Price change of orders from reserve in an electronic trading system

A computer program product comprising a computer usable medium having computer readable code embodied therein for trading interests with reserve over a network or networks, the computer program product comprising computer readable code devices configured to cause a computer to effect:

• receiving terms for a total desired trade of interests, said terms comprising an identification of said interests, an initial price, an initial quantity, and a reserve quantity;
• associating with said desired trade a reserve price change;
• disclosing terms of a first proposed trade of said interest to others via a network, said terms for a first proposed trade comprising an identification of said interests, said initial price, and said initial quantity;
• and
• upon acceptance of said first proposed trade, disclosing terms of a second proposed trade of said interest to others via a network, said terms for a second proposed trade comprising an identification of said interests, a second price, and a second quantity, said second price being equal to said initial price changed by said reserve price change, and said second quantity comprising at least a portion of said reserve quantity.

A data processing system for trading interests with reserve over a network or networks, the system comprising circuitry configured for:

• receiving terms for a total desired trade of interests, said terms comprising an identification of said interests, an initial price, an initial quantity, and a reserve quantity;
• associating with said desired trade a reserve price change;
• disclosing terms of a first proposed trade of said interest to others via a network, said terms for a first proposed trade comprising an identification of said interests, said initial price, and said initial quantity;
• and
• upon acceptance of said first proposed trade, disclosing terms of a second proposed trade of said interest to others via a network, said terms for a second proposed trade comprising an identification of said interests, a second price, and a second quantity, said second price being equal to said initial price changed by said reserve price change, and said second quantity comprising at least a portion of said reserve quantity.

A method for electronic trading of interests with a reserve over a network or networks comprising:

• receiving terms for an order of an interest including a quantity to be disclosed to others at a price to be disclosed to others via a network, and a reserve quantity which is not to be disclosed to others at least initially;
• associating with said order a reserve price change;
• accepting a trade for said disclosed quantity;
• in response to accepting said trade, automatically initiating disclosure to others via a network a quantity from reserve at a price changed from said price of said quantity previously disclosed to others by said price change.

A method for electronic trading of interests with a reserve over a network or networks comprising:

• disclosing to others via a network a first quantity of an order at a first price, said order including a reserve quantity not disclosed to others at least initially;
• associating with said order a reserve price change;
• accepting a trade for said disclosed quantity;
• in response to accepting said trade, automatically initiating disclosure to others via a network a quantity from reserve at a price changed from said price of said quantity previously disclosed to others by said price change.