| 摘要 |
<p>A system for processing security transactions that permits investors to trade, receive position reports, and manage securities in dollar-denominated and fractional amounts [see Fig. 1] is disclosed. In one embodiment, the invention includes three components: a Front End Order Processing System, a Back End Order Processing System [150], and a Position Maintenance and Reporting System [180]. The Front End Order Processing System receives dollar-denominated transaction requests and aggregates them and converts them into a unit-denominated format for execution. Upon conversion, the aggregated unit-denominated order is routed for execution. The Back End Order Processing System receives the execution, clearing and settlement information concerning the aggregated unit-denominated order. This information is used to allocate the p[roceeds from the aggregated transaction to the individual orders. The Back-End System routes the trade information to the Position Maintenance System which handles the record keeping and position reporting functions of the system.</p> |
