Patent ID: 7539638

Claim:
A computer-implemented method of operating at least two markets on a platform comprising a computer system, the method comprising: electronically operating a first market process and a second market process on the computer system, wherein the first and second market processes respectively provide first and second markets that are separate and distinct and are each configured to execute orders for trading items between market participants; automatically, during an overlapping time interval, electronically posting an order for an item in both the first market and the second market, wherein during the overlapping time interval, the order is available to market participants in both the first and second markets to complete a trade for the item in the order; automatically and electronically controlling the execution of the order to ensure that the order is executed in at most one of the first and second markets, wherein each of the first and second markets operates according to a two phase action protocol in which in a first phase, permission is obtained from a controlling process to electronically execute the order, and in a second phase, the order is executed only if permission from the controlling process is obtained; and automatically, using at least one computer, reporting the execution of the order and the market in which the order was executed.