Patent ID: 8359260

Claim:
A computer-implemented method, comprising: (i) identifying, from a plurality of data storages, each data storage associated with an order management system and comprising a plurality of open orders to trade securities, a subset of all open orders satisfying at least one predetermined filtering condition, wherein: a. each data storage is associated with a securities trading firm; and b. the subset of all open orders is identified by a computer system associated with an execution venue, the computer having one or more processors and a memory; (ii) determining, by the computer system, from the subset of all open orders, based, at least in part, on historical trading data of an execution venue, at least one open order that can be at least partially executed at the execution venue thereby resulting in at least one opportunity; (iii) providing, by the computer system, to at least one trader, the at least one opportunity; (iv) receiving, by the computer system, from at least one trader, at least one non-displayed priced order, wherein the non-displayed priced order is based, at least in part, on the at least one opportunity; (v) sending, by the computer system, to each of a plurality of smart order routers, a real-time notification message that notifies each smart order router about the presence of the at least one non-displayed priced order at the execution venue; (vi) updating, by the computer system, in real-time the notification message sent to each of the plurality of smart order routers to reflect any edit, cancel or pause of the at least one non-displayed priced order; (vii) receiving, by the computer system, at least one order sent from at least one of the smart order routers to at least partially execute against the at least one non- displayed priced order; and (viii) executing, by the computer system, at least one order received from the at least one of the smart order routers against the at least one non-displayed priced order.