Selective suppression of implied contract generation

A computer system comprising:

• a processor;
• a non-transitory memory coupled with the processor, the non-transitory memory containing computer-executable instructions that when executed by the processor cause the processor to implement:
• an order receiver which receives from at least one market participant, a first order for a first instrument and a second order for a second instrument, the first and second orders having a relationship therebetween from which at least a third order for a third instrument may be implied;
• and
• an implied order generator which determines, based on a calculation using at least the first order and the second order, liquidity of the third instrument as being illiquid, generates, the implied third order from the first and second orders in response to the determination that the third instrument is illiquid based on the calculation using at least the first order and the second order and, subsequent to the implied third order being generated, lists the generated implied third order and makes the generated implied third order available in a market for the third instrument for trading by a plurality of market participants,
• wherein the order receiver further receives from at least another market participant, a fourth order for a fourth instrument and a fifth order for a fifth instrument, the fourth and fifth orders having a relationship therebetween from which at least a sixth order for a sixth instrument may be implied, and
• wherein the implied order generator determines, based on a calculation using at least the fourth order and the fifth order, liquidity of the sixth instrument as being liquid, does not generate the implied sixth order in response to the determination of the sixth instrument being liquid and, subsequent to the implied sixth order not being generated, does not list the not generated implied sixth order.

A computer system comprising:

• a processor;
• a non-transitory memory coupled with the processor;
• first logic stored in the non-transitory memory and executable by the processor coupled therewith to cause the processor to receive from at least one market participant, a first order for a first instrument and a second order for a second instrument, the first and second orders having a relationship therebetween from which at least a third order for a third instrument may be implied;
• and
• second logic stored in the non-transitory memory, coupled with the first logic and executable by the processor to cause the processor to determine, based on a calculation using at least the first order and the second order, liquidity of the third instrument as being illiquid and generate, the implied third order from the first and second orders in response to the determination that the third instrument is illiquid based on the calculation using at least the first order and the second order, and, subsequent to the implied third order being generated, list the generated implied third order and make the generated implied third order available in a market for the third instrument for trading by a plurality of market participants;
• third logic stored in the non-transitory memory and executable by the processor coupled therewith to cause the processor to receive from at least another market participant, a fourth order for a fourth instrument and a fifth order for a fifth instrument, the fourth and fifth orders having a relationship therebetween from which at least a sixth order for a sixth instrument may be implied;
• and
• fourth logic stored in the non-transitory memory, coupled with the third logic and executable by the processor to cause the processor to determine, based on a calculation using at least the fourth order and the fifth order, liquidity of the sixth instrument as being liquid and not generate the implied sixth order in response to the determination that the sixth instrument is liquid, and not subsequently listing the not generated sixth implied order.