Patent ID: 8577787

Claim:
A method of order management and execution for trading an exchange listed financial instrument for which a net asset value is periodically calculated, comprising: (a) receiving, with an order receipt computer, an order to trade an exchange listed financial instrument for which a net asset value is periodically calculated, said order authorizing at least one of a specified party and a computerized algorithm to transmit the order for execution; (b) determining, with a market and order evaluation computer, whether to authorize the transmission of the order for execution in whole, in part, or not at all; (c) selecting, with a market selection computer, at least one market from a plurality of net asset value based secondary markets that offer contemporaneous trading at prices determined from a set of prices that are specified relative to the net asset value, said set of prices including (i) a first price that is at a specified discount to the net asset value; (ii) a second price that is equal to the net asset value; and (iii) a third price that is at a specified premium to the net asset value; where said net asset value is calculated from at least one of bids, offers, and prices of underlying financial instruments at times; (d) selecting, with an order type selection computer, at least one order type from the order types authorized by said order and offered by a selected market; (e) authorizing, with an order entry computer, at least one of entry of all of the order, entry of part of the order, and cancellation of all or part of the order; and (f) generating, with an instruction computer one or more of authorized orders, order portions, or cancellations, for selected markets, wherein the generated authorized orders are used for subsequent trading on the selected market.