Patent ID: 7925545

Claim:
An automated trading system for trading products between traders, comprising: a plurality of order input devices configured to enter quotes to buy or sell products traded on the system, the quotes including a price, a visible amount and a linked hidden amount, and to enter orders in response to quotes input from others of the plurality of order input devices; a market distribution component configured to distribute quotes to order input devices, the quotes being shown to order input devices only for the visible amounts; a matching engine configured to match quotes to buy or sell with orders submitted in response to the quotes, the matching engine being configured to match the visible amounts of the quotes matched before the linked amounts; and a quote generation and submission device configured to convert any residual unmatched linked amount into a fresh quote at the same price as the matched quote and submitting the fresh quote to the system for matching, wherein the matching engine further comprises an auto-matching component configured to match quotes submitted by two order input devices and convert one of the quotes into a taker order, wherein the quote to be converted into a taker order includes a price, a visible amount, a linked hidden amount, and an indication of a limit of the linked amount that can be shown as a visible amount; and wherein the quote generation and submission device is further configured to convert any residual unmatched linked amount of the quote converted into the taker order following the auto-match into a fresh quote at the same price as the matched quote and to submit the fresh quote to the system for matching, the fresh quote having a visible amount up to the limit indicated with the remainder as a linked amount.