Nasdaq Technology AB

The present technology relates to distributed computerized exchange systems for trading of financial instruments. In particular it relates to a passive matching engine and an active matching engine that cooperates in handling data messages such that less bandwidth is used and so that improvement in latency can be achieved.

The technology described herein relates to systems and methods for generating a GUI that can measure performance relative to market data. For example, a GUI can be generated that provides (among other aspects) a visualization that can show trader performance for various financial instruments (e.g., securities) measuring out-performance (or under-performance) relative to market volume weighted average price (or “VWAP”). The GUI can be modified in a variety of ways in order to better understand the data and provide information relevant to a particular user.

The technology relates to systems and methods for generating a graphical user interface that can visually depict a relationship between a variety of parent orders and their associated child orders. The technology parses a plurality of order data and stores the parsed in a database. When generating the user interface, the system can display the plurality of individual orders in the user interface while showing the associated “parent” orders for each order. The user interface can be modified by selecting at least one or more parent orders in which the associated child orders will be highlighted.

Systems and methods are presented that provide a visualization for displaying an order life-cycle for one or more orders. The visualization includes one or more order objects representing orders for financial instruments (e.g., stocks, bonds, securities) and connectivity between the one or more order objects to help show an order history for the order objects. The visualization shows how orders develop over time by allowing a more specific order life-cycle to be emphasized in the visualization. The systems and methods described below allow for direct visibility for the development of orders over time using a unique and interactive visualization.

In an automated exchange, an incoming sell order is allocated to standing buy orders based on the aggregated time the trading participant having standing buy orders have spent on a best-bid-offer (BBO) value. Hereby, it is made possible to improve trading of some financial instruments when it is desired to favor, or reward, order allocation to trading participants that bring liquidity to the market of the financial instrument in question.

Elastic message tracking apparatus and methods are provided that opportunistically improve on the latency of a message processing system and increase the accuracy of a consolidated message stream generated from message streams received from multiple message sources. The elastic message tracking apparatus and methods reduce that latency in situations where the actual latency of all the message streams is lower than a predetermined latency value.

A resource distribution system is provided that receives a request for a resource. The system generates a plurality of segments for the resource and mutually exclusive conditions for each of the different segments. Different participants are assigned to the separate segments. Real world event data is received and the system determines which conditions for the segments are still valid. When only one participant is left with the associated segments for a given resource, then that participant is notified that they have acquired the resource.

The present technology relates to distributed computerized exchange systems for trading of financial instruments. In particular it relates to a passive matching engine and an active matching engine that cooperates in handling data messages such that less bandwidth is used and so that improvement in latency can be achieved.

A computer system that interfaces with a blockchain is provided. The computer system receives match data for a match between a first data transaction request that is associated with a first identifier and a second data transaction request that is associated with a second identifier. A first blockchain transaction is generated based on the match data and stored to a blockchain. At least one further blockchain transaction is generates that splits the match into two different transactions—one between the first identifier and an intermediary and the second between the intermediary. These are recorded to the blockchain via the further blockchain transactions.

Data transaction processing requests are received from user terminals over one or more data communications networks. Pending data transaction processing requests are stored in a memory queue. Each pending data transaction processing request has associated attributes and an associated queue number. A higher queue number associated with a pending data transaction processing request indicates a lower data transaction processing priority than a lower queue number associated with a pending data transaction processing request. Data message information is transmitted to user terminals that includes an identifier and a current status for pending data transaction processing requests stored in queue. A current data transaction processing request is received having an identifier for selecting a first pending data transaction processing request that has an associated queue number of two or higher over a lower queue number associated with a second pending data transaction processing request. Both the first pending data transaction processing request and the second pending data transaction processing request have associated attributes that match attributes of the current data transaction processing request. The current data transaction processing request is matched with the first pending data transaction processing request without matching the second pending data transaction processing request associated with the lower queue number.