Abstract:
A method and system for trading securities and other goods and services is disclosed which incorporates an automated securities trading system for displaying an interactive open order book for matching buyer bids to seller offers, for generating a web page which displays an open order book to a securities buyer or securities seller. The interactive open order book contains data describing a plurality of current bid prices and a plurality of current ask prices of a specified security and an identification of the security.

Description:
[0001]    This is a Continuation Application based on U.S. patent application Ser. No. 09/609,028 filed Jun. 30, 2000, now abandoned.  
         [0002]    This application claims the benefit of Provisional Application 60/141,859, filed Jul. 1, 1999, and Provisional Application 60/155,489, filed Sep. 23, 1999, the entire disclosures of which are incorporated herein by reference. This application is related to U.S. Application entitled “Method and Apparatus for Processing Securities Transactions” by inventors Louis Magill and Bob Semones filed Jun. 30, 2000 and U.S. Patent Application entitled “System and Method for Match and Range Securities Transaction Orders” by inventors Louis Magill and Bob Semones filed Jun. 30, 2000, which are incorporated herein by reference. 
     
    
     
       TECHNICAL FIELD  
         [0003]    The present invention relates to a securities trading method and system, and in particular to an improved computer automated securities trading system.  
         BACKGROUND OF THE INVENTION  
         [0004]    The buying, selling, or trading of securities such as stocks, options, futures, commodities is conducted through a broker or brokerage firm. The brokers or brokerage firms either deal directly with a security exchange, such as the National Association of Security Dealers Automated Quoation (NASDAQ) system, or directly with other brokers or brokerage firms to buy, sell or trade securities.  
           [0005]    Individual securities traders must use the services of either a broker or brokerage firm in order to buy, sell or trade their securities. An individual will communicate to his broker or brokerage firm the security they are interested in and the specifics of the buy or sell order. The use of computers and the internet to communicate with one&#39;s broker or brokerage firm is well-known.  
         SUMMARY OF INVENTION  
         [0006]    It is an object of the invention to provide an improved securities trading system.  
           [0007]    A further object of the present invention is to provide a securities trading system which includes an Interactive Open Order Book capable of allowing Subscribers via the Internet to aggregate, manipulate, display and interact with the buy and sell order data.  
           [0008]    A further object of the present invention is to provide a securities trading system which can trade securities of a given exchange both inside and outside of the traditional trading hours of the given exchange.  
           [0009]    In a preferred embodiment, the invention provides an automated securities trading system for displaying an interactive open order book and for matching buyer bids to seller offers which comprises a means for generating a web page which displays an open order book to a securities buyer or securities seller, the open order book comprises data describing a plurality of current bid prices and a plurality of current ask prices of a specified security and an identification of said security. 
       
    
    
     BRIEF DESCRIPTION OF DRAWINGS  
       [0010]    [0010]FIG. 1 is a block diagram of an exemplary hardware environment of the preferred embodiment of the present invention;  
         [0011]    [0011]FIG. 2 is another block diagram of an exemplary hardware environment of the preferred embodiment of the present invention;  
         [0012]    [0012]FIG. 3 depicts a screen illustrating the Interactive Order Book;  
         [0013]    [0013]FIG. 4 depicts a screen illustration the Order Book;  
         [0014]    [0014]FIG. 5 depicts a screen where a user can preview company and securities related data;  
         [0015]    [0015]FIG. 6 depicts a screen where a user can obtain summary and historical pricing data of securities;  
         [0016]    [0016]FIG. 7 depicts a screen where a user can view financial information extracted from SEC filings;  
         [0017]    [0017]FIG. 8 depicts a screen where a user can view a market summary for all listed companies. 
     
    
     DETAILED DESCRIPTION  
       [0018]    The present invention relates to a system which includes novel software that operates in combination with general purpose computer hardware to provide an electronic auction, matching system or trading system for securities and other goods and services. With regard to the auction, matching or trading of securities, the invention further provides an electronic communications network (ECN), alternative trading system (ATS), or electronic exchange. The system of the invention provides members with the capability of performing auction, matching and trading transactions via the Internet and other available communication mediums. Trading, auction or matching relates to the facilitation of connecting buyers and sellers for the purpose of displaying information and consummating transactions. The term “Subscribers” as used herein includes any type of trading participant in the system, and the term or “the System” as used herein means the system of the invention.  
         [0019]    The system configuration, in a preferred embodiment, is discussed with reference to FIGS. 1 and 2. The securities trading system  100  links a Subscriber&#39;s desktop unit  105  with the system servers  162 ,  164  which process securities trading. The Subscriber&#39;s desktop unit  105  can be connected to a Subscriber&#39;s server  110  or to a front end processor  112 . The Subscriber&#39;s server  110  would preferably use an Application Program Interface (API) which is a specific communication language and system for the present invention. However, the Subscriber&#39;s desktop system  105  may also use a front end processor  112  utilizing a FIX system for connecting through the Internet.  
         [0020]    The Subscriber&#39;s server  110  or front end processor  112  are then connected to a Subscriber router  115 . Based upon the system and communications available the Subscriber router  115  will route the communication from the Subscriber Desktop system  105  to any of three possible paths.  
         [0021]    First, if the Subscriber is using an Internet or WEB connection the Subscriber router  115  will direct the communication along the WEB connection  117  to the WEB or Internet which is depicted as the WWW cloud  120 . The WWW cloud  120  or Internet connection is then routed by WEB router  122  through a Firewall  124  to the two securities trading servers  162 ,  164 . The securities trading servers  162 ,  164  are configured to communicate using the API or FIX system. The securities trading servers  162 ,  164  are also connected to a system administration network  170 . Communication from the securities trading servers  162 ,  164  back to the Subscriber travels along the same path.  
         [0022]    Second, provided the Subscriber has a leased line or direct connection the Subscriber router  115  will direct communication through the leased line connection  118  into the attached FRAME cloud  130  and ATM could  140 . The FRAME cloud  130  and ATM could  140  convert the communications into an asynchronous transfer mode which structures the exchange into tiny units of information cells. The information cells are then routed by the ATM router  142  to the securities trading servers  162 ,  164  for processing securities trades. Communication from the securities trading servers  162 ,  164  back to the Subscriber travels along the same path.  
         [0023]    The third communication path which utilizes a phone dial up system is considered more of a backup in the event that the Subscriber can not connect using either their WEB connection  117  or leased line connection  118 . In the event that a connection through the WEB connection  117  or leased line connection  118  cannot be made the Subscriber Router  115  will route the communication over a dial backup communication line  119  to a PSTN cloud  150 . The PSTN cloud  150  communicates with a digital modem  152  which directs the information to the securities trading servers  162 ,  164  for processing securities trades. Communication from the securities trading servers  162 ,  164  back to the Subscriber travels along the same path.  
         [0024]    The WEB connection  117 , the Leased Line connection  118  and the phone backup connection  119  can each be employed individually or in any combination to provide redundant and backup systems. In a preferred embodiment, a subscriber would have all three systems employed.  
         [0025]    As seen in FIG. 2, a client or Subscriber may have their own Local Area Network (LAN)  101  so that multiple users can utilize the system. The Client LAN  101  is connected to the Client/Subscriber router  115  for routing the information through the WEB connection  117 , the Leased Line connection  118 , or the phone dial backup connection  119 . Evident from FIG. 2 is that the WEB connection  117  is connected to the Internet  120  which is connected via Internet routers  122  and multiple Firewalls  124  to the trading system servers  162 ,  164 . The Leased Line connection  118  connects to a FRAME cloud  130  which can connect to the trading system servers  162 ,  164  in two ways. The FRAME cloud  130  is connected to a market router  126 , such as the NASDAQ, which is connected through a Firewall  124  to the trading system servers  162 ,  164 . The FRAME cloud  130  could also be connected to an ATM cloud  140  which converts the information into information cells. An ATM router  140  connects the ATM cloud to the trading system servers  162 ,  164  after passing through a Firewall  124 . The phone dial backup connection  119  connects through the PSTN to a dial backup router/modem  152  which connects the PSTN cloud to the trading system servers  162 ,  164  after passing through a Firewall  124 . Also shown in FIG. 2, is a second Subscriber  103  connected to the system  100  via the WEB or Internet  120 .  
         [0026]    The trading system servers  162 ,  164  are configured to allow one server to be the primary server while the other server is used as a backup server. However, the system could be designed to allow both servers to be used concurrently. The trading system servers  162 ,  164  share a combined data storage  166  and are connected to the system administration network  170 .  
         [0027]    The system administration network  170  is comprised of an internal router  172 , Local Area Network  173 , a Firewall  174 , an application server  176 , an audit server  180 , and a data bank  182 . Personnel used to administer the system  100  can be connected to one another and the system  100  via a Local Area Network  173  which is connected tot eh Trading System Servers  162 ,  164  through an internal router  172  and Firewall  174 . The Application server  176  is used to run system application and monitoring systems which insure the integrity and functionality of the system  100 . The Audit server  180  and the data bank  182  are used in conjunction to both store back-up data and to survey, obtain and provide securities trading market information.  
         [0028]    As will be described with reference to FIGS.  3 - 8 , Subscribers interact with the trading servers  162 ,  164  depicted in FIGS. 1 and 2, through various interactive screens displayed on their desktop system  105 .  
         [0029]    [0029]FIG. 3 depicts a screen containing an Interactive Order Book  300  which may contain the company name  302 , the company symbol  304 , a company symbol command search button  306 , an order status bar  308 , a Match Order Price box  310 , buy orders  320 , and sell orders  340 . The buy orders  320  may contain information relating to the order number  322 , the number of shares  324  and the price  326 . The sell orders  340  may contain information relating to the order number  342 , the number of shares  344  and the price  346 . The Interactive Order Book  300  may also contain an order window  350  which allows a Subscriber to input a buy or sell order. The order window  350  may contain information relating to price  352 , type of order  354 , volume  356 , show volume  358 , time  360 , and a route  362 . The Subscriber can then click on the Buy button  364 , the sell button  365 , the cancel all button  366  or the cancel all orders button  367 . The Subscriber will also have the option to make the order a short exempt order  368  or an In/Out order  369 .  
         [0030]    The Interactive Order Book  300  may also contain a last executions window  370  for a specified company and a system transactions window  380 . The system transactions window  380  contains real time information for new orders and real time information for executed orders. The system wide new or pending orders are displayed in a pending orders window  381  and the executed orders are displayed in an execution status window  391 . In addition, the Subscriber will have the ability to configure the Interactive Order Book  300  to show all of the features described above or to modify the configuration to show only the features desired.  
         [0031]    By utilizing the Interactive Order Book  300  a Subscriber can view open buy orders  320 , open sell orders  340 , the Match Order Price  310 , system wide pending orders  381  and the system wide execution status  391  while being able to interact with the system to place or execute orders. The Interactive Order Book  300  serves as a single point of price discovery for securities traded over the system  100  of the present invention. The Interactive Order Book  300  allows the Subscriber to view the most competitively priced, outstanding and unexecuted orders and is an investment tool for price discovery and order tracking. The orders are prioritized on the order book according to price and time.  
         [0032]    [0032]FIG. 4 depicts a screen which contains a non-interactive order book  301 . The non-interactive order book  301  contains the same open order information as the interactive order book  300  but does not allow include the order window  350 , match order price box  310 , last executions window  370 , or the systems transaction window  380 . The non-interactive order book  301  may contain the company name  302 , the company symbol  304 , a company symbol command search button  306 , Last Match price  309 , a Last Match time  311 , buy orders  320 , and sell orders  340 . The buy orders  320  may contain information relating to the order number  322 , the number of shares  324  and the price  326 . The sell orders  340  may contain information relating to the order number  342 , the number of shares  344 , and the price  346 .  
         [0033]    [0033]FIG. 5 depicts a screen which contains a company summary profile  400 . The company summary profile  400  may contain the company name  102 , a company profile  410 , a company summary  420 , stock quotes  430 , and company news  450 . The company profile  410  may contain a profile of the company including the type of business or service they provide. The company summary  420  may contain information relating to the company address, company web site, and the officers of the company. The stock quotes  430  contains stock pricing information relating to that company and may include the last system executed transaction  431 , the last system bid  432 , the last system ask  433 , the national open price  434 , the national high  435 , the national low  436 , the exchange the stock is traded on  437 , the national last executed transaction  438 , the national last bid  439 , the national last ask  440 , the national volume  441 , the national change  442 , the 52 week high  443 , and the 52 week low  444 . The company news  450  may contain links to news stories relating to that company. In addition, the Subscriber will be able to view additional pages through use of the profile summary link  460 , the Charting link  465 , the SEC filings link  470 , or the Financials link  475 .  
         [0034]    [0034]FIG. 6 depicts a screen which contains charting and pricing information  500 . Once again the charting and pricing information  500  may contain a company summary  420 , stock quotes  430 , the profile summary link  460 , the Charting link  465 , the SEC filings link  470 , and the Financials link  475  as described above. Further, the charting and pricing information  500  will contain a charting window  510 . The charting window  510  will be able to display charts based with varying time increments by selecting a time increment such as the current trading day, the last 3 months, 6 months, 9 months, 12 months, 24 months, 48 months, 72 months, or 96 months by clicking on the preferred time increment on the time selection bar  520 . Further, based upon the time increment chosen the Subscriber can select to chart the daily price changes, the closing price or the share volume.  
         [0035]    [0035]FIG. 7 depicts a screen which contains company financial information  600  which is extracted from Securities Exchange Commission (SEC) filings. Once again the charting and pricing information  500  may contain stock quotes  430 , the profile summary link  460 , the Charting link  465 , the SEC filings link  470 , and the Financials link  475  as described above. The company financial information  600  contains a Financial window  610  which may contain information relating to revenues  612 , income  614 , EBITDA (earnings before interest, tax, depreciation and amortization)  616 , net earnings  618 , earnings per share  620 , earnings per share (diluted)  622 , current assets  624 , long term assets  626 , and total assets  628 .  
         [0036]    [0036]FIG. 8 depicts a Market Summary  700  screen a Subscriber may use as a unique tool to serve as a single point of information for trading activity on the system  100  described in FIGS. 1 and 2. The Market Summary  700  sill contain links to the Interactive Order Book and to Company summary pages. As seen in FIG. 7, the Subscriber can use the Market Summary link  702 , the Order Book link  704  or click on the Research bar  710  for researching companies. Further, the Subscribers will be able to customize the Market Summary  700  to display Subscriber dictated information. The Market Summary  700  may contain information relating to the company name  720 , the ticker or stock symbol  730 , the % change  740 , and tick price indicator  745 , the tick (price or change since last transaction)  750 , the exchange  755 , the bid price  760 , the ask price  765 , the last price  770  and national data  780  such as the national last price  785  and the national volume  790 .  
         [0037]    The system of invention is designed to support a number of protocols governing communications with said system. The preferred embodiment of such protocols is a proprietary Application Programming Interface (API). A secondary protocol relating to securities trading is the Financial Information Exchange (FIX) protocol.  
         [0038]    A proprietary Application Programming Interface (API) is the preferred embodiment of communications with the system. The API facilitates the integration of the systems&#39; Graphical User Interface (GUI) or external systems, with the system of invention. The API is comprised of two parts. 1) Message definition between the System and Subscribers and 2) a software library comprised of calls a Subscriber will incorporate into their system. The API communicates with TCP/IP and can be used over a dedicated circuit or the public Internet. The API employs a Secure Socket Layer (SSL) for privacy. The SSL layer enables all communication between the Subscriber and system to be encrypted with 128-bit encryption. The TCP/IP and SSL are internal to the Library and Subscribers do not need an intimate knowledge of the Library to use the API. Messages are passed to the API as C structures. The API will place a proper header and footer for transport between the Subscriber and the System.  
         [0039]    The API library is designed for simplicity is comprised of four (4) function calls:  
         [0040]    OpenConnection  
         [0041]    CloseConnection  
         [0042]    SendMessage  
         [0043]    RecvMessage  
         [0044]    Open Connection  
         [0045]    Open connection establishes a Secure Socket Layer connection with the System over a TCP IP Link. OpenConnection will return success when a connection is established. If, a connection cannot be established, the function will return a non-zero value if an error occurs.  
         [0046]    CloseConnection  
         [0047]    CloseConnection will close the TCP/IP link to the System. The function will return a non-zero value if an error occurs  
         [0048]    SendMessage  
         [0049]    SendMessage operates in blocking mode. The function will not return until there is error in the connection or the message is delivered. This function will take the given message and add a proper header and footer to the message. It then encrypts the message with 128-bit encryption before sending over the SSL layer and then over the TCP IP link.  
         [0050]    RecvMessage  
         [0051]    RecvMessage operates in blocking mode. The function will not return until there is error in the connection or a full message is received. This function will only return the message sent from the internal system. It is the user responsibility to have a buffer available to handle all message size to could be received. Before returning the message to the Subscriber, the message is decrypted and the header and footer are strip off.  
         [0052]    Subscribers may choose to conform to the Financial Information eXchange (FIX) protocol. The FIX protocol is a messaging standard developed specifically for real-time electronic exchange of securities transactions. FIX is a public-domain specification owned and maintained by the FIX Organization.  
         [0053]    The system of invention is designed to accept messages from either its accompanying Graphical User Interface (GUI) or external systems (according to a protocol). The GUI in its preferred embodiment is a browser based interface. The GUI allows Subscribers to access the system, view system information, submit messages for processing by the system, and request information on messages being processed by the system. Each Subscriber may have multiple users, each with a unique IDs and passwords required to access the system. The GUI may also take the form of a software interface or other electronic means.  
         [0054]    The GUI in its preferred embodiment includes the following functions designed to simplify and enhance User interaction.  
         [0055]    The color coding of buy and sell orders on the book to aid in the intuitive identification of the orders. This includes coloring of orders that are better than the nationally disseminated best buy or ask sell prices. The preferred embodiment of the color coding schema is:  
                                       Green   System has the same or better price than the national best       Red   The national best is better than the System.       Black   National Market is closed                  
 
         [0056]    The GUI allows individual users to customize their color scheme and includes the option to specify a color (which only that user sees) to designate their outstanding orders on the system.  
         [0057]    Users of the GUI have the ability to “hit the book”, simply by double clicking their mouse on an order. When an order is hit, a contra-side order is sent to the system as an immediate or cancel ( 10 C) limit order at the price listed on order to be “hit”.  
         [0058]    The GUI includes a “cancel all orders for a security” function. The Cancel all function allows the GUI user to cancel their outstanding orders for the current Order Book&#39;s security. By clicking this button a special order type of “cancel orders” will be sent to the system and all of the user traders outstanding orders (or portions thereof) for this security will be canceled.  
         [0059]    The GUI includes a “cancel all orders function.” The Cancel all Orders function allows the user to cancel all of their outstanding orders for the current Order Book&#39;s security. By clicking this button a special order type of “cancel all orders” will be sent to the system and all outstanding orders (or portions thereof) for this security will be canceled.  
         [0060]    The system of the invention in its preferred embodiment further provides an interactive order book system for aggregating, manipulating, displaying and interacting with order data. In this respect, the invention provides a means on the public Internet for investors to view qualifying buy and sell orders in an electronic format. An alternative version of the Interactive order book may be offered to system Subscribers over the GUI. This version allows Subscribers to interact with the book, as described above, with a single action (such as a right click of the mouse).  
         [0061]    In addition to conventional types of securities trading orders (e.g., market orders, limit orders, stop orders, etc.), the system of the invention in its preferred embodiment supports “match” orders and “range” orders. These novel order types are described below.  
         [0062]    The match order is a novel type of order that augments existing methodologies of generating liquidity in otherwise illiquid markets. The system of the invention can dynamically search out the National Best Bid and Offer (NBBO) and continuously determine the decimalized mid-point of the NBBO. This can be accomplished mathematically by converting the NBBO numbers to decimalized format, if necessary; then adding the two numbers and dividing by two (2), the result being the arithmetic median. The result can then be truncated to two decimal places. The mid-point can be calculated in other manners as well, such as by calculating the arithmetic mean. The resulting number can be displayed in the Open Limit Order Book for each security registered on the system as the “Match” price at that moment in time. It is a floating number and will change in direct relationship to changes in NBBO or internal best bid or offer.  
         [0063]    The business rules by which the system preferably makes use of the mid-point number are also unique. The “Match” Order preferably includes the variables:  
         [0064]    Buy or Sell indication.  
         [0065]    Number of shares to be bought or sold.  
         [0066]    Designation of the order as a “Match” type of order.  
         [0067]    An optional “Limit” price of the calculated “Match” price above or below which the order becomes invalid  
         [0068]    An investor that wishes to enter a “Match” Order can click the button on the order form containing such designation. The word “Match” or “MCH” or a systematically generated price then appears in the Price window. In addition, the investor preferably must also define the “Limit” Price that may accompany the order so that the investor specifically states a price above which he will not buy or below which he will not sell.  
         [0069]    Once a “Match” Order is entered into the system, it is placed at the top or ranked by the dynamic price within the “Limit Order Book” of the Trading System in accordance with time priority rules with other “Match” Orders on the same side of the market. A “Match” Order can be executed against another “Match” Order regardless of size, thereby allowing for partial “fills.” A “Match” Order can also be executed against a “Market” Order entered subsequent to the posting of a corresponding “Match” Order or a “Limit” order at the dynamically generated “Match” price.  
         [0070]    Match orders preferably execute against a number of other order types. Match orders may execute against a limit order at or better than the dynamically calculated match price. In addition, match orders may execute against incoming market orders, providing price improvement for the market order.  
         [0071]    The “Range” Order is a further novel type of order which may be provided by the system of the invention. With conventional order entry in the securities markets, the investor can only specify the maximum number of shares he is willing to sell. He has never been able to determine the minimum number of shares with the exception of two historical order types, “Fill or Kill” and “All or None,” which made the minimum number of shares to be purchased the same as the maximum number of shares. Using the “Range” Order of the invention, an investor effectively is able to communicate, as part of his order, the fact that he is willing to sell shares in minimum lot sizes up to a maximum number of shares. This order can receive partial “fills” as long as each partial “fill” or execution is in accordance with the minimum number of shares specified in the order. Therefore, a “Range” Order entered for 400-1000 shares could be “filled” in the following combinations:  
         [0072]    One order for 1000 shares  
         [0073]    Two orders for 500 shares  
         [0074]    One order for 400 shares and one order for 600 shares  
         [0075]    It should be noted that, in the preferred embodiment, a “Range” Order that receives a partial “fill” or execution and which still has sufficient shares remaining that equal or exceed that minimum size in the order will remain open for the designated duration, be it a “Day” Order or “GTC” (Good &#39;Til Canceled).  
         [0076]    In the event that a “Range” Order receives a partial “fill” whereby the remaining number of shares is less than the minimum number of shares stated in the order, the order is preferably considered to be complete and the remaining shares are canceled. The Subscriber in this case will receive notification that he is “filled” on “X” number of shares and “canceled” on the remaining “X” number of shares.  
         [0077]    Using the above example of a “Range” Order of 400-1000 shares, the following single executions may have the following results:  
         [0078]    700 shares “filled.” Report to investor: “700 shares filled. Remaining 300 shares canceled. Order complete.” 
         [0079]    800 shares “filled.” Report to investor: “800 shares filled. Remaining 200 shares canceled. Order complete.” This report would also be issued on the second order in the event that the 800 shares was “filled” by two 400 share executions.  
         [0080]    900 shares “filled.” Report to investor: “900 shares filled. Remaining 100 shares canceled. Order complete.” This report would also be issued on the second order in the event that the 900 shares was “filled” by a 400 share execution plus a 500 share execution.  
         [0081]    The system of invention is preferably designed to trade inside and outside of traditional trading hours, thereby providing Subscribers greater access to both a transaction network and pools of liquidity. The system is designed to maintain a number of “states” during the day to reflect the different environments in which it will be trading. Each state has a series of associated business rules (such as which order types it will process), each designed to preserve a fair and orderly marketplace for its Subscribers, cognizant of environmental conditions.  
         [0082]    One of the novel aspects of the system is the means through which its orders can interact and the way such interaction provides price improvement opportunities for its Subscribers. All orders that are entered into the system can execute against one another.  
         [0083]    First level examples of such interaction are:  
                                                   Buy Side   Sell Side                           Limit   Limit           Limit   Match           Limit   Market           Limit   Range           Market   Limit           Market   Market           Market   Match           Market   Range           Match   Range           Match   Match           Match   Limit           Match   Market           Range   Match           Range   Limit           Range   Market           Range   Range                      
 
         [0084]    It should be noted that a single order may execute against all possible combinations of orders on the contra side. This relationship creates an endless possibility of combinations that can be created as the contra side for an incoming order.  
         [0085]    The system of invention in its preferred embodiment employs an order-matching algorithm designed to seek the best mutual matching price. This algorithm examines the prices designated within each order (for match orders this is the dynamically calculated match price, for market orders this is equivalent to the nationally disseminated best price) and then selects the mid-point of the two prices (the preferred embodiment of which is expressed and matched to four decimal places). In the event that the mid-point is not between the nationally disseminated best bid and ask prices (the NBBO), the system will look for a price at which it can match at a price equal to or better than the NBBO.  
         [0086]    The invention preferably employs a trading system database (TSD) for use in its primary processing system (trading system). The trading system also interacts with a separate database instance that will serve as the central data repository (CDR). The CDR houses all historical information regarding trading instruments, Subscribers, and trading activity. The CDR also serves as the primary administrative database, in which all administrative changes (new trading instruments, new Subscribers, name changes, etc.) are made. The trading system interacts with the CDR at defined intervals to update its tables of trading instruments (such as securities) and qualified Subscribers. The trading system also interacts with the CDR at defined intervals to upload all trading information from the TSD into the CDR for storage and processing.  
         [0087]    The TSD is described in detail. The TSD will be comprised of a number of tables and will, at a minimum, encompass the following four areas:  
         [0088]    Security (or product or service or trading instrument) Information (db_stock.h)—maintaining information specific to a security (or trading instrument or product or service) and the unique trading requirements and properties thereof;  
         [0089]    Subscriber Information (db_firm.h)—maintaining information specific to a Subscriber and the unique trading requirements thereof;  
         [0090]    Order Information (db_order.h)—maintaining information specific to an Order and the processing thereof;  
         [0091]    Trade Information (db_deal.h)—maintaining information specific to a match (execution) and the unique properties thereof.  
         [0092]    Examples of each table are provided below:  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               DB_STOCK.H            long   lNextRec;   /* Next available record   */       short   iIndex[27];   /* Index into table  for symbol   */       short   iMaxRouteQue;   /* Max route queue depth   */       short   iFlushTimer;   /* Gbl flush timer, (sec)   */       short   iBookTimer;   /* Book update msg timer, (sec)   */               /* Trading times   */       short   iPreopenTime;   /* Time for preopen (hhmm)   */       short   iOpenTime;   /* Time to open market (hhmm)   */       short   iAfterHoursTime;   /* Time for after hours (hhmm)   */       short   iCloseTime;   /* Time to close market (hhmm)   */       char   cMktStatus;   /* Market status   */               /* O-Open, P-Preopen, H-Halt   */               /* B-BeginOpen, C-Closed   */       char   cExchange;   /* Exchange code   */               /* G=GlobeNet            char   cFlush;   /* DB flushed Y/N   */            char   cRoute;   /* Routing on Y/N   */            char   cRouteExchange;   /* Routing exchange code   */            } *DB_SEC_HEADER;       typedef struct sec_rec       {            long   lFirstBid;   /* First buy order record   */       long   lLastBid;   /* Last buy order record   */       long   lFirstAsk;   /* First sell order record   */       long   lLastAsk;   /* Last sell order record   */            long   lBidPx;   /* Exchange bid price   */            long   lBidSize;   /* Exchange bid size   */            long   lAskPx;   /* Exchange ask price   */            long   lAskSize;   /* Exchange ask size   */       long   lNBidPx;   /* National bid price   */       long   lNBidSize;   /* National bid size   */       long   lNAskPx;   /* National bid price   */       long   lNAskSize;   /* National ask size   */            long   lHigh;   /* High price today   */            long   lLow;   /* Low price today   */            long   lVolume;   /* Volume traded today   */            long   lOpen;   /* Open/Proj open price */            long   lPriorHigh;   /* Prior day high price   */       long   lPriorLow;   /* Prior day low price   */            long   lPriorVolume;   /* Prior day volume traded   */            long   lPriorOpen;   /* Prior day open price   */            long   lPriorClose;   /* Prior day close price   */            long   lAverageVol;   /* Average daily volume   */            long   lLastPx;   /* Last sale price   */            long   lLastShares;   /* Last sale size   */            long   lLastTime;   /* Last sale date/time   */       long   lNLastPx;   /* External Last price   */            long   lNLastShares;   /* External Last size   */            long   lNLastTime;   /* External Last date/time   */            long   lMaxOrdSize;   /* Max order size   */       long   lMinOrdSize;   /* Min order size   */            long   lHaltTime;   /* Time of halt   */       short   iSpread;   /* Min price spread   */            char   cBidExchange;   /* Exchange of best bid   */       char   cAskExchange;   /* Exchange of best ask   */            char   cMktStatus;   /* Stock status   */               /* O-Open, C-Close, H-Halt   */               /* S-Suspended, P-Preopen   */            char   cNationlOpen;   /* External mkt open   */                /* C-Closed, O-Open   */           /* A-After Hours   */            char   cTick;   /* Tick +, −, ”   */            char   cPrevTick;   /* Previous Tick +, −, ”   */            char   cNTick;   /* External Tick +, −, ”   */            char   cPrevNTick;   /* Previous External Tick   */            char   cListing;   /* Listing status   */                /* G=GlobeNet   */           /* A=Amex   */                /* M=Chicago   */                /* N=NYSE   */                /* P=Pacific   */           /* Q=Nasdaq NM   */           /* S=Nasdaq SC   */           /* U=OTCBB (US)   */           /* V=OTCBB (foreign)   */            char   cBuySideHit;   /* Hit between last update  */       char   cSelSideHit;   /* Hit between last update  */            char   sSymbol[DB_SYMBOL_LEN];/* Stock symbol   */            char   sCusip[DB_CUSIP_LEN];/* Stock CUSIP   */            char   sFill[1];   /* Fill to longword boundry   */            DB_FIRM.H            long   lCommLink;   /* CTCI comm link number   */            long   lFirmSeq;    /* Firm seq number   */            long   lFirmLink;   /* Firm order link head pointer   */            char   sClientID[DB_CLIENTID_LEN];   /* FIX-109 Firm ID   */            char   sSymbol[DB_SYMBOL_LEN];   /* FIX-55 Firm&#39;s stock symbol                */            char   cStatus;   /* Firm status   */                /* A-Active, S-Suspend   */            char   cOrderRouting;   /* Order routing Y/H/R/C   */            char   cAfterHours;   /* After hours trading Y/N   */            char   cMktMaker;   /* M-MarketMaker, B-BD   */       char   cRule80A;   /* FIX-47   */       char   cQSR;   /* Y/N   */       char   cAGU;   /*   */            ****** Comm Stuff   */            char   sLineId[DB_LINEID_LEN];   /* CTCI line id   */            char   sCommPort[DB_COMMPORT_LEN];   /* CTCI comm port name   */       char   sCommPswd[DB_COMMPSWD_LEN];   /* CTCI comm link password   */            char   cCommProtocol;   /* CTCI protocol type   */                /*  T - TCP/IP   */           /*  B - Bisync   */           /*  D - Decnet   */           /*  S - SNA   */           /*  X - X.25   */                /*  M - MRDP   */           /*  F - Siac FMP   */            char   cHoldIntrnl;   /* FIX-9140 1=Hold   */            sTargetTrader[10]   /* sCompID[10]   */            DB_ORDER.H            long   lNextRec;   /* Next available record   */       long   lDumpTime;   /* Time of last dump to disk   */       long   lRejects;   /* Orders rejected   */       long   lKickBack;   /* Orders returned, better NBBO   */            long   lRoutes;   /* Orders routed   */            long   lQuoteCount;   /* External quotes counter   */            long   lLastCount;   /* External last sale count   */            long   lGblDump;   /* Global dump counter   */            short   iLastArchive;   /* Time archive was run (hhmm)   */            char   cLastDump;   /* File ext for glb backup file   */            } *DB_ORDER_HEADER;typedef struct order_rec       {            long   lFwdSecLink;   /* Forward security link (rank)   */            long   lBkSecLink;   /* Back sec link pointer (rank)   */       long   lFirmLink;   /* Firm link   */       long   lOrderQty;   /* FIX-38 Initial volume   */            long   lLeavesQty;   /* FIX-151 Volume remaining   */            long   lPrice;   /* FIX-44 Scaled price   */            long   lStopPx;   /* FIX-99 Stop Price   */            long   lTime;   /* Entry date/time   */            long   lCxlTime;   /* Order Cancel date/time   */       short   iSec;   /* Security record number   */            short   iFirm;   /* Firm ptr   */            char   cRule80A;   /* FIX-47   */       char   cOrdStatus;   /* FIX-39 Order status   */            char   cOrdType;   /* FIX-40 Order type   */            char   cSide;   /* FIX-54 Side   */       char   cTimeInForce;   /* FIX-59   */            char   cExecInst;   /* FIX-18 Conditions   */       char   cExchange;   /* Routing Exchange   */            char   cHoldIntrnl;   /* FIX-9140 1=Hold Internal   */            char   cExtendedHours;   /* FIX-9133   */            char   sClOrdID[DB_CLORDID_LEN];/* FIX-11 Firm order ID   */            char   sFill[2];   /* Keep it on longword boundry   */            DB_DEAL.H            long   lNextRec;   /* Next free record   */       long   lActAck;   /* # of Act messages sent   */            long   lActAsOfAck;/* # of Act as of msgs sent   */            long   lVolume;   /* Volume traded today   */            } *DB_DEAL_HEADER;       typedef struct deal_rec       {            long   lBOrd;   /* Order rec pointer (buy)   */       long   lSOrd;   /* Order rec pointer (sell)   */            long   lLastPx;   /* FIX-31 Price   */            long   lLastShares;  /* FIX-32 Volume   */            long   lTransactTime;   /* FIX-60 Date/Time of deal   */       char   cExchange;   /* Trading Exchange   */                /* G=GlobeNet   */           /* A=Amex   */                /* M=Chicago   */                /* N=NYSE   */                /* P=Pacific   */                /* Q=Nasdaq NM   */           /* S=Nasdaq SC   */           /* U=OTCBB (US)   */           /* V=OTCBB (foreign)   */            char   cActReported;/* Reported to ACT Y/N   */            char   cCleared;   /* Cleared Y/N   */       char   sFill[1];   /* Filler   */                  
 
         [0093]    Order/Message validation in accordance with a preferred embodiment of the invention will now be discussed in detail. All incoming messages (and elements thereof) are subject to validation according to defined business logic, as it may change from time to time. Primary validation occurs on the application (trading system) level, although validation may also occur on the protocol level. A hierarchical process governs system validation. Messages that do not pass all such validation will be rejected and a rejection message returned to the appropriate Subscriber. In, its preferred environment that hierarchy is:  
         [0094]    System Status—Is the system accepting (for processing) the message type during its current state.  
         [0095]    Subscriber Validation—Is the Subscriber identified in the message eligible to trade on the System.  
         [0096]    Trading Instrument ID (Symbol)—Is the product or service specified in the message eligible for trading on the system.  
         [0097]    Security State—Is the security specified in the message currently in a state for which this message can be processed.  
         [0098]    Order Type—Is the order type (if applicable by message type) specified in the message eligible for processing during this System state.  
         [0099]    Volume—Does the volume specified in the message (if applicable by message type) meet the minimum standards set for processing by the System.  
         [0100]    Price—Is a price specified in the message (if applicable by message type and order type) and if so does the price meet any specified limitations thereon.  
         [0101]    Side—Does the message/order have a specified side (such as buy or sell, if applicable by message type) and if so are there any special restrictions places around the processing of such side.  
         [0102]    Size—Does the message/order have a specified size limitation (such as a $ value, calculated from price x volume, if applicable by message type and side) that it must meet for processing by the System.  
         [0103]    Time in Force (TIF)—Is the time in time in force value (if applicable by message type and system state, security state) associated with the order valid for processing by the system given its current state.  
         [0104]    Extended-Hours—Is the order marked for trading outside of traditional trading hours, and if so is such order eligible for processing therein.  
         [0105]    Order/Message processing in accordance with a preferred embodiment of the invention will now be discussed in detail. Order messages are processed by the system in the sequence that they are received. The system governs application level validation and all aspects of order interaction, display and matching.  
         [0106]    Orders that comply with all application-level validations are assigned a unique sequence number. The sequence number will be provided to the Subscriber and used for tracking purposes. Validated orders are queued for processing and are available for matching. If an order is capable of execution (an acceptable contra side-party is found), a match will occur. If an order is not capable of matching, it is displayed on the Order Book or processed via Subscriber specific order instructions. Orders are matched according to a price and time priority.  
         [0107]    The system in its preferred embodiment operates as a continuous matching system for orders entered therein. A matching cycle is precipitated, for a security, upon the following:  
         [0108]    Receipt of a New Order  
         [0109]    Change in Order State  
         [0110]    Change in the NBBO or external price  
         [0111]    Upon the occurrence of an event precipitating a matching cycle the system will:  
         [0112]    Perform an evaluation as to where the best execution of an order can be found (price and size):  
         [0113]    If internal go to step 2, or  
         [0114]    If external and the order is executable (price and size), follow Subscriber specific instructions in the hold internal flag, performing one of the following:  
         [0115]    Hold internal for processing, or  
         [0116]    Route the order for manual processing, or  
         [0117]    Respond to other instructions may be incorporated, or  
         [0118]    Return the order to the Subscriber  
         [0119]    Employ an algorithm to select countervailing parties for matching:  
         [0120]    If contra parties found, go to step 3, or  
         [0121]    If no parties can be found, display and rank in the book (End);  
         [0122]    Record (update) matched trades in the database; and  
         [0123]    Remove orders (from book) if fully executed, update size if partial fill; and  
         [0124]    Deliver execution message to appropriate Subscriber(s); and  
         [0125]    Deliver message for trade reporting, as appropriate; and  
         [0126]    Repeat until no further transactions can be processed.  
         [0127]    Order routing/return will now be described in detail. The system constantly monitors the best internal and published external prices available for its trading securities, product or service. In the event that the external primary market is open for trading, a better price (execution) is available externally, and the order is fully or partially executable (price and size), the system will take action to facilitate execution at the better price, as instructed by the Subscriber. It will either:  
         [0128]    Hold internal for processing, or  
         [0129]    Route the order for manual processing, or  
         [0130]    Respond to other instructions as may be incorporated, or  
         [0131]    Return the order to the Subscriber  
         [0132]    Trading on the system is preferably accomplished in decimals, the preferred embodiment being four decimal places. All incoming orders priced in fractions are converted to four decimal places. Buy orders are rounded down; sell orders are rounded up. Orders may also be rounded to two decimal places for display purposes.  
         [0133]    With respect to redundancy and recovery, the system of invention is designed to be fully redundant. In this case redundancy refers to an architecture that provides for a second process machine or means in the unlikely event that problems were to occur in a primary processing component.  
         [0134]    Recovery refers to the fact the system of invention uses a complex schema to ensure that in the event of a problem, it will quickly be able to re-start message processing without losing a bit of information. In order to facilitate such recoverability, all incoming messages are recorded. Messages are also recorded at other processing points within the system. In the event that a problem was to occur, recorded messages for a defined period of time will be rebroadcast into the system where it will complete a pos/dup check to determine if the message had previously been processed.  
         [0135]    System processes of the invention will now be described in detail. The system of invention includes a number of processes designed to run at defined points and perform a specific task or functionality. Such processes are required to run a marketplace. Examples of these processes are given below:  
         [0136]    Inter-state—These processes move the trading system from one trading state to another, enacting a new set of rules.  
         [0137]    Beginning of Day—This process prepares the trading system to begin a trading day and includes updating the Subscriber and Trading Instrument tables, as well a myriad of other functions.  
         [0138]    End of Day—This process prepares the trading system to end a trading day and includes cancellation of all day orders, updating its trading filed to the CDR, updating Subscribrs of a daily record and a myriad of other functions.  
         [0139]    The system of invention is further augmented by designed means of facilitating the operations and conducting surveillance therof. The preferred embodiment of both the operations and surveillance element of the System are browser-based screen providing access to real-time trading data and System interaction.  
         [0140]    The primary functionality of the operations module of the System is to ensure that the System is working efficiently (both hardware and software), Subscribers have access to the system and all other operation issues are addresses.  
         [0141]    The primary function of the surveillance module of the System is to identify elements of “illegal” trading activity that may occur. Examples of such activity may include “front-running,” collusion, and manipulation to ensure the orderly operation of the marketplace.  
         [0142]    The hardware of the invention in its preferred embodiment, as previously described in reference to FIGS. 1 and 2, will now be described in more detail. The hardware and software of the system in its preferred embodiment are designed to provide a system which is secure, fast, stable and scalable. The Computer Systems preferably comprise two logical networks, the Trading Network and the Administrative Network. The two systems are interconnected but operate logically independent of one another. The Administrative Network is primarily Intel based, consisting of Microsoft NT Servers, Laser Printers, Laptops, Workstations and Thin Clients. This network also contains the necessary connectivity hardware such as: Category 5e cabling, Ethernet Switches, Patch Panels, and Modems. All equipment for this network is housed in locked cabinets in a secure room.  
         [0143]    The Trading Network is the public portion of the computer infrastructure. The Trading Network houses the actual WEB interface to and from the trading system as well as the application and database servers. All servers and data storage areas utilize FireWall Security (CheckPoint FireWall 1) and are configured totally redundant. The platforms utilize both RAS and High Availability features. All equipment for this network is housed in locked cabinets in a secure room.  
         [0144]    The Servers in the Trading Network are preferably SUN Microsystems servers. The WEB Servers may be parallel Enterprise 250&#39;s while the application/database server is made up of two Enterprise 4500&#39;s configured in a cluster. Such clusters have been certified by SUN Microsystems. All disk storage utilizes Raid Level 1, in addition to full disk hardware redundancy.  
         [0145]    The Trading Network preferably utilizes some additional hardware in addition to that of the Administrative Network. The network servers utilize switched, full-duplex 100 MB inter-equipment connections. All access to and from the equipment, external and internal, is via redundant Checkpoint Fire Wall 1 firewalls. The Firewalls allow for load balancing to the WEB servers as well as port security. All servers&#39; disk storage is backed up nightly to DLT tape libraries. A 5-week rotation is established with an offsite storage rotation.  
         [0146]    The Administrative Network portion of the infrastructure is the vehicle that enables the carrying out of daily business functions. This network allows for Scheduling, Calendaring, Task Management, Email, Group Collaboration, Internet Browsing, Word Processing, Filing, Printing and Faxing.  
         [0147]    All Servers in the Administrative Network may comprise, e.g., Compaq Proliant 1600r&#39;s running Microsoft Windows NT Server 4.0. All Servers are Pentium II 450 Mhz single and multiprocessor models. The Administrative Network Servers perform a variety of functions for the DNS. These functions are: Domain Authentication, Domain Backup, Email, Faxing, File and Print Services, Internet Proxy Services, Terminal Server, DHCP Services and Domain Backup Services. All of these Servers can connect directly to the “core” network Ethernet switch via gigabit Ethernet over fiber optic medium.  
         [0148]    The workstations are preferably made up of three types of systems: laptops, thin clients and desktops. The laptops are primarily Dell Inspiron 7000&#39;s. The thin clients are the NCD ThinStar 300 model. The desktops are Compaq Desk Pro 500 Ms.  
         [0149]    Both the Administrative Network and Trading Network can share a rack of equipment that is used to provide access to and from the Internet, the Clearing Houses and satellite offices. An additional circuit may be used to connect the CTCI interface to the NASDAQ to comply with the 90 Second Trade reporting rule. The equipment in this rack is comprised of a fiber optic multiplexor that divides the available bandwidth into usable circuits for various purposes. The fiber into the multiplexor is of OC12 capabilities (655 MB), it is split into a burstable T3 (45 MB) for the WEB Servers, Fraction T1&#39;s (1.54 MB) for the Clearing Houses and the remote offices, and Voice T1&#39;s (48 channels) for the telephone switch. The fiber optic access is a spur directly off of an MCI Fiber Backbone loop (SONET RING).  
         [0150]    The interface for the Interactive Order Book of the invention will now be described in detail. In this respect, the invention provides a system and method for aggregating, manipulating and displaying order data. In particular, the invention provides a novel process by which retail investors or other users view qualifying offers to buy and sell securities in an electronic format. The system and method of the present embodiment preferably operates in conjunction with the trading system described above and preferably provides access to an interactive order book via the Internet or the GUI such as that described above. However, it will be understood by those skilled in the art that the interactive order book as described below can be used with other securities trading systems and can use networks other than the Internet without departing from the spirit and scope of the invention.  
         [0151]    The process provides for filtering of internal customer order data and selection of qualifying data for placement on a display mechanism (order book). Order data may include the following elements (in any order), ticker symbol (or other identifier), price (optional), size (quantity), time and date stamp, indication of either buy or sell, any limitations placed thereon and a unique order identifier. Upon submission, the order data is combined with data regarding the identity of the entering party and other related underlying data (such as account information) to create a unique data set. The process evaluates all entered elements and displays identified qualifying data items.  
         [0152]    Data which qualifies for inclusion in the interactive order book display specifically includes “open” orders, which comprise both priced and unpriced orders (that have yet to receive execution against a contra order or routing to an alternative destination.  
         [0153]    The system and method of the invention in accordance with the present embodiment provides investors with a means to view order data in a real-time, intuitive and openly disseminated manner. The system and method of the invention in accordance with the present embodiment provides Subscribers with a means to view, interact and disseminate order data in a real-time, intuitive and openly disseminated manner. It facilitates a new level of interaction with the user, which is set forth in further detail below. For years such data has been the sole province of professional traders. Even the language that is used to represent buy and sell orders, “bid” and “ask,” respectively, originates from a dealer-style market. The data is made available on a closed network, traditionally available only to brokers. A great deal of effort has been and continues to be made to keep such information from the average investor. Only recently has order data been made available to retail investors, and this is to a select group of “active traders” or wealthy individuals. Such groups are not provided the data in a manner that suits their needs, rather, they are simply provided read-only access to the tools and software of a professional trader.  
         [0154]    An example of a display mechanism in accordance with the invention is shown in FIG. 3. The display mechanism is preferably color-coded and easily read. It may be designed to combine internal and external order elements. That is, the display preferably provides the investor with both internal order data (order data from the trading system referred-to above) and external order data (data from orders originating in other external sources such as stock exchange systems, or NASDAQ). The invention provides the investor with an improved tool for price discovery (transparency), price improvement and best execution methods.  
         [0155]    As set forth in detail above, the system of the invention in its preferred embodiment allows Subscriber to enter orders for processing by the system The underlying elements of certain unexecuted orders will qualify for display in the order book display of the invention. This display can be made available (in different iterations) over the internet and via the GIUI. Upon execution, order data is preferably removed from the order book and no longer qualifies for display. The order book may integrate qualifying orders entered into the system with national best price (prices) for both the buy (ask) and sell (bid) data or other external data.  
         [0156]    Within each book, data is ranked according to the following criteria:  
         [0157]    1) Price—the price of an order  
         [0158]    2) Time—the time at which data was entered  
         [0159]    3) Size—the specified quantity  
         [0160]    It should be noted that Match orders are unpriced and will be given priority based upon the existing match price (defined below). Depending upon the situation and primary market of the trading element, market orders may also be permitted to “hit” the book. In such instance they will be given priority based upon a means to be determined by the system Administrator. Such a means shall include external best, internal best, last sale or another price as determined by the system Administrator.  
         [0161]    The display mechanism can take several forms as depicted in FIGS.  3 - 8 . The display mechanism is security (or product or service) specific and may contain the following elements:  
         [0162]    Company Name—name of the company issuing the trading element (or manufacturing, distributing the trading element)  
         [0163]    Symbol—Unique identifier of the element about which data is being collected and displayed  
         [0164]    Price—Price $ at which trading will occur  
         [0165]    Size—quantity that one wishes to buy or sell  
         [0166]    Limitation Identifier—symbol alerting user that some (specified or unspecified) limitation was been issued in connection therewith  
         [0167]    National Best Buy (Ask or Offer)—the best (least expensive) widely disseminated price at which to buy the trading item.  
         [0168]    National Best Sell (Bid)—the best (most expensive) widely disseminated price at which to sell the trading item  
         [0169]    Match price—the mid point of the bid and ask price as determined by the arithmetic median of the National Best Buy and National Best Sell Prices. Note this can also be calculated by the arithmetic mean.  
         [0170]    Unique Identifier—the unique identifier is one that is either order or account specific and will allow the user to track their order throughout the system.  
         [0171]    The display mechanism is preferably delineated into two sides, the buy side (Bid) and the sell side (Ask), with the sell side located on the right and the buy side located on the left. FIGS. 3 and 4 illustrate several alternative general formats for the display. In FIG. 3, data from qualifying orders are displayed with size and price shown on the buy side and price and size shown on the sell side. Additional data elements, such as a time associated with each displayed order or an identifier, can be included. Further, as illustrated in FIGS. 3 and 4, data rows on the buy side are preferably ranked in descending order according to 1) price, 2) time, 3) size. As illustrated in FIGS. 3 and 4, data rows on the sell side are ranked in ascending order according to 1) price, 2) time, 3) size.  
         [0172]    National (external) buy and sell prices can be included in the display in a number of ways. National best prices can be assigned a unique identifier such as a color or number. In FIGS.  3 - 8 , national best prices could be identified by being displayed in red, but it will be understood that other colors and means for identification of national best prices can be used without departing from the spirit and scope of the invention.  
         [0173]    As illustrated in FIGS.  3 - 8 , national best prices may be included in a separate designated row in the order book. National best prices may be included (just as any other order would be) in the book. In this manner they are simply given priority, as any other order would be according to price, time, size. Multiple national prices (widely disseminated) may be included in their own display mechanism next to the system display mechanism  
         [0174]    A further feature of the invention is the interactivity that the user is afforded though presentation on the internet. The system of the invention can allow trading participants, through either a sponsoring broker or designated broker participants, to enter orders directly to the system. Participants may track their order if it is posted to the display mechanism. Participants may track their order via a unique color and/or identifier. For example, the color green may be used to identify a trading participant&#39;s own order and the color yellow may be used to identify Match orders.  
         [0175]    In addition to entering and tracking their orders, trading participants can also amend or delete their orders prior to execution. Any changes will be immediately reflected in the display mechanism, except that there may be a slight delay incorporated in order to preserve order fulfillment integrity if regulatory rules so require. Trading participants can also identify contra orders that they would like to trade against, submit the order (data), and watch as the identified order is adjusted or removed from the display mechanism.  
         [0176]    It should be noted that cloaking may be used in connection with the display of this invention. Cloaking allows the user to choose to cloak a displayed item. A cloaked item will appear in a form such as [XXXX} that will prohibit anyone viewing the display from knowing the actual value or identifier thereunder. The system administrator will maintain, at its sole discretion, authority over what elements may be cloaked and when they may be cloaked.  
         [0177]    As a means of increasing interaction with the invention, it may be presented in a way such that an item in the display of each order will be a hyperlink. The hyperlink will bring up an order form. The order form will be pre-filled with the price and size information of the order so chosen. This means will create a new level of interactivity between the invention and the user.  
         [0178]    While the invention has been particularly shown and described with reference to a preferred embodiment thereof, it will be understood by those skilled in the art that various changes in form and details may be made therein without departing from the spirit and scope of the invention.