 112, wherein said price is set in relation to a trading benchmark.

114. The system of claim 2, wherein said order display attributes comprise time in force.

115. The system of claim 2, wherein said order display attributes comprise symbol.

116. The system of claim 2, wherein said order display attributes comprise side.

117. The system of claim 2, wherein said order display attributes comprise quantity.

118. The system of claim 2, wherein said order display attributes comprise minimum quantity.

119. The system of claim 2, wherein said order display attributes comprise advertisement request message duration.

120. The system of claim 2, wherein said order display attributes comprise a price aggression flag.

121. The system of claim 2, wherein said order display attributes comprise display instructions.

122. The system of claim 2, wherein said order display attributes comprise advertisement request message ID.

123. The system of claim 2, wherein said order display attributes comprise current midpoint price of symbol.

124. The system of claim 2, wherein said targeting parameters comprise an advertisement request message reason.

125. The system of claim 2, wherein said targeting parameters comprise minimum requirements for validating said second participant as qualified to receive information about the first participant'"'"'s order.

126. The system of claim 2, wherein said second system determines if said second participant is qualified to receive information about said first participant'"'"'s order by checking for appropriate advertisement request message reason.

127. The system of claim 2, wherein said routing engine or said interface to said remote database also serves as an order entry intermediary in the form of a Graphic User Interface (GUI).

128. The system of claim 127, wherein said routing engine enables said market participants to configure default order display attributes and targeting parameters.

129. The system of claim 127, wherein said routing engine supports specifying user attributes, including an interest list that gives the set of market securities said second participant is interested in.

130. The system of claim 129, wherein said second system permits said second market participants to use said interest list to associate default order display attributes and targeting parameters with items on said list.

131. The system of claim 130, wherein said second system permits said second market participants to use said interest list to make changes to said default order display attributes and targeting parameters in a single step.

132. The system of claim 130, wherein said second system permits said second market participants to use said interest list as a filter for managing the receipt of said advertisement request messages from said first system.

133. The system of claim 2, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said first participant cancels said electronically executable order.

134. The system of claim 2, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said electronically executable order is filled by a response from one of said second participants.

135. The system of claim 2, wherein said display of said information regarding said first participant'"'"'s order expires.

136. The system of claim 2, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed when said first participant modifies any of said order display attributes of said electronically executable order.

137. The system of claim 2, wherein said display of said information regarding said first participant'"'"'s order on said second system is removed and replaced when said first participant modifies any of said order display attributes of said electronically executable order.

138. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via an email message alert to said second market participant.

139. The system of claim 138, wherein said second system permits said second market participant to use said email message alert to launch an order entry dialog for submitting a responding order.

140. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a pager alert to said second market participant.

141. The system of claim 140, wherein said second system permits said second market participant to use said pager alert to launch an order entry dialog for submitting a responding order.

142. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a mobile phone alert to said second market participant.

143. The system of claim 142, wherein said second system permits said second market participant to use said mobile phone alert to launch an order entry dialog for submitting a responding order.

144. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a telephone call to said second market participant.

145. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via an instant message on said second market participant'"'"'s computer.

146. The system of claim 145, wherein said second system permits said second market participant to use said instant message to launch an order entry dialog for submitting a responding order.

147. The system of claim 2, wherein said displaying of said order information about said first participant'"'"'s electronically executable order on said second system is enabled via a pop up alert on said second market participant'"'"'s computer.

148. The system of claim 147, wherein said second system permits said second market participant to use said pop up alert to launch an order entry dialog for submitting a responding order.

149. The system of claim 2, wherein the first system communicates with the first securities market participant using encrypted communication.

150. The system of claim 2, wherein the second system communicates with the second securities market participants using encrypted communication.

151. The system of claim 2, wherein said first system communicates with said second system using encrypted communication.

152. The system of claim 2, wherein said routing engine or interface to said remote database is hosted by a broker with its own client communication servers, such that said routing engine or interface to said remote database acts as interface to deliver advertisement request messages to said broker'"'"'s servers which forward the messages to said brokers exiting client GUIs.

153. The system of claim 2, wherein said routing engine or said interface to said remote database is hosted at a third-party site.

154. The system of claim 2, where said first securities market participant simultaneously enters said electronically executable order into said first system and requests that said electronically executable order be exposed to an electronic market or alternative trading system.

155. The system of claim 154, wherein said simultaneous exposure of said first participant'"'"'s electronically executable order is enabled by the use of a placeholder order on said electronic market or alternative trading system.

156. The system of claim 154, wherein said first system permits said first participant to control how much of said electronically executable order is displayed via said first system and said electronic market or alternative trading system.

157. The system of claim 154, wherein said first system permits said first participant to control the order display attributes used to determine how orders are displayed on said electronic market or alternative trading system.

158. The system of claim 2, wherein said electronically executable order in said first data comprises an aggregate order.

159. The system of claim 158, wherein said first system is configured to enable pairs trading or basket trading.

160. The system of claim 159, wherein said aggregate order comprises a plurality of individual orders to buy or sell a set of securities.

162. The system of claim 158, wherein said first system advertises said individual orders independently to said second market participants but only enables executions according to rules that couple said individual order.

163. The system of claim 2, wherein said second system permits said second participant to place an order in response to a display of said information about said first participant'"'"'s order.

164. The system of claim 163, wherein said first system records and monitors activity of said second participants to determine how often each of said second market participants responds to said display of said first participant'"'"'s order information with a responding order.

165. The system of claim 163, wherein said first system records and monitors activity of said second participants to determine whether said second participants show a tendency to penny-jumping.

166. The system of claim 164, wherein said first system places one of said second participants in a penalty box in the event said second participant receives said display of information about said first participant'"'"'s order and does not respond such that said second participant in said penalty box is prevented from receiving any further displays of information for some system defined period of time.

167. The system of claim 166, wherein said second participant is placed into the penalty box or not in accordance with a level of aggressiveness of said first participant'"'"'s order.

168. The system of claim 163, wherein said response order is a match to said first participant'"'"'s order, and said matching engine or auction server executes a trade between said first participant'"'"'s order and said response order.

169. The system of claim 163, wherein, in a case in which said response order does not match the terms of said first participant'"'"'s order, a negotiation is initiated between said first and second participants.

170. The system of claim 163, wherein said routing engine or said interface to said remote databases is configured such that said second participant uses said routing engine or said interface to said remote databases to enter said response order.

171. The system of claim 163, wherein said response order is incorporated into an order book of said matching engine or auction server applying matching rules to determine the opportunity and nature of execution.

172. The system of claim 163, wherein in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, said first participant'"'"'s order is posted on an exchange or alternative trading system for execution.

173. The system of claim 2, wherein the entirety of said first participant'"'"'s electronically executable order is routed to said second securities market systems for advertisement while simultaneously smaller pieces of said electronically executable order are sent to an algorithm or algorithmic trading engine.

174. The system of claim 131, wherein said placeholder order takes the form of a suspended order that enables said matching engine or auction sever to register the existence of said order without executing said order.

175. The system of claim 163, wherein, in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, said first participant'"'"'s order is sent to an algorithm or algorithmic trading engine to be worked in smaller pieces.

176. The system of claim 2, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

177. The system of claim 173, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

178. The system of claim 175, wherein said first participant'"'"'s order display attributes comprises an indication of a rate at which said algorithm or algorithmic trading engine should work said smaller pieces of said electronically executable order.

179. The system of claim 176, wherein, in a case in which said algorithm or said algorithm switching engine is not able to fill said smaller pieces of said electronically executable order at the rate indicated in the order display attributes, said algorithm or algorithmic trading engine changes its management of said smaller pieces of said electronically executable order to accelerate execution.

180. The system of claim 163, wherein, in a case in which said first participant'"'"'s order cannot be filled by one of said response orders, portions of said first participant'"'"'s order is simultaneously posted on an exchange or alternative trading system for execution and sent to an algorithm or algorithmic trading engine to be worked in smaller pieces.

181. The system of claim 180, wherein, in a case in which said matching engine receives a response order from one of said second market participants after portions of said first participant'"'"'s order were posted on an exchange or alternative trading system for execution said smaller orders that are still open are cancelled as needed to match with said response order.

182. The system of claim 180, wherein, in a case in which said matching engine receives a response order from one of said second market participants after portions of said first participant'"'"'s order were sent to be divided into smaller pieces through an algorithm or algorithmic trading engine said smaller pieces of said order that are still open are cancelled as needed to enable a match with said response order.

183. The system of claim 2, wherein said first participant'"'"'s order display attributes comprises a price range in which an order is immediately executable.

184. The system of claim 2, wherein said first participant'"'"'s order display attributes comprises a price range in which the order is negotiable.

185. The system of claim 2, wherein said first participant'"'"'s order display attributes comprises two prices, one for smaller sized executions and one for larger sized executions.

186. The system of claim 2, wherein said first participant'"'"'s order display attributes comprises two prices, one price being a display price attribute and one being a discretionary price.

187. The system of claim 163, wherein said second participant'"'"'s responding order contains instructions as to when the order is immediately executable.

188. The system of claim 163, wherein said second participant'"'"'s responding order contains instructions as to when the order can initiate a negotiation.

189. The system of claim 184, wherein the price range in which the order is immediately executable comprises a first price range for a first order size range and a second price range for a second order size range.

190. The system of claim 2, wherein said first system does not receive any information in response to said advertisement request message sent to said second system unless a trade is executed between some portion of said first electronically executable order and a responding order from one of said second market participants.

191. The system of claim 2, wherein the first system receives information in response to said advertisement request message sent to said second system, the information received in response comprising an indication of whether said advertisement request message successfully identified one of said second participants qualified to receive said information about said first participant'"'"'s order.

192. The system of claim 191, wherein the first system receives said information immediately.

193. The system of claim 191, wherein the first system receives said information after a system defined delay period.

194. The system of claim 191, wherein said first system imposes restrictions on said first participant'"'"'s electronically executable order to discourage said first participant from using the system to extract information about potential counter parties.

195. The system of claim 191, wherein the timing and content of said information received by said first participant is tied to said order display attributes of said first participant'"'"'s electronically executable order.

196. The system of claim 194, wherein said restrictions comprise at least one of minimum quantity, price aggression and time in force.

197. The system of claim 196, wherein said first system rejects said first participant'"'"'s electronically executable order if said electronically executable order does not meet at least one of said restrictions.

198. The system of claim 191, wherein, when there are no such qualified second participants, the confidential trading interest information is declined.

199. The system of claim 191, wherein the information received in response further comprises an indication of whether said display attributes have been displayed.

200. The system of claim 191, wherein the information received in response further comprises an indication of a number of parties to whom the display attributes have been displayed.

201. The system of claim 200, wherein the indication of the number of parties is delayed.

202. The system of claim 2, wherein the display attributes are displayed only to parties who tend to act on the display attributes.

203. The system of claim 2, wherein the confidential trading interest information comprises an indication of a interest in selling a first item and buying a second item as part of a transaction.

204. The system of claim 203, wherein one of the selling and the buying is conditioned on the other of the selling and the buying.

205. An article of manufacture for managing market information across a network of data providers, the article of manufacture comprising:

a computer-readable storage medium; and

code on the computer-readable storage medium, the code, when executed on one or more computers, controlling the one or more computers for;

(a) electronically receiving, from a first securities market participant over a computer network, first data including an electronically executable order and order display attributes and targeting parameters in a first securities market system that protects said first data behind a firewall, said first securities market system comprising at least one of an auction server and a matching engine for initiating searches for contra-side trading interests and enabling executions between said first market participant and qualified contra parties;

(b) electronically receiving, from a second securities market participant, second data including confidential trading interest information regarding said second securities market participant in a second securities market system that protects said second data behind a firewall, said second securities market system comprising at least one of a routing engine and an interface to a remote database for the purpose of evaluating whether said second participant is qualified to receive information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order, said second system not informing said second participant of said first participant'"'"'s order unless said second participant is determined to be qualified to receive said information about said first participant'"'"'s order;

(c) electronically issuing, over said computer network, an advertisement request message from said first system to said second system, said advertisement request message comprising said order display attributes and said targeting parameters of said first data from said first system;

(d) electronically prompting said second system via the advertisement request message to use said first data from said first securities market system and said second data from said second securities market system and one or more rules to check whether said second securities market participant has in a system for managing orders an order on the contra side of said first participant'"'"'s order, and based at least in part on a result of said check, determining whether said second securities market participant is qualified to receive information about the first participant'"'"'s order as instructed by the order display attributes attached to said first participant'"'"'s order; and

(e) displaying on said second system said information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order based on said qualification from step (d).