David L Cushing

US Patent:

7162447, Jan 9, 2007

Filed:

Feb 2, 2000

Appl. No.:

09/496188

Inventors:

David Cushing - Lexington MA, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37, 705 35, 705 36

Abstract:

A method and system for determining an optimal price at which to perform a batch auction of financial assets. Orders, according to a variety of predetermined order types, are received from qualified market participants and communicated to an auction system according to the invention. The auction system takes into account each order and its impact upon relative supply and demand to determine by a preset algorithm an optimal price and share transaction quantity. The optimal price is selected by identifying a particular price at which trade volume would be maximized and which reflects the appropriate effect of supply and demand imbalances. Trades are executed at the optimal price, and portions of the transaction quantity are allocated to each investor on a fair basis dependent upon their submitted orders. In another aspect, the auction system includes a computer system and network designed to automatically perform one or more steps of the above method. Such a system is preferably connected to one or more ECNs such that non-executed shares can be automatically sent to outside sources for execution, and connected to real time quote services to obtain current market information.

US Patent:

7430533, Sep 30, 2008

Filed:

Jan 11, 2000

Appl. No.:

09/480991

Inventors:

David Cushing - Lexington MA, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37, 705 35

Abstract:

A method and system for performing a batch auction whereby a series of orders, according to a variety of predetermined order types, are generated by qualified market participants and communicated to an auction system. The auction system takes into account each order and its impact upon relative supply and demand to determine by a preset algorithm a price and share transaction quantity. Trades are executed at the price, and a portion of the transaction quantity is allocated to each investor on a fair basis dependent upon their initial orders. In embodiments of the present invention, the auction system uses a computer system or network designed to automatically perform one or more steps of the above method. Such a system is preferably connected to one or more ECNs such that non-executed shares can be automatically sent to outside sources for execution. In alternative embodiments, the invention includes the use of a one or more intermediaries or market makers to cover certain unexecuted trades at the determined price.

US Patent:

7613647, Nov 3, 2009

Filed:

Oct 31, 2000

Appl. No.:

09/699503

Inventors:

David C. Cushing - Lexington MA, US
M. Mitch Bulajic - New York NY, US
Rohit D'Souza - New York NY, US
Kenneth Kramer - White Plains NY, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37

Abstract:

The present invention provides a system for executing trades of securities according to predefined trading strategies comprising a network having a plurality of servers. Each server is programmed with a specific trading strategy algorithm and receives trade orders and executes them according to the trading strategy algorithm programmed therein. The servers are connected to a plurality of clients over a communication network, and clients enter trade orders through the communication network to the server associated with the trading strategy the client desires to use to complete its trade order. The present invention also provides a method for executing a trade order for a security. The method comprises the steps of providing a server connected to a communication network with the server being programmed with a specific trading strategy algorithm. Trade orders received at the server over the network from clients are executed in the server according to the specific trading strategy algorithm.

US Patent:

7818246, Oct 19, 2010

Filed:

Apr 5, 2006

Appl. No.:

11/398971

Inventors:

David Charles Cushing - Lexington MA, US
Tomas Bok - Somerville MA, US
Amit Manwani - New York NY, US
Mark Francis Mancini - New York NY, US

Assignee:

Barclays Capital Inc. - New York NY

International Classification:

G06Q 40/00

US Classification:

705 37, 705 36 R

Abstract:

A preferred embodiment of the invention provides an interface providing a model-driven projection of various order execution statistics based on the exact strategy (channel, algorithm, and parameters) that is selected by a user. In at least one embodiment, the interface is linked to at least order execution system and comprises an order execution display. In one embodiment, the invention comprises a computer system operable to display a graphical user interface comprising (a) a pre-trade analysis component for displaying market intelligence information regarding one or more specified securities; and (b) a strategy selection component for displaying order execution strategies for selection by a user and that comprises (i) an order execution component for routing a selected order execution strategy to an order execution system; (ii) an interface for enabling a user to specify trading strategies and strategy requirements; and (iii) a display for displaying projected order completion information.

US Patent:

7983982, Jul 19, 2011

Filed:

Nov 2, 2009

Appl. No.:

12/610958

Inventors:

David C Cushing - Lexington MA, US
M. Mitch Bulajic - New York NY, US
Rohit D'Souza - New York NY, US
Kenneth Kramer - White Plains NY, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37

Abstract:

A computer implemented method and system for executing block trades for a security includes steps or devices for receiving a block trade request, at a computer system. The block request includes data representing a quantity of shares of the security to be traded over a period of time. The computer system divides the period of time into a plurality of time bins. A computer system, for the received block trade request, computes, for each time bin, a number of shares to be traded as a trading target based on at least historical trading volumes using predictive analysis. For a first time bin, a computer system generates executable trade orders for a number of shares to be traded that is substantially equal to the trading target for the first time bin. A computer system executes at least a portion of the executable trade orders in a trade forum within each time bin in the future.

US Patent:

8306900, Nov 6, 2012

Filed:

Jun 10, 2003

Appl. No.:

10/457479

Inventors:

Tomas Bok - Concord MA, US
David Cushing - Lexington MA, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37

Abstract:

An auto-trading strategy for executing an order to buy or sell a specified quantity of a certain item. The strategy utilizes urgency scores rather than time bins. In one embodiment, an urgency score is determined at a certain point in time. The urgency score is a function of a trading target associated with the point in time and the actual number of items that have been traded as of the certain point in time.

US Patent:

8533100, Sep 10, 2013

Filed:

Nov 30, 2009

Appl. No.:

12/627749

Inventors:

David Cushing - Lexington MA, US

Assignee:

ITG Software Solutions, Inc. - Culver City CA

International Classification:

G06Q 40/00

US Classification:

705 37, 705 35

Abstract:

A method and system for performing a batch auction whereby a series of orders, according to a variety of predetermined order types, are generated by qualified market participants and communicated to an auction system. The auction system takes into account each order and its impact upon relative supply and demand to determine by a preset algorithm a price and share transaction quantity. Trades are executed at the price, and a portion of the transaction quantity is allocated to each investor on a fair basis dependent upon their initial orders. In embodiments of the present invention, the auction system uses a computer system or network designed to automatically perform one or more steps of the above method. Such a system is preferably connected to one or more ECNs such that non-executed shares can be automatically sent to outside sources for execution. In alternative embodiments, the invention includes the use of a one or more intermediaries or market makers to cover certain unexecuted trades at the determined price.

US Patent:

20070011081, Jan 11, 2007

Filed:

Jul 11, 2006

Appl. No.:

11/485030

Inventors:

Tomas Bok - Somerville MA, US
David Cushing - Lexington MA, US
David Jack - South Orange NJ, US
Sanjoy Choudhury - Stamford CT, US

Assignee:

Lehman Brothers Inc. - New York NY

International Classification:

G06Q 40/00

US Classification:

705037000

Abstract:

In one aspect, the present invention permits users of trading algorithms to jointly achieve the objectives described above, namely: (a) permit access to trading algorithms of (arbitrary) complexity without requiring proprietary protocol extensions; (b) allow users to easily identify and store one or more sets of dynamic vs. static parameters (and related details, including user interface layout); and (c) allow any given pre-defined set of parameters to be easily invoked and used to submit orders. In another aspect, the invention comprises a computer system comprising: (a) an authoring tool operable to enable a user to design custom trading strategies and create interface definitions; and (b) a pre-processor operable to receive a custom strategy order message delivered via a standard protocol, load an definition for a corresponding custom strategy, enrich the order message based on the definition, and pass the enriched message to a trading strategy destination.

Author:

David Cushing

ISBN #:

0521384575