FOREIGN EXCHANGE TRADING
Fill rates may be determined for providers of orders, and trading commands against such orders may be filled, in part, based on the fill rates.
1 . A method comprising:
receiving by at least one server a first order and a second order for an item, wherein:
the first order is associated with a first user and the second order is associated with a second user,
the first and second orders have the same price associated therewith,
the first order is received in time before the second order,
a fill rate is associated with the first order, and
a fill rate is associated with the second order;
receiving by at least one server a command to buy or sell the item, wherein the command has a threshold associated therewith;
determining by at least one server that the fill rate associated with the first order is less than the threshold;
as result of determining that the fill rate associated with the first order is less than the threshold, disregarding by at least one server the first order and comparing the fill rate associated with the second order to the threshold;
determining by at least one server that the fill rate associated with the second order is greater than or equal to the threshold;
as result of determining that that the fill rate associated with the second order is greater than or equal to the threshold, communicating by at least one server the trading command to the second user; and
responsive to communicating the trading command to the second user, receiving communicating by at least one server an indication that the second user wishes to trade against the trading command.
2 . A method comprising:
receiving by at least one server a first order and a second order for an item, wherein:
the first order is associated with a first user and the second order is associated with a second user,
the first and second orders have the same price associated therewith,
the first order is received in time before the second order,
a fill rate is associated with the first order,
a fill rate is associated with the second order, and
the fill rate associated with the second order is higher than the fill rate associated with the first order;
ordering by at least one server in an order book the second order over the first order based at least in part on the fill rate associated with the second order being higher than the fill rate associated with the first order;
receiving by at least one server a command to buy or sell the item;
based at least in part on ordering in the order book the second order over the first order, communicating by at least one server the trading command to the second user; and
responsive to communicating the trading command to the second user, receiving communicating by at least one server an indication that the second user wishes to trade against the trading command.