COMPUTERIZED ORDER MATCHING WITH FEES SELECTABLE BY PARTICIPANTS

摘要

Passive or rested orders can be priority ranked in an order book database based on price and further based on fee indications for the rested orders. Fee indications may include rebate give-ups that are given to the entities making active orders. Newly incoming or active orders are matched to rested orders according to the ranking. Entities trading passively may thus be able to prioritize rested orders by way of selectable rebate give-up, and further may peg rebate give-up at or above the market. Entities trading actively may specify a minimum rebate give-up required from the book to effect a trade.