Method and system for rebrokering orders in a trading system

A computerized trading system utilizing the interne which permits anonymous trading between first ordering parties and second ordering parties through intermediaries and executes a trade between said first ordering parties and said second ordering parties, said trading system comprising a plurality of programmed computers connectable to an order server having a memory which maintains a user's authentication routine, order processing routine, order matching routines, and rules processing routine as a function of whether to execute trades between said first ordering parties, intermediaries, and second ordering parties, the computerized trading system being adapted to:

• receive and validate first orders from first ordering parties and save said first orders in an order file in accordance with said order processing routine;
• obtain for each said order a first order counterparties list and identify authorized first intermediaries to said first orders from said first order counterparties list, in accordance with said rules processing routine;
• present said first orders to said authorized first intermediaries in accordance with said rules processing routine, wherein said rules processing routine processes said first orders by first intermediaries rules of said authorized first intermediaries;
• generate first intermediate orders from said first orders that have been processed by said rules processing routine and said authorized first intermediaries rules, wherein said first intermediate orders are generated in accordance with said order processing routine, wherein said first intermediate orders include first intermediaries order terms and first ordering parties order terms;
• receive and save said first intermediate orders in said order file or copy thereof, in accordance with said order processing routine;
• process said first intermediate orders thereby obtaining a first intermediate order counterparties list in accordance with said rules processing routine and identify authorized second ordering parties to said first intermediate orders from said first intermediate order counterparties list;
• present said first intermediate orders to said authorized second ordering parties in accordance with said rules processing routine, wherein said rules processing routine processes said first intermediate orders by authorized second ordering parties order rules of said authorized second ordering parties;
• receive a matched order from at least one second ordering party in accordance with said order matching routines, said match order being a match to any of said first intermediate orders of said authorized first intermediaries and orders of said authorized second ordering parties, wherein said match provides anonymous trading from said first ordering party to said second ordering party, and
• wherein said authorized first intermediaries are broker-dealers having counterparties being investors or other broker-dealers, and
• wherein said first ordering parties and said second ordering parties may be broker-dealers or investors.