Patent ID: 8121929

Claim:
A method, comprising: transitioning, by at least computing device, a trading system from a first trading state to a second trading state; determining, by the at least one computing device, from among a plurality of orders that are pending at a completion of the first trading state, a best order, wherein the best order comprises a first order having a best price from among the plurality of orders, and wherein the best order is associated with a participant; determining, by the at least one computing device, that at least one of the best order and the participant associated with the best order met at least one criterion in the first trading state; based at least in part on determining that at least one of the best order and the participant associated with the best order met the at least one criterion in the first trading state, awarding, by the at least one computing device, the participant with a potential trading priority in the second trading state with respect to at least one order received in the second trading state; receiving, by the at least one computing device, an order in the second trading state; based at least in part on awarding the participant with the potential trading priority, determining, by the at least one computing device, that the participant has a right to trade exclusively against the order received in the second trading state; determining, by the at least one computing device, that a different participant indicates a willingness to trade against the order received in the second trading state; and based at least in part on (i) determining that the participant has the right to trade exclusively against the order received in the second trading state and (ii) determining that the different participant indicates the willingness to trade against the order received in the second trading state, automatically executing, by the at least one computing device, on behalf of the participant, a trade against the order received in the second trading state.