System and method for apportioning trading orders based on size of displayed quantities

A method comprising:

• controlling, by at least one processor:
• receiving, over a communication network, at least a first order, a second order, and a third order respectively from a first trader computer, a second trader computer and a third trader computer, wherein the first order, the second order, and the third order are associated with a product, the first order comprises a displayed quantity and a reserved quantity, the second order comprises a displayed quantity and a reserved quantity, the third order comprises a displayed quantity and a reserved quantity, and the reserved quantity of the first order, the reserved quantity of the second order, and the reserved quantity of the third order are available to be traded but are not displayed to traders, in which the third order is received after the first order and the second order;
• responsive to the first order and the second order being received, displaying, over the communication network, on a display of each of the first trader computer, the second trader computer and the third trader computer, the displayed quantity of the first order and the displayed quantity of the second order;
• responsive to the third order being received, refreshing, over the communication network, the display of each of the first, second and third trader computers, to display the displayed quantity of the first order and the displayed quantity of the second order with the displayed quantity of the third order;
• receiving, over the communication network, from a fourth trader computer a counterorder associated with the product, the counterorder comprising a quantity;
• filling at least the displayed quantity of the first order, the displayed quantity of the second order, and the displayed quantity of the third order with a portion of the counterorder;
• and
• determining a size of an additional portion of the counterorder from a remaining portion of the counterorder that is unfilled based at least in part on a first ratio that is equal to the displayed quantity of the first order divided by a sum of at least the displayed quantity of the first order, the displayed quantity of the second order, and the displayed quantity of the third order.

A non-transitory storage medium configured to store instructions that, when executed by a computer, control:

• receiving, over a communication network, at least a first order, a second order, and a third order respectively from a first trader computer, a second trader computer and a third trader computer, wherein the first order, the second order, and the third order are associated with a product, the first order comprises a displayed quantity and a reserved quantity, the second order comprises a displayed quantity and a reserved quantity, the third order comprises a displayed quantity and a reserved quantity, and the reserved quantity of the first order, the reserved quantity of the second order, and the reserved quantity of the third order are available to be traded but are not displayed to traders, in which the third order is received after the first order and the second order;
• responsive to the first order and the second order being received, displaying, over the communication network, on a display of each of the first trader computer, the second trader computer and the third trader computer, the displayed quantity of the first order and the displayed quantity of the second order;
• responsive to the third order being received, refreshing, over the communication network, the display of each of the first, second and third trader computers, to display the displayed quantity of the first order and the displayed quantity of the second order with the displayed quantity of the third order;
• receiving, over the communication network, from a fourth trader computer a counterorder associated with the product, the counterorder comprising a quantity;
• filling at least the displayed quantity of the first order, the displayed quantity of the second order, and the displayed quantity of the third order with a portion of the counterorder;
• and
• determining a size of an additional portion of the counterorder from a remaining portion of the counterorder that is unfilled based at least in part on a first ratio that is equal to the displayed quantity of the first order divided by a sum of at least the displayed quantity of the first order, the displayed quantity of the second order, and the displayed quantity of the third order.