Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms

A method of routing orders for derivatives in an exchange having both real-time screen-based trading and open-outcry trading capabilities for a derivative, the method comprising:

• receiving, via a computer workstation, electronic orders at a derivatives trade engine;
• concurrently receiving, via an exchange electronic quoting device, at the derivatives trade engine and in open-outcry, quotes generated by a plurality of market makers for a particular derivative, wherein the plurality of market makers are physically present on the trading floor;
• determining, via a trade processor, whether at least a portion of the electronic orders qualify for immediate execution according to a first order routing rule or open-outcry trading according to a second order routing rule;
• automatically allocating, via the trade processor, a portion of the electronic orders from the derivatives trade engine for immediate execution based on the determination according to the first order rule;
• automatically allocating, via the trade processor, a portion of the electronic orders from the derivatives trade engine to a trading floor for open-outcry trading based on the determination according to the second order rule;
• and
• automatically routing, via the trade processor, any remaining portion of the electronic orders to an electronic order book after the allocation of electronic orders for immediate execution and open-outcry trading.