Abstract: A computerized system and method for placing orders for financial instruments with an exchange or alternative trading system is provided. In accordance with this embodiment, updated order book information is received from each of a plurality of trade execution entities. An order for a first financial instrument of the plurality of financial instruments is received from a first user. The order includes a first price per unit component, and a first unit quantity. The first unit quantity includes a disclosed liquidity quantity and an undisclosed liquidity quantity. The order, including the disclosed liquidity quantity and the undisclosed liquidity quantity, is sent to a first one of the plurality of trade execution entities for execution. A reciprocal order for the first financial instrument that does not require that the trade execution entity be the first one of the trade execution entities is received from a second user.

Abstract: A system and method for routing orders for financial instruments among permissioned users is provided. Orders for financial instruments are monitored from a first user. Each order includes a first price per unit component, and a first unit quantity, and the orders comprise undisclosed liquidity. The first user has one or more permissioned users, and the system and method monitors reciprocal orders for financial instruments from each of the one or more permissioned users. Each reciprocal order includes a second price per unit component and a second unit quantity, the first and second price per unit components having overlapping values, and the reciprocal orders comprise undisclosed liquidity that has not been sent to any trade execution entity.

Abstract: A computerized system and method for placing orders for financial instruments with an exchange or alternative trading system is provided. In accordance with this embodiment, updated order book information is received from each of a plurality of trade execution entities. An order for a first financial instrument of the plurality of financial instruments is received from a first user. The order includes a first price per unit component, and a first unit quantity. The first unit quantity includes a disclosed liquidity quantity and an undisclosed liquidity quantity. The order, including the disclosed liquidity quantity and the undisclosed liquidity quantity, is sent to a first one of the plurality of trade execution entities for execution. A reciprocal order for the first financial instrument that does not require that the trade execution entity be the first one of the trade execution entities is received from a second user.

Abstract: A securities trading consolidation system where each customer uses a single trader terminal to view, and analyze security market information from and to conduct security transactions with two or more ECNs, or other comparable ATSs, alone or in combination with one or more electronic exchanges. A consolidating computer system supplies the market information and processes the transactions. The consolidating computer system aggregates order book information from each participating ECN order book computer including security, order identification, and bid/ask prices information. Bid and ask prices for participating electronic exchanges may be integrated into the display. The combined information is displayed to a customer by security and by bids and offers, and then sorted by price, volume and other available attributes as desired by the customer.