Trader order preservation in trading system

1. A trading system for trading financial instruments, comprising:

a computer-based matching unit for matching received instrument trade orders having corresponding trade requirements;

a memory for storing an order book with unmatched trade orders; and

a computer-based decision unit connected to the memory for determining that a matched trade is associated with a trade order that allows the party placing the trade order to reject or decline the trade match after the match occurs; and wherein the computer-based decision unit is arranged to remove the trade order from the trade order book after a message is received from a user terminal confirming that the party accepts the trade match, rather than rejecting or declining the trade match.

2. The trading system in claim 1 , wherein the trading system is an anonymous trading system.

3. The trading system in claim 1 , wherein the matched trade order remains unaltered in the order book until the message is received from a user terminal confirming that the party accepts the trade match.

4. The trading system in claim 1 , wherein the computer-based decision unit is arranged to remove the one or more matched trade orders from the order book when the match occurs if all of the one or more trade orders for the matched trade order do not allow any party placing one of the matched trade orders to reject or decline the trade match.

5. A method for maintaining an order book in a computerized trading system, comprising:

a computer-based matching unit matching two or more trade orders in an order book of the computerized trading system;

a computer-based decision unit determining that the matched trade can be rejected by a party associated with one of the matched trade orders after the match occurs and then sending information of the matched trade to the party; and

the computer-based decision unit determining that the party rejected the matched trade and then retaining at least one of the trade orders in the order book.

6. The method in claim 5 , wherein the computerized trading system is an anonymous trading system.

7. The method in claim 5 , wherein the matched trade orders remain unaltered in the order book until the computer-based decision unit receives confirmation that all the parties to the matched trade accept the trade match.

8. The method in claim 5 , wherein the computer-based decision unit removes the one or more matched trade orders from the order book when the match occurs if all of the one or more trade orders for the matched trade order do not allow any party placing one of the matched trade orders to reject or decline the trade match.

9. A trading system for trading financial instruments, comprising:

an order book memory for storing unmatched trade orders;

a computer server for matching received instrument trade orders having corresponding trade requirements and then removing one or more matched trade orders from the order book;

wherein the computer server is arranged to reinsert the one or more matched trade orders removed from the order book back into the order book with the same priority as the one or more matched trade orders had before removal when a message from a user terminal associated with one of the matched trade orders confirms a rejection of the matched trade.

10. The trading system in claim 9 , wherein the trading system is an anonymous trading system.

11. A method for maintaining an order book in a computerized trading system, comprising:

a computer-based matching unit matching two or more trade orders in an order book of the computerized trading system;

a computer-based decision unit detecting the match between two or more trade orders in an order book of the computerized trading system and then removing the matched trade orders from the order book;

the computer-based decision unit determining that the matched trade can be rejected by a party associated with one of the matched trade orders and then sending information of the matched trade to the party;

the computer-based decision unit determining that the party rejects the matched trade; and

the computer-based decision unit reinserting the one or more matched trade orders removed from the order book back into the order book with the same priority as the one or more matched trade orders had before removal when a message from a user terminal associated with one of the matched trade orders confirms a rejection of the matched trade.

12. The method in claim 11 , wherein the computerized trading system is an anonymous trading system.