Abstract: A system for sending a first message and a second message subsequent to the first message. The system comprises a message sender arranged to send the first message to a processor arranged to process the first message and the second message. The processor is arranged to refuse the second message until after the processor concludes transmitting a response to the first message. The message sender is further arranged to send the second message to the processor before receipt of the response to the first message and at a time for the second message to arrive at the processor after the processor concludes the sending of the response to the first message.

Abstract: Disclosed herein is a processor for processing order information indicative of an order. The processor is arranged to generate executability information indicative of the executability of at least part of the order using the order information. The processor is arranged to receive the order executability information and send a response to the order, the response comprising the order executability information. The processor is arranged to receive the order executability information and arranged to execute the at least part of the order if the order executability information indicates that the order is at least in part executable.

Abstract: Disclosed is a system for reducing latency. A message sender can send to an electronic message receiver an electronic message portion comprising at least one of a plurality of data packages for transmission that an electronic message has been divided between. The plurality of data packages has more data packages than expected by the electronic message receiver. An electronic trigger information receiver can receive electronic trigger information. The message sender can send to the electrical message receiver the remaining of the plurality of data packages in response to receipt of the electronic trigger information. A data formatter can format each of the plurality of data packages to cause the electronic message receiver to hold the at least one of the plurality of data packages when received in anticipation of receiving the remaining of the plurality of data packages and subsequently combine the plurality of data packages once received.

Abstract: A communication interface (1) for an Automated Trading System is disclosed. The communications interface (1) has dedicated hardware (1) array to process messages (4) between an external network (2) and a matching engine (3) in the automated trading system.

Abstract: A communication interface (1) for an Automated Trading System is disclosed. The communications interface (1) has dedicated hardware (1) array to process messages (4) between an external network (2) and a matching engine (3) in the automated trading system.