Reducing data traffic in a computerized trading system

A method for a first user terminal to communicate with an electronic exchange system that communicates with a plurality of user terminals via a network, wherein the plurality of user terminals include the first user terminal and a second user terminal, and wherein the first user terminal is operated on behalf of a first user and the second user terminal is operated on behalf of a second user, the method comprising:

• receiving from the electronic exchange system, by a transceiver 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 electronic exchange system, via the network, to the second user terminal;
• receiving by the transceiver, after receiving the first offset information, a message transmitted from the electronic exchange system, via the network, to the user first terminal and the second user terminal, wherein:
• (i) the message indicates a market price for a financial instrument, and
• (ii) the message does not include the first price offset value or the second price offset value;
• modifying, by an application running on a processor, 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
• transmitting, by the transceiver to the electronic exchange system via the network, information including an order with the first actual price for the financial instrument.

A system, comprising:

• an electronic exchange including:
• one or more memories;
• and
• one or more one processors;
• wherein the one or more memories and the one or more processors are configured to perform operations that include:
• receiving, from a first user terminal operable on behalf of a primary user, information including a first order for a financial instrument;
• receiving, from a second user terminal operable on behalf of a secondary user, information including a second order for a financial instrument;
• storing the information including the first order and the second order in a database;
• transmitting, to the first user terminal, first price information associated with the financial instrument;
• transmitting, to the second user terminal, second price information associated with the financial instrument, wherein the second price information and the first price information are different;
• and
• after transmitting the first price information and the second price information, transmitting a message to the first user terminal and second user terminal, wherein:
• (i) the message indicates a market price for the financial instrument, and
• (ii) the message does not include price offset information for the financial instrument;
• transmitting information to the first and second user terminals that is different from the message and that indicates a match between orders for the financial instrument,
• wherein the first price information is useable by the first user terminal to obtain the market price for the financial instrument for the primary user, and
• wherein the second price information is useable by the second user terminal to modify the market price for the financial instrument to obtain an actual price for the financial instrument for the secondary user.