Abstract: Exemplary embodiments are related to processing electronic trading orders in an electronic trading exchange environment. Electronic trading orders can be accepted from market participant electronic devices. The electronic trading orders have execution speeds associated therewith that can be used by exemplary embodiments to determine when the electronic trading orders are executed by a matching engine.

Abstract: Exemplary embodiments are related to processing electronic trading instructions in an electronic trading exchange environment. Electronic trading instructions can be accepted from auction participants' electronic devices in a first phase of an electronic auction, which can be terminated after expiration of a random time period. The electronic trading instructions accepted during the first phase can be randomly sorted to generate an order queue and the electronic trading instructions can be matched based on a randomized sequence of electronic orders defined by the order queue.