Patent ID: 7430533

Claim:
A computerized method for conducting a financial batch auction for a continuously trading financial market on a computer, comprising the steps of: receiving, on a computer, during an order acceptance period trade orders from participants of the batch auction, said trade orders representing a desire to execute a trade of a security on said market; continuously transmitting, over a network, to said participants information regarding additional trade orders received during said order acceptance period; receiving requests from said participants during said order acceptance period to modify previously submitted trade orders; modifying said previously submitted trade orders according to a corresponding received request to modify only if the modification meets a predetermined set of conditions, said predetermined set of conditions including at least one of an aggressiveness criteria and a net order imbalance criteria; prohibiting the receiving of trade orders after said order acceptance period; determining an optimal price at which a maximum number of shares will be executed based on all trade orders received from said participants during said order acceptance period; and immediately preceding or following an intermediate stoppage of trading on said trading market, executing a batch trade of orders from said received trade orders corresponding to said maximum number of shares at said optimal price.