System and method for using trader lists in an electronic trading system to route a trading order with a reserved size

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, wherein the trading order is for an order quantity of a first trading product. The processor is further operable to determine a first portion and a second portion of the order quantity. The processor is further operable to disclose the first portion of the order quantity to a plurality of traders. If a configurable condition is satisfied, the processor is further operable to disclose the second portion of the order quantity to one or more traders that are not designated by the trader list and to prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.

1 . (canceled) 
     
     
         2 . An apparatus comprising:
 a memory;   at least one processor configured to:
 cause a trader list associated in a database with a first trader to be stored, the stored trader list designating one or more other traders; 
 receive a trading order from the first trader via a computer coupled to the processor over a network, wherein the trading order is for an order quantity of a first trading product; 
 determine a first portion and a second portion of the order quantity; 
 execute a process to generate electronic signals to cause to disclose the first portion of the order quantity to a plurality of traders, the plurality of traders comprising at least one trader designated by a stored trader list; 
 if a configurable condition is satisfied:
 execute a process to generate electronic signals to cause to disclose the second portion of the order quantity to one or more traders that are not designated by the stored trader list; and 
 execute a process to generate electronic signals to prevent a disclosure of the second portion of the order quantity to the one or more traders designated by the stored trader list, in which the act to prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list comprises a selection of at least one of:
 execute a process to generate electronic signals to cause to delete the trading order from one or more queues associated in a database with the one or more designated traders, 
 execute a process to generate electronic signals to cause to filter the trading order from one or more data streams associated in a database with the one or more designated traders from the trader list, and 
 execute a process to generate electronic signals to cause to route the trading order away from the one or more designated traders from the trader list; 
 
 
 receive a specific trading order from a specific trader designated by the stored trader list; 
 transmit the specific trading order to the first trader; 
 receive at least two trading orders from a corresponding at least two traders not designated by the stored trader list; 
 determine that the specific trading order is from a trader on the stored trader list; 
 determine that the at least two trading orders are from traders not designated by the stored trader list; and 
 based at least in part on the determination that the specific trading order is from a trader designated by the stored trader list and the determination that the at least two trading orders are from traders not designated by the stored trader list, cause the specific trading order and the at least two trading orders to be displayed to the first trader on a display device, wherein the display on the display device of any orders from a trader designated by the stored trader list, including the display of the specific trading order from the specific trader, is dimmed or highlighted relative to the display on the display device of the at least two trading orders from the at least two traders not designated by the stored trader list; and 
 in which the trader list designating one or more other traders is stored before receiving the trading order from the first trader, receiving the specific trading order from the specific trader, and receiving the at least two trading orders from the corresponding at least two traders. 
   
     
     
         3 . The apparatus of  claim 2 , wherein the at least one processor is further configured to:
 determine the first portion and the second portion of the order quantity from the first trading order based at least in part on a first preference associated in a database with the first trader;
 receive from the first trader a second trading order for an order quantity of a second trading product; 
 determine a first portion and a second portion of the order quantity from the second trading order, wherein the determination of the first portion and the second portion of the order quantity from the second trading order is based at least in part on a second preference associated in a database with the first trader; and 
 disclose the first portion of the order quantity from the second trading order to a plurality of traders. 
   
     
     
         4 . The apparatus of  claim 3 , wherein the determined first portion of the order quantity from the first trading order is different than the determined first portion of the order quantity from the second trading order, and wherein the trader list designates a plurality of traders with whom the first trader does not trade. 
     
     
         5 . The apparatus of  claim 3 , wherein the first preference is associated in a database with the first trading product and the second preference is associated in a database with the second trading product. 
     
     
         6 . The apparatus of  claim 3 , wherein the at least one processor is further configured to:
 associate a first configurable condition in the database with the first trading product;   associate the first trader in a database with a second configurable condition associated in a database with the second trading product;   in response to determining that the second configurable condition is satisfied, disclose the second portion of the order quantity from the second trading order to one or more traders that are not designated by the second trader list; and   prevent the disclosure of the second portion of the order quantity from the second trading order to the one or more designated traders from the second trader list.   
     
     
         7 . The apparatus of  claim 6 , wherein the second trader list is different from the first trader list. 
     
     
         8 . The apparatus of  claim 6 , wherein the second configurable condition is different from the first configurable condition. 
     
     
         9 . The apparatus of  claim 2 , wherein the determination of the first portion and the second portion of the order quantity is based at least in part on one or more preferences associated in a database with the first trader. 
     
     
         10 . The apparatus of  claim 9 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on a configurable percentage of the order quantity. 
     
     
         11 . The apparatus of  claim 9 , wherein at least one of the one or more preferences is to determine the first portion based at least in part on current market data. 
     
     
         12 . The apparatus of  claim 9 , wherein the processor is further configured to allow the first trader to input the one or more preferences. 
     
     
         13 . The apparatus of  claim 2 , wherein the processor is further configured to allow the first trader to input the configurable condition. 
     
     
         14 . The apparatus of  claim 2 , wherein:
 the trading order is a first trading order; and   the configurable condition is that a second trading order aggress at least part of the first portion of the order quantity from the first trading order.   
     
     
         15 . The apparatus of  claim 2 , wherein:
 the trading order is a first trading order; and   the configurable condition is that:
 a second trading order aggress at least part of the first portion of the order quantity from the first trading order; and 
 the second trading order is not from a trader designated by the trader list. 
   
     
     
         16 . The apparatus of  claim 2 , wherein the configurable condition is that a best bid price or a best offer price satisfy a configurable threshold. 
     
     
         17 . The apparatus of  claim 2 , wherein the configurable condition is that a trading volume associated in a database with the first trading product satisfy a configurable threshold. 
     
     
         18 . The apparatus of  claim 2 , wherein each of the one or more traders designated by the trader list are market makers that specialize in trading the first trading product. 
     
     
         19 . The apparatus of  claim 2 , wherein the trading order is part of a substantially real-time order price feed from the first trader. 
     
     
         20 . The apparatus of  claim 2 , wherein disclosing the first portion of the order quantity to a plurality of traders comprises electronically transmitting the first portion of the order quantity to the plurality of traders.