Patent ID: 8010440

Claim:
A trading system for matching orders between counterparty trading floors, in which an order received from a market maker trading floor is matched with compatible taker trading floor orders, the system comprising: a receiver configured to receive an indication of one of a plurality of credit tiers, the credit tiers indicating trading floors' assessments of relative creditworthiness of potential counterparty trading floors; and a price adjustment component configured to: in response to the received credit tier indications, create, from the order received from the market maker trading floor, a plurality of separate orders, one for each credit tier, the plurality of separate orders having prices different from one another, the different prices being set in accordance with respective ones of the credit tiers and communicated to potential taker trader floors associated with the respective credit tiers; link the plurality of separate orders together by a shared order amount to form a set of linked orders; and when one of the plurality of orders in the set of linked orders is executed for a first amount, dynamically reduce the amount of each separate order of the set of linked orders by the first amount whereby at any given time the order amount of each of the separate orders created from the received order from the market maker is equal to the total untraded amount from the received order.