Patent ID: 7801795

Claim:
A computer-implemented method for trading securities in an electronic market, the method comprises: receiving by a server system an order that specifies a quantity of a security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; and matching the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to: priority among displayed quotes/orders of market makers, electronic communication networks (ECNs) that do not charge a separate quote-access fee, and non-attributable agency orders of unlisted trading privilege (UTP) Exchanges, and when the trading interest of the displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges is exhausted, matching based on a: priority among 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.