The present invention processes and distributes Level 2 financial data. This invention comprises a constituent component that identifies various pieces of information that are contained in stock feeds. These pieces of information are identified and keys are generated based on the various pieces of information and combinations of pieces of information. The information in the incoming stock feeds can be sorted and processed based on a particular key or keys depending on the desires of a particular client. In addition, new keys can be generated based on the preference of a particular client. This flexibility to create the various keys to be used to process feed information is different from conventional methods that use only a standard set of sorting and processing criteria for all feeds and for all clients.