Patent ID: 7693775

Claim:
A computerized method for placing orders for financial instruments, comprising: receiving on a computer, from a first user, a first user order for a first financial instrument of a plurality of financial instruments, the first user order including a single first price per unit and a first unit quantity, the first unit quantity of the first user order including a disclosed liquidity quantity and an undisclosed liquidity quantity, both the disclosed liquidity quantity of the first user order and the undisclosed liquidity quantity of the first user order being at the same single first price per unit; sending the first user order, including the disclosed liquidity quantity and the undisclosed liquidity quantity, to a first one of a plurality of trade execution entities for execution; receiving on a computer, from a second user, a second user order for the first financial instrument that does not require that the trade execution entity be the first one of the trade execution entities, the second user order including a second price per unit and a second unit quantity; determining on a computer that the first price per unit of the first user order and second price per unit of the second user order have overlapping values for least some of the undisclosed liquidity quantity of the first order; and sending the second user order to one of the plurality of trade execution entities after it is determined that the first price per unit of the first user order and second price per unit of the second user order have overlapping values for least some of the undisclosed liquidity quantity of the first order.