Patent ID: 8380609

Claim:
A computer-implemented method of pricing a security, comprising: under control of instructions that are executed by one or more computer processors of a computing system: registering a first computer program for trading activity in the security, receiving a price inquiry for the security from a second computer program that is executing separate from the first computer program, as a result of registering the first computer program, providing the first computer program with a price improvement opportunity based on the price inquiry received from the second computer program, wherein said providing the first computer program with a price improvement opportunity includes providing a proposed buy or sell price for the security to the first computer program and determining if the first computer program is willing to provide an improved price, wherein the improved price is a price that is higher than the proposed buy price or lower than the proposed sell price and is a price at which the first computer program is willing to trade for the security, and wherein the improved price is not entered into an order book that includes publicly disclosed buy or sell orders for the security, and in response to the price inquiry received from the second computer program: if an improved price is received from the first computer program, then providing the improved price to the second computer program, and if an improved price is not received from the first computer program, then providing the proposed buy or sell price to the second computer program.