Inventors:
Adam Nunes - New York NY, US
Daniel F. Moore - New Haven CT, US
Mark Denat - Bedford NY, US
John Malitzis - Washington DC, US
Karen Peterson - Stamford CT, US
Anna Ewing - Long Island NY, US
Steven J. Randich - Westport CT, US
Richard G. Ketchum - Alexandria VA, US
Dean Furbush - Mamaroneck NY, US
Christopher Folkemer - Columbia MD, US
Assignee:
The Nasdaq OMX Group, Inc. - Rockville MD
International Classification:
G06Q 40/00
Abstract:
A method for trading a security in an electronic market includes 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.