Patent ID: 7831501

Claim:
A system for performing crossing of institutional security orders comprising: a first server connected across a communication network to at least one second server providing an away market for order execution and to a plurality of client stations; each client station having an interface configured to input orders into an order book maintained by the first server; the first server including a database, and configured to receive at least first and second institutional orders, wherein the first and second institutional orders are stored in the database, wherein the first and second institutional orders are contra orders; the first server further including operating instructions operable to determine whether matching terms exist between the first and second institutional orders, wherein the matching terms determination is based on predetermined criteria; the operating instructions, upon determination of matching terms, being further operable to instruct the first server to forward, to the at least one second server, contra orders composed of at least respective portions of the first and second institutional orders for execution on the at least one second server in lieu of the first server in a time-priority sequence relative to any orders in the away market so as to provide additional orders to the away market, wherein a plurality of participants in the away market have an opportunity to execute a transaction with at least one of the contra orders; and the operating instructions being further operable to set an automatic expiration attribute for at least one of the contra orders so as to limit an exposure on the away market.