Patent ID: 8843592

Claim:
A computer-implemented, centralized trading system for making available one or more data sets to a plurality of remote terminals via a communications network, the centralized trading system, comprising: a memory arranged to store a superset of trade order or trade execution data input or generated by the centralized trading system, and computer hardware, coupled to the memory, configured to: determine an infrastructure load associated with operation of the centralized trading system, extract from the superset of trade order or trade execution data at least one data subset of trade order or trade execution data input or generated by the centralized trading system based on the infrastructure load associated with the centralized trading system, and transmit electronic messages over the communications network to the plurality of remote terminals that contain the at least one data subset of trade order or trade execution data, wherein the computer hardware is configured to control the transmission of data subsets of trade order or trade execution data by controlling a frequency at which the electronic messages containing the data subsets of trade order or trade execution data are transmitted over the communications network based on the infrastructure load associated with the centralized trading system, and wherein the electronic messages include one or more of the following messages: best bid offer (BBO), volume weighted average price (VAWAP), market by order (MBO), or market by prices (MBP).