Patent ID: 8595121
Filing Date: 2013-11-26
Classification: G06Q

Abstract:
1. A method for trading an item within a spread market for the item, the method being implemented on an electronic trading system, the method comprising: communicating, by at least one processor, a plurality of orders for the item to a plurality of market participants, each order comprising a buy/sell orientation defining whether such order is a bid to purchase the item or an offer to sell the item, such that the buy/sell orientation of the plurality of orders is disclosed to the plurality of market participants in such a way that the plurality of market participants are made aware of whether each of the plurality of orders is an order to buy the item or an order to sell the item, in which the plurality of orders comprises a best bid having a best bid price and a best offer having a best offer price that is greater than the best bid price; receiving, by at least one processor, from a first user of the electronic trading system a first midprice order to buy or sell the item conditioned on an execution price of the first midprice order being greater than the best bid price and less than the best offer price, in which the first midprice order to buy or sell the item comprises a buy/sell orientation defining whether the first midprice order is a bid to purchase the item or an offer to sell the item; communicating, by the at least one processor, the first midprice order to a plurality of market participants such that the buy/sell orientation of the midprice order is not disclosed to the plurality of market participants, such that the plurality of market participants are not made aware whether the order is an order to buy the item or an order to sell the item; receiving, by the at least one processor, from a second user of the electronic trading system a second midprice order to buy or sell the item conditioned on an execution price of the second midprice order being within a spread market for the item, in which the second midprice order to buy or sell the item comprises a buy/sell orientation that is contra to the buy/sell orientation of the first midprice order; matching, by the at least one processor, at least a portion of the first midprice order with at least a portion of the second midprice order; calculating, by the at least one processor, an execution midprice based at least in part on a current best bid price for the item and a current best offer price for the item; and executing a trade for at least a portion of the first midprice order against the second midprice order at the calculated execution midprice.