A method, system and programmed medium for use by buyers and sellers in the trading of a security. All transactions will involve only cash. The system provides an electronic marketplace in which only customers are involved in any trade. Brokers, specialists, market makers, and stock transfer agents are not required. In this electronic marketplace system, customers have a direct connection to the securities market. Shares representative of underlying securities are traded, and ownership of the underlying security is not taken. In each transaction, a transaction number is generated to code price, volume, date, owner and other information, and a processor uses the transaction record to reconcile accounts in an accounts database. Due to efficiency of the system, transaction costs in this system may be set near or at zero, depending on the commission fee set by the system. If desired, the spread between bid and asked prices may be eliminated.