System for and a method of transmitting data in a central trading system

A method for a user terminal to communicate with a trading exchange having a market place computer server and for an information dissemination computer server that communicate with a plurality of user terminals via a network, and wherein the user terminal is operated on behalf of a first user and a second user terminal is operated on behalf of a second user, the method comprising:

• transmitting to the market place computer server, via the network, pre-trade information including an order related to a bid order book side or an offer order book side for a financial instrument;
• receiving from the market place computer server, via the network, first offset information that indicates a first price offset value associated with a price of a financial instrument, where the first price offset value is different from a second price offset value sent by the market place computer server, via the network, to the second user terminal;
• receiving, after receiving the first offset information, a single message transmitted from the market place computer server via the network to the user terminal and the second user terminal, wherein:
• (i) the single message indicates a market price for a financial instrument,
• (ii) the single message as received by the user terminal has the same content as the single message as received by the second user terminal, and
• (iii) the single message does not include the first price offset value or the second price offset value;
• modifying the market price for the financial instrument using the first price offset value to obtain a first actual price for the financial instrument that is different from a second actual price for the financial instrument, wherein the second actual price corresponds to a modification of the market price for the financial instrument based on the second price offset value;
• and
• receiving, via the network, post-trade information different from the single message that indicates a match between the bid order book side or an offer order book side orders.

A system, comprising:

• a trading exchange including:
• at least one memory;
• and
• at least one processor;
• wherein the at least one memory is configured to store software for a market place server and for an information dissemination server;
• and
• wherein the at least one memory and at least one processor are configured to perform operations that include:
• communicating with a plurality of user terminals via a network, wherein the user terminals include a first user terminal and a second user terminal, and wherein the first user terminal is operable on behalf of a first user and the second user terminal is operable on behalf of a second user;
• receiving, from the first and second user terminals and via the network, pre-trade information including an order related to a bid order book side or an offer order book side for a financial instrument;
• storing the pre-trade information including the orders related to the bid order book side and offer order book side for the financial instrument in an order book database;
• transmitting, via the network to the first user terminal, first offset information that indicates a first price offset value associated with a price of a financial instrument;
• transmitting, via the network to the second user terminal, second offset information that indicates a second price offset value associated with the price of the financial instrument, wherein the second price offset value and the first price offset value are different;
• and
• after transmitting the first and second offset information, transmitting, via the network, a single message to the first user terminal and second user terminal, wherein:
• (i) the single message indicates a market price for a financial instrument,
• (ii) the single message as received by the first user terminal has the same content as the single message as received by the second user terminal, and
• (iii) the single message does not include the first price offset value or the second price offset value;
• transmitting, via the network to the first and second user terminals, post-trade information different from the single message that indicates a match between the bid order book side or an offer order book side orders,
• wherein the first price offset value is useable by the first user terminal to modify the market price for the financial instrument to obtain a first actual price for the financial instrument for the first user terminal, and
• wherein the second price offset value is useable by the second user terminal to modify the market price for the financial instrument to obtain a second actual price for the financial instrument for the second user terminal.