Darkpool matching of orders with price discretion

A method comprising:

• receiving, by at least one processor of at least one computer in electronic communication with at least one other computer via an electronic communications network, over the electronic communication network, from a first computer associated with a first trader a first order to buy or sell a trading product having a first price and a first size;
• receiving, by the at least one processor, over the electronic communication network, from a second computer associated with a second trader a second order to buy or sell the trading product that is contra to the first order, the second order defining a second quantity and a price range of possible prices at which the second order can be executed, the price range comprising at least a second price, in which the second quantity of the trading product is reserved in an OMS of the second trader such that the second quantity of the second order is permitted by the OMS to be executed at any price within the price range, in which the second order is received before or after the first order is received, the OMS of the second trader comprising at least one electronic database, in which the price range comprises a variable price range that is defined relative to at least one reference price that changes over time, such that the price range changes over time as the least one reference price changes;
• receiving continuously in real time, over the electronic communication network, updated real time market information from a remote third computer;
• and in real time, determining, by the at least one processor, the price range using the at least one reference price indicated by the real time market information;
• determining, by the at least one processor, whether the first price of the first order is within the price range of the second order, in which determining whether the first price of the first order is within the price range of the second order comprises determining that the first price of the first order is within the price range of the second order, in which determining whether the first price of the first order is within the price range of the second order is performed by a first module of a first computer system of the second computer that is separated by a firewall from a second module of the first computer system that interfaces with the second trader such that information received by the first module is protected from disclosure to the second trader and wherein the first module communicates with corresponding modules of other computer systems of other traders that are similarly screened off from the respective other traders by a respective other firewall;
• and responsive to determining that the first price of the first order is within the price range of the second order, automatically causing, by the at least one processor, (1) at least a portion of the second order to be matched and executed against at least a portion of the first order at the first price of the first order and (2) to be output to the second trader, at a graphical user interface of a display device electronically coupled to the second computer, the first price of the first order, in which the first price of the first order is not output or otherwise disclosed to the second trader prior to the determining that the first price of the first order is within the price range of the second order.

A non-transitory machine-readable medium having instructions stored thereon which, when executed by at least one processor of at least one computer in electronic communication with at least one other computer via an electronic communications network, direct the at least one processor to:

• receive, over the electronic communication network, from a first computer of a first trader a first order to buy or sell a trading product having a first price and a first size receive, over the electronic communication network, from a second computer of a second trader second order to buy or sell the trading product that is contra to the first order, the second order defining a second quantity and a price range of possible prices at which the second order can be executed, the price range comprising at least a second price, in which the second quantity of the trading product is reserved in an OMS of the second trader such that the second quantity of the second order is permitted by the OMS to be executed at any price within the price range, in which the second order is received before or after the first order is received, the OMS of the second trader comprising at least one electronic database, in which the price range comprises a variable price range that is defined relative to at least one reference price that changes over time, such that the price range changes over time as the least one reference price changes;
• receive continuously in real time, over the electronic communication network, updated real time market information from a remote third computer;
• and in real time, determine the price range using the at least one reference price indicated by the real time market information;
• determine whether the first price of the first order is within the price range of the second order, in which determining whether the first price of the first order is within the price range of the second order comprises determining that the first price of the first order is within the price range of the second order, in which determining whether the first price of the first order is within the price range of the second order is performed by a first module of a first computer system of the first user that is separated by a firewall from a second module of the first computer system that interfaces with the second computer such that information received by the first module is protected from disclosure to the second trader, and wherein the first module communicates with corresponding modules of other computer systems of other traders that are similarly screened off from the respective other traders by a respective other firewall;
• responsive to determining that the first price of the first order is within the price range of the second order, automatically cause (1) at least a portion of the second order to be matched and executed against at least a portion of the first order at the first price of the first order and (2) to be output to the second trader, at a graphical user interface of a display device electronically coupled to the second computer, the first price of the first order, in which the first price of the first order is not output or otherwise disclosed to the second trader prior to determining that the first price of the first order is within the price range of the second order.