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.

What is claimed is: 
     
         1 . A system for managing trading orders, comprising:
 a memory operable to store a trader list that is associated with a first trader and that designates one or more other traders;   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; 
 determine a first portion and a second portion of the order quantity; 
   disclose the first portion of the order quantity to a plurality of traders; and   if a configurable condition is satisfied:
 disclose the second portion of the order quantity to one or more traders that are not designated by the trader list; and 
 prevent the disclosure of the second portion of the order quantity to the one or more designated traders from the trader list.