Block trading system and method providing price improvement to aggressive orders

摘要

A method is provided for trading items among a plurality of traders. The method comprises receiving a virtual order for at least one item from one of the traders into an electronic trading system, wherein the virtual order provides priority for at least one item but does not reserve said at least one item, and receiving, from another one of the traders, a contra order into the electronic trading system. A determination is made as to whether the virtual order is at least partially available to be filled by the contra order; and if it is determined that the virtual order is at least partially available to be filled by the contra order, the virtual order is filled as much as possible by the contra order. A corresponding system and article of manufacture are also provided.