ELECTRONIC TRADING SYSTEM

摘要

An electronic system for aggregated pricing of linked multi-leg (e.g., equity/option and option/option) asset packages with an additional link to an automated broker system for trading the linked asset packages (206) is disclosed. The invention provides a methodology and apparatus to electronically produce aggregated price quotes (203) for packages of instruments designed to represent traditional trading strategies involving cash and their derivatives (e.g., stock and equity options). The system develops packages according to specified strategies, and prices the packages based on the national best bid and offer (NBBO) or direct input from participating market makers (202) and investors. Certain linked packages, such as most stocks and options, cannot be traded together on a single floor of an exchange due to restrictions by the Securities and Exchange Commission (SEC) regarding side-by-side trading and integrated market making (202) of most stocks and options.