Abstract: Various embodiments of the present technology, an apparatus for trading, are described. In various embodiments, the trading apparatus has a trading mechanism including a message space that defines admissible orders. In various embodiments, the trading apparatus supports orders from either multi-unit orders, multi-item orders, or a combination of multi-unit orders and multi-item orders. In various embodiments, said trading apparatus comprises an order receiver for receiving admissible orders from at least one trader i. In various embodiments, said trading apparatus comprises an order storage module for storing said admissible submitted orders. In various embodiments said trading apparatus comprises a trade generator for generating trades based on said admissible submitted orders and said trading mechanism. In one embodiment, prices corresponding to the generated allocations and transfers are not determined exogenously.

Abstract: A trading apparatus including an order receiver, an order storage module, a trade generator and a reporting module. the order receiver receives orders from at least one trader, wherein the orders include at least one complex order. The order storage module stores the orders. The trade generator generates trades based on the orders and a trading mechanism. The reporting module reports the trades.