Patent ID: 8005745
Filing Date: 2011-08-23
Classification: G06Q

Abstract:
1. A computerized trading system for trading an item, comprising; a server computer configured to match orders to buy and sell the item received from one or more of a plurality of distributed computerized trading terminals in response to receipt of said orders to buy and sell the item; the server computer being further configured to: receive a passive order to buy or sell the item submitted by a first trader from a first computerized trading terminal, the passive order specifying at least a quantity and a price for the item; receive an aggressive order to hit or lift the passive order submitted by a second trader from a second computerized trading terminal, the aggressive order specifying at least a quantity for the item; in response to receipt of the passive order and the aggressive order, execute a first transaction wherein the first trader buys or sells a quantity of the item specified in the aggressive order at the price specified in the passive order; enter a public work-up on execution of the first transaction, the public work-up comprising: the server computer receiving additional orders to buy and sell the item from other traders, the additional orders sent from computerized trading terminals of the other traders; and in response to receipt of the additional orders, the server computer executing additional transactions involving orders received from the other traders at the price specified in the passive order without providing any trader exclusive trading privileges.