Patent ID: 7912778

Claim:
A method, comprising: receiving a group of trade orders, wherein the group includes at least a first trade order and a second trade order, for an investment account, wherein one or more restrictions are stored in association with the investment account; processing, by a portfolio management system comprising one or more computers, the group of trade orders according to at least two phases by: during a first phase, (i) placing the first trade order in a respective pending state based upon determining that the first trade order violates at least one of the one or more stored restrictions, whereby the first trade order is not approved for execution based upon its placement in the respective pending state; (ii) placing the second trade order in a respective passed state subsequent to determining that the second trade order does not violate at least a subset of the one or more stored restrictions; and (iii) updating at least one of a temporary cash holdings field or a temporary security holdings field associated with the investment account to reflect an anticipated effect of an execution of the second trade order, wherein the temporary cash holdings field or the temporary security holdings field is updated prior to the any actual execution of the second trade order; and during a second phase following the first phase, reconsidering one or more trade orders in the respective pending state, thereby (i) determining, subsequent to updating at least one of the temporary cash holdings field or the temporary security holdings field of the investment account, that the first trade order does not violate no longer violates the at least one of the one or more stored restrictions, and (ii) moving the first trade order from the respective pending state to the respective passed state; wherein a result of processing the group of trade orders is that both the first and second trade orders are both approved for execution based upon both the first and second trade orders being in the respective passed state.