Products and processes for generating a plurality of orders

A method comprising:

• determining, by the at least one processor, a sale reservation price increment for a sale of a predetermined quantity of the financial instrument,
• wherein the sale reservation price increment is calculated based on a predicted change in tracking error of a portfolio that would result from the portfolio selling the predetermined quantity of the financial instrument;
• calculating, by the at least one processor, a sale reservation price based on the sale reservation price increment and a market price;
• generating, by the at least one processor, a sell order for the financial instrument at the sale reservation price for the predetermined quantity;
• and
• causing, by the at least one processor, the sell order to be posted to an electronic marketplace.

An apparatus comprising:

• at least one processor of at least one computer;
• and
• at least one memory in electronic communication with the processor, the at least one memory having instructions stored thereon that are configured to, when executed by the at least one processor, direct the at least one processor to:
• determine a buy reservation price increment for a purchase of the predetermined quantity of the financial instrument,
• wherein the buy reservation price increment is calculated based on a predicted change in tracking error of the portfolio that would result from the portfolio purchasing the predetermined quantity of the financial instrument;
• calculate a buy reservation price by adding the buy reservation price increment to the market price;
• generate a buy order for the financial instrument at the buy reservation price for the predetermined quantity;
• and
• causing the buy order to be posted to an electronic marketplace.

A tangible computer-readable storage medium having instructions stored thereon which are configured to direct at least one processor to:

• determine a reservation price increment for at least one of a purchase and a sale of a predetermined quantity of the financial instrument,
• wherein the reservation price increment is calculated based on a predicted change in tracking error of a portfolio that would result from the portfolio purchasing or selling the predetermined quantity of the financial instrument;
• calculate a reservation price based on the reservation price increment and a market price;
• generate an order comprising one of a sell order and a buy order for the financial instrument at the reservation price for the predetermined quantity;
• and
• cause the order to be posted to an electronic marketplace.