Patent ID: 8498918
Filing Date: 2013-07-30
Classification: G06Q

Abstract:
1. A method of implementing a trade in a trade matching system between a customer and a market maker, the method comprising: (a) receiving a request for cross order from a broker, the request for cross order comprising a cross order price, a first order, and a second order, wherein the first order is a trading position that is opposite of the second order, wherein the first order is an order of one of the customer and the market maker, and wherein the second order is an order of the other of the customer and the market maker; (b) notifying market participants other than the customer and the market maker of the request for cross order; (c) prompting the notified market participants to submit orders during a first time period; (d) matching an order received from a first of the market participants during the first time period against a portion of the first order at a price that differs from the cross order price, wherein the first market participant is not the customer or the market maker; (e) after the matching in (d), determining a remaining quantity of the first order; (f) after the determination in (e), matching a portion of the first order remaining quantity against the second order at the cross order price, wherein the matched portion of the first order remaining quantity is less than all of the first order remaining quantity; (g) after the matching of (f), determining a residual quantity of the first order and a residual quantity of the second order based on the matching in (d) and the matching in (f); (h) after the determining of (g), prompting the market participants to submit further orders during a second time period; and (i) electronically matching by a processor a further order received from one of the market participants during the second time period against the residual quantity of the first order or the residual quantity of the second order.