Abstract: In electronic trading venues, there may be orders for which the full information is not publicly displayed. For example, the full quantity of an order available for trading or the most aggressive price at which an order can be traded may not be made public. A system and method are disclosed that facilitates trading based on this non-public information. A first order associated with a financial instrument is placed at a venue to probe for non-public information related to the financial instrument. The results of the probe may then be used to place a second order at the venue that takes advantage of any discovered non-public information.

Abstract: A system, computer program, and method enable a trader to propose a trade in a financial interest where the price proposed for the financial interest is related to a price for the same or different financial interests and where the proposed price is updated at specified time intervals based on the relationship to the price for the same or different financial interests.