Patent Document ID: 8489493
Application ID: 13081796
Patent Flag: 1

Claim One:
1. An automated exchange comprising one or more processors: a matching module executable by the one or more processors to match bids and offers, received via an external interface, the matching processor being operatively coupled to a memory configured to store an order book and configured to store the received bids and offers if not matched by the matching processor, a dissemination module executable by the one or more processors to disseminate market data via an external interface; and a session handling module executable by the one or more processors to: set a market model state in the matching module and in the dissemination module to one of the following market models: an order-driven market, a quote-driven market, or a hybrid market, and intraday change, during ongoing trading, the set market model for a particular financial instrument traded on the automated exchange to be the market model best suited for the particular financial instrument at a particular time.