Patent ID: 8630939

Claim:
A system for electronic trading, the system including: a computing device configured to receive a command to buy or sell a spread, wherein the spread is associated with a first real market and a second real market, and wherein the first and second real markets are offered by at least one electronic exchange, wherein the computing device is configured to determine a plurality of spread markets that offer interchangeable tradeable objects, wherein a first spread market of the plurality of spread markets is a synthetic spread market that is generated outside of an electronic exchange and associated with the first real market and the second real market, wherein a second spread market of the plurality of spread markets is an exchange-provided spread market that is also associated with the first real market and the second real market, wherein the computing device is configured to determine a first price for which the spread can be bought or sold in the first spread market and a second price for which the spread can be bought or sold in the second spread market, wherein the computing device is configured to, in response to receiving the command, determine whether to: buy or sell in the first spread market, buy or sell in the second spread market, or buy or sell in both the first and second spread markets based on the determined first price and the determined second price, and wherein the computing device is configured to responsively: send a first spread market order for at least one of the first and second real markets when it is determined to buy or sell in the first spread market, send a second spread market order for the exchange-provided spread market when it is determined to buy or sell in the second spread market, or send the first spread market order for at least one of the first and second real markets and send the second spread market order to the exchange-provided spread market when it is determined to buy or sell in both the first and second spread markets.