Patent ID: 7783561

Claim:
A computer-implemented method of synchronizing order files at two markets, comprising: under control of instructions that are executed by one or more processors in a computer system: transmitting an indication from one of the two markets to the other of the two markets that the one of the two markets will operate according to a two phase protocol for handling trading activity between market participants of the respective two markets, wherein in a first phase of the two phase protocol, permission is requested by the one of the two markets to execute an order, and in a second phase of the two phase protocol, the order is executed by the one of the two markets only if permission is obtained from the other of the two markets; transmitting an order file from the one of the two markets to the other of the two markets to replace an order file at the other of the two markets, wherein both of the markets facilitate trading activity between market participants and the order files at both of the two markets include orders received from the market participants; and after transmitting the order file, transmitting an order file update from the one of the two markets to the other of the two markets that updates the order file in the other of the two markets to reflect trading activity that occurred in the one of the two markets while the order file was being transmitted.