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Electronic communication network ranking for automated market system

  • US 20030126066A1
  • Filed: 10/18/2002
  • Published: 07/03/2003
  • Est. Priority Date: 09/23/1999
  • Status: Active Grant
First Claim
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1. A method for trading securities in an electronic market, the method comprises:

  • entering an order at a client station for executing against any market participant that can at least in part satisfy the order; and

    matching the entered order at a server system against interest in the market based on how the market participant participates in the market with a portion of the interest in the market being prioritized according to;

    price priority among displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges, and subsequently by displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged.

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