Patent ID: 8229832

Claim:
A method, comprising: transitioning by at least one computing device a trading system from a first trading state to a second trading state; determining by the at least one computing device, from among orders pending at a conclusion of the first trading state, a best order, wherein the best order comprises an order having a best price from among the pending orders, and wherein the best order is associated with a participant; determining by the at least one computing device that a size of the best order satisfies a minimum size requirement; based at least in part on (i) the participant having the best order and (ii) determining that the size of the best order satisfies the minimum size requirement, awarding by the at least one computing device to the participant a potential trading priority in the second trading state with respect to at least one contra order received in the second trading state; receiving by the at least one computing device a contra order in the second trading state, wherein the contra order is received from a workstation coupled to the at least one computing device via a communications network; based at least in part on awarding the participant with the potential trading priority, determining by the at least one computing device that the participant has a right to trade exclusively against the received contra order; determining by the at least one processor that a different participant indicates a willingness to trade against the received contra order; and based at least in part on (i) determining that the participant has the right to trade exclusively against the received contra order and (ii) determining that the different participant indicates the willingness to trade against the received contra order, automatically executing by the at least one computing device, on behalf of the participant, a trade against the received contra order.