Patent ID: 8494952

Claim:
A method comprising: receiving, by at least one computing device, a trading order that comprises a first quantity of a first financial instrument; determining, by the at least one computing device, that at least one market center comprises insufficient liquidity to fill the first quantity of the trading order; identifying, by the at least one computing device, a plurality of financial instruments that are different from the first financial instrument, in which the act of identifying comprises identifying one or more of the plurality of financial instruments based at least in part on a first stored trader preference that the identified one or more of the plurality of financial instruments be associated with a yield spread that satisfies a configurable threshold; receiving, by the at least one computing device, market data from at least one market center, wherein the market data relates to the plurality of financial instruments; generating, by the at least one computing device, at least one constituent trading order for at least one of the plurality of financial instruments, in which the at least one constituent trading order is configured to, if filled, satisfy at least a portion of the trading order; transmitting, by the at least one computing device, at least one of the at least one constituent trading order to at least one market center.