Abstract: The invention provides a method of operating a computer system for processing orders in a security trading system providing a reference market, and a corresponding computer system. A message that indicates a (private) quote is received. The quote includes quote parameters defining a buy limit order and a sell limit order. The quote parameters are stored. Then, an order is received and it is determined whether the order matches the quote. If so, the order is executed against the quote, otherwise order data is automatically generated and forwarded to the reference market for execution. The invention therefore provides an integrated internalization functionality in a security trading system leading to best execution of orders, to price-time priority consistency, order book consistency, full transparency and fairness.

Abstract: A system and method for providing back-end functionality for order processing in electronic order book trading. A sell/buy order is received comprising a lower/upper limit and a conditional lower/upper limit defining a conditional selling/buying price range for executing the sell/buy order under certain selling/buying conditions. It is determined whether the selling/buying conditions are fulfilled, including determining whether the sum of the first and second part of the buy/sell order is superior or equal to a threshold volume. The sell/buy order and the buy/sell order are executed against each other if at least the selling/buying conditions are fulfilled. Embodiments allow rapidly executing large trading interests with minimized market impact and opportunity costs.

Abstract: The invention provides back-end functionality for order processing in electronic order book trading. A sell/buy order is received comprising a lower/upper limit and a conditional lower/upper limit defining a conditional selling/buying price range for executing the sell/buy order under certain selling/buying conditions. It is determined whether the selling/buying conditions are fulfilled, including determining whether the sum of the first and second part of the buy/sell order is superior or equal to a threshold volume. The sell/buy order and the buy/sell order are executed against each other if at least the selling/buying conditions are fulfilled. Embodiments allow rapidly executing large trading interests with minimized market impact and opportunity costs.

Abstract: The invention provides back-end functionality for order processing in electronic order book trading. A sell/buy order is received comprising a lower/upper limit and a conditional lower/upper limit defining a conditional selling/buying price range for executing the sell/buy order under certain selling/buying conditions. A buy/sell order is received comprising an upper/lower limit, visible buy/sell volume parameter and hidden buy/sell volume parameter specifying a first part disclosed to all customers and a second part not disclosed to all customers, respectively, of the buy/sell order volume. It is determined whether the selling/buying conditions are fulfilled, including determining whether the sum of the first and second part of the buy/sell order is superior or equal to a threshold volume. The sell/buy order and the buy/sell order are executed against each other if at least the selling/buying conditions are fulfilled.

Abstract: The invention provides a method of operating a computer system for processing orders in a security trading system providing a reference market, and a corresponding computer system. A message that indicates a (private) quote is received. The quote includes quote parameters defining a buy limit order and a sell limit order. The quote parameters are stored. Then, an order is received and it is determined whether the order matches the quote. If so, the order is executed against the quote, otherwise order data is automatically generated and forwarded to the reference market for execution. The invention therefore provides an integrated internalization functionality in a security trading system leading to best execution of orders, to price-time priority consistency, order book consistency, full transparency and fairness.