Patent ID: 8326745

Claim:
A method comprising: computing, by a computing device, a first distribution of first sub-parts of a first order to place on a plurality of exchanges, in which the first order includes an instrument to be traded, a quantity of the instrument to be traded, and a side of trades for the instrument; in response to computing the first distribution, attempting, by the computing device, to facilitate execution of the first order on the plurality of exchanges according to the first distribution of first sub-parts; receiving, by the computing device, a computer message identifying a change to a sum of quantities associated with second orders pending on at least one exchange of the plurality of exchanges, in which the second orders include the instrument and the side of trades for the instrument, and in response to receiving the indication of the change, computing, by the computing device, a second distribution of second sub-parts of the first order among the plurality of exchanges based at least in part on the change; and in response to computing the second distribution, attempting, by the computing device, to facilitate execution of the first order on the plurality of exchanges according to the second distribution of second sub-parts.