Patent ID: 8583540

Claim:
An apparatus for routing trading orders, comprising: at least one processor of a trading platform; and a memory, coupled to the at least one processor, that stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising: receiving a disclosed quantity of a first trading order from a first trading entity; determining that the first trading entity disclosed to the trading platform a reserve quantity of the first trading order received from the first entity; receiving a disclosed quantity of a second trading order from a second trading entity; determining that the second trading entity did not disclose a reserve quantity of the second trading order received from the second trading entity; receiving a third trading order that is contra to the first and the second trading orders; based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of the first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing, at a time when the second trading order is available to be matched with the third trading order and before any routing of any portion of the third trading order to the second trading entity, at least a portion of the third trading order to the first trading entity for matching with the first trading order.