A system is provided for linking together a system of trading financial
instruments to a system of clearing transactions in financial
instruments. In a first aspect of the present invention, the linking
system includes a network linking a plurality of trading systems and a
clearing system. An external interface couples the trading systems to the
network while a clearing interface couples the clearing system to the
network. A transmitter module transmits trading information in a
plurality of kinds of securities along the network from the trading
system to the clearing system. That transmitting selectively occurs
approximately simultaneously with the arrival of the trading information
at the external interface. The transmitting also occurs independently of
the selection of trading algorithm or clearing algorithm. A second aspect
of the present invention involves a computerized method for coupling a
plurality of trading systems and a clearing system with a network. The
method couples the trading systems to the network at an external
interface and the clearing system to the network at a clearing interface.
Transmission of trading information occurs along the network from the
trading system to the clearing system. That transmission selectively
occurs approximately simultaneously with the arrival of the trading
information at the external interface. The trading information covers
trades in a plurality of kinds of financial instruments, including,
stocks, bonds, commodities, goods, services, and rights. The transmitting
of trading information in the computerized method occurs independently of
the selection of trading algorithm or clearing algorithm.