System and method for error detection and recovery in an electronic trading system

A method for promoting confidence in reliability of an electronic trading system by detecting and recovering errors when communicating over a communication network, the method comprising:

• designating, for each trader, at least two devices having unique addresses for communicating between the trading system and the trader, wherein a first of the at least two devices is used by the trading system for communication of trading commands and a second of the at least two devices is used by the trading system for communication of an alert message relating to communication failures;
• maintaining an order log of status of all orders received from the first of the at least two devices;
• monitoring network communication for communication failures;
• and
• when the communication failures occur,
• transmitting to the second of the at least two devices, an alert message reporting the status of all orders sent by the first of the at least two devices during an occurrence of the communication failures.

A method for promoting confidence in reliability of an electronic trading system by detecting and recovering errors when communicating over a communication network, the method comprising:

• designating, for each trader, (1) first devices having unique addresses for communicating between the trading system and the trader, wherein the first devices are used by the trading system for communication of trading commands and second devices having unique addresses used by the trading system for communication of an alert message relating to communication failures, and (2) criteria for alert conditions including a threshold for network speed for the alert conditions to occur;
• maintaining an order log of status of all orders received from the first devices;
• and
• monitoring network communication for communication failures;
• and
• when the communication failures occur,
• transmitting to the second devices, an alert message reporting the status of all orders sent by the first devices during an occurrence of the communication failures.