Abstract: A system for managing trading orders comprises a memory operable to store a trader list that is associated with a first trader and that designates one or more other traders. The system further comprises a processor communicatively coupled to the memory and operable to receive a trading order from the first trader. The processor is further operable to transmit the trading order to a plurality of traders, wherein the plurality of traders does not comprise any of the one or more designated traders from the trader list. The processor is further operable to prevent the transmission of the trading order to the one or more designated traders.

Abstract: An apparatus for processing a composite trading order comprises an interface operable to display a composite value representing a weighted quantity of a plurality of trading products. The apparatus further comprises a processor operable to receive at least one input representing a composite trading order, wherein the at least one input comprises a quantity that is equal to at least a portion of the weighted quantity. The at least one input is usable to generate one or more constituent trading orders that, when filled, combine to satisfy the composite trading order.

Abstract: An apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center.

Abstract: Disclosed are systems and methods for placing and processing test orders and real orders.

Abstract: Disclosed are systems and methods for placing and processing test orders and real orders.

Abstract: A system for processing a composite trading order comprises a memory operable to store market data received from one or more market centers. The system further comprises a processor operable to generate a composite value based at least in part on the market data. The processor is further operable to receive a composite trading order associated with at least a portion of the composite value. The processor is further operable to generate a plurality of constituent trading orders that, when filled, combine to satisfy the composite trading order.

Abstract: In various embodiments, a data signal differentiates between real and test trading orders and a computer system processes the orders based on differing values.

Abstract: In various embodiments, a data signal differentiates between real and test trading orders and a computer system processes the orders based on differing values.

Abstract: An apparatus for processing a composite trading order comprises an interface operable to display a composite value representing a weighted quantity of a plurality of trading products. The apparatus further comprises a processor operable to receive at least one input representing a composite trading order, wherein the at least one input comprises a quantity that is equal to at least a portion of the weighted quantity. The at least one input is usable to generate one or more constituent trading orders that, when filled, combine to satisfy the composite trading order.

Abstract: In various embodiments, test trading orders are generated, transmitted and ranked.

Abstract: In various embodiments, test trading orders are generated, transmitted and ranked.

Abstract: An apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center.

Abstract: A system for processing a composite trading order comprises a memory operable to store market data received from one or more market centers. The system further comprises a processor operable to generate a composite value based at least in part on the market data. The processor is further operable to receive a composite trading order associated with at least a portion of the composite value. The processor is further operable to generate a plurality of constituent trading orders that, when filled, combine to satisfy the composite trading order.

Abstract: In various embodiments, real and test trading orders are processed and results are transmitted back to the entities originating the orders.

Abstract: A system for managing trading orders comprises a memory operable to store a trade credit associated with a trader. The system further comprises a processor operable to receive a trading order from the trader and determine the trade credit associated with the trader. If the received trading order is a passive trading order, the processor is further operable to increase the trade credit and submit the received trading order for execution. If the received trading order is an aggressive trading order, the processor is further operable to calculate a decrease of the trade credit. If subtracting the calculated decrease from the trade credit would not cause the trade credit to be less than a configurable threshold, the processor is further operable to submit the received trading order for execution and subtract the calculated decrease from the trade credit.

Abstract: A system for managing trading orders comprises a memory operable to store a trader list that is associated with a first trader and that designates one or more other traders. The system further comprises a processor communicatively coupled to the memory and operable to receive a trading order from the first trader. The processor is further operable to transmit the trading order to a plurality of traders, wherein the plurality of traders does not comprise any of the one or more designated traders from the trader list. The processor is further operable to prevent the transmission of the trading order to the one or more designated traders.

Abstract: Disclosed are systems and methods for placing and processing test orders and real orders.

Abstract: In various embodiments, a data signal is received from a computer system. The data signal includes an order for an instrument and further includes an indicator. The indicator indicates that the order is one of a real order or a test order. The order is a test order. A test order that specifies a bid cannot bind an originator of the test order to tender money. A test order that specifies an offer cannot bind the originator of the test order to tender the instrument. The order is matched to another order. Whether the order is a test order or a real order is determined, based at least in part on the indicator.

Abstract: Disclosed are systems and methods for placing and processing test orders and real orders.

Abstract: In various embodiments, test trading orders are generated, transmitted and ranked.