Trade execution methods and systems

A trade execution system, comprising:

• an execution venue;
• and
• a plurality of smart order routers;
• wherein the execution venue sends to each of the plurality of smart order routers a notification message;
• wherein each of the smart order routers receives the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;
• wherein at least one of the smart order routers sends to the execution venue at least one order to execute against the non-displayed priced order;
• wherein the execution venue receives each order sent from each of the smart order routers;
• and
• wherein the execution venue executes at least one order received from at least one of the smart order routers against the non-displayed priced order.

A computer program comprising computer program code adapted to perform, when said program is run on a computer, the steps of:

• sending from an execution venue to each of a plurality of smart order routers a notification message, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;
• receiving at the execution venue an order sent from each of the smart order routers, wherein each order is an order to execute against the non-displayed priced order;
• and
• executing at least one order received from at least one of the smart order routers against the non-displayed priced order.