Patent ID: 8577772

Claim:
A computerized system for generating executable trade orders, comprising: a computerized non-executable indication of interest matching system coupled with a plurality of client trading computers, each said client trading computer including a trading desktop configured to monitor trades for execution and store unexecuted trading positions to trade a given amount of a tradable asset, and configured to receive from said plurality of client trading computers a plurality of non-executable indications of interest based on the unexecuted trading positions stored by respective trading desktops, to identify as a match one or more first non-executable indications of interest from said plurality of non-executable indications of interest which fulfill one or more second non-executable indications of interest from said plurality of non-executable indications of interest, and, for the identified matches, to provide a trading opportunity notification to said client trading computers from which said matched first and second non-executable indications of interest originated; a computerized executable trade order generation systems coupled with each of said plurality of client trading computers and configured to receive instructions to convert the non-executable indication of interest associated with the trading opportunity notification into a binding, executable trade order from said client trading computers that received said trading opportunity notifications, based on said instructions, and to send said binding, executable trade orders to a computerized executable order matching and execution system that is distinct from said computerized non-executable indication of interest matching system, wherein said instructions indicate sides and symbols of said executable trade orders to be generated and said sides and symbols are the same as sides and symbols of said matched first and second non-executable indications of interest; and wherein said trading opportunity notification expires within a predetermined period of time and includes an indication of said predetermined period of time.