Prioritization of trade order processing in electronic trading

A method including:

• identifying by a gateway device that a first trade order and a second trade order are to be modified at substantially the same time, wherein the first trade order is currently queued for execution at a first electronic exchange, wherein the second trade order is currently queued for execution at a second electronic exchange;
• determining by an automation computing device in communication with the gateway device, in response to identifying that the first trade order and the second trade order are to be modified, a first priority factor for the first trade order, wherein the first priority factor is based on a difference between a first modified price for the first trade order and a corresponding first market price, wherein the first modified price is what a price for the first trade order will be as a result of processing a modification for the first trade order;
• determining by the automation computing device, in response to identifying that the first trade order and the second trade order are to be modified, a second priority factor for the second trade order, wherein the second priority factor is based on a difference between a second modified price for the second trade order a corresponding second market price, wherein the second modified price is what a price for the second trade order will be as a result of processing a modification for the second trade order;
• detecting by the automation computing device that the first priority factor and the second priority factor are equal;
• determining by the automation computing device, in response to detecting that the first priority factor and the second priority factor are equal, a third priority factor for the first trade order wherein the third priority factor is based on a quantity of the first trade order;
• determining by the automation computing device, in response to detecting that the first priority factor and the second priority factor are equal, a fourth priority factor for the second trade order wherein the third priority factor is based on a quantity of the second trade order;
• processing by the automation computing device the modification for the first trade order prior to processing the modification for the second trade order when the third priority factor is larger than the fourth priority factor by sending a first request message to the first electronic exchange to modify the first trade order, and subsequently sending a second request message to the second electronic exchange to modify the second trade order;
• and
• processing by the automation computing device the modification for the second trade order prior to processing the modification for the first trade order when the fourth priority factor is larger than the third priority factor by sending a second request message to the second electronic exchange to modify the second trade order, and subsequently sending a first request message to the first electronic exchange to modify the first trade order.