Electronic communication network ranking for automated market system

A method for trading securities in an electronic market, the method comprises:

• 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, and non-attributable agency orders of UTP Exchanges, with each ECN order and quote-access fee charged by the respective ECN aggregated to produce the respective price used for determining price priority.

A computer program product residing on a computer readable medium comprises instructions for trading a security in an electronic market causes a computer to:

• enter an order at a client station for executing against any market participant that can at least in part satisfy the order;
• and
• match 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.

A computer program product residing on a computer readable medium comprises instructions for trading a security in an electronic market causes a computer to:

• enter an order at a client station for executing against any market participant that can at least in part satisfy the order;
• and
• match 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, and non-attributable agency orders of UTP Exchanges, with each ECN order and quote-access fee charged by the respective ECN aggregated to produce the respective price used for determining price priority.

A trading process, for trading a security in an electronic market, the trading process comprises:

• an order entering process to enter an order at a client station for executing against any market participant that can at least in part satisfy the order;
• and
• a matching process to match 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.

A trading process, for trading a security in an electronic market, the trading process comprises:

• an order entering process to enter an order at a client station for executing against any market participant that can at least in part satisfy the order;
• and
• a matching process to match 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, and non-attributable agency orders of UTP Exchanges, with each ECN order and quote-access fee charged by the respective ECN aggregated to produce the respective price used for determining price priority.