It is expected that in future user-centric wireless network scenario the concept of dynamic spectrum trade will provide operators with opportunities to utilize the spectrum more efficiently. Wireless market players (both incumbent and new entrants) trade the spectrum chunks on the provide, when needed basis with the spectrum broker. In this paper, we model the interaction between different stake-holders such as users, operators and spectrum brokers at different hierarchical level and investigate the equilibria. We also model the utility functions of all the stake-holders. We propose and implement the realization framework for the proposed dynamic spectrum allocation approach using Long Term Evolution (LTE) virtualization.