Abstract: A proxy system receives and order instruction that combines multiple components configured for execution at a distributed system of subsystems. The proxy system predicts probable values and probable quantities for assets at which the proxy system is allowed to cause execution of the multiple components at the one or more subsystems. The proxy system creates a virtual proxy instruction that is a proxy for the order instruction and detects optimal conditions of the distributed system, and sends messages to cause execution of the multiple components at the subsystems. The indirect execution through the virtual proxy instruction reduces a message-to-execution ratio compared to direct execution of the multiple components based on the order instruction.

Abstract: The described technology creates an execution risk transfer (“ERT”) by transferring the risk of fulfilling a spread trade from a user or trader to another entity such as a trading firm or another user account. The described technology delivers or reports electronic market fills, proxy fills representing synthetic price risk transfers, or other instruments to users, which are executed at a desired spread level. The risk associated with the execution of the spread is managed by the technology and reduced at the electronic market(s), internal transfers, or other methods of risk reduction.

Abstract: The described technology creates an execution risk transfer (“ERT”) by transferring the risk of fulfilling a spread trade from a user or trader to another entity such as a trading firm or another user account. The described technology delivers or reports electronic market fills, proxy fills representing synthetic price risk transfers, or other instruments to users, which are executed at a desired spread level. The risk associated with the execution of the spread is managed by the technology and reduced at the electronic market(s), internal transfers, or other methods of risk reduction.