| 摘要 |
<p>The present disclosure provides automated systems and methods that facilitate consummation of Volume Weighted Average Price ('VWAP') transactions and that support crossing of offsetting orders, cancellation of orders and enhanced liquidity for system users. Exemplary embodiments of the present disclosure provide a pre-open crossing network, an approximation engine and an intra-day crossing network. A processing engine (104) is provided that is in communication with an algorithmic module (130) and a database (108) which advantageously includes a liquidity database. The processing engine (104) is programmed to automatically access the liquidity database to determine an acceptable quantity of shares for trading in response to, and based upon, a requested user trade received by the processing engine (104). The algorithmic module (130) includes programming for establishing a trading regimen for effecting trades that approach or achieve a VWAP price for best efforts VWAP trades.</p> |
