Patent ID: 7853499

Claim:
A trading host that allocates a quantity of an incoming order for a product, the trading host comprising computer hardware and program code, wherein the program code, when executed, causes the trading host to perform the steps of: receiving the incoming order over a network; developing a value that indicates a portion of the incoming order that is to be allocated using a FIFO algorithm, wherein the value is greater than 0 percent and less than 100 percent; allocating a first portion of the incoming order to standing orders using the FIFO algorithm in accordance with the value; allocating a second portion of the incoming order to standing orders using a pro-rata algorithm, the step of allocating the second portion leaves a remaining quantity of the incoming order; allocating the remaining quantity to the standing orders using a FIFO algorithm; and wherein the value changes during a trading session in accordance with a metric associated with market activity.