Transactionally deterministic high speed financial exchange having improved, efficiency, communication, customization, performance, access, trading opportunities, credit controls, and fault tolerance

A system comprising:

• at least two hardware match engines, each defined by a current state which is altered by a successful attempt thereby to match an incoming order from a participant for at least one transaction for an associated financial instrument with at least one other previously received but unsatisfied order for a transaction counter thereto, to at least partially satisfy one or both of the incoming order or the at least one other previously received order;
• and
• a transaction validator external to the at least two hardware match engines such that an incoming order from the participant is received first by the transaction validator, the transaction validator operative to, prior to forwarding the incoming order to the hardware match engine and an actual match being identified, compute a risk of loss value based on a probability of the incoming order hypothetically being matched by the hardware match engine with at least one other previously received but unsatisfied order as part of pattern including previously received and forwarded orders, compare the computed risk of loss value with a threshold, and, based thereon, when the computed risk of loss value exceeds the threshold prevent the incoming order from being forwarded to the hardware match engine, thereby preventing a change in the current state thereof and avoiding reverting the current state of the associated hardware match engine, caused by matching an incoming order, and automatically compute an acceptable order which, if satisfied, would result in the pattern, including the previously received and forwarded orders, not occurring, and cause at least one of the at least two hardware match engines to transmit a synthetic solicitation for the computed acceptable order to a plurality of participants.

A computer implemented method comprising:

• providing two or more hardware match engines, each defined by a current state which is altered by a successful attempt thereby to match an incoming order from a participant for at least one transaction for an associated financial instrument with at least one other previously received but unsatisfied order for a transaction counter thereto, to at least partially satisfy one or both of the incoming order or the at least one other previously received order;
• upon receipt of an incoming order by a processor external to and the at least two hardware match engines such that the incoming order from the participant received first by the processor, prior to forwarding the incoming order to the hardware match engine and an actual match being identified, computing a risk of loss value based on a probability of the incoming order hypothetically being matched by the hardware match engine with at least one other previously received but unsatisfied order as part of pattern including previously received and forwarded orders, comparing the computed risk of loss value with a threshold, and, based thereon, when the computed risk of loss value exceeds the threshold preventing the incoming order from being forwarded to the hardware match engine, thereby preventing a change in the current state thereof and avoiding reverting the current state of the associated hardware match engine, caused by matching an incoming order, and computing, automatically, an acceptable order which, if satisfied, would result in the pattern, including the previously received and forwarded orders, not occurring, and causing at least one of the at least two hardware match engines to transmit a synthetic solicitation for the computed acceptable order to a plurality of participants.