A SECURITIES TRADING SYSTEM FOR CONSOLIDATION OF TRADING ON MULTIPLE ECNS AND ELECTRONIC EXCHANGES

摘要

A security trading consolidation system where each customer uses a singletrader terminal (101) to view, and analyze security marketinformation from and to conduct security transactions with two or more ECNs,or other comparable ATSs, alone or in combination withone or more electronic exchanges. A consolidating computer system (100)supplies the market information and processes the transactions.The consolidating computer system (100) aggregates order book information fromeach participating ECN order book computer includingsecurity, order identification (14), and bid/ask prices information. Bid andask prices for participating electronic exchanges may be integratedinto the display. The combined information is displayed to a customer bysecurity and by bids and offers, and then sorted by price, volume,and other available attributes as desired by the customer.