System and method for active order management in an electronic trading environment

1. A system including:

a computing device including a processor, wherein the computing device is configured to:

display a trading interface, wherein the trading interface includes a plurality of pay-up parameters associated with a trade order, wherein the trade order includes an order price and an order quantity, and wherein the plurality of pay-up parameters includes a pay-up interval that indicates a time interval to wait prior to an increase or decrease in the order price when at least a portion of the order quantity is unfilled at an electronic exchange, wherein the plurality of pay-up parameters includes a pay-up amount that indicates an amount to increase or decrease the order price after each interval that lapses without receiving a complete fill of the order quantity, and wherein the plurality of pay-up parameters includes a pay-up counter that indicates a number of times to change the order price to attempt to receive the complete fill of the order quantity;

receive values for the plurality of pay-up parameters via the trading interface;

determine an ending time by which the trade order is to be filled according to the values for the plurality of pay-up parameters;

submit the trade order to the electronic exchange at the order price;

determine from market data received from the electronic exchange, that at least a portion of the order quantity is unfilled after the value of the pay-up interval expires;

change the order price according to the value of the pay-up amount after the value of the pay-up interval expires; and

change the value of the pay-up counter to reflect the change in the order price by decrementing the value of the pay-up counter when the order price is changed.

2. The system of claim 1 , wherein the trade order includes a child order of a plurality of child orders submitted to the electronic exchange at time slicer intervals, and wherein the order quantity of the child order is a portion of a total order quantity for a parent order associated with the plurality of child orders.

3. The system of claim 1 , wherein the computing device is further configured to:

determine from the market data received from the electronic exchange, that at least another portion of the order quantity is unfilled after the value of the pay-up interval expires;

determine that the pay-up counter is unexpired;

determine that a current time is less than the ending time; and

update the trade order at the electronic exchange to change the order price according to the value of the pay-up amount.

4. The system of claim 1 , wherein the computing device is further configured to:

determine from the market data received from the electronic exchange, that at least another portion of the order quantity is unfilled after the ending time expires; and

update the order price to cross the market to receive a complete fill of the unfilled order quantity.

5. The system of claim 1 , wherein the computing device is further configured to:

prior to the ending time, continue to change the order price according to the value of the pay-up amount each time the value of the pay-up interval expires.

6. The system of claim 1 , wherein the computing device is further configured to:

receive an indication of a user action to begin the pay-up interval after the trade order has already been submitted to the electronic exchange.

7. The system of claim 1 , wherein the ending time is calculated from the value of the pay-up interval and the value of the pay-up counter.

8. The system of claim 1 , wherein the plurality of pay-up parameters include the ending time.