ORDER DELIVERY IN A SECURITIES MARKET

1 . A method executed over a network of computer systems for processing delivery messages in an electronic trading venue comprising:

receiving an expression of interest to enter into a transaction to buy or sell a security;

matching the expression of interest with other expressions of interest to provide a match;

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

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 the response message indicating whether the order is a partially accepted order, a fully accepted order, or a declined order; and

processing by the one or more computers the match in accordance with the response message.

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

3 . The method of claim 1 wherein the expression of interest is a quote.

4 . The method of claim 1 wherein the expression of interest is an order.

5 . The method of claim 1 , wherein processing further comprises:

writing partial executions or fully accepted executions based on the received response message to an execution trigger; and

sending the execution trigger to a delivery sender component.

6 . 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.

7 . The method of claim 1 , further comprising:

detokenizing the response message; and

determining whether the response message is a partially accepted execution, a fully accepted execution, a declined execution or has timed-out.

8 . The method of claim 1 , further comprising for fully accepted and partially accepted executions:

updating the delivery WIP file;

writing an execution trigger; and

writing a matching trigger.

9 . The method of claim 1 , further comprising for messages that are neither fully accepted or partially accepted executions:

determining if the response is for a declined delivery or has timed-out;

determining if the order is a preference order.

10 . The method of claim 9 , further comprising:

writing a matching trigger for preference orders.

11 . The method of claim 9 , further comprising:

rejecting non-preference orders.

12 . The method of claim 7 , further comprising:

receiving the matching trigger;

determining if the order is accepted or rejected.

13 . The method of claim 12 , further comprising:

executing accepted orders.

14 . The method of claim 9 , further comprising:

reopening orders previously purged upon receipt of a reinstate order transaction.

15 . An article comprising a machine-readable storage device that stores executable instructions for validation within a securities processing system, the instructions causing a machine to:

receive an expression of interest to enter into a transaction to buy or sell a security;

match the expression of interest with other expressions of interest to provide a match;

prior to executing the match, send a message to a market participant that a the 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 the response message indicating whether the order is a partially accepted order, a fully accepted order, or a declined order; and

process by the one or more computers the match in accordance with the response message.

16 . The article of claim 15 wherein the securities processing system is a multi-parallel architecture including a plurality of security processors, each security processor handling a fraction of the securities in a market.

17 . The article of claim 15 wherein the expression of interest is a quote.

18 . The article of claim 15 wherein the expression of interest is an order.

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

write partial executions or fully accepted executions based on the received response message to an execution trigger; and

send the execution trigger to a delivery sender component.

20 . The article of claim 19 , 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.

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

detokenize the response message; and

determine whether the response message is a partially accepted execution, a fully accepted execution, a declined execution or has timed-out.

22 . The article of claim 15 , further comprising for fully accepted and partially accepted executions:

update the delivery WIP file;

write an execution trigger; and

write a matching trigger.

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

for messages that are neither fully accepted or partially accepted executions:

determine if the response is for a declined delivery or has timed-out;

determine if the order is a preference order.

24 . The article of claim 23 , further comprising instructions causing a machine to:

write a matching trigger for preference orders.

25 . The article of claim 24 , further comprising instructions causing a machine to:

reject non-preference orders.

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

receive the matching trigger;

determine if the order is accepted or rejected.

27 . The article of claim 25 , further comprising instructions causing a machine to:

execute accepted orders.

28 . The article of claim 25 , further comprising instructions causing a machine to:

reopen orders previously purged upon receipt of a reinstate order transaction.

29 . A securities processing system comprising:

a memory that stores executable instructions for validations;

the securities processing system executes the instructions to:

receive an expression of interest to enter into a transaction to buy or sell a security;

match the expression of interest with other expressions of interest to provide a match;

prior to executing the match, send a message to a market participant that a the 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 the response message indicating whether the order is a partially accepted order, a fully accepted order, or a declined order; and

process by the one or more computers the match in accordance with the response message.

30 . The system of claim 29 wherein the securities processing system is a multi-parallel architecture including a plurality of security processors, each security processor handling a fraction of the securities in a market.

31 . The system of claim 29 wherein the expression of interest is a quote.

32 . The system of claim 29 wherein the expression of interest is an order.

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

write partial executions or fully accepted executions based on the received response message to an execution trigger; and

send the execution trigger to a delivery sender component.

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

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

35 . The article of claim 29 , further comprising instructions to:

detokenize the response message; and

determine whether the response message is a partially accepted execution, a fully accepted execution, a declined execution or has timed-out.

36 . The article of claim 29 , further comprising for fully accepted and partially accepted executions instructions to:

update the delivery WIP file;

write an execution trigger; and

write a matching trigger.

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

for messages that are neither fully accepted or partially accepted executions:

determine if the response is for a declined delivery or has timed-out;

determine if the order is a preference order.

38 . The system of claim 37 , further comprising instructions to:

write a matching trigger for preference orders.

39 . The system of claim 38 , further comprising instructions to:

reject non-preference orders.

40 . The system of claim 34 , further comprising instructions to:

receive the matching trigger;

determine if the order is accepted or rejected.

41 . The system of claim 39 , further comprising instructions to:

execute accepted orders.

42 . The article of claim 39 , further comprising instructions to:

reopen orders previously purged upon receipt of a reinstate order transaction.