System and method for controlling the disclosure of a trading order

Abstract

A system for controlling the disclosure of a trading order comprises a memory and a processor. The memory stores disclosure policies associated with market centers. The processor receives a trading order for a trading product that specifies a total quantity of the trading product and a maximum disclosure quantity of the trading product. The trading order is associated with a particular market center. The processor then routes the trading order to the particular market center according to the disclosure policy associated with the particular market center.

What is claimed is: 
     
         1 . A system for controlling the disclosure of a trading order, comprising:
 a memory operable to store disclosure policies associated with market centers; and   a processor couple to the memory and operable to:   receive a trading order for a trading product, the trading order specifying a total quantity of the trading product and a maximum disclosure quantity of the trading product, wherein the trading order is associated with a particular market center; and   route the trading order to the particular market center according to the disclosure policy associated with the particular market center.