Patent ID: 8775268

Claim:
An automated trading system for trading products between traders, comprising: a market distribution component configured to, in response to the trading system receiving from traders quotes to buy or sell products traded on the system, the quotes including a price, a visible amount and a linked hidden amount, distribute the quotes to traders so as to show the visible amounts, but not show the linked hidden amounts; a matching engine configured to match the quotes to buy or sell products with orders received from traders in response to the distributed quotes, the matching engine being configured to match the visible amounts of quotes before the linked hidden amounts; and wherein the matching engine is configured to replenish a matched quote with any residual unmatched linked amount of the quote, the replenished quote being at the same price as the matched quote, wherein the matching engine further comprises an auto-matching component configured to match quotes received from two traders and convert one of the quotes into a taker order, wherein the quote to be converted into a taker order includes a price, a visible amount, a linked hidden amount, and an indication of a limit of the linked amount that can be shown as a visible amount; and wherein the matching engine is further configured to replenish the quote converted into the taker order following the auto-match with any residual unmatched linked amount, the replenished quote being at the same price as the matched quote the replenished quote having a visible amount up to the limit indicated with the remainder as a linked amount.