Target trading system and method

A user-directed trading system comprising:

• a user interface;
• and
• a controller directed through the user interface, wherein the controller is adapted to:
• identify one or more target positions, wherein each target position includes a tradable instrument identifier and a target quantity;
• for at least one of the target positions, identify a corresponding initial position including a current quantity associated with the tradable instrument identifier;
• and
• identify one or more orders required to reach at least one target position from at least one initial position;
• and
• trigger the trading system to execute one or more of the orders identified as being required to reach the at least one target position from the at least one initial position,
• wherein the trading system is configured to take a selected execution approach in executing the one or more of the orders identified as being required to reach the at least one target position from the at least one initial position,
• wherein the selected execution approach is based on a tradable instrument state of at least one tradable instrument associated with the one or more of the orders identified as being required to reach the at least one target position from the at least one initial position, wherein the tradable instrument state setting is configured to be on or off,
• wherein the selected execution approach is selected from a group of execution approaches including an execution approach in which only those orders identified as being required to reach the target positions from the initial positions for which the tradable instrument state of the tradable instrument is on will be executed.

A user-directed trading system comprising:

• a user interface;
• and
• a controller directed through the user interface, wherein the controller is adapted to:
• identify an initial portfolio including one or more initial positions, wherein each initial position includes a tradable instrument identifier and a target quantity;
• identify a first target portfolio including one or more target positions, wherein each target position includes a tradable instrument identifier and a target quantity;
• identify a second target portfolio including one or more target positions, wherein each target position includes a tradable instrument identifier and a target quantity, wherein at least one tradable instrument identifier or one target quantity is different between each of the initial portfolio, the first target portfolio, and the second target portfolio;
• provide a simultaneously available independent trigger for trading to each of the first target portfolio and the second target portfolio such that, in response to receiving a trigger command to trade to either the first target portfolio or the second target portfolio, the controller executes any actions required to trade from the initial portfolio to the target portfolio to which the trigger command corresponds.