A non-transitory computer-readable storage medium programmed to include instructions that, when executed by one or more special-purpose processing devices, cause the one or more processing devices to perform functions to minimize an amount of processing and trade executions needed to correct an order imbalance, the functions comprising:
- eliminating non-pairable orders from the electronic trading system to improve the processing efficiency of an electronic portfolio of data by:
- initiating, by an order management module, an initial time period;
- monitoring, by an order imbalance module, data defining one or more trade orders of the electronic portfolio;
- receiving, by the order management module, during the initial time period, over a communication network, at least a portion of the data defining the one or more trade orders of the electronic portfolio of data;
- comparing, by an order management module, a portion of the received data to another portion of the received data to determine an imbalance of the one or more trade orders remaining after the initial time period;
- determining, by the order imbalance module, an extent of the imbalance among the received data;
- communicating, by the order management module, at least one of an existence of and the extent of the imbalance to one or more external market participant computers;
- and
- receiving, in response to the communication by the order management module, additional data defining one or more offsetting trade orders from among the one or more external market participant computers;
- determining, by the order imbalance module, that a remaining imbalance exists after the initial time period and after applying the additional data to the imbalance;
- communicating, by the order management module, a remaining offset one or more external market participant computers;
- initiating, by the order management module, a final time period;
- accepting, by the order management module, during the final time period, only further data defining a final trade order that offsets the remaining imbalance remaining after the initial time period, such that the final trade order is received from a fund agent computing device among the one or more external market participant computes in electronic communication with the at least one processing device over the communication network;
- rejecting, by the order management module, data defining any trade order received during the final time period that does not at least partially offset the imbalance remaining after the initial time period, such that after the final time period and responsive to the final trade order, only pairable trade orders remain in the electronic portfolio of data for further processing;
- and
- processing only the pairable orders of the electronic portfolio of data by:
- receiving, by the order management module, after the final time period, a benchmark value from a fund computing device in electronic communication with the electronic crossing platform over the communication network;
- comparing, by a price determination module, after the final time period, the further data defining the final trade order with the imbalance remaining after the initial time period to determine an adjustment value;
- converting, by the price determination module, the benchmark value to a final value by applying the adjustment value to the benchmark value;
- and
- pairing, by the order execution module, only buy and sell orders from among the data defining the one or more pairable trade orders accepted during the initial time period at the final value, such that the electronic portfolio tracks the benchmark value and includes the paired buy and sell orders,
- wherein the order management module, the order imbalance module, the price determination module and the order execution module each comprise respective specialized programmed instructions executed by the one or more special-purpose processing devices.