Patent ID: 8170949

Claim:
A method comprising: receiving, by a computing device from a trading system, a computer message identifying a first order, in which the first order includes an instrument to be traded, a quantity of the instrument to be traded, and a side of a trade for the instrument; receiving, by the computing device, an indication of a rate at which orders for the side of the trade for the financial instrument are expected to be fulfilled by at least one first exchange of a plurality of exchanges; receiving, by the computing device, an indication of at least one quantity, in which each quantity of the at least one quantity includes a total of quantities associated with at least one respective second order pending on at least one second exchange of the plurality of exchanges, in which the second orders include the instrument and the side of trades for the instrument; receiving, by the computing device, an indication of a method used by at least one third exchange of the plurality of exchanges to fulfill orders pending on the exchange when matching orders received by the third exchange; based at least in part on the rate, the at least one quantity, and the method, computing, by the computing device, a distribution of sub-parts of the first order among the plurality of exchanges; and attempting, by the computing device, to facilitate execution of the first order on the plurality of exchanges according to the distribution of sub-parts to the plurality of exchanges.