Abstract: The invention relates to a trading system in which an order is received, the order including a predetermined condition. The system determines the data required to fulfil the conditions associated with the order and data is obtained from an external source. The data is monitored to determine whether the predetermined conditions are fulfilled and the order is placed on the exchange if the conditions are fulfilled. The he order is displayed at the trading interface as a single filled or unfilled order.

Abstract: A system for managing risk in a trading environment, the system comprising at least one trading portfolio, wherein the trading portfolio comprises a plurality of trading elements and wherein the system further comprises: means for obtaining data relating to trading elements in the trading environment; means for calculating the value of a risk factor for the trading portfolio based on the data received for the trading elements in the trading portfolio; and means for receiving an order for the trading portfolio, wherein the order specifies a trading element; and means for calculating an expected value of the risk factor for the trading portfolio based on the data received for the trading elements in the trading portfolio and the data received for the trading element specified in the order.