PROCESSING ORDERS TO A COMPUTERIZED TRADING MARKET

摘要

A computerized system and method of processing a plurality of trading orders from one or more traders at one or more trading entities (10-12) where each order from an associated trader includes one or more offers to buy or sell items. One aspect of the invention includes receiving a plurality of orders during a preselected period and determining (1) whether any of the received orders does not have a contra trading partner among other received orders (non-contra orders), and then (2) determining which of the remaining orders offer to trade in excess of a credit limit for a firm (firm excess-limit orders), individual traders (trader excess-limit orders), or a broker (broker excess-limit orders). By first pruning non-contra orders, the plurality of orders is more likely to meet various applicable credit limits.