Method and system for integrating trade executions among multiple market participant types

Abstract

A computerized system (10) and method for integrating trade executions among multiple market participant types is disclosed. The system (10) includes a client system (14) that provides a user interfact (150) for inputting an order for the execution of a trade and a server system (12) in communication with the client system (14). The server system (12) accepts the order for the execution of the trade from the client system (14). The server system (12) then routes the order to a trade execution location (30) of one market participant type selected from among multiple market participant types such as the market participant types of ECNs, market makers and exchanges. The server system (12) has direct and indirect access to the ECNs and the market makers and has indirect access to the exchanges, thereby integrating trade executions among multiple market participant types.

1 . A server system comprising:
 a quote server configured to receive and parse data feeds from one or more security data sources;   a mid-level server configured to monitor a subset of securities monitored by the quote server, wherein the mid-level server is configured to monitor all open positions of users of the server system as well as securities being watched by users; and   an HTTP tunneling server configured to provide access to the server system for one or more client systems.   
     
     
         2 . The server system of  claim 1 , wherein the quote server is configured to disseminate real-time first level security data and real-time second level security data, and wherein the data is at least partially maintained in cache memory of the quote server. 
     
     
         3 . The server system of  claim 1 , further comprising:
 a chart server communicatively coupled with the security data sources and configured to parse the data feeds from the security data sources, and   a database configured to store parsed data from the chart server and develop historical charting of security data.   
     
     
         4 . The server system of  claim 1 , further comprising:
 a boss server configured to manage operation of servers in the server system by routing connection requests from the client systems to the servers within the server system.   
     
     
         5 . The server system of  claim 4 , further comprising:
 a master server configured to load information related to individual client systems into memory.   
     
     
         6 . The server system of  claim 5 , wherein the boss server is configured to provide IP addresses to individual client systems to provide access to the master server. 
     
     
         7 . The server system of  claim 5 , wherein the master server is further configured to perform compliance checks on orders received from client systems. 
     
     
         8 . The server system of  claim 1 , further comprising:
 a book server communicatively coupled with the security data sources and configured to receive book data from an ECN or a market maker, and wherein the book data comprises first and second level security data as well as available asks and bids for each security.   
     
     
         9 . The server system of  claim 1 , further comprising:
 a smart server configured to process orders received from the one or more client systems, wherein the smart server is configured to parse the orders into a plurality of suborders.   
     
     
         10 . A server system comprising:
 a quote server configured to receive and parse data feeds from one or more security data sources;   a book server communicatively coupled with the security data sources and configured to receive book data from an ECN or a market maker, and wherein the book data comprises first and second level security data as well as available asks and bids for each security;   a mid-level server configured to monitor a subset of securities monitored by the quote server and book server, wherein the mid-level server is configured to monitor all open positions of users of the server system as well as securities being watched by users; and   an execution server configured to receive orders from one or more client systems and route the orders to an ECN or market maker, or to a broker system for execution.   
     
     
         11 . The server system of  claim 10 , further comprising:
 a boss server configured to manage operation of servers in the server system by routing connection requests from the client systems to the servers within the server system.   
     
     
         12 . The server system of  claim 11 , further comprising:
 a master server configured to load information related to individual client systems into memory.   
     
     
         13 . The server system of  claim 12 , wherein the boss server is configured to provide IP addresses to individual client systems to provide access to the master server. 
     
     
         14 . The server system of  claim 12 , wherein the master server is further configured to perform compliance checks on orders received from client systems. 
     
     
         15 . The server system of  claim 14 , wherein the master server is further configured to transfer orders that have passed compliance checks to the execution server. 
     
     
         16 . The server system of  claim 12 , wherein the master server is further configured to receive user information via a connection to a broker server located remotely at a broker system. 
     
     
         17 . The server system of  claim 10 , further comprising:
 an HTTP tunneling server configured to provide access to the server system for one or more client systems.   
     
     
         18 . The server system of  claim 10 , further comprising:
 a smart server configured to process orders received from the one or more client systems, wherein the smart server is configured to parse the orders into a plurality of suborders.   
     
     
         19 . The server system of  claim 10 , wherein the quote server is configured to disseminate real-time first level security data and real-time second level security data, and wherein the data is at least partially maintained in cache memory of the quote server. 
     
     
         20 . The server system of  claim 10 , further comprising:
 a chart server communicatively coupled with the security data sources and configured to parse the data feeds from the security data sources, and   a database configured to store parsed data from the chart server and develop historical charting of security data.