Multiple Trade Matching Algorithms

A system for matching a first order to trade a first financial product with one or more of a set of previously received unmatched orders for the first product which are counter thereto, the system comprising:

• a processor;
• a memory coupled with the processor;
• first logic stored in the memory and executable by the processor to cause the processor to determine whether a condition is satisfied;
• second logic stored in the memory and executable by the processor to cause the processor to determine, according to a first matching algorithm if the condition is not satisfied, a first subset of orders of the set of previously received orders which at least partially satisfy the first order;
• third logic stored in the memory and executable by the processor to cause the processor to determine, according to a second matching algorithm, different from the first matching algorithm, if the condition is satisfied, a second subset of orders of the set of previously received orders which at least partially satisfy the first order;
• and
• fourth logic stored in the memory and executable by the processor to cause the processor to cause, subsequent to the determining, a transaction to be executed between the first order and the determined first or second subset of orders.

A computer implemented method for allocating a first incoming order to trade a first financial product with one or more of a first set of previously received unmatched orders for the first financial product which are counter thereto and for allocating a second incoming order to trade the first financial product with one or more of a second set of previously received unmatched orders for the first financial product which are counter thereto, the method comprising:

• evaluating, by a processor, a market parameter and based on the market parameter meeting a first condition, determining a first allocation algorithm of a plurality of allocation algorithms to be used to allocate the first incoming order for the first financial product to the one or more of the first set of previously received unmatched orders for the first financial product which are counter thereto;
• causing, by the processor, allocation of the first incoming order in accordance with the determined first allocation algorithm;
• evaluating, by the processor, the market parameter and based on the market parameter meeting a second condition different from the first condition, determining a second allocation algorithm of a plurality of allocation algorithms, the second allocation algorithm being different than the first allocation algorithm, to be used to allocate the second incoming order for the first financial product to the one or more of the second set of previously received unmatched orders for the first financial product which are counter thereto;
• and
• causing, by the processor, allocation of the second incoming order in accordance with the determined second allocation algorithm.

A system for matching a first order to trade a first financial product with one or more of a set of previously received unmatched orders for the first product which are counter thereto, the system comprising:

• means for determining whether a condition is satisfied;
• means for determining, according to a first matching algorithm if the condition is not satisfied, a first subset of orders of the set of previously received orders which at least partially satisfy the first order;
• means for determining, according to a second matching algorithm, different from the first matching algorithm, if the condition is satisfied, a second subset of orders of the set of previously received orders which at least partially satisfy the first order;
• and
• means for causing, subsequent to the determining, a transaction to be executed between the first order and the determined first or second subset of orders.