Confidential block trading system and method

An electronic, automated crossing system for electronic trading of securities in an electronic trading environment including a plurality of electronic trading devices and a plurality of exchanges, comprising:

• an electronic matching server configured to electronically receive via a communications network, a first confidential order to trade a security from a first trader device;
• to receive via the communications network, data current market prices including for the security including, at least data reflecting real-time price, volatility and volume;
• to calculate automatically a block price range for said security, said block price range having an upper end and a lower end, said block price range being calculated based on the current market prices, volatility, and volume;
• to determine determining automatically that said first order has a price that is reasonably priced when for a sell order, said price is equal to or lower than said upper end of said block price range, or for a buy order, said price is equal to or higher than said lower end of said block price range;
• to transmit automatically to a second trader device an electronic notification that a reasonably priced order for said security is present, but without a notification of a side of the order;
• to receive electronically a second confidential order to trade a security from said second trader device, wherein said second order at least partially matches said first order;
• and to transmit automatically an electronic notification via said communication network to said second trader device after said second order is received so as to display the graphically on a graphical user interface of said second trader a graphical indication that a matching contra order is active within the system.