Electronic securities marketplace having integration with order management systems

Abstract

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

1 - 48 . (canceled) 
     
     
         49 . A method comprising:
 receiving, by at least one electronic marketplace from a computer system configured to access an order management system of a trading firm, non-binding indication reflecting open orders in the order management system, in which the open orders include at least one first order;   receiving, by the at least one electronic marketplace, at least one second order;   determining, by the at least one electronic marketplace, that the second order matches the at least one first order;   in response to determining that the second order matches the at least one first order, transmitting, from the electronic marketplace to the trading firm, a request for acceptance of a trade fulfilling at least part of the first order and at least part of the second order;   receiving, by the electronic marketplace, the acceptance by the trading firm;   in response to receiving the acceptance, facilitating execution of the trade, by the electronic marketplace, without a negotiation between the trading firm and an originator of the second order regarding the trade; and   suppressing, by the electronic marketplace, evidence of the determination that the second order matches the at least one first order and the acceptance until after facilitating execution of the trade.   
     
     
         50 . The method of  claim 49 , in which suppressing evidence of the determination and the acceptance includes at least one of: performing at least some actions as if the determination and the acceptance were not made, transmitting misleading information regarding the determination and the acceptance, and transmitting no information regarding the determination and the acceptance. 
     
     
         51 . The method of  claim 49 , in which the first order includes an indication of a price range in which the trading firm agrees to execute the trade. 
     
     
         52 . The method of  claim 49 , in which the execution of the trade includes an execution at a price determined by at least one of a midpoint pricing model and a volume weighted average pricing model. 
     
     
         53 . The method of  claim 49 , in which the request for acceptance includes a request to which a response may be made for a limited amount of time, in which the trading firm may only accept the request during the limited amount of time. 
     
     
         54 . The method of  claim 49 , in which the first order matches the second order if the first order and the second order are for opposite sides of a trade for the same financial instrument. 
     
     
         55 . The method of  claim 49 , comprising:
 receiving, by the electronic marketplace, an indication of one or more criteria to use for filtering orders for the trading firm; and   before transmitting the request for acceptance, determining, by the electronic marketplace, that the second order meets the one or more criteria, in which transmitting the request for acceptance includes transmitting the request for acceptance in response to determining that the second order meets the one or more criteria.   
     
     
         56 . The method of  claim 55 , comprising suppressing, by the electronic marketplace, evidence of the determination of whether the second order meets the one or more criteria. 
     
     
         57 . The method of  claim 55 , in which the one or more criteria include a time-related criteria. 
     
     
         58 . The method of  claim 55 , in which the one or more criteria include an industry-related criteria. 
     
     
         59 . The method of  claim 55 , comprising suppressing, by the electronic marketplace, evidence of the one or more criteria. 
     
     
         60 . The method of  claim 49 , comprising:
 charging a fee to an originator of the second order for the execution of the trade, and   providing at least a portion of the fee to the trading firm.   
     
     
         61 . The method of  claim 49 , in which the originator of the second order is a sell-side participant and the trading firm is a buy-side participant. 
     
     
         62 . The method of  claim 49 , in which the computer system is configured to receive a selection, by the trading firm, of the open orders from a larger set of open orders before sending the non-binding indications to the electronic marketplace, and in which sending the non-binding indications includes sending the non-binding indications in response to receiving the selection. 
     
     
         63 . The method of  claim 49 , in which transmitting the request for acceptance includes transmitting the request for acceptance to the trading firm and a plurality of additional trading firms in an order based on a priority mechanism. 
     
     
         64 . The method of  claim 63 , in which the priority mechanism identifies that requests should be sent to trading firms associated with larger orders before trading firms associated with smaller orders. 
     
     
         65 . The method of  claim 49 , comprising: maintaining confidentiality of the trading firm and the open orders until after the execution. 
     
     
         66 . The method of  claim 49 , comprising: in response to facilitating the execution, offering, by the electronic marketplace, an additional product related to the trade to the trading firm. 
     
     
         67 . The method of  claim 66 , in which the additional product includes a hedging mechanism related to an underlying item traded through the trade. 
     
     
         68 . The method of  claim 67 , in which offering the hedging mechanism includes transmitting a request for acceptance of a second trade fulfilling a third order received by the electronic marketplace. 
     
     
         69 . The method of  claim 67 , in which offering the hedging mechanism includes offering a currency trade contract based on the currency in which the trade is valued. 
     
     
         70 . The method of  claim 49 , comprising: determining that the trading firm is active before transmitting the request for acceptance, and in which transmitting the request for acceptance includes transmitting the request for acceptance in response to determining that the trading firm is active. 
     
     
         71 . The method of  claim 70 , in which determining that the trading firm is active includes monitoring, by the electronic marketplace, a level of activity associated with the trading firm and determining that the trading firm is active based on the level of activity. 
     
     
         72 . The method of  claim 49 , in which the second order includes a firm order, in which the firm order includes a binding order. 
     
     
         73 . The method of  claim 49 , comprising:
 charging, by the electronic marketplace, a fee to an originator of the second order for the execution of the trade;   providing, by the electronic marketplace, at least a portion of the first fee to the trading firm;   receiving a selection, by the trading firm, of the open orders from a larger set of open orders before generating the non-binding indications, in which generating the non-binding indications includes generating the non-binding indications in response to receiving the selection;   in which transmitting the request for acceptance includes transmitting the request for acceptance to the trading firm and a plurality of additional trading firms in an order based on a priority mechanism;   receiving, by the electronic marketplace, an indication of one or more criteria to use for filtering orders for the trading firm;   suppressing, by the electronic marketplace, evidence of the criteria;   before transmitting the request for acceptance, determining, by the electronic marketplace, that the second order meets the one or more criteria, in which transmitting the request for acceptance includes transmitting the request for acceptance in response to determining that the second order meets the one or more criteria, in which the one or more criteria includes a time-related criteria;   in which the priority mechanism identifies that requests should be sent to trading firms associated with larger orders before trading firms associated with smaller orders; and   in response to facilitating the execution, offering, by the electronic marketplace, an additional product related to the trade to the trading firm.   
     
     
         74 . The method of  claim 49 , comprising:
 receiving, by the at least one electronic marketplace from the computer system, updated non-binding indications reflecting changes to the open orders in the order management system.   
     
     
         75 . The method of  claim 49 , in which the at least one first order is identified in the non-binding indication by security name, symbol or identifier; transaction type; and quantity. 
     
     
         76 . An electronic marketplace comprising:
 at least one computing device of the electronic marketplace; and   at least one non-transitory medium having stored thereon a plurality of instructions that when executed, cause the at least one computing device to:   receive, from a computer system configured to access an order management system of a trading firm, non-binding indication reflecting open orders in the order management system, in which the open orders include at least one first order;   receive at least one second order;   determine that the second order matches the at least one first order;   in response to determining that the second order matches the at least one first order, transmit, to the trading firm, a request for acceptance of a trade fulfilling at least part of the first order and at least part of the second order;   receive the acceptance by the trading firm;   in response to receiving the acceptance, facilitate execution of the trade without a negotiation between the trading firm and an originator of the second order regarding the trade; and   suppress evidence of the determination that the second order matches the at least one first order and the acceptance until after facilitating execution of the trade.