Patent ID: 8645260

Claim:
An online trading system, comprising: a database configured to store information for certain reference entities; memory configured to store execution instructions; and a processor coupled with the database and the memory, the processor configured to execute the instructions, the instructions configured to cause the system to: receive from each of a plurality of trader clients a position for a financial instrument associated with a reference entity, the position having either a buy or sell position and a price and a notional; receive an acceptance from a transacting trader client to the position for the financial instrument of one of the plurality of trader clients; invite a selected plurality of trader clients, based on predefined criteria, to transact at the price of the accepted position; receive a position for the financial instrument from a number of the selected trader clients in response to said invitation; match the received positions of the plurality of selected trader clients to each other based on the notional of each position; and finalize the transactions of all positions which are matched at the plice of the accepted position.