Trade execution methods and systems

1. A computer implemented trade execution method, comprising:

sending from an execution venue to each of a plurality of smart order routers a notification message;

receiving at each of the smart order routers the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;

sending from at least one of the smart order routers to the execution venue at least one order to execute against the non-displayed priced order;

receiving at the execution venue each order sent from each of the smart order routers; and

executing at least one order received from at least one of the smart order routers against the non-displayed priced order.

2. The method of claim 1 , wherein the notification message sent to and received at each of the smart order routers is the same notification message sent to and received at the other smart order routers.

3. The method of claim 1 , wherein the notification message sent to and received at at least one of the smart order routers is distinct from the notification message sent to and received at at least one of the other smart order routers.

4. The method of claim 1 , wherein the non-displayed priced order is executed in its entirety against a single order from a single one of the smart order routers.

5. The method of claim 1 , wherein the non-displayed priced order is executed in part against one order from a single one of the smart order routers and is executed in part against another order from the same single one of the smart order routers.

6. The method of claim 5 , wherein the non-displayed priced order is executed in its entirety by being executed in part against one order from a single one of the smart order routers and by being executed in part against another order from the same single one of the smart order routers.

7. The method of claim 1 , wherein the non-displayed priced order is executed in part against one order from one of the smart order routers and is executed in part against another order from another one of the smart order routers.

8. The method of claim 7 , wherein the non-displayed priced order is executed in its entirety by being executed in part against one order from one of the smart order routers and by being executed in part against another order from another one of the smart order routers.

9. The method of claim 1 , wherein the steps are carried out in the order recited.

10. A trade execution system, comprising:

an execution venue; and

a plurality of smart order routers;

wherein the execution venue sends to each of the plurality of smart order routers a notification message;

wherein each of the smart order routers receives the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;

wherein at least one of the smart order routers sends to the execution venue at least one order to execute against the non-displayed priced order;

wherein the execution venue receives each order sent from each of the smart order routers; and

wherein the execution venue executes at least one order received from at least one of the smart order routers against the non-displayed priced order.

11. The system of claim 10 , wherein the notification message sent to and received at each of the smart order routers is the same notification message sent to and received at the other smart order routers.

12. The system of claim 10 , wherein the notification message sent to and received at at least one of the smart order routers is distinct from the notification message sent to and received at at least one of the other smart order routers.

13. The system of claim 10 , wherein the non-displayed priced order is executed in its entirety against a single order from a single one of the smart order routers.

14. The system of claim 10 , wherein the non-displayed priced order is executed in part against one order from a single one of the smart order routers and is executed in part against another order from the same single one of the smart order routers.

15. The system of claim 14 , wherein the non-displayed priced order is executed in its entirety by being executed in part against one order from a single one of the smart order routers and by being executed in part against another order from the same single one of the smart order routers.

16. The system of claim 10 , wherein the non-displayed priced order is executed in part against one order from one of the smart order routers and is executed in part against another order from another one of the smart order routers.

17. The system of claim 16 , wherein the non-displayed priced order is executed in its entirety by being executed in part against one order from one of the smart order routers and by being executed in part against another order from another one of the smart order routers.

18. A computer program comprising computer program code adapted to perform, when said program is run on a computer, the steps of:

sending from an execution venue to each of a plurality of smart order routers a notification message, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;

receiving at the execution venue an order sent from each of the smart order routers, wherein each order is an order to execute against the non-displayed priced order; and

executing at least one order received from at least one of the smart order routers against the non-displayed priced order.

19. The computer program of claim 18 , wherein the computer program is embodied on a computer readable medium.

20. The method of claim 1 , wherein the non-displayed priced order relates to a stock.