Abstract: A computer-based system provides a synthetic Contract for Difference (CFD) trading exchange that has the ability to link and replicate the order flow of corresponding underlying commodity markets into derivative CFDs and also link and replicate the CFD order flow into the underlying commodity markets in underlying non-derivative form, all in real time. A central processor collects CFD orders from remote members and synthesized orders from a synthesizing unit, reflecting orders from underlying cash commodity markets, and sends member orders to the synthesizing unit for replication onto underlying cash commodity markets. Members of the exchange who enter bids and offers at remote terminals have their orders handled in the central processor that compares and prioritises members' orders, finds matches with other members' orders or synthesized CFD orders and completes the execution of the transaction.