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 . (canceled) 
     
     
         2 . A system comprising:
 a network connection circuit to communicatively coupled with a plurality of computer systems corresponding with a plurality of traders;   a database storing a plurality of orders that are expired and unfilled; and   at least one processor configured to perform a plurality of operations comprising:   receiving a first order from a first computer system of the plurality of computer systems;   attempting to fill the first order with an active order; and   when the first order cannot be filled, searching the plurality of orders in the database for a counter order that is expired and unfilled.   
     
     
         3 . The system of  claim 2 , wherein the first order has an expiration time, and wherein searching the plurality of orders in the database comprises searching the plurality of orders in the database at a predetermined time before the expiration time. 
     
     
         4 . The system of  claim 2 , wherein the plurality of operations further comprises:
 when the first order cannot be filled, querying a first party associated with the first computer system whether to search the plurality of orders that are expired and unfilled, and   wherein searching the plurality of orders further comprises searching the plurality of orders when the first party agrees.   
     
     
         5 . The system of  claim 2 , wherein the plurality of operations further comprises:
 when a counter order is found during the searching, transmitting a notification to a second computer system of the plurality of computer systems of the first order from the first computer system, wherein the counter order was made by a second party associated with the second computer system.   
     
     
         6 . The system of  claim 5 , wherein the plurality of operations further comprises:
 receiving a second order from the second computer system, wherein the second order has a different price or a different quantity from the first order; and   transmitting the second order to the first computer system.   
     
     
         7 . The system of  claim 6 , wherein transmitting the notification to the second computer system comprises withholding an identity of the first party. 
     
     
         8 . The system of  claim 7 , wherein transmitting the second order to the first computer system comprises withholding an identity of the second party. 
     
     
         9 . The system of  claim 2 , wherein the plurality of operations further comprises:
 when a plurality of counter orders is found during the searching, giving priority according to predetermined criteria.   
     
     
         10 . The system of  claim 9 , wherein the predetermined criteria give priority according to recency of expiration of the plurality of counter orders. 
     
     
         11 . The system of  claim 9 , the predetermined criteria give priority according to size of the plurality of counter orders. 
     
     
         12 . A method comprising:
 storing a plurality of orders that are expired and unfilled in a database;   receiving a first order from a first computer system over a network via a network interface;   attempting to fill the first order with an active order; and   when the first order cannot be filled searching the plurality of orders in the database for a counter order that is expired and unfilled.   
     
     
         13 . The method of  claim 12 , wherein the first order has an expiration time, and wherein searching the plurality of orders in the database comprises searching the plurality of orders in the database at a predetermined time before the expiration time. 
     
     
         14 . The method of  claim 12 , further comprising:
 when the first order cannot be filled, query a first party associated with the first computer system whether to search the plurality of orders that are expired and unfilled, and   wherein the plurality of orders is searched when the first party agrees.   
     
     
         15 . The method of  claim 12 , further comprising:
 when a counter order is found during the searching, transmitting a notification to a second computer system of the first order from the first computer system, wherein the counter order was made by a second party associated with the second computer system.   
     
     
         16 . The method of  claim 15 , further comprising:
 receiving a second order from the second computer system, wherein the second order has a different price or a different quantity from the first order; and   transmitting the second order to the first computer system.   
     
     
         17 . The method of  claim 16 , wherein transmitting the notification to the second computer system comprises withholding an identity of the first party. 
     
     
         18 . The method of  claim 17 , wherein transmitting the second order to the first computer system comprises withholding an identity of the second party. 
     
     
         19 . The method of  claim 12 , further comprising:
 when a plurality of counter orders is found during the searching, giving priority according to predetermined criteria.   
     
     
         20 . The method of  claim 19 , wherein the predetermined criteria give priority according to recency of expiration of the plurality of counter orders. 
     
     
         21 . The method of  claim 19 , the predetermined criteria give priority according to size of the plurality of counter orders.