Patent ID: 7831504
Filing Date: 2010-11-09
Classification: G06Q

Abstract:
1. A method for trading an item on a trading system, comprising: receiving a passive order to buy or sell the item from a first trader terminal, the passive order including at least a price and a quantity for the item; receiving 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; executing a first transaction between the first and second traders, the transaction being to buy or sell an amount of the item in response to the aggressive order at the price specified in the passive order; initiating by a computer of the trading system, a workup during which additional orders to buy and sell the items at the price specified in the passive order are received from other traders trading on the trading system, said additional orders being executed at the price specified in the passive order; receiving during said workup, at least one additional order specifying a price better than the price specified in the passive order and, where the amount of the order at the better price is equal to or greater than a predetermined threshold: terminating the workup at the passive order price; initiating a further workup at the better price; and executing an additional transaction involving the other traders at the better price specified in the additional order.