LMS Liquid Markets Solutions
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Solutions Technology Company Resources Contact Us
  • Team
  • IP Portfolio
  • Locations
  • Careers

Leadership

Our team has designed, built, and managed some of the largest and fastest electronic trading infrastructures in the world.

Seth Friedman

Seth Friedman

CEO & Product Vision

Former MD at Morgan Stanley, where he established the electronic trading business. As MD at Nomura, he designed NXT Direct—the world's fastest FPGA-based DMA platform, holding the speed record until ÜberNIC.

Alex Stein

Alex Stein, PhD

CEO, North America

Former MD at Two Sigma where he built the Alpha Capture program. Serial entrepreneur and 4x founder, including FarSight Financial (first US internet broker). Started career in DEC's semiconductor group.

Campbell Gunn

Campbell Gunn

Chief Operating Officer

35+ years buy-side leadership including Goldman Sachs Asset Management and Head of T. Rowe Price Japan. Former Asia CIO for Dresdner RCM. He understands the infrastructure buying process because he was the buyer.

Ted Johnson

Ted Johnson

General Counsel

Former Managing Partner Japan for Paul Hastings and Partner at Orrick. 25+ years in M&A, private equity, and venture finance. Serves on the Japan Steering Committee for the American Bar Association.

IP Portfolio

Our intellectual property portfolio includes 14 granted patents covering key innovations in ultra-low-latency networking, hardware-based transaction processing, and FPGA-accelerated data handling. Click any patent to view details.

Validating an Electronic Order Transmitted over a Network Between a Client Server and an Exchange Server with a Hardware Device
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US 9,501,795 • Granted November 22, 2016

Foundational patent covering hardware-based validation of electronic trading orders using FPGA technology. This innovation enables real-time verification of order parameters before transmission to exchanges, reducing risk and improving reliability in high-frequency trading environments.

Distributed Network Packet Processing
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US 10,269,071 • Granted April 23, 2019

Describes methods for distributed processing of network packets across multiple hardware elements to achieve higher throughput and lower latency. Enables parallel packet handling while maintaining ordered delivery and consistency.

Validation Engine with Dual Processing Capacity
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US 11,315,182 • Granted April 26, 2022

Innovative dual-path validation architecture that allows simultaneous processing of primary and secondary validation rules. This approach maintains wire-speed performance while supporting complex validation logic without introducing latency.

Transaction Encoding and Verification by Way of Data-Link Layer Fields
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US 10,880,211 • Granted December 29, 2020

Describes encoding transaction metadata within Ethernet frame headers for line-speed validation and routing. This technique enables hardware-based transaction verification without requiring deep packet inspection, maintaining sub-microsecond latencies.

Line-Speed Messaging & Validation Using Data-Link Layer Fields
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US 11,431,628 • Granted August 30, 2022

Extends data-link layer encoding techniques to support full line-rate messaging with integrated validation. Enables high-throughput communication between trading systems while maintaining message integrity and ordering guarantees at wire speed.

Zero-latency Message Processing with Validity Checks
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US 10,868,707 • Granted December 15, 2020

Core ÜberNIC technology enabling simultaneous message forwarding and validation. By processing validity checks in parallel with message transmission, this approach achieves effectively zero added latency for validation operations.

Encapsulation of Payload Content into Message Frames
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US 11,349,700 • Granted May 31, 2022

Describes efficient methods for encapsulating application payload data into optimized message frames for FPGA processing. This technique reduces overhead while maintaining compatibility with standard networking protocols.

Processing of Payload Content with Parallel Validation
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US 11,637,917 • Granted April 25, 2023

Advanced parallel processing architecture for simultaneous payload handling and validation across multiple FPGA processing elements. Achieves maximum throughput while maintaining strict ordering and consistency guarantees.

Asymmetric Read/Write Architecture for Enhanced Throughput and Reduced Latency
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US 11,301,408 • Granted April 12, 2022

Innovative memory architecture optimizing read and write paths independently to maximize throughput in both directions. This asymmetric design reduces contention and enables higher sustained data rates for network I/O operations.

Asymmetric Read/Write Architecture for Enhanced Throughput and Reduced Latency
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US 11,693,809 • Granted July 4, 2023

Continuation patent extending asymmetric memory architecture techniques with additional optimizations for PCIe bus utilization and cache coherency. Further reduces latency and improves sustained throughput for high-bandwidth applications.

Message Validation Using Data-Link Layer Fields
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US 11,743,184 • Granted August 29, 2023

Comprehensive framework for embedding validation metadata within Ethernet frame headers. Enables hardware-accelerated message verification without application-layer parsing, maintaining line-rate performance.

Hardware-Based Transaction Exchange
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US 11,935,120 • Granted March 19, 2024

Complete FPGA-based transaction exchange system enabling peer-to-peer trading without traditional software stacks. This architecture supports microsecond-scale matching and execution entirely in hardware logic.

Message Validation Using Data-Link Layer Fields
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US 12,003,415 • Granted June 4, 2024

Latest continuation of data-link layer validation techniques with enhanced support for emerging network protocols and increased validation complexity without latency penalty.

Zero-latency Message Processing with Validity Checks
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EU EP3949288 • Granted January 23, 2025

European patent grant covering zero-latency validation techniques. Provides IP protection for ÜberNIC core technology across European markets, including financial services hubs in London, Frankfurt, and Zurich.

Locations

Our global presence enables us to serve clients worldwide with local expertise and support.

New York Headquarters

Liquid-Markets-Holdings Inc.
7 Woodland Avenue
Larchmont, NY 10538
United States

Tokyo Office

Liquid-Markets Co., Ltd.
5-29-8 #610 Yoyogi
Shibuya-Ku, Tokyo 151-0053
Japan

Hong Kong Office

Liquid-Markets Limited
1701 Pik On Hse Ye On Court Rd
Ap Lei Chau
Hong Kong

Singapore Office

Liquid-Markets Pte. Ltd.
160 Robinson Road #24-09
Singapore 068914

Switzerland Office

Liquid-Markets GmbH
Obermühle 8
6340 Baar
Switzerland

Careers

Join the Team

We are always looking for exceptional engineers who understand low-level architecture and high-performance systems.

Contact Careers
Liquid-Markets-Holdings Inc. 7 Woodland Avenue
Larchmont, NY 10538
United States
Liquid-Markets Co., Ltd. 5-29-8 #610 Yoyogi
Shibuya-Ku, Tokyo 151-0053
Japan
Liquid-Markets Limited 1701 Pik On Hse Ye On Court Rd
Ap Lei Chau
Hong Kong
Liquid-Markets Pte. Ltd. 160 Robinson Road #24-09
Singapore 068914
Liquid-Markets GmbH Obermühle 8
6340 Baar
Switzerland

©2020 Liquid-Markets-Solutions. All rights reserved.

Liquid-Markets-Solutions refers to the firms of the Liquid-Markets-Holdings Inc. group, each of which is a separate and independent legal entity.