Direct Client Access Securities Order Management

The patent extracts the order entry function from the member firm's manual process and places it directly in the client's hands through electronic devices. Clients can now enter orders directly into the exchange's order management system without going through the member firm's manual entry process, thereby eliminating the time delay while preserving access to book matching privileges.

The patent introduces an electronic communication intermediary (the exchange's order management system and network) between the client and the exchange. This intermediary enables real-time, automated transmission of order data from the client's device directly to the exchange's matching engine, eliminating manual processing delays while maintaining the member firm's book matching privilege structure.

The patent makes the exchange's order management system serve multiple functions: it handles both traditional member firm orders and direct client orders, provides real-time order management capabilities, and maintains book matching privilege structures. This multi-functionality allows direct client access to be integrated into the existing system without requiring completely separate infrastructure.

The patent creates an electronic copy of the traditional order entry process that runs parallel to the manual system. Clients use electronic devices that replicate the order entry interface, and the exchange's system processes these electronic orders through the same matching engine that handles traditional orders, thereby improving efficiency without fundamentally changing the core matching infrastructure.