System and process for providing institutional directed sponsored trading

摘要

An Institution wishing to trade securities may connect to an Electronic Communication Network through a network interface. The Institution may then enter orders to buy and sell securities, display such orders to all subscribers to the system, and automatically match and execute the orders. The Institution may designate a broker to sponsor a particular trade or group of trades. The execution of these orders and other trade-related services are provided to the Institution by the Electronic Communication Network operator. The Institution pays commissions to the Electronic Communication Network operator for trade executions. The Electronic Communication Network operator then reports to the sponsoring brokers the identity of the designating Institutions and the sponsored trading activities executed by the Electronic Communication Network operator for the designating Institutions. The Electronic Communication Network operator also pays a portion of the commission for the sponsored trades to the sponsoring brokers.