Patent ID: 8117109

Claim:
A method, comprising: transitioning, by at least one processor of at least one computing device, an electronic trading system from a first trading state to a second trading state; determining, by the at least one processor, from among a plurality of bids that are pending at a completion of the first trading state, a best bid, wherein the best bid comprises a bid having a best price from among the plurality of bids, and wherein the best bid is associated with a participant; determining, by the at least one processor, that the participant associated with the best bid purchased at least a minimum size in the first trading state; based at least in part on (i) determining the best bid and (ii) determining that the participant associated with the best bid purchased at least the minimum size in the first trading state, awarding, by the at least one processor, the participant with a potential right to trade exclusively against at least one offer received in the second trading state; receiving, by the at least one processor, an offer in the second trading state; based at least in part on awarding the participant with the potential right to trade exclusively, determining, by the at least one processor, that the participant has a right to trade exclusively against the offer; based at least in part on determining that the participant has the fight to trade exclusively against the offer, presenting, by the at least one processor, the offer exclusively to the participant; determining, by the at least one processor, that a different participant indicates a willingness to trade against the offer; and based at least in part on (i) determining that the participant has the right to trade exclusively against the offer and (ii) determining that the different participant indicates the willingness to trade against the offer, automatically causing, by the at least one processor, the participant to trade against the offer.