text:
|N�mero de publicaci�n
|Tipo de publicaci�n
|N�mero de solicitud
|Fecha de publicaci�n
|1 Feb 2011
|Fecha de presentaci�n
|28 Jul 2008
|Fecha de prioridad
|26 Jul 2007
|Tambi�n publicado como
|N�mero de publicaci�n
|Henri Waelbroeck, Fred J. Federspiel, Andrew Roper, Howard S. Engelhart, Sean Kirkpatrick
|Cesionario original
|Pipeline Financial Group, Inc.
|Exportar cita
|BiBTeX, EndNote, RefMan
|Citas de patentes (121), Otras citas (16), Citada por (16), Clasificaciones (15), Eventos legales (4)
|Enlaces externos: USPTO, Cesi�n de USPTO, Espacenet
The present application claims the benefit of U.S. Provisional Application Nos. 60/962,307, filed Jul. 26, 2007; 60/981,242, filed Oct. 19, 2007; 61/032,623, filed Feb. 29, 2008; and 61/043,172, filed Apr. 8, 2008. Related subject matter is disclosed in U.S. patent application Ser. No. 10/310,345, filed Dec. 5, 2002; U.S. patent application Ser. No. 10/603,100 filed Jun. 24, 2003, U.S. patent application Ser. No. 10/799,205, filed Mar. 11, 2004; U.S. patent application Ser. Nos. 11/783,250 through 11/783,254, all filed Apr. 6, 2007; and U.S. patent application Ser. No. 12/153,362, filed May 16, 2008; all currently pending. The disclosures of all of the above-referenced applications are hereby incorporated by reference in their entireties into the present disclosure.
The present invention is directed to order management in financial trading and more specifically to such order management that that enables users to expose the liquidity contained in their Order Management Systems (OMS's) to other traders without compromising the security of their confidential trade information.
In public securities markets, market mechanics and trading psychology create barriers to efficient information dissemination and price discovery. A market participant's decision to reveal information about his or her true price limits represents a tradeoff between the market impact cost of affecting price expectations and the opportunity cost of delaying or failing to execute a trade. As used herein, the term "market participant" refers to any person or firm with the ability to trade securities or other financial products; examples of market participants include broker-dealers, institutions, hedge funds, statistical arbitrage and other proprietary trading operations, and private investors trading on electronic communication networks (ECNs).
By displaying a buyer's true price limit to one or more prospective sellers, for example, a market participant is in effect writing an option that either of the sellers may freely elect to execute; as long as this option is open it sets a lower bound on the market participants' expectations of what the fair trade price should be. Even if one of the sellers originally had a lower price expectation, this expectation is immediately changed when the buyer's price limit is known, the only remaining question being whether the fair price should be even higher. Indeed, by disclosing a high price the buyer indicates an eagerness to acquire the stock, which may reflect information that has yet to come to the seller's attention.
Broker-dealers cope with this problem by carefully managing expectations of parties on both sides of a trade until a fair price has been discovered, and then proposing a fair trade price that can be satisfactory to both. Today such agency orders are increasingly delivered electronically. Orders identified as "not held" are not displayed on the public market, to avoid the above-mentioned impact on price expectations. Brokers may receive crossing not held orders on the buy and sell sides, and find themselves in the position of having to choose a fair price to execute the crossed trade, somewhere between the limits of the two orders. Discretion is normally used when handling such a situation. For example, if a buyer has placed a large block buy order at $30.00 at 10:00 AM, and the market has since fallen to a current best offer of $29.80, a large block sell order at $29.99 would most likely not be automatically crossed at this price, since it now seems expensive compared to the current market; the buyer's limit is interpreted as an instruction to stop buying if the market price were to rise above this level. But a block sell order at $29.82, which also crosses the buyer's much higher limit, would probably be accepted, while one at $29.85 might prompt the broker to call the buyer.
This human intermediation comes at a steep price, both in terms of commissions paid and in terms of information leakage to individuals who have close relationships with aggressive trading firms such as hedge funds. This has fueled a desire from large institutions to find an alternate marketplace where they can post their orders themselves, without discretionary intervention by a traditional broker.
Electronic markets such as NASDAQ or Electronic Communication Networks (ECNs) are not well equipped to handle the price discovery problem for large block trades. In its simplest form, an electronic marketplace simply displays the trading interests of the buyers and sellers to their subscribers, which then have the ability to execute such buy and sell interests. To avoid impacting the market participants' price expectations, users of electronic markets typically place relatively small orders at passive prices, and patiently wait for others to execute them, or take a somewhat more aggressive stance and execute the orders that others have posted on the other side of the spread.
Tools are available to "slice and dice" larger orders into a large number of small pieces that can be worked in this manner, but their activity inevitably reveals the existence of the larger order to those who are skilled in the art of statistical analysis. Such traders develop and optimize trading strategies that deliberately detect large confidential orders as they are being worked, and generate profits by anticipating the market impact that those orders are likely to cause. The simplest such strategy is that of taking a position ahead of the larger order and relying on its continued presence to push the price in a profitable direction. By trading in the same direction as the large order, such parasitic strategies end up exacerbating the price movements that would naturally have been caused by the large order in the first place. The end result is not altogether different from that of posting a large order on the New York Stock Exchange: in the latter case, floor traders join in to "participate" with an auctioned order, or directly step in front to intercept the liquidity that it was able to attract. The terms "penny-jumping" and "front-running" have come to be applied to describe this type of parasitic strategy on the NYSE floor and on electronic marketplaces alike.
Some ECNs offer more sophisticated order types in an attempt to alleviate the front-running problem. Some of these (e.g., discretion orders), simply try to mask the true price limit by showing one price but grabbing priority to execute up to a higher confidential price limit. These suffer from simple counter-strategies, such as that of spraying small orders at different price levels to see when an order gets executed at an undisplayed price level. Other sophisticated order types use minimum quantity conditions in conjunction with hidden discretionary prices to avoid detection by sprays of tiny orders. Since no price is displayed there is no "price revelation" in the traditional sense. Yet, a block trader with a contra interest can discover the first order's limit, and would indeed have a fiduciary obligation to do so, simply by repeatedly placing and canceling orders at steadily worse price levels until the order intersects with the resident order's limit. Thus, although price expectations are not altered prior to the trade, a trader who places a large hidden order on an ECN to buy at $30.00 should indeed expect to trade at $30.00, even if the seller would otherwise have been willing to accept any price down to $29.90.
As a result, electronic books such as SuperMontage have difficulty attracting significant size orders at attractive price levels, as most participants quickly learn that it is more profitable to lurk in the shadows and take what prices others are willing to show, or display small sizes at a time. This has led to an evolution of the marketplace wherein the average trade size has fallen steadily to about 500 shares while the total traded volume and average institutional order sizes have been increasing.
In this environment, there is an acute need for an electronic trading system that rewards traders who are willing to confidentially express their true price aggression with the benefit of price improvement when the contra party is similarly aggressive. In such a block trading solution, the optimal strategy for aggressive traders should be to place their orders with an aggressive price, while passive traders would naturally be best served by placing passively priced orders.
Yet answering such a need cannot come at the expense of the main perceived advantage of electronic trading systems over traditional marketplaces, which is the ability to instantly execute trades with no human intermediation or pre-trade information leakage.
The challenge, in short, is to protect an order that is electronically executable at an aggressive limit price from actually being executed at such an aggressive price when the contra was in fact willing to be aggressive as well.
To tip the scale back in favor of the party who has placed an aggressive order, without losing the perceived advantage of electronic-speed executions and without the mediation of a third party, one must identify value items that can strengthen the negotiating position of a party who is willing to express an aggressive price. One such value item is information. Related application Ser. No. 10/603,100, filed Jun. 24, 2003; Ser. No. 09/870,845, filed May 31, 2001; Ser. No. 09/750,768, filed Dec. 29, 2000 and Ser. No. 09/585,049, filed Jun. 1, 2000 (the entire contents of each are incorporated herein by reference) show how parties willing to confidentially disclose Certified Trading Interest information to a computer system can gain the right to receive Certified Trading Interest information from other parties who are interested in trading with them. This opens the possibility of reversing the arrow of information flow when a trader places an aggressively-priced order in a trading system: the aggressive price is not shown to third parties, but instead helps the trader attract information from third parties with more passive offers.
In addition, users of the inventions referenced above may wish to have the added option of directly exposing the liquidity within their OMS (Order Management System) to other traders using the subject system without submitting any confidential trade information to the subject system's centralized trading server(s). From this point forward said subject system's centralized trading servers are referred to as PTS or Pipeline Trading Server(s). The invention disclosed herein provides traders with that option by creating a decentralized process whereby information about a specified subset of the orders contained in a trader's OMS and/or the orders in the OMS itself are checked for matches with orders resident in the subject system without requiring the trader to submit those orders to the PTS.
It is therefore an object of the invention to enhance the trading experience by expanding the various ways a user of the subject system can expose the liquidity in his OMS without sacrificing the security of his confidential trade information.
One aspect of the invention designed to enhance the trading experience by expanding the various ways a user of the subject system can expose the liquidity in his OMS allows users to expose the liquidity in their Order Management Systems and to search the liquidity in the Order Management Systems of other traders without requiring users to enter the full contents of those Order Management Systems into the PTS. This aspect of the subject system permits users to send an order query, in the form of an encrypted message containing a firm, executable order, to the subject system's desktop applications (from this point forward referred to as the client GUI) of users who have elected to allow the subject system to search their Order Management Systems for potential contra orders. If the client GUI finds a match in response to one of these encrypted queries, it presents the user whose OMS has been searched with the opportunity to enter a firm, auto-executable order in response to the query. As a result, users of the system have the ability to expose the full range of liquidity contained in their Order Management Systems to all of the users logged into the subject system without sending any confidential trade information to the PTS. This aspect of the invention succeeds in creating a decentralized marketplace for order execution, ensuring that 1) the PTS never "knows" what is contained within a user's OMS and 2) users of the subject system are not required to send confidential trading information from their OMS to the PTS in order to expose their liquidity in their Order Management Systems to the orders resident in the subject system. This aspect of the invention can be referred to as "Contra Targeting."
Another aspect of the invention designed to enhance the trading experience by expanding traders' options for exposing the liquidity in their Order Management Systems is a "Virtual Order" that gives an order entered into the subject system time priority in the subject system order queue without actually reserving the shares represented in that order until the moment of execution. The purpose of this aspect of the invention is to allow users to trade some/all of the shares from a Virtual Order elsewhere on the market while the user is waiting for a large block contra to some/all of the shares represented in the Virtual Order. Then when the Virtual Order matches with another order in the subject system; the subject automatically checks the OMS of the Virtual Order's owner or information from the OMS of the Virtual Order's owner to determine the number of shares from the Virtual Order that are still available for execution; reserves as many shares from the Virtual Order as are available for execution, and automatically executes the order. It is important to note that while the shares represented by the Virtual Order are not reserved by the subject system until the moment of execution; the Virtual Order is still a firm, auto-executable liability. When a Virtual Order is matched in the subject system the initiating user is not given the option of cancelling the order or altering the size or price of the order before execution; the subject system automatically executes as many of the shares represented by the Virtual Order that are still available. This feature addresses a previous limitation of the subject system whereby large block orders entered into the subject system were "tied up" and unavailable for execution outside of the subject system while they sat in the subject system waiting for a large block contra; thereby making users more likely to limit the number and size of the orders they entered into the subject system. With the Virtual Order option traders can enter more, large block orders into the subject system knowing that they are not missing the opportunity to work some or all of those orders elsewhere on the market while waiting for a large block contra that may or may not materialize.
One of the unique aspects of the subject system as described in the applications incorporated by reference above is the subject system's methodology for attracting liquidity to the system by using sideless, sizeless and priceless "active symbol notifications" that alert users to the presence of firm order activity in the system in specific symbols. In an improvement upon this methodology for attracting liquidity, each of the various embodiments of the invention described herein are also usable with "stealth mode," which eliminates a perceived source of information leakage associated with said active symbol notifications. This stealth mode addresses these perceived sources of information leakage by allowing some customers to submit firm auto-executable orders that either do not trigger the active symbol notification at all or only trigger the active symbol notification on a limited basis. The purpose of this stealth mode is to give an order entry option to users who want to enter order(s) into the subject system but who are not interested in trying to attract liquidity through the active symbol notification.
The preferred embodiment of this stealth mode gives traders a 'Stealth' order entry option at the point of order submission that can follow "Dark" or "Black" order indicating rules, as described herein. Stealth, Black and Dark are all terms that correspond to a specific user interface and should not be construed as limiting. The rules associated with the Stealth option may be configured on the PTS at the firm/user level.
In the preferred embodiment the default rule for the Stealth order will be Dark, but other embodiments can have the default as Black. In a preferred embodiment the Dark and/or Black Stealth order option is only provided to a subset of buy side customers; however in other embodiments, Stealth orders will be provided for all customers including all buy side and sell side users.
When a user enters a firm, auto-execute order in the system as "Dark," rather than triggering the active symbol notification as in the "typical" order handling rules, the corresponding symbol will not display the active symbol notification. Furthermore, once the order is active in the subject system, that order will only trigger the active symbol notification on a minimal basis; and when it does trigger the notification, it will have a very brief duration and there will be significant delays between notification events when they do happen. More specifically, when Dark orders generate the active symbol notification, the notification will flash for a limited period of time (mimicking IOC ("immediate or cancel") orders), with a delay between flashing events from 1 to 40 minutes. In addition, Dark orders do not have standing, meaning they are not given Price-time priority in the subject system's order queue. More specifically, if a Dark order is resident in the system at the same time as an order in the same symbol on the same side with the same price that is not classified as Dark (or Black), and a contra to the orders arrives in the system; the non Dark order will receive the execution even if it was entered after the Dark order.
Dark orders will trigger contra present indications, one of the subject system's types of liquidity notification that alerts users to the presence of a "passive" (an order priced below a reference price) contra orders in the subject system. This reference price can be a reference price as described in application Ser. No. 10/799,205, filed Mar. 11, 2004 or any other reference price reflective of current market prices as could be imagined by one skilled in the art. As stated in the introduction, the purpose of the contra present indication is to reward users willing to enter "aggressive" orders (orders priced at or above a reference price) by reversing the flow of information and giving them the option to trade at a price below the mid-point of a reference price when their aggressive orders are matched with passive orders. More specifically if a Dark order is a passive order and an aggressive contra order is entered into the system; the user entering the aggressive contra order to that passive Dark order will receive a contra present notification alerting the user to presence of that passive Dark order. Furthermore, if a Dark order has an aggressive price and a user enters a passive contra order to that aggressive Dark order the trader who entered the aggressive Dark order will receive the contra present notification alerting that user to presence of the passive contra order.
When a user enters a firm, auto-execute order in the system as "Black," that order will never generate an active symbol notification. In addition, a passive Black order will not trigger a contra present indication if an aggressive contra order is entered into the system; nor will an aggressive Black order earn a user the right to see a contra present indication in the event another user enters a passive contra to that aggressive Black order. Like Dark orders, Black orders do not have standing, meaning they are not given Price-time priority in the order queue. More specifically, if a Black order is resident in the system at the same time as an order in the same symbol on the same side with the same price that is not classified as Black (or Dark), and a contra to the orders arrives in the system; the non-Black order will receive the execution even if it was entered after the Black order. The Black order option may be limited to certain authorized users who have permission to access the feature. This permission can be granted based on any number of criteria as will be understood by those skilled in the art, including but not limited to user or firm level trade history or firm classification, e.g., buy side or sell side customer, assets under management.
Preferred embodiments of the invention will be set forth in detail with reference to the drawings, in which:
Preferred embodiments of the invention will be set forth in detail with reference to the flow charts of
The first element is called the Contra Request Service. This back-end service resides at the PTS and will process orders requesting Contra Targeting. This service will generate a list of candidate traders potentially eligible to receive Contra Target Notifications based on the criterion set on the requesting order. The Contra Request Service will disseminate Contra Target Notification Requests and collect Contra Target Results.
The second element is called the client GUI and can run on the trader's desktop at the trader's workstation. The client GUI is responsible for calculating a qualification score based on the Contra Target order attributes and data contained about order(s) in the trader's OMS. The client GUI also displays the Contra Target notification to the trader if the Ranking Service determines orders in the trader's OMS are qualified and authorizes the client GUI to display the notification.
The third element is called the Ranking Service. The Ranking Service is a separate back-end process which can either reside at the PTS or be hosted at third party location, which evaluates Contra Target qualifying scores and authorizes eligible client GUIs to display the Contra Target notification.
The Contra Target option is available on an order by order basis to traders submitting orders via the client GUI that are pegged to the market to execute at the midpoint of the market as determined by the National Best Bid/Offer or the midpoint of the Block Price Range as described in application Ser. No. 10/603, 100 filed Jun. 24, 2003, or the midpoint of any other published price reflecting the midpoint price of the market as could be imagined by one skilled in the art, or with a limit more aggressive than the midpoint of the market. There will be four levels of Contra Targeting, as given in Table I below.
No Contra Targeting.
Institution and Hedge Fund Traders with a Contra
Order in the System, same day that meets certain
Level 1 + The contra notification will be displayed
to traders at institutions only with contra orders >=
MinQty in their OMS. Sell-side desks and hedge
funds will be excluded.
(Eligible quantity for a Contra Target should be
OMS Available + Pipeline Active)
All Buy-Side
Levels 1, 2 + The contra notification will be
displayed to traders at all buy side firms (institutions
and hedge funds) that have contra orders >= MinQty
in their OMS.
The PTS should support the concept of a NULL/UNDEFINED Contra Targeting Option for Orders sent via other applications. When the server receives an Order with Contra Targeting=NULL, it would apply a firm-level default Contra Target Level. Initially this Level would be "0: None". A system administrator can later choose to change it to "1: Recently Active".
When receiving a new order request (
Firm Setting
Firm Type
Broker/Dealer, Institution, Hedge Fund
Contra Target Eligible -
Flag (true/false). If false, will be excluded from
receiving Contra Target messages based on
Levels 2 and 3 (OMS integrations).
Contra Target Eligible -
Flag (true/false). If false, will be excluded from
Recent Activity
receiving Contra Target messages based on
Level 1 (recent activity).
The Contra Target Request Service will use these firm attributes to assemble an initial list of eligible recipients based on the criterion of the Contra Targeting value on the new order. In order to qualify for a Contra Target message based on Recent Activity, a trader must meet one of the following qualifications. First, the trader must be in a firm where Contra Target Eligible—Recent Activity is set to true. Second, the trader must be in a firm that is an Institution or Hedge Fund. Third, the trader must have submitted an order matching the following criteria: the recipient meets at least one of certain residency requirements; the order was priced at a reference price or better (at open or the time of order entry, whichever is later); or the order quantity at entry is at least equal to the minimum eligible quantity on the Contra Target Request.
The residency requirements are as follows. Residency is satisfied if the order is canceled/closed now but stayed in system for at least N minutes after the market open; if the order is canceled/closed now but an execution on the order already occurred meeting some minimum size requirement (said minimum size requirement here forward referred to as a Large Block Quantity or LBQ); if the order is currently active in the system but has a price that is limited below a reference price; if the order is currently active in the system but has a minimum execution quantity that is too large for the source order; if the order is active in the system and is priced at or better than a reference price; or if the order is canceled/closed but was priced at a reference price or better. If the order was placed after the stock began trading for the day, the residency requirement is satisfied if the order was priced at or better than a reference price at the time the order was entered. If the order was entered before the opening of the stock, the residency requirement is satisfied if the order was priced at or better than a reference price at the time the market opened.
If the user entering the Contra Target request has selected Level 1 only, the list assembly is complete here. However, if the user entering the Contra Target request has selected levels 2 or 3, further checks must be performed.
Traders who qualify for receiving Level 1 Contra Target notifications may be in a state where they are blacked-out from receiving the active symbol notification. If the Contra Target Order is targeting Levels 2 or 3 the Contra Request Service will add to the candidate list traders from firms with "Contra Target Eligible—OMS" set to true, and that match the appropriate firm type.
Once the Contra Request Service has assembled a list of Contra Target Candidates it will send each candidate a Contra Target Request Message (
Contra Target Request
CT RequestId
Unique identifier of the Contra Target Request
Symbol of the Contra Target Sender.
Contra side to the Contra Target Sender (All sales
will be represented as long sales.)
CT Order Qty
Number of shares of Contra Target Requesting order.
CT Order
MinExec Quantity set for the Contra Target
Requesting order.
Default to the LBQ.
Current midpoint of the symbol.
Recently Active
One of the following:
Contra Target Requests are not sent until after the subject system has initiated trading in the symbol for the day. If an order is submitted prior to the time the subject system has initiated trading in the symbol for the day, the Contra Target Request will be held at the PTS. Once the symbol is opened for trading, the candidate list will be assembled, and the Contra Target Requests will be sent.
After a Contra Target notification has been displayed by the client GUI (
Contra Target Response
Unique identifier sent on the Contra Target Request.
Match Quality
The Contra Target Match Quality Score.
Price Quality
The Contra Target Price Quality Score.
Display Start Time
The timestamp of when the Contra Target
Notification was shown to the trader.
Display Duration
The number of seconds the Contra Target
Notification was actually displayed.
Midpoint At
The midpoint of the security when the Contra
Target Notification was displayed.
Cancel Reason
Expired or Canceled
Response Quantity
The quantity of shares sent in response to the
Contra Target Notification or 0 if no response
The duration timer in steps 4124 and 4126 is provided to manage the length of time the display attributes of the confidential trading interest information is displayed. When the time period is over, the display is terminated, and advertisement results can be sent back to the contra request service. The advertisement results can include one or more of an advertisement request message ID, an advertisement request message qualification score, and the quantity of response orders a market participant entered in response to the display of the display attributes. Such information can be logged and e-mailed to the subject system's research department, where it can be used to police users' behavior monitoring the frequency with which a market participant sees a display of the display attributes of the confidential trading interest information and fails to respond. If the failures to respond passes a certain threshold, the Contra Request Service can either generate a notification to the subject system's help desk to call the market participant to warn against abusing the Contra Target notifications by repeatedly choosing to look at Contra Target notifications without entering responding orders, or can automatically block the market participant from receiving further Contra Target messages. The Contra Request Service can also store information from the advertising notification message to enable research to run scripts correlating receipt of contra information with price moves; if there is a correlation, a market participant can be blocked from receiving further Contra Target messages.
The Contra Target Log entry will be generated (
Contra Target Display Log
Unique identifier of the Contra Target Request
Recipient Name
Trader that received the Contra Target Notification
Recipient Firm
Firm of Trader receiving the Contra Target Notification
Recipient OMS - Qualification
Qualification Score calculated by client GUI
Recipient Response Quantity
Total shares entered while Contra Target
Notification displayed.
Recipient Display Midpoint
The midpoint at time Contra Target Notification
was displayed.
Sender Name
Name of Trader submitting order with Contra Target
Sender Firm
Firm of Trader submitting the Contra Target Order.
Sender Order Symbol
The Contra Target Order Security.
Sender Order Side
The Contra Target Order Side.
Sender Order Limit
The Contra Target Order Limit Price.
Sender Order Size
The Contra Target Order Quantity.
Sender Order Min Qty
The Contra Target Order MinExec Quantity.
Sender Order CT Level
The Contra Target Order requested targeting Level.
Sender Order SE Setting
Switching Engine setting for the Contra Target
Sender OE time
Submit time of Contra Target Order.
This information will be sent to Research via e-mail and will also need to be stored in the data warehouse.
As previously stated, the purpose of the Ranking Service is to process Display Authorization Requests from qualified client GUIs (
In variations of the present embodiment, the Ranking Service may collect Display Authorization Requests, aggregating them based on the Contra Target Request Id. Each Display Authorization Request has the data format set forth in Table VI below.
Display Authorization Request
Unique identifier sent on the Contra Target
Match Quality
The Contra Target Match quality Score.
Price Quality
The Contra Target Price quality Score.
The present embodiment can be configured such that Requests will be responded to immediately.
The Ranking Service will use these settings from the Finn Configuration to implement its business logic.
Firm Setting
Min CT Eligibility Score
Minimum score of Contra Target eligibility
set for a Firm for it to receive authorization
from the Ranking Service to view a Contra
Target Notification. The default will be 0.
Display TTL Min/Max
A min/max range in seconds for the
duration that a Contra Target Notification
should be displayed.
Edits from the Help Desk will have intra-day effect.
The Display Authorization Response will contain:
Display Authorization Response
Unique identifier sent on the Contra Target Request.
Indicates whether or not permission is granted to
show the Contra Target Notification.
If DisplayFlag = "Y" then the DisplayTTL will
indicate the number of seconds the Contr Target
Notification should be displayed before expiring,
calculated based on the Firm Setting above.
The work done by the client GUI can be divided between the steps associated with Qualifying for Display and the actual Display. The client GUI will cache the Contra Target Request and then calculate a Contra Target Match Quality and Price Quality Scores based on the OMS information and the information in the Request Message. The Contra Target Qualification Scores are calculated as follows. First, the Match Quality score is initialized as follows
Match quality score initialization
Recently Active Reason
Initial Score Value
Passive Price
Was Active
Too Small
Recent Fill
Second, the score is set to 0 for quantity mismatch or incremented by 2 or 6 if there is an OMS match. If there is an exact match in the OMS (same symbol, contra side, available quantity is at least equal to Min Qty, current price is within OMS limit price if any) then 6 is added to the initial score. If there is a mismatch in Min Qty but the available quantity is greater than LBQ, then the score is set to 0.02; if the available quantity is less than LBQ, then the score is set to 0.01. If the mismatch is only in the limit price, 2 is added to the initial score (trader can call PM).
Third, a Price Quality score is set. The "preference price" is set to be (in order of precedence): (a) the average price on fills so far today (from the OMS), if any; (b) the arrival price when the order first hit the OMS, if available (for intraday changes to the OMS, this can be the NBBO midpoint at the time of the change); (c) the limit price, if any; (d) the current price. The relative price improvement is calculated from the preference price to the current price, the price quality score shall be x=(S-S_preference)/S_Preference for OMS sells and with the opposite sign for OMS buy orders.
If the client GUI arrives at a Qualification Score that is greater than 0, a Display Authorization Request will be transmitted to the Ranking Service. Some time after the transmission of an Authorization Request, the GUI will receive a Display Authorization Response message. Upon receipt of the Display Authorization Response with the DisplayFlag="Y", the GUI will display the Contra Targeting Notification and initiate the DisplayTTL expiration countdown.
Traders that are eligible will receive the Contra Target symbol notification. If a Contra Target with a standing order in the system (large minimum or a limit below a reference price) is received, there will be an additional order entry option that reads "Trade at Midpoint". Selecting this order entry option will submit an IOC ("immediate or cancel") order. If the quantity entered for the order is insufficient to meet the contra order's minimum size requirement, the system can offer the responding trader the option to trade up to full eligible quantity.
There are two primary work-flows available to traders when submitting orders on Contra Target Notified symbols: "Normal Order Entry" and "Buy It Now." Normal Order Entry is identical to responding to active symbol notifications or submitting orders when there is no active symbol notification in a symbol. Clicking on and dragging the symbol will display three order entry options: "Block+Engine" "Block Only" and "Stealth". These three order options refer to a trader's ability to use the client GUI to enter an order in the subject system's Block Market only (as described in pending application Ser. No. 10/603,100 filed Jun. 24, 2003; application Ser. No. 10/799,205, filed Mar. 11, 2004, and application Ser. No. 11/783,251), the block market and the Algorithm Switching Engine as described in (application Ser. Nos. 11/783,250 and 251), or in the block market or the block market and the Algorithm Switching Engine using the Stealth order option as described previously herein. Traders will also have the option of using the Contra Target Notification to set their preferences to "Ignore Notifications on Contra Targets." If an order is active when a Contra Target notification is to be displayed (which means that the Contra Target recipient's order is limited away, or that the Contra Target recipient's order has a large minimum requirement), clicking on and dragging the symbol will display the order management options of "Replace" and "Cancel".
After a trader submits an order in a symbol displaying the Contra Target notification, the subject system's normal rules for active symbol notifications are enforced. In most cases, a timely response to a Contra Target Notification will result in a fill. If the Contra Target Order is no longer aggressive at the point when a trader responds to the notification, the responding trader will get a Contra Present Notification. If, due to a race condition, the initiating Contra Target order is no longer active in the system or the price on the order falls outside of the National Best Bid/Offer then the active symbol notification will be turned "ON" or "OFF" depending on the prevailing order attributes and market conditions.
In "Buy It Now," the trader will have an additional order entry option designed to facilitate an easy IOC type response to Contra Target notification. Dragging and dropping a block on this additional order entry option will do all of the following: submit an IOC order (either new or replace if currently active); remove any currently passive limits or set the limit as pegged to a reference price, and for new orders put 100% of eligible quantity into the subject system's Block Market). In addition the order entry options will give traders the ability to choose to ignore Contra Target notifications by symbol for the remainder of the trading day. By choosing the Ignore option on the Contra Target Notification, the trader will be able to stop further Contra Target Notifications from being generated on that name for the duration of the trading day. This "Ignore" menu will offer several options including but not limited to "Ignore this Contra Block Order," "Ignore all Contra Notifications in [symbol] Today," or in the cases where the "Ignore" option has been selected, "Enable [Symbol] Contra Notifications." and
The Contra Target Notification will remain in the recipient's client GUI until one of the following events occurs. When the contra target source order is Canceled, Filled, or Partially Filled below the LBQ, a cancel message for the Contra Target will be sent out by the server. In the Contra Target Cancel Notice, the RequestId is the unique identifier of the Contra Target Request. If the client GUI is displaying the Contra Target Notification matching the Contra Target RequestId, it will immediately turn-off the Contra Target Notification indicator and clear the notification from its cache and send Contra Target Results Message. If the TTL Expiration time-out is reached, the Contra Target notification will be deactivated and the Contra Target Results Message sent. Once the Contra Target Notification has been revoked a message will be sent back up to the Contra Request Service used to assure the fitness of the recipient to receive future notifications. The client GUI will only display one Contra Target Notification for a given symbol/side at a time. If a Contra Target Request arrives on a symbol/side that is currently being displayed, the client GUI will drop the new notification request on the floor. If the client GUI is not currently displaying a Contra Target notification for that symbol/side, it will cache the Request along with any others in a "Pending" status.
It will be common for a client GUI to receive Contra Target Notifications that it is unable to display either because the Qualification Score is 0 or the Ranking Service rejects a Display Authorization Request. These "un-displayed" Contra Target Requests should be held in a cache.
At each OMS Sweep Event, the client GUI will go through the cache and see if a new OMS order has arrived, or an existing OMS Order has changed such that the Qualification Function returns a result greater than 0.
When multiple conditions affecting symbol notifications apply to the same symbol, the order of precedence will be: Contra Present, Contra Target, Symbol Activity. For example, suppose that trader A submits a one-million-share order to buy at midpoint with a minimum quantity of 30%, while trader B submits a 500,000-share order to sell at offer and trader C submits a 100,000-share order to sell at midpoint. Trader A sees a Contra Present notification and Contra Present and Contra Target Notifications.
The Contra Targeting functionality should also be made available for "Enhanced Watch List" Integrations. Watch Lists are described in application Ser. Nos. 11/783,251 and 11/783,254. An Enhanced Watch List is one that provides symbol, side, and eligible quantity information. If a client GUI is configured to work with such watch list, and receives a Contra Target Notification, it should operate with logic similar to that of an OMS Integration where determining whether or not to display a Contra Target notification.
The various configuration data are as follows.
Firm Configuration Data
Firm Setting
Default CT Level
The Contra Targeting Level to apply to orders
when the Contra Target Level received is NULL.
Can be set at firm or trader level.
Firm Type
Broker/Dealer, Institution, Hedge Fund
Contra Target Eligible - OMS
Flag (true/false). If false, will be excluded from
receiving Contra Target messages based on Levels
2 and 3 (OMS integrations).
Contra Target Eligible - Recent
Flag (true/false). If false, will be excluded from
receiving Contra Target messages based on Level
1 (recent activity).
Min CT Eligibility Score
Minimum score of Contra Target eligibility set for
a Firm for it to receive authorization from the
Ranking Service to view a Contra Target
Notification. The default will be 0.
Display TTL Min/Max
A min/max range in seconds for the duration that a
Contra Target Notification should be displayed.
Other Configuration Data
Minimum amount of time an order must have
resided in the system (after the open) for it to
qualify its sender for Level 1 Contra Targeting.
The minimum amount of time (seconds)
a Contra Target Notification would have to have
been displayed to a trader and ignored to cause
them to lose Level 1 privileges.
The Contra Target Request sent by Contra Request Service to client GUIs includes the following:
Contra Target Request
Unique identifier of the Contra Target Request
Symbol of the Contra Target Sender.
Contra side to the Contra Target Sender (All
sales will be represented as long sales.)
CT Order Qty
Number of shares of Contra Target Requesting order.
CT Order
MinExec Quantity set for the Contra Target
Requesting order.
Default to the LBQ.
Current midpoint of the symbol.
Recently Active
One of the following:
The Contra Target Response is sent by client GUI to Contra Request Service after it has completed display of a Contra Notification to the trader. The Response is not sent if the underlying notification was never displayed.
Contra Target Response
Unique identifier sent on the Contra Target Request.
Match Quality
The Contra Target Match Quality Score.
Price Quality
The Contra Target Price Quality Score.
Display Start Time
The timestamp of when the Contra Target Notification was shown
to the trader.
Display Duration
The number of seconds the Contra Target Notification was
actually displayed.
Midpoint At
The midpoint of the security when the Contra Target Notification
was displayed.
Cancel Reason
Expired or Canceled
Response Quantity
The quantity of shares sent in response to the Contra Target
notification or 0 if no response
The Display Authorization Request is sent by client GUI to Ranking Service after processing a Contra Target Request and calculating a Qualification Score greater than zero.
Display Authorization Request
Unique identifier sent on the Contra Target Request.
Match Quality
The Contra Target Match quality Score.
Price Quality
The Contra Target Price quality Score.
The Display Authorization Response is sent by Ranking Service to the client GUI to indicate whether or not the GUI is authorized to display the underlying Contra Target Notification. This message may follow immediately upon receiving a Display Authorization Request, or after some delay.
Display Authorization Response
Unique identifier sent on the Contra Target Request.
Indicates whether or not permission is granted to
show the Contra Target Notification.
If DisplayFlag = "Y" then the DisplayTTL will
indicate the number of seconds the Contra Target
Notification should be displayed before expiring,
calculated based on the Firm Setting above.
The Contra Target Cancel Notice is sent by Contra Service to client to indicate that a Contra Target Request is no longer valid. This could be triggered by the Cancellation, Completion, or partial execution to a value below the LBQ for the initiating order. The RequestID is a unique identifier of the Contra Target Request.
Order cancellation will be explained with reference to
A workflow for multiple Contra Target notifications on the same symbol/side is shown in
Another embodiment of the invention, which can be used with the previously disclosed embodiment or separately, is the Virtual Order, which can be implemented as follows.
The following provides a specific example of how the Virtual Order option works within the subject system. A user enters a Virtual Order for 1,000,000 shares. If a contra to that 1,000,000 Virtual Order arrives in the subject system the PTS matching engine generates an encrypted message that it sends to the client GUI of the user with the Virtual Order. The encrypted message asks the client GUI if all or some of the 1,000,000 shares represented in the Virtual Order are still available in the OMS. The subject system's GUI then checks information about the orders in the user's OMS or checks the user's OMS directly to determine if all or some of the represented shares are still available. If some or all of the shares are still available, then the client GUI sends back a message to the PTS creating a true order placement (one that does physically reserve those shares) for the highest number of available shares. In this example, if 900,000 of the original 1,000,000 share Virtual Order are still available, the client GUI will send a placement for 900,000 shares. The order then auto executes for the highest number of shares possible. Neither trader is aware of any of the steps that proceed this auto execution between the contra orders, nor is either trader given the option to cancel or modify the order in any way before the auto execution.
While preferred embodiments have been set forth above, those skilled in the art who have reviewed the present disclosure will readily appreciate that other embodiments can be realized within the scope of the invention. For example, numerical values are illustrative rather than limiting. Also, embodiments disclosed separately can be combined in any suitable manner. Moreover, the invention has applicability beyond the trading of securities, including the trading of financial products (stocks, bonds, options, futures, currencies, etc.) and non-financial items. Furthermore, while it is contemplated that the invention can be used with Order Management Systems as now understood, the invention can also be used with any other information management system that tracks and/or manages trading interest and/or order information as would be known to those skilled in the art, for example but not limited to EMS's (electronic management systems) and other such systems that exist now or may be developed later. Therefore, the term "order management system" should be construed as encompassing all such systems unless otherwise limited. Therefore, the present invention should be construed as limited only by the appended claims.
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|23 Ene 2009
|10 Mar 2015
|Cfph, Llc
|Interprogram communication using messages related to groups of orders
|14 May 2007
|23 Jun 2015
|Cfph, Llc
|Products and processes for utilizing order data and related data
|14 May 2007
|17 Dic 2009
|Kevin Foley
|Products and processes for utilizing order data and related data
|4 Mar 2010
|Lutnick Howard W
|Non-firm orders in electronic marketplaces
|25 Sep 2008
|25 Mar 2010
|Lutnick Howard W
|Generating risk pools
|30 Jun 2009
|30 Dic 2010
|Alderucci Dean P
|Multicomputer distributed processing of data regarding trading opportunities
|21 Abr 2011
|Trading Technologies International, Inc.
|User-Defined Algorithm Electronic Trading
|15 Oct 2010
|21 Abr 2011
|Trading Technologies International, Inc.
|Virtualizing for User-Defined Algorithm Electronic Trading
|Clasificaci�n de EE.UU.
|705/37, 705/38
|Clasificaci�n internacional
|Clasificaci�n cooperativa
|Clasificaci�n europea
|7 Nov 2008
Owner name: PIPELINE FINANCIAL GROUP, INC., NEW YORK
Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNORS:WAELBROECK, HENRI;FEDERSPIEL, FRED J.;ROPER, ANDREW;AND OTHERS;REEL/FRAME:021809/0111;SIGNING DATES FROM 20081029 TO 20081103
Owner name: PIPELINE FINANCIAL GROUP, INC., NEW YORK
Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNORS:WAELBROECK, HENRI;FEDERSPIEL, FRED J.;ROPER, ANDREW;AND OTHERS;SIGNING DATES FROM 20081029 TO 20081103;REEL/FRAME:021809/0111
|4 Jun 2012
Owner name: ARITAS GROUP, INC., NEW YORK
Free format text: CHANGE OF NAME;ASSIGNOR:PIPELINE FINANCIAL GROUP, INC.;REEL/FRAME:028317/0233
Effective date: 20111229
|28 Jun 2012
Owner name: ITG SOFTWARE SOULTIONS, INC., CALIFORNIA
Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:ARITAS GROUP, INC.;REEL/FRAME:028457/0402
Effective date: 20120529
|28 Jul 2014
|Fee payment
Year of fee payment: 4


text:
The Ring of Kerry Youth Hostel is an impressive 17th Century mansion, set in 75 acres of lawns and forests, overlooking the Lakes of Killarney and the Macguillycuddy's Reeks.
The hostel includes a variety of rooms, a self-catering kitchen, comfortable common areas, washing and drying facilities and free bed linen. You can relax outside while reading a book or just listening to signing birds on the garden seats and picnic benches.
This hostel is the centre for exploring the impressive scenery that is the Ring of Kerry. The 'Ring of Kerry Tour' and the 'Gap of Dunloe Tour' depart daily from the Killarney Youth Hostel and show the visitor some of the most impressive scenery in the world. Enjoy boat trips or kayaking on the lakes, horse riding in the park, rock climbing or hiking in the surrounding area.
What travellers think
Staff was friendly & great. I stayed in a private room with a sink, bathroom and shower are separate. Internet did not work in the room. The hostel itself is a beautiful building surrounded by nature a bus stop nearby but inconvenient times, I did have to get a cab a few times to get to or from town.
Wed 28 Oct 2015
Beautiful area right outside of the town itself, friendly staff. I had a private room with sink, internet did not work inside the room. The bus stop is close by but bus schedules are not always convenient so I did end up paying for a couple of cabs.
Wed 28 Oct 2015

subset: commoncrawl


text:
Fiji exists to promote lifelong friendships,
reaffirm high ethical standards and values, and to foster personal development in the pursuit of excellence. Phi Gamma Delta is committed to providing opportunities for each brother to develop responsibility, leadership, scholarship, and social skills in order to become a fully contributing member of society.
2015 Pig Dinner
Graduate Brothers wanting to attend the 2015 Pig DInner can pay and reserve a spot at the following link: https://www.facebook.com/l.php?u=https%3A%2F%2Fsquareup.com%2Fmarket%2FPigDinner2015%2Fpig-dinner-entry-fee&h=CAQEHnFDT


text:
NuGen, a UK nuclear company, is a joint venture between Toshiba and ENGIE (formerly GDF SUEZ). NuGen's Moorside project aims to develop a new generation nuclear power station of up to 3.6GW on land in West Cumbria, North West England.
NuGen recognises that major investment is required in the UK to respond to the dual challenges of securing future energy supplies and achieving reductions in CO2 emissions. NuGen believes that nuclear energy has a vital role to play in helping secure the UK's future energy supplies, and in delivering clean, affordable, low-carbon electricity, as part of a balanced mix.
NuGen combines the strengths of its two parent companies – established financial robustness and proven operating experience – with world-leading AP1000® nuclear reactor technology provided by Westinghouse Electric Company, a group company of Toshiba.
NuGen's approach to localisation will help develop strong industrial partnerships with local companies, leading to up to 60% of the project being supplied by UK companies.


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Camelot Unchained KS Update #20
Tonight's update will consist of two live streaming events. The first and biggest event will be Andrew Meggs showing off the latest build of our engine tech, herein and forever known as the "Unchained Engine" because all rendering engines need a proper name! The live stream for it can be viewed here and it will begin at 7:30 PM EST. Andrew has worked his usual magic and our engine now has a particle effects system built in. Enjoy the event and pay close attention to the weapons of both the Tuatha and the Vikings. ?
Later tonight I will be visiting the OppositionPodcast guys for a little while to talk about Camelot Unchained. It can be heard live here and it begins at 8:30 PM EST.
We've also got two improved pieces of concept art from Michelle and Sandra.The first is a more detailed look at the Path of Souls while the second is of a very special doorway in The Depths. I hope you enjoy them!
Today was a fun day in the studio as we worked on the storyboard for the big update at the end of the week. We also saw a nice increase in our numbers today so let's keep the momentum going! Enjoy the wonders of modern technology this evening and I hope to see some of you in our chat channel later tonight. ?
Read more here: Update 20


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Neutrogena Wave ™ (Power-Cleanser And Deep Clean Foaming Pads)
307 reviews
48% would repurchase
Package Quality: 3.5
Price: $$
Package Quality: 3.5
Price: $$
INGREDIENTSGlycerin, Sodium Laureth Sulfate, PEG 8, Cocamidopropyl Betaine, Decyl Glucoside, Lauryl Methyl Gluceth-10 Hydroxypropyldimonium Chloride, Phenoxyethanol, Methylparaben, Propylparaben, Citric Acid, Salicylic Acid, Menthol, Fragrance.
Age: 18 & Under
Skin: Combination, Olive, Not Sure
Hair: Brown, Wavy, Medium
Eyes: Green
I have another review on the power cleanser. I have the foaming pads and they work great i also have the gentle exfoliating pads. I use them both and my skin feels softer after every use. You just have to use the power cleanser for a couple minutes and rinse well. After you do that it works perfect i promise.
Age: 18 & Under
Skin: Combination, Olive, Not Sure
Hair: Brown, Wavy, Medium
Eyes: Green
I love this power cleanser it cleans my face really well. It vibrates and cleans. I got this product from my aunt so idk how much it cost but i love it. I use it all the time.
Age: 19-24
Skin: Very Dry, Medium, Not Sure
Hair: Black, Other, Other
Eyes: Brown
It made my skin worse :(
Age: 18 & Under
Skin: Combination, Medium Brown, Not Sure
Hair: Brunette, Other, Other
Eyes: Brown
I really like this product. The package is cute. It leaves my skin baby soft and smooth. It foams up and cleanse the skin good. I wouldn't say it's not a acne preventing cleanser but it just a simple cleansers.
Age: 19-24
Skin: Very Oily, Fair-Medium, Not Sure
Hair: Brunette, Other, Other
Eyes: Hazel
I actually loved this product. I got it as a present from my small cousin. My skin is kind off oily, so I started using it once a week with my regular st. Ives exfoliating cream, the first 2 weeks my skin got really dry and I started getting small pimples(break outs), but then they went away and althought my skin is not "normal", it's not as oily as before. I don't recommend this if you plan to get a perfect skin by just exfoliating it.... Skin is very important and you have to fully take care of it. I lost this product in one of my lugagges, and I don't live in the U.S anymore, so I'M ALMOST DYING cause I can't find it where I'm living now. But whenever I get a chance I'll repurchase it.
Age: 19-24
Skin: Very Oily, Fair, Cool
Hair: Brunette, Straight, Fine
Eyes: Blue
Kind of gimmicky... Didn't do anything for my skin or pores. I tried all of the kinds of pads they have available, but I didn't see any difference in any of them. This is one of those things that I extremely regret buying.
Age: 19-24
Skin: Acne-prone, Medium, Not Sure
Hair: Brown, Relaxed, Medium
Eyes: Brown
I got this several years ago. I still use it because I have the pads still.
It's and okay product. The pads are so small. They're just a little bigger than a quarter.
It gets the dead skin of my face but it doesn't help my acne or hurt it.
Age: 19-24
Skin: Combination, Fair, Not Sure
Hair: Brunette, Straight, Medium
Eyes: Hazel
Great for exfoliating but I would not use this product everyday as it dries out my skin when I do. The cleansing pads have caused my skin to break out more than normal but I think it has more to do with y skin than the product. Other have mentioned using a clean cotton pad and their own product and I'm excited to try it!
Age: 19-24
Skin: Combination, Fair-Medium, Warm
Hair: Black, Wavy, Medium
Eyes: Brown
I bought this product from Target about three weeks ago since it was on sale at 6 dollars. This was the very first product of this sort that I ever had so I was kind of excited to try it out. It comes with a pack of refill pads--each pad already has cleanser on it. It says on the label that the refills are also available in a variety of options but the only one that's available at Target was the Original Foaming pads (same refill that comes with the Wave set) so I haven't gotten to try the other ones yet.
The Wave is a handy little tool, very easy to use, and it also looks stylish (hey, that matters too, you know). It's supposed to be waterproof but I am not taking chances here because the battery cover doesn't look watertight to me. It's also very easy to clean it up after use. Just take the disc that holds the refill pads off, remove the pads, rinse the disc with water, and snap it back on. All in all, in terms if design, I give it two thumbs-up.
I began using it at night, before I go to bed. I wash my face with lukewarm water and then use the Wave to get rid of whatever dirt and oil that accumulated on my face althroughout the day. I read in previous reviews that instead of using the refill pads that come with the Wave, others use a clean cotton pad and use their own choice of cleanser to do the job. In my case though, I decided to stick with the Wave refill pads. Although my skin easily breaks out if I use the wrong cleanser, this was not the case with the Wave refill pads so I guess there's no need for me to use a different cleanser with the device.
I'm not really sure what the vibration is doing on my skin but after using it the first time, my face felt very smooth right away! It felt a bit tight but in general, my skin felt pretty amazing. I was very pleased with the results so I decided to use it every night. However, after using it for three consecutive nights, my face began flaking on the cheeks and around my lips. My skin still felt smooth on the parts of my face that aren't flaky but I think using it every night can be too harsh on the skin so I decided to use it every other night which immediately solved the flaking problem.
I've been using it for three weeks now and I am very pleased with the results. My face is much smoother now and it even helped clear some of my acne out. It's a must-try!
Age: 18 & Under
Skin: Combination, Fair-Medium, Not Sure
Hair: Blond, Other, Other
Eyes: Green
I love my Neutrogena Wave! I use this every day in the shower, and it does wonders for my skin. My face feels incredibly soft afterwards, and I love the glowing look my skin has after using this. A few things to note however; it is very, VERY drying, so you MUST use a facial moisturizer immediately after using this product. This is something I don't mind at all, because I do it anyways and the package instructions include a reminder to moisturize after use. Also, you must remove your makeup before using this product!! I made the mistake once, believing that the Wave would magically clean every bit of dirt and makeup off my face, but the pad gets extremely clogged after about 2 seconds on a heavily made-up face. It is NOT a replacement for a makeup remover or facial wash. I use the Wave after using my Body Shop Seaweed Facial Wash, and there is no makeup residue left on the pad.
This product is amazing for acne as well. Whenever I start to get a zit, I remove my makeup, use the deep cleaning pad on the Wave, then use the orange exfoliating pad on the Wave right after. The next morning I can see and feel the zit clearing up. This product is awesome in so many ways!
Popular Cleansers
265 Reviews
5097 Reviews
232 Reviews
330 Reviews
161 Reviews


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Every business has a story. What's yours? Share your story with us and we will publish it with your profile. Profiles will be selected each week to be featured on our homepage, Twitter, Facebook, and Google+. Send us your email (no marketing, we promise!) and we will reach out to you to begin.
This profile for Zizik, Powers, O'Connell, Spaulding & Lamontagne, P.C. is located in Westwood, MA. Zizik, Powers, O'Connell, Spaulding & Lamontagne, P.C. industry is listed as Legal Services Office.


text:
This data set includes chemistry, ion, and istotope data from Taylor Dome, part of the East Antarctic ice sheet. Deep drilling at Taylor Dome successfully reached bedrock at a depth of 554 meters during the 1993-1994 austral summer. The Taylor Dome ice core is only the second core (after Vostok) to provide a stratigraphically undisturbed record through the entire last glacial cycle (the last 130,000 years or more).
Taylor Dome Ice Core Chemistry, Ion, and Isotope Data, Version 1
Get Data
Data Set Tabs
- Ice Core Records > Carbon Dioxide
- Ice Core Records > Ice Core Air Bubbles
- Ice Core Records
- Ice Core Records > Ions
- Ice Core Records > Isotopes
- Ice Core Records > Methane
- Ice Core Records > Nitrous Oxide
Data Citation
As a condition of using these data, you must cite the use of this data set using the following citation. For more information, see our Use and Copyright Web page.
Questions? Please contact:
NSIDC User Services
Phone: 1 303 492-6199
Fax: 1 303 492-2468
Email: firstname.lastname@example.com
Contact Address:
National Snow and Ice Data Center
University of Colorado
City: Boulder
Province or State: CO
Postal Code: 80309-0449
Country: USA


text:
Arizona Cardinals
Report: Ray Horton is out as Arizona Cardinals defensive coordinator
While the Arizona Cardinals defense made great strides in 2012 — ranked in the top 5 this season in pass defense and team takeaways — defensive coordinator Ray Horton won't live to see another day in the Valley, according to Mike Silver of Yahoo! Sports.
Although Horton previously worked for six seasons (2004-2010) in Pittsburgh with Bruce Arians, the new Cardinals head coach will reportedly not be retaining him on his staff.
I'm told Ray Horton is out as Cardinals defensive coordinator and will be replaced by Todd Bowles. Source who knows. Bad vibes all around.
— Michael Silver (@MikeSilver) January 18, 2013
On Wednesday, ArizonaSports.com had heard that would be the case, but has not yet confirmed Silver's report.
Bowles, who will reportedly be replacing Horton, played eight seasons (1986-1993) in the NFL as a safety for the Washington Redskins and San Francisco 49ers.
He has served as an NFL assistant with six different franchises since 1995, and most recently was the defensive coordinator and defensive backs coach for the Philadelphia Eagles in 2012.
Bowles worked with Arians when the two were together with the Cleveland Browns from 2001-2003.
Most Popular
Cardinals Audio
2-12-16 The Sports Kabob with Jarrett Carlen
Friday February 12
Topics include O.J. Simpson, the Super Bowl, and the NBA All-Star game. It's sports news skewered
Steve Rannazzisi, comedian and star of "The League"
Friday February 12
Steve talks about the Super Bowl, fantasy football, and his controversial 9/11 comments
Calais Campbell - Arizona Cardinals DE
Friday February 12
How is CC preparing for 2016? What will be his main focus for the off-season? Plus, Calais responds
Anquan Boldin - Former Cardinal WR
Friday February 12
B-Train asks Q about his Walter Payton Man of the Year award, his plans for 2016 and his thoughts on
John Clayton, ESPN NFL insider
Friday February 12
John Clayton says Kurt Warner will likely get into the Hall of Fame next year.


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Italy's Renzi wins regional vote, low turnout sends warning
ROME (Reuters) – Italian Prime Minister Matteo Renzi's center-left Democratic Party (PD) won regional elections in Calabria and Emilia Romagna on Sunday but an exceptionally low turnout suggested growing disillusion among many voters.
After years of economic crisis that has created hardship among a growing number of Italians, the lackluster turnout was a clear warning sign for Renzi as he faces pressure to push through potentially unpopular financial belt-tightening.
Rome's anti-migrant protests highlight resentment among poor
ROME (Reuters) – Protests over a migrant center in a run-down suburb of Rome this week have exposed a crisis in poor areas of the Italian capital suffering after years of neglect and mismanagement of infrastructure compounded by Italy's deep economic crisis.
Rome's mayor Ignazio Marino was greeted on Friday by an angry crowd in Tor Sapienza, a struggling area on the eastern outskirts of the city where residents accuse migrants in the reception center of drug trafficking and street harassment.
Italy union head accuses Renzi of seeking confrontation
ROME (Reuters) – The leader of Italy's largest union accused Prime Minister Matteo Renzi on Thursday of deliberately stoking conflict with the labor movement and ignoring the growing cost of the economic crisis for Italian workers.
Speaking a day after four workers protesting against job cuts at a steel plant in southern Italy were hurt in clashes with police, Susanna Camusso, secretary general of the CGIL, said the government had chosen a "logic of confrontation" to drive its political agenda.
Monte Paschi has biggest capital gap in ECB tests, may seek merger
MILAN/ROME, Oct 26 (Reuters) – – Italy's Monte dei Paschi di
Siena faces a 2.1 billion euro ($2.7 billion) funding
shortfall that could force it to seek a merger, after a European
banking review revealed serious weak points in the Italian
financial system.
The historic Tuscan lender, which was founded in 1472 and
carried out a 5-billion euro capital increase as recently as
June, said on Sunday it had hired Citigroup and UBS as advisers
to consider strategic options.
Italy and France make plea for growth as EU-Asia leaders meet
MILAN (Reuters) – Europe's priority must be to stimulate economic growth, Italy and France said on Thursday, putting themselves at odds again with Germany, which is demanding deficit rigor.
With signs of a global slowdown rattling investors and prompting sharp declines across financial markets, French President Francois Hollande and Italian Prime Minster Matteo Renzi stressed the need for expansive measures.
Outrage in Italy over 'shame' of Genoa flood chaos
ROME (Reuters) – Italy reacted with shock and outrage at the chronic bureaucratic and planning failures laid bare after severe flooding hit the northwestern city of Genoa, killing one man and leaving the streets of the medieval port city buried in mud and debris.
"The mud of Genoa, shame of a country," read the front page headline of Italy's biggest daily newspaper Corriere della Sera on Saturday after the flooding, which occurred less than three years after torrential floods in the same city killed seven people in 2011.
Italy's Grillo attacks Renzi reform, seeks referendum on euro
ROME (Reuters) – The leader of Italy's anti-establishment 5-Star Movement rounded off a three-day party rally on Sunday with renewed calls for a referendum on the euro and an angry attack on Prime Minister Matteo Renzi's labor reform plans.
Beppe Grillo, the provocative former comedian who founded the 5-Star Movement and captured more than 25 percent of the vote in last year's national election, said the party would begin a campaign to gather 3 million signatures to call a popular referendum.
Protests greet EU leaders at jobs meeting in Italy
MILAN (Reuters) – Hundreds of people protested against Italian Prime Minister Matteo Renzi's plans to reform hiring-and-firing rules outside the congress center where European leaders were due to meet on Wednesday for a conference on jobs.
The meeting in Milan coincides with a confidence vote in parliament to push through legislation that will enable the government to alter parts of the labor code including job protection measures that are fiercely defended by unions.
Italy PM Renzi attacks establishment resistance, vows to press on
ROME (Reuters) – Facing rumors that he could face pressure to quit, Italian Prime Minister Matteo Renzi hit back on Sunday against criticism from business leaders and dared his opponents to challenge him in parliament.
"If they think they have the numbers and the right candidate, let them try it," the 39-year-old center-left prime minister told the left-leaning La Repubblica daily.
Italy's Northern League founder Bossi saddened by Scottish vote
ROME (Reuters) – The founder of Italy's pro-devolution, anti-immigrant Northern League expressed bitter disappointment at the result of the Scottish independence referendum and said voters had been intimidated by the media.
Umberto Bossi, who created the movement for autonomy for Italy's rich northern regions in the 1980s and was a longstanding ally of former Prime Minister Silvio Berlusconi, said he had followed the Scottish independence debate closely.


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St. Peter's Basilica at the Vatican
Started Mar 21, 2013 | Discussions thread
Shop cameras & lenses ▾
New Member • Posts: 20
Great shot! My wife and I were there the week before conclave and sadly we missed all the excitement. We were also going to climb to the top of the dome but we got there just as they were closing. If you are still there a great place to go for photos is the Cimitero Monumentale Al Verano. It is a 19 century cemetery and it is really big. It is full of impressive old mausoleums, and statues of angels. Here is one from this cemetery.
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|Mar 21, 2013
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Date: 1954-04-09
Description: Portrait of Hall of Fame Milwaukee Braves pitcher Warren Spahn in front of the dugout at County Stadium.
Date: 1882
Description: First building of the 27th Street plant.
Description: Portrait of Hall of Fame Milwaukee Brave infielder Eddie Mathews in front of the dugout at County Stadium.
Description: A woman carefully steps off a Milwaukee streetcar. Original Falk caption reads, "Photos borrowed from Milwaukee County Transport for use in brochure 850801...
Date: 1900 ca.
Description: N. Water Street between E. St. Paul and E. Buffalo Streets.
Date: 1950
Description: Interior, with main altar in the apse. Ornate interior, decorated with sculpture and painting.
Description: Two streetcar engineers pose with a streetcar. Original Falk caption reads, "Photos borrowed from Milwaukee County Transport for use in brochure 850801. Or...
Date: 1917 ca.
Description: Winter scene with a pedestrian holding an umbrella during a snowstorm, Milwaukee, Wisconsin.
Date: 1921-05-27
Description: Quarter-length portrait of John J. Beggs, Milwaukee public utilities executive.
Description: West side of N. Water Street between E. Buffalo and E. Chicago Streets, featuring the Joys Building, with a contruction area in foreground. There are also...
Date: 1952-07
Description: Train cars are parked near a tall building with a fire escape.
Date: 1890 ca.
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Date: 1905 after
Description: View of the street and construction site outside of the Plankinton House hotel and various storefronts. Horse-drawn carriages, pedestrians, and constructi...
Description: View down Grand Avenue from 6th Street. Several horse-drawn vehicles. Church in background.
Description: Streetcar and two operators. The side of the car reads, "Wells Street" and West Side Street Railway Co." Original Falk caption reads, "Photos borrowed from...
Date: 1989-10-30
Description: Tommy G. Thompson, governor of Wisconsin and an enthusiastic member of the Amtrak governing board, salutes the expansion of Hiawatha service between Chicag...
Date: 1885 ca.
Description: Elevated view of West Water Street from Grand Avenue of horse-drawn vehicles, pedestrians, buildings, storefronts and power lines.
Description: West Water Street from Union Depot.
Date: 1956
Description: James C. Springer of Cutler-Hammer Manufacturing Co. surrounded by members of the Milwaukee chapter of the National Secretaries' Association who had electe...
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Glad to find you guys, I have a fussy 9 week old DS, he does have a protein allergy, reflux and supposedly colic. Just wanted to say I am always happy to hear of other people's fussy babies. It just bugs the hell out of me when people say "Did you try ___________(fill in the blank), when I did I had a new baby" of course I tried everything under the sun and the only way I am getting a "new" baby is if I go to the nursery and steal one. which of course I would never, ever do because I do have the cutest, fussy baby ever and I would not trade him for another. anyways glad we can all share in this misery together.
Fussy baby here!
Posted 10/28/2009
Comments (1)
Posted 10/28/2009
Just wanted to say I hear you. It is so ridiculous for people who don't understand what a fussy baby really is like to keep throwing out ideas that worked for them when they really had a happy baby that fussed for 5 minutes.


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3 Light Extra Large Semi Flush Mount Ceiling Fixture From the Jennifer Collection
This updated traditional look holds onto European influences, but is simplified for a broader appeal. It is a graceful and versatile look that coordinates with a wide range of decor styles. The dark finish provides a rich backdrop for the stunning glass shades, which have a dramatic gradation of color from amber to white.
Additional Quoizel Links
*Discontinued model or finish
More Than Just a Store - Your Reasons to Shop
Discover the best online deals for the JF1719 and everything else for your home from the leading online home improvement store.
We're committed to providing you with the best assortment of Quoizel products with over 400 warehouses across the country.
Our knowledgeable product specialists work to bring you the best prices on every product and provide unmatched customer service. Your satisfaction is our highest priority!
Installation Resource Center
Whether you are installing the product yourself or hiring a professional, our installation Resource Center has everything you need to get your project done. Visit the Installation Resource Center to get started.