Patent ID: 8666873

Claim:
A computerized method for providing open execution auction trading of financial instruments on a computerized trading system having one or more server computers, the method comprising: receiving, at at least one of the server computers of the trading system, one or more communications from one or more liquidity providers, each communication including at least one passive order, including at least a price and a quantity, and at least one of the servers putting the received at least one passive order on a book of orders available for trading that can be viewed by participants of the trading system; receiving, at least one of the server computers of the trading system, an order, including at least a price, from one or more liquidity consumers, and, in response to receipt of the order from the one or more liquidity consumers, at least one of the servers initiating a holding period during which every order received from the liquidity consumers is held without being forwarded for matching with other orders on the book of orders, the holding period having a duration set at random, between minimum and maximum duration parameters, before receiving the order from the liquidity consumer; during the holding period, at least one of the servers performing checks on the orders received from the liquidity consumers; during the holding period, at least one of the servers sending information relating to every one of the orders received from the one or more liquidity consumers to eligible ones of the one or more liquidity providers that meet price feed requirements and qualifications that include having made bids and offers pending when the information is sent and not exceeding holding period cancellation limits; during the holding period, if changes to the one or more orders on the book of orders are received from the liquidity providers, modifying the one or more orders on the book of orders and revising the book of orders to reflect the modification; upon expiration of the holding period, passing the order from the liquidity consumer to a matching engine server for matching with orders that remain on the book of orders after any revisions to the book of orders; and matching, at the matching engine server, the order received from the liquidity consumer with a matching order resting on the book of orders to execute a trade, wherein the changes requested by the liquidity providers during the holding period include modifying the price of an order and canceling an order.