Aged transactions in a trading system

Abstract

A method and system for aging orders, increasing securities market liquidity.

1 . A computer-enabled system designed to generate an indication-of-interest with respect to a particular security in an pass-through alternative trading system (“ATS”) designed to transact upon a securities order to buy or sell, comprising:
 a user module operatively configured to transmit a pass-through order to buy or sell a particular security within a price range from a user; 
 a database operatively connected to said user module configured for holding a plurality of pass-through orders to buy or sell a particular security within a particular price range generated by one or more of said user modules; 
 a timer module operatively connected to said data base, said timer module configured to permit and to control aging of said pass-through orders; and 
 a transaction module operatively connected to said database, said transaction module configured to generate an indication-of-interest with respect to a particular security based upon the aggregation of two or more of said pass-through orders. 
 
     
     
         2 . The computer-enabled system of  claim 1  wherein said indication-of-interest generated by said transaction module is designed to be transactable upon within a period permitted by said controlled aging of said pass-through orders contributing to the indication-of-interest if contra-flow is received while the IOI is within a favorable spread to the ATS. 
     
     
         3 . The computer-enabled system of  claim 1  wherein said user modules are computer systems driven by ATS connective software. 
     
     
         4 . The computer-enable system of  claim 1  wherein said timer module is a software instruction set configured to generate an IOI. 
     
     
         5 . The computer-enabled system of  claim 1  wherein said transaction module is a software instruction set configured to transact upon an IOI. 
     
     
         6 . The computer-enabled system of  claim 1  wherein the pass-through order is a GTD order. 
     
     
         7 . The computer-enabled system of  claim 1  wherein the pass-through order is a GTC order. 
     
     
         8 . The computer-enabled system of  claim 1  wherein said transaction module is further operatively configured to transmit the indication-of-interest to one or more IOI subscribers to the ATS system.