Patent ID: 8812383

Claim:
A financial instrument trading system, comprising: a data interface system for managing a trade order to be executed by an executing broker on behalf of a customer; an order staging system for apportioning the trade order into a plurality of smaller trade orders and communicating the plurality of smaller trade orders to a plurality of order destinations; and a post-trade aggregation system configured to compress individual trade order executions from the plurality of order destinations into an average-priced block and clear the individual trade order executions on an aggregated basis; wherein said post-trade aggregation system includes: allocation middleware configured to compress the individual trade order executions from said plurality of order destinations into said average-priced block; said individual trade order executions clearing broker-to-broker with a designated clearing agent; and said allocation middleware configured to allocate the average-priced block among a plurality of custodial accounts based on received allocation information.