A non-transitory computer readable medium comprising instructions that, when executed by a processor in a computing device of a plurality of computing devices, direct the processor to:
- receive, from a first trader, a first indication of interest (IOI) for at least one first financial instrument at a first price;
- designate, in real-time, the first IOI as a first passive IOI;
- receive, from a second trader, a second IOI for the at least one first financial instrument at a second price;
- designate, in real-time, the second IOI as a second passive IOI;
- receive, from a third trader, a third IOI for the at least one first financial instrument at a third price;
- designate, in real-time, the third IOI as a third passive IOI;
- wherein each of the first passive IOI, the second passive IOI, and the third passive IOI is a bid or an offer associated with the at least one first financial instrument and a resting liquidity, wherein the resting liquidity is liquidity that does not cross upon submission;
- classify the first trader, the second trader, and the third trader as at least the following trading types:
- i) a first trading type, wherein traders of the first trading type are subject to a decline ratio calculation for crossing their passive IOIs, wherein the decline ratio calculation identifies how many eligible aggressive IOIs have been previously declined out of a total number of all eligible aggressive IOIs offered during a pre-determined time period,
- ii) a second trading type, wherein traders of the second trading type are subject to at least one pre-determined criterion for crossing their passive IOIs;
- calculate, for each trader of the first trading type, a decline ratio based on the decline ratio calculation,
- receive, from a fourth trader, a fourth IOI for the at least one first financial instrument;
- designate, in real-time, the fourth IOI as an aggressive IOI, wherein the aggressive IOI is available to be immediately crossed at the first price, the second price, and the third price;
- determine, in real-time, from the first passive IOI, the second passive IOI and the third passive IOI, an allocation of the aggressive IOI to:
- i) a plurality of traders of the first trading type based at least in part on the decline ratio of each trader from the traders of the first trading type, or
- ii) (a) the plurality of traders of the first trading type based at least in part on the decline ratio of each trader from the traders of the first trading type, and (b) at least one trader of the second trading type based at least in part on the at least one pre-determined criterion associated with the at least one trader of the second trading type;
- communicate notifications for at least a portion of the aggressive IOI based at least in part on the allocation;
- receive, in response to the notifications, from each trader of the plurality of traders of the first trading type:
- i) an acceptance response or
- ii) a decline response;
- calculate, in real-time, when the acceptance response is received, a financial compensation to each trader from the traders of the first trading type who has accepted the at least portion of the aggressive IOI that has been offered to cross;
- re-calculate, in real-time when the decline response is received, based at least in part on the decline response, the decline ratio of each trader of the traders of the first trading type who has declined the at least portion of the aggressive IOI that has been offered to cross;
- and
- cancel, in real-time, an uncrossed portion of the aggressive IOI.