System, method, and computer program product for executing a buy or sell order

1. A computerized method for selling X shares of a stock, where X is a number greater than zero, comprising:

via a computer in data communications with an electronic market place, electronically submitting to the electronic market place, an initial set of tranche orders to sell Y shares of the stock, wherein Y is a number less than or equal to X;

via said computer, calculating a total number of shares from the initial set of tranche orders that have been sold at a selected point in time;

employing a set of trading targets [Trading Value=x t , Time=t], wherein 0<x t <X for a plurality of time values t;

via said computer, calculating an urgency score, wherein the urgency score is based, at least in part, on said determined total number of shares sold at said selected point in time compared to X, and is also a function of a TradingValue associated with said selected point in time; and

via said computer, creating and electronically submitting to the electronic market place, at least one new tranche order specifying a quantity and a target price, or modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score.

2. The method of claim 1 , further comprising determining the difference between said total number of shares sold and said TradingValue.

3. The method of claim 2 , wherein said urgency score is also a function of said difference between said total number of shares sold and said TradingValue.

4. The method of claim 1 , wherein the target price is determined using a limit order pricing algorithm, wherein at least one of the inputs to the limit order pricing algorithm is a function of, at the least, the urgency score.

5. The method of claim 1 , further comprising:

employing a set of lower trading limits, each lower trading limit being associated with a different one of the trading targets; and

via said computer, determining whether said total number of shares sold is greater than a trading target value associated with said one of the trading targets, wherein if said total number of shares sold is less than said trading target value, then the urgency score is also a function of the lower trading limit associated with said one of the trading targets.

6. The method of claim 5 , further comprising employing a set of upper trading limits, each upper trading limit being associated with a different one of the trading targets, wherein if said total number of shares sold is greater than said trading target value, then the urgency score is a function of, at the least, the upper trading limit associated with said one of the trading targets.

7. The method of claim 1 , wherein the target price is the current market price so that the at least one new tranche order is a market order.

8. A system for selling X shares of a stock, where X is a number greater than zero, comprising:

means for submitting an initial set of tranche orders to sell Y shares of the stock, wherein Y is a number less than or equal to X;

means for determining a total number of shares from the initial set of tranche orders that have been sold at a selected point in time;

means for employing a set of trading targets [TradingValue=x t ,Time=t], wherein 0<x t <X for a plurality of time values t;

means for determining an urgency score based, at least in part, on said total number of shares sold at said selected point in time compared to X and as function of a TradingValue associated with said selected point in time; and

means for creating at least one new tranche order specifying a quantity and a target price, or means for modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score.

9. The system of claim 8 , further comprising means for determining the difference between said total number of shares sold and said TradingValue.

10. The system of claim 9 , wherein said urgency score is also a function of said difference between said total number of shares sold and said TradingValue.

11. The system of claim 8 , wherein the target price is determined using a limit order pricing algorithm, wherein at least one of the inputs to the limit order pricing algorithm is a function of at the least, the urgency score.

12. The system of claim 8 , further comprising:

a set of lower trading limits, each lower trading limit being associated with a different one of the trading targets;

means for determining whether said total number of shares sold is greater than a trading target value associated with said one of the trading targets, wherein

if said total number of shares sold is less than said trading target value, then the urgency score is also a function of the lower trading limit associated with said one of the trading targets.

13. The system of claim 12 , further comprising a set of upper trading limits, each upper trading limit being associated with a different one of the trading targets, wherein if said total number of shares sold is greater than said trading target value, then the urgency score is also a function of the upper trading limit associated with said one of the trading targets.

14. The system of claim 8 , wherein the target price is the current market price so that the at least one new tranche order is a market order.

15. A computer program product stored on a computer readable medium including computer executable instructions for selling X shares of a stock, where X is a number greater than zero, by performing operations comprising:

submitting an initial set of tranche orders to sell Y shares of the stock, wherein Y is less than or equal to X;

determining a total number of shares from the initial set of tranche orders that have been sold at a selected point in time;

acquiring a set of trading targets [TradingVaue=x t ,Time=t], wherein 0<x t <X for a plurality of time values t;

determining an urgency score, wherein the urgency score is based, at least in part, on said total number of shares sold at said selected point in time compared to X, wherein the urgency score is also a function of a TradingValue associated with said selected point in time; and

creating at least one new tranche order specifying a quantity and a target price, or instructions for modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score.

16. The computer program product of claim 15 , wherein the instructions further comprise instructions for determining the difference between said total number of shares sold and said TradingValue.

17. The computer program product of claim 16 , wherein said urgency score is also a function of said difference between said total number of shares sold and said TradingValue.

18. The computer program product of claim 15 , wherein the target price is determined using a limit order pricing algorithm, wherein at least one of the inputs to the limit order pricing algorithm is a function of, at the least, the urgency score.

19. The computer program product of claim 15 , the instructions further comprising:

instructions for acquiring a set of lower trading limits, each lower trading limit being associated with a different one of trading targets; and

instructions for determining whether said total number of shares sold is greater than a trading target value associated with said one of the trading targets, wherein

if said total number of shares sold is less than said trading target value, then the urgency score is also a function of the lower trading limit associated with said one of the trading targets.

20. The computer program product of claim 19 , wherein the instructions further comprise instructions for acquiring a set of upper trading limits, each upper trading limit being associated with a different one of the trading targets, wherein if said total number of shares sold is greater than said trading target value, then the urgency score is also a function of the upper trading limit associated with said one of the trading targets.

21. The computer program product of claim 15 , wherein the target price is the current market price so that the at least one new tranche order is a market order.

22. The computerized method of claim 1 , wherein if a determination is made to submit said at least one new tranche order, said quantity is determined in accordance with a lumpiness constraint.

23. The system of claim 8 , wherein if a determination is made to submit said at least one new tranche order, said quantity is determined in accordance with a lumpiness constraint.

24. The computer program of claim 15 , wherein if a determination is made to submit said at least one new tranche order, said quantity is determined in accordance with a lumpiness constraint.

25. The computerized method of claim 1 , wherein the set of trading targets is a continuous set.

26. The computerized method of claim 1 , wherein the set of trading targets is a discrete set.

27. The computerized method of claim 8 , wherein the set of trading targets is a continuous set.

28. The computerized method of claim 8 , wherein the set of trading targets is a discrete set.

29. The computerized method of claim 15 , wherein the set of trading targets is a continuous set.

30. The computerized method of claim 15 , wherein the set of trading targets is a discrete set.