Order delivery in a securities market

1. A method executed over a network of computer systems for processing delivery messages that indicate existence of a match in trading interest in an electronic trading venue, the method comprising:

receiving by one or more computers, an expression of interest to enter into a transaction to buy or sell a security, wherein the expression of interest is an order;

matching the expression of interest with other expressions of interest;

sending by the one or more computers, over a network, to at least one other computer system, a message to a market participant that a match exists between the expression of interest with another of the other expressions of interest;

recording by the one or more computers, a delivery of the message in a delivery log file;

recording by the one or more computers, the delivery of the message in a delivery work in process (WIP) file;

receiving by the one or more computers, a response message from the market participant;

for response messages indicating an acceptance of a full or partial execution,

writing executions to an execution trigger and sending the execution trigger to a delivery sender component.

2. The method of claim 1 wherein the computer system is a multi-parallel system including a plurality of processors, each processor handling a fraction of the securities in a market.

3. The method of claim 1 , further comprising:

performing a time-out when the response message arrives after a predetermined amount of time after the message is sent.

4. The method of claim 3 , further comprising:

detokenizing the response Message; and

determining whether a delivery result is a partially accepted order, a fully accepted order, a declined order or a timed-out order.

5. The method of claim 4 , further comprising for fully accepted and partially accepted orders:

updating the delivery WIP file; and

writing a matching trigger in accordance with the received message.

6. The method of claim 5 , further comprising:

determining if the order is preferred for a declined delivery or a timed-out delivery.

7. The method of claim 6 , further comprising:

writing a matching trigger for preferred orders.

8. The method of claim 6 , further comprising:

rejecting non-preferred orders.

9. The method of claim 6 , further comprising:

receiving the matching trigger;

determining if the order is accepted or rejected.

10. The method of claim 8 , further comprising:

executing accepted orders.

11. The method of claim 8 , further comprising:

reopening declined orders; and

penalizing the market participant having a predetermined number of declined orders.

12. An article comprising a machine-readable medium that stores executable instructions for validation of delivery messages that indicate existence of a match in trading interest in an electronic trading venue, the instructions causing a machine to:

receive an expression of interest to enter into a transaction to buy or sell a security, wherein the expression of interest is an order;

match the expression of interest with other expressions of interest;

send a message to a market participant that a match exists between the expression of interest with another of the other expressions of interest;

record a delivery of the message in a delivery log file;

record the delivery of the message in a delivery work in process (WIP) file;

receive a response message from the market participant; and

for response messages indicating an acceptance of a full or partial execution:

write executions to an execution trigger and send the execution trigger to a delivery sender component.

13. The article of claim 12 wherein the electronic trading venue is a multi-parallel system including a plurality of processors, each processor handling a fraction of the securities in a market.

14. The article of claim 12 , further comprising instructions causing a machine to:

perform a time-out when the response message arrives after a predetermined amount of time after the message is sent.

15. The article of claim 14 , further comprising instructions causing a machine to:

detokenize the response message; and

determine whether a delivery result is a partially accepted order, a fully accepted order, a declined order or a timed-out order.

16. The article of claim 15 , further comprising for fully accepted and partially accepted orders:

update the delivery WIP file; and

write a matching trigger in accordance with the received message.

17. The article of claim 16 , further comprising instructions causing a machine to:

determine if the order is preferred for a declined delivery or a timed-out delivery.

18. The article of claim 17 , further comprising instructions causing a machine to:

write a matching trigger for preferred orders.

19. The article of claim 18 , further comprising instructions causing a machine to:

reject non-preferred orders.

20. The article of claim 14 , further comprising instructions causing a machine to:

receive the matching trigger;

determine if the order is accepted or rejected.

21. The article of claim 19 , further comprising instructions causing a machine to:

execute accepted orders.

22. The article of claim 19 , further comprising instructions causing a machine to:

reopen declined orders; and

penalize the market participant having a predetermined number of declined orders.

23. A system comprising:

a memory that stores executable instructions for validations of delivery messages that indicate existence of a match in trading interest in an electronic trading venue; the system executes instructions to:

receive an expression of interest to enter into a transaction to buy or sell a security, wherein the expression of interest is an order:

match the expression of interest with other expressions of interest;

send a message to a market participant that a match between the expression of interest with another of the other expressions of interest exists;

record a delivery of the message in a delivery log file;

record the delivery of the message in a delivery work in process (WIP) file;

receive a response message from the market participant; and

for response messages indicating an acceptance of a full or partial execution: write executions to an execution trigger and send the execution trigger to a delivery sender component.

24. The system of claim 23 wherein the system includes a plurality of security processors, each security processor handling a fraction of the securities in a market.

25. The system of claim 23 , further comprising instructions to:

perform a time-out when the response message arrives after a predetermined amount of time after the message is sent.

26. The system of claim 25 , further comprising instructions to:

detokenize the response message; and

determine whether a delivery result is a partially accepted order, a fully accepted order, a declined order or a timed-out order.

27. The system of claim 26 , further comprising for fully accepted and partially accepted orders instructions to:

update the delivery WIP file; and

write a matching trigger in accordance with the received message.

28. The system of claim 27 , further comprising instructions to:

determine if the order is preferred for a declined delivery or a timed-out delivery.

29. The system of claim 28 , further comprising instructions to:

write a matching trigger for preferred orders.

30. The system of claim 29 , further comprising instructions to:

reject non-preferred orders.

31. The system of claim 25 , further comprising instructions to:

receive the matching trigger;

determine if the order is accepted or rejected.

32. The system of claim 30 , further comprising instructions to:

execute accepted orders.

33. The system of claim 30 , further comprising instructions to:

reopen declined orders; and

penalize the market participant having a predetermined number of declined orders.