Patent ID: 7627516

Claim:
An automated trading system comprising: a processor; a memory storing instructions adapted to be executed by said processor to: receive at said automated trading system an active first-entity binding indication to trade a security at non-discrete prices, said active first-entity binding indication to trade a security being a non-retail order to trade primarily against retail orders; store said active first-entity binding indication to trade said security; and execute a trade defined by said active first-entity binding indication to trade said security and a second-entity binding order to trade said security immediately upon receipt of said second-entity binding order to trade said security, said second-entity binding order to trade said security being a retail marketable order, if said active first-entity binding indication to trade said security is on an opposite side of said second-entity binding order to trade said security, said first-entity binding indication to trade and said second-entity binding order to trade being invisible to other market participants and a source of said first-entity binding indication and a source of said second-entity binding order to trade being anonymous to each other.