Systems and methods for allocating trades among trading accounts

A method for allocating trades in a financial instrument between client accounts, the method comprising:

• determining, using processing circuitry, a financial instrument for a trade;
• determining, using the processing circuitry, a plurality of accounts for trading in the financial instrument;
• aggregating, using the processing circuitry, orders for the financial instrument from the plurality of accounts;
• determining, using the processing circuitry, a pro-rata allocation of the orders for the financial instrument, from the plurality of accounts;
• determining whether there are accounts, from the plurality of accounts, with a pro-rata share below a minimum amount;
• based on the determining that there are accounts, from the plurality of accounts, with a pro-rata share below a minimum amount:
• determining, using the processing circuitry, a first number of accounts, from the plurality of accounts, with a pro-rata share below a minimum amount which will not receive an allocation;
• updating, using the processing circuitry, at least one of:
• a first allocation for at least one account, from the plurality of accounts, with a pro-rata share below the minimum amount which will receive an allocation, such that the first allocation is equal to or greater than the minimum amount, and
• a second allocation for at least one account, from the plurality of accounts, with a pro-rata share greater than the minimum amount, such that the second allocation is greater than the minimum amount but less than the pro-rata share for the at least one account,
• wherein the updating is based on minimizing a total deviation from the pro-rata allocation of the orders for the financial instrument, and maximizing a number of accounts which receive an allocation.