Patent ID: 7949599
Filing Date: 2011-05-24
Classification: G06Q

Abstract:
1. An electronic trading system for trading an item comprising: a server programmed to operate as a matching engine for matching orders to sell and orders to buy the item from plural trader terminals each in communication with the server; wherein the server is further programmed to: receive a passive order to buy or sell the item from a first trader terminal, the passive order comprising at least a price and a quantity for the item; receive an aggressive order to hit or lift the passive order from a second trader, the aggressive order including at least a quantity for the item; execute a first transaction between the first and second traders, the transaction being to buy or set an amount of the item in response to the aggressive order at the price specified in the passive order; initiate a first workup during which additional orders to buy and sell the item at the price specified in the passive order can be submitted by other traders trading on the system, said additional orders being executed at the price specified in the passive order; receive, during said first workup, at least one additional order specifying a price better than the price specified in the passive order and, where the amount of the additional order at the better price is equal to or greater than a predetermined threshold; terminate the workup at the passive order price; initiate a further workup at the better price; and execute an additional transaction involving the other traders at the better price specified in the additional order.