System and method for replenishing quantities of trading orders

Abstract

A system for replenishing trading orders comprises a memory coupled to a processor. The memory stores a trading order comprising a total quantity of a product, and at least one formula to determine a displayed quantity for the trading order. The processor applies the formula to determine the displayed quantity. The processor further determines a reserved quantity based on the determined displayed quantity and the total quantity. The processor communicates the trading order having the determined displayed quantity and the determined reserved quantity.

1 . (canceled) 
     
     
         2 . An apparatus, comprising:
 at least one processor;   at least one memory in electronic communication with the processor, the at least one memory having instructions stored thereon which, when executed by the at least one processor, direct the at least one processor to:
 (a) receive from a trader computer a trading order comprising a total quantity of a product; 
 (b) transmit to the trader computer at least one electronic message comprising a request to indicate a formula for replenishing a quantity of the trading order; 
 (c) receive from the trader computer information about at least one algorithm to determine a displayed quantity for the trading order, in which the information is transmitted from the trader computer to the at least one processor in response to the electronic message comprising a request to indicate a formula for replenishing a quantity of the trading order; 
 (d) apply the algorithm to determine the displayed quantity; 
 (e) determine a reserved quantity based on the determined displayed quantity and the total quantity; 
 (f) communicate the trading order having the determined displayed quantity and the determined reserved quantity, in which the determined displayed quantity is displayed to other traders; 
 (g) determine that the displayed quantity of the trading order was filled; 
 (h) reduce the total quantity of the trading order by the amount of the displayed quantity that was filled; and 
 (i) responsive to determining that the total quantity of the trading order is not yet filled, repeat operations (d) through (f). 
   
     
     
         3 . The apparatus of  claim 2 , wherein the algorithm uses a current total quantity of the trading order as a variable in the algorithm to determine the displayed quantity of the trading order, and wherein the at least one electronic message comprising a request to indicate a formula is transmitted to the trader computer in response to receiving the trading order. 
     
     
         4 . The apparatus of  claim 2 , wherein the algorithm uses the number of times operations (d) through (f) have been performed as a variable to determine the displayed quantity of the trading order. 
     
     
         5 . The apparatus of  claim 2 , wherein the algorithm one of (1) increases the displayed quantity of the trading order with each time that operations (d) through (f) is performed and (2) decreases the displayed quantity of the trading order with each time that operations (d) through (f) is performed. 
     
     
         6 . The apparatus of  claim 2 , wherein the reserved quantity is the difference between the total quantity and the displayed quantity. 
     
     
         7 . The apparatus of  claim 2 , wherein the displayed quantity determined by the algorithm is a random value. 
     
     
         8 . The apparatus of  claim 2 , wherein operations (d) through (f) are repeated at least twice, and wherein at least two successive applications of the algorithm to determine the displayed quantity produce different values of displayed quantity. 
     
     
         9 . The apparatus of  claim 2 , wherein the act of applying the algorithm to determine the displayed quantity comprises selecting a displayed quantity from a range of possible displayed quantities. 
     
     
         10 . The apparatus of  claim 9 , wherein the range of possible displayed quantities is specified by the trader computer.