Trading system with price improvement

A method comprising the steps of:

• at a trader's workstation in an electronic trading system designed to trade financial instruments, receiving data designed to cause presentation to the trader of one or more orders in a form executable by the trader to whom the orders are presented, the presented orders being orders to buy and/or sell a financial instrument at a specified price in a specified quantity, the electronic trading system establishing a standard price increment by which prices of orders differ;
• from the trader's workstation, transmitting data representing a price-improved order from the trader to a matching server of the trading system, the price-improved order being either (a) an offer to sell at price lower than the best offer to sell currently presented with a price and quantity, or (b) a bid to buy at a price higher than the best bid to buy currently presented with a price and quantity, and presenting data to the trader to indicate the availability of the price-improved order to be traded, but withholding the precise price of the price-improved order.