US20040044610A1 - Automated auction protocol processor - Google Patents

Automated auction protocol processor Download PDF

Info

Publication number
US20040044610A1
US20040044610A1 US10/382,527 US38252703A US2004044610A1 US 20040044610 A1 US20040044610 A1 US 20040044610A1 US 38252703 A US38252703 A US 38252703A US 2004044610 A1 US2004044610 A1 US 2004044610A1
Authority
US
United States
Prior art keywords
participant
item
trading
volume
participants
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Abandoned
Application number
US10/382,527
Inventor
Stuart Fraser
Howard Lutnick
Bijoy Paul
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
CFPH LLC
Cantor Fitzgerald LP
Original Assignee
Cantor Fitzgerald LP
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Family has litigation
First worldwide family litigation filed litigation Critical https://patents.darts-ip.com/?family=25077352&utm_source=google_patent&utm_medium=platform_link&utm_campaign=public_patent_search&patent=US20040044610(A1) "Global patent litigation dataset” by Darts-ip is licensed under a Creative Commons Attribution 4.0 International License.
Application filed by Cantor Fitzgerald LP filed Critical Cantor Fitzgerald LP
Priority to US10/382,527 priority Critical patent/US20040044610A1/en
Publication of US20040044610A1 publication Critical patent/US20040044610A1/en
Priority to US11/760,508 priority patent/US20070250438A1/en
Assigned to CANTOR FITZGERALD SECURITIES reassignment CANTOR FITZGERALD SECURITIES ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: FRASER, STUART A., LUTNICK, HOWARD, PAUL, BIJOY
Assigned to CFPH, LLC, CANTOR FITZGERALD, L.P. reassignment CFPH, LLC ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: CANTOR FITZGERALD SECURITIES
Abandoned legal-status Critical Current

Links

Images

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00Commerce
    • G06Q30/06Buying, selling or leasing transactions
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06Asset management; Financial planning or analysis

Definitions

  • the present invention relates to data processing systems for assisting in financial transactions. More particularly, the present invention relates to a data processing apparatus and method for the managed trading of select classes of securities or other commodities in accordance with specific protocols in an auction format with controlled sequence of auction events.
  • the inventive system is presented in the context of selected fixed income auction protocols for fairly and quickly transacting offer-bid trading.
  • the market price is the price (in given currency terms) that a fully educated market, given full access will transact select goods. This can only be accomplished by permitting full access to the transaction by essentially all potential buyers and sellers.
  • the buyer-seller transaction must be structured to operate at very low costs—or it will distort the market price of goods with the artificially high transactions costs.
  • the two keys to effective buyer/seller transactions full access and knowledge coupled with low costs—can be and are often conflicting, necessitating trade-offs between trading efficiency and market knowledge.
  • Open outcry auction techniques have also found successful application in many commodity trading activities, including the buying and selling of farm produce and livestock, oil and commodities contracts, future contracts on a variety of items and—particularly germane to the present invention—fixed income securities.
  • These trading activities focus on the buying and selling of essentially fungible items, that is, items that are without meaningful differentiation from like items on the market. For example, a bushel of wheat for February delivery is considered for sale and delivery at a price independent from its source.
  • a 30-year treasury bond paying a coupon rate of 8 percent and having a July 1996 issue date is indistinguishable from other 30-year treasuries having the same properties. Accordingly, the price buyers are willing to pay and sellers willing to accept defines the market price of all 30-year treasury bonds of that same vintage, allowing a source transparent application of open outcry auction trading.
  • U.S. treasuries The fixed income securities issued by the United States Government are known as U.S. treasuries. These instruments typically span maturity terms at issue of 13 to 52 weeks (T-bills), one to ten years (notes), and up to 30 years (bonds).
  • T-bills are pure discount securities having no coupons. Almost all other treasuries having longer terms are coupon notes or bonds, with a defined payment cycle of semi-annual payments to the holder.
  • Treasuries have characteristic properties that make them especially useful for the purpose of the present invention and, therefore, are used exclusively in the following discussions with the fundamental tenant that the principles may be applied to other types of fixed income securities without departing from the inventive concepts.
  • New treasury securities are auctioned by the U.S. government at pre-established auction dates.
  • the auction prices for the treasuries having a face value with a set coupon rate will define the issuance yields of the security.
  • the treasuries enter the secondary market and are traded typically “over the counter”, i.e., without a defined exchange.
  • inflation expectations and supply and demand conditions change, the prices of the recently auctioned treasuries fluctuate on the secondary market.
  • These new prices are reflected by competing bid and ask prices communicated among institutions, banks, brokers, and dealers in the secondary market. For example, the yield of a treasury note increases as its price drops in the market, typically reflecting an overall increase in the interest rates for that term of security.
  • the newly auctioned securities are traded with and in conjunction with the securities issued in earlier auctions.
  • some securities are traded more often than others and are called the “actives”; the actives usually correspond to the recently issued securities as opposed to the older securities in the market. Indeed, some older securities are infrequently traded, creating an illiquid market that may or may not reflect the current market-determined interest rate for that maturity length security.
  • open outcry auction bond brokering has served its customers well, providing highly efficient executions at near perfect market pricing.
  • the open outcry auction applied to bond trading was implemented by a broker working with a collection of customers to create and manage a market.
  • Typicalcustomer representatives both buyers and sellers—at a common location (e.g., a single room) where the representatives of the customers would communicate with each other to develop pricing and confirm transactions.
  • This process employed the expression by the representatives of various bid and offer prices for the fixed income security at select volumes (i.e., how many million dollars of bonds at a given maturity).
  • This expression would involve the loud oral “cry” of a customer-proposed bid or offer and the coordination with the fellow representatives regarding the extraction of complimentary positions—until a transaction match is made and a deal is done.
  • This “trade capture” process relies on after-the-fact reporting of what just transpired through the oral outcry trade.
  • Yet another object of this invention is to provide timely order checkout.
  • Still another object of this invention is to provide customized trading tools particular to a given customer, such as stop limit orders, contingent orders, flags (warnings) to the broker that a particular customer has reached a trading limit (e.g., margin limit), and the like.
  • a trading limit e.g., margin limit
  • a further object of this invention is to utilize the present system for the trading of other financial products, such as futures, indices, and the like.
  • the above and other objects of the present invention are realized in a specifically delineated computer-based, data processing system having a governing program controlled logic for orchestrated management of select trading functionality.
  • the data processing employs a plurality of trading workstations linked with a server for coordinated data flow and processing. Communication is provided by per se available network, via Ethernet, token ring, token bus, or other hierarchical LAN and/or WAN configuration.
  • the system preferably includes a dedicated keypad for input from each workstation that facilitates providing individually programmed keystroke commands; other keyboards or keypads can be used and are often software configurable so as to be compliant with the present system.
  • a central processing logic dictates the available trading options and screen displays for each workstation. As transactions are entered, various protocols effect the allocation of bid-offer control and trade management. As trades are completed, the system updates a linked database with the newly entered transactional data.
  • the controlling logic provides for a particular sequence of trading states for each participant.
  • the five states are: TABLE I (i) Workup State (ii) Bid-Offer State (iii) Second Look State (iv) When State (v) Workdown State
  • the trading stations and their interrelationships exist in one of these five states.
  • the workstation “state” will determine the options available to that trader—and thus enables controlling the flow of trades in a cost-efficient and error-free manner.
  • the protocols are universal for all traders, thereby precluding aggressive control of transactions in the absence of true capital commitment.
  • FIG. 1 is a system block diagram depicting the salient hardware components of the present invention
  • FIG. 2 provides a flow diagram depicting the transmission of trading related information
  • FIG. 3 depicts the salient features of the dedicated keypad
  • FIG. 4 is a block diagram of the various system states and pathways therebetween;
  • FIG. 5 is a logic diagram for trading data input
  • FIG. 6 is a logic diagram for the Bid/Offer State
  • FIG. 7 is a logic diagram for the When State
  • FIG. 8 is a logic diagram for the Workup State
  • FIG. 9 is a logic diagram for the Second Look State
  • FIG. 10 is a logic diagram for the Workdown State
  • FIG. 11 is a trading logic summary table.
  • the present invention is directed to a data processing system for implementing complex trading rules in support of select transactions.
  • the first aspect of the invention relates to a particular hardware arrangement that provides a specifically tailored platform for processor enhanced and supported trading.
  • This hardware arrangement encompasses a plurality of custom designed workstations linked together for communication. Each workstation is linked to a central server that orchestrates the trading processes in accordance with program controlled logic.
  • the workstation includes a display for presentation of the particulars of trading activity.
  • a customized keypad permits enhanced data/position entry by the broker.
  • the second aspect of the invention is the governing logic for controlling system dynamics.
  • This logic is stored in system memory and provides the sequence of protocols and rules that allocate trading priority, and the system responses to operative commands entered by the brokers at the workstations.
  • the system logic is critical on two levels. First, it is important as the guiding principles underlying the system and thus performance is tied directly thereto. On a second level, system logic must be known to all customers and traders as the rules dictating market access and response—to eliminate any confusion and to place participants on as close to an equal footing as possible. It is a fundamental precept of the present system provide fair and complete access to the trading process to all registered participants.
  • Trade A string of transactions at one price initiated by a hit or lift and continuing until timed out or done.
  • Aggressor A customer who initializes a trade. Active Side Group of Makers on same side of market as the Aggressor Passive Side Group of customers on opposite side of market from the Aggressor.
  • the general context of system operation is based on the repetitive operation of several functions, and, in its preferred embodiment, implements these functions through a specially designed keypad.
  • the process begins when customers contact the brokers and place bids and offers for a defined class of instruments. These various positions are displayed on the computer terminal in specific ways to reflect priority, etc.
  • a customer can establish trading priority by placing a bid or offer at a select price and volume; bids at the same price are displayed on the screen in time order in which they enter the system (as are offers).
  • a “queue” of bids and offers develops, with place in line set by time at the same price. This queue is displayed on screen at the broker's workstation.
  • a bid and offer are commitments—once placed, a bid can be “hit” and an offer can be “lifted” by a customer willing to trade the instrument at the set price.
  • a customer who hits on a bid or lifts an offer is promoted to a new level known as the “aggressor”.
  • the aggressor defines (and thus establishes) the active side of the trade. For example, if the

Abstract

A data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly programmed controlled workstations. The protocol and its programmed controlling logic enhances trading efficiency, rewards market makers and fairly distributes market opportunity to system users.

Description

    FIELD OF THE INVENTION
  • The present invention relates to data processing systems for assisting in financial transactions. More particularly, the present invention relates to a data processing apparatus and method for the managed trading of select classes of securities or other commodities in accordance with specific protocols in an auction format with controlled sequence of auction events. The inventive system is presented in the context of selected fixed income auction protocols for fairly and quickly transacting offer-bid trading. [0001]
  • BACKGROUND OF THE INVENTION
  • Economic activity has at its centerpiece the buyer-seller transaction for all goods and services produced and consumed in a market economy. It is the fundamental mechanism to which resources are allocated to producers and output to consumers. The operation of the buyer-seller mechanism can and often is a critical determination of economic efficiency and when operated properly, will substantially enhance market performance. [0002]
  • Through history, there have been many different approaches adopted to fairly bring buyers and sellers together, each with the key objective of permitting transactions at or as close as possible to the “market” price of the goods. By definition, the market price is the price (in given currency terms) that a fully educated market, given full access will transact select goods. This can only be accomplished by permitting full access to the transaction by essentially all potential buyers and sellers. However, the buyer-seller transaction must be structured to operate at very low costs—or it will distort the market price of goods with the artificially high transactions costs. Thus, as can be seen, the two keys to effective buyer/seller transactions—full access and knowledge coupled with low costs—can be and are often conflicting, necessitating trade-offs between trading efficiency and market knowledge. [0003]
  • One well-known and particularly successful trading system is known as the “open outcry auction”. This involves a process wherein buyers and sellers collect in one location and prices for select goods are presented to the group through a broker, via simple vocal offerings. This approach has been used for almost all kinds of goods, but is particularly useful where there are no established trading locations or markets for the selected items. It is the dominate trading forum for exotic items such as rare pieces of art and the like. Although successful in bringing interested parties to the transaction, the overall process can be very expensive, adding significantly to the market-distorting transaction costs. [0004]
  • Open outcry auction techniques, modified over time, have also found successful application in many commodity trading activities, including the buying and selling of farm produce and livestock, oil and commodities contracts, future contracts on a variety of items and—particularly germane to the present invention—fixed income securities. These trading activities focus on the buying and selling of essentially fungible items, that is, items that are without meaningful differentiation from like items on the market. For example, a bushel of wheat for February delivery is considered for sale and delivery at a price independent from its source. Similarly, a 30-year treasury bond paying a coupon rate of 8 percent and having a July 1996 issue date is indistinguishable from other 30-year treasuries having the same properties. Accordingly, the price buyers are willing to pay and sellers willing to accept defines the market price of all 30-year treasury bonds of that same vintage, allowing a source transparent application of open outcry auction trading. [0005]
  • The fixed income securities issued by the United States Government are known as U.S. treasuries. These instruments typically span maturity terms at issue of 13 to 52 weeks (T-bills), one to ten years (notes), and up to 30 years (bonds). The T-bills are pure discount securities having no coupons. Almost all other treasuries having longer terms are coupon notes or bonds, with a defined payment cycle of semi-annual payments to the holder. [0006]
  • Treasuries have characteristic properties that make them especially useful for the purpose of the present invention and, therefore, are used exclusively in the following discussions with the fundamental tenant that the principles may be applied to other types of fixed income securities without departing from the inventive concepts. One important attribute of treasuries, in the context of the present invention, is the minimal and uniform default risk; the issuance of U.S. government paper removes the default risk as a defining criteria in the relative pricing of treasuries in the market place when they are backed by the full faith and credit of the U.S. government. [0007]
  • New treasury securities are auctioned by the U.S. government at pre-established auction dates. The auction prices for the treasuries having a face value with a set coupon rate will define the issuance yields of the security. After the auction, the treasuries enter the secondary market and are traded typically “over the counter”, i.e., without a defined exchange. As inflation expectations and supply and demand conditions change, the prices of the recently auctioned treasuries fluctuate on the secondary market. These new prices are reflected by competing bid and ask prices communicated among institutions, banks, brokers, and dealers in the secondary market. For example, the yield of a treasury note increases as its price drops in the market, typically reflecting an overall increase in the interest rates for that term of security. [0008]
  • The newly auctioned securities are traded with and in conjunction with the securities issued in earlier auctions. In this context, some securities are traded more often than others and are called the “actives”; the actives usually correspond to the recently issued securities as opposed to the older securities in the market. Indeed, some older securities are infrequently traded, creating an illiquid market that may or may not reflect the current market-determined interest rate for that maturity length security. [0009]
  • As can be realized by the foregoing description, the very size and diversity of the treasury market implicates an unprecedented level of sophistication by market participants in the bidding, offering, buying, and selling transactions involving these securities. The very complexity associated with the transactions and the scale of trading undertaken by banks, brokers, dealers and institutional participants necessitates a rigidly structured approach to trading. [0010]
  • In the past, open outcry auction bond brokering has served its customers well, providing highly efficient executions at near perfect market pricing. The open outcry auction applied to bond trading was implemented by a broker working with a collection of customers to create and manage a market. Typicalcustomer representatives—both buyers and sellers—at a common location (e.g., a single room) where the representatives of the customers would communicate with each other to develop pricing and confirm transactions. This process employed the expression by the representatives of various bid and offer prices for the fixed income security at select volumes (i.e., how many million dollars of bonds at a given maturity). This expression would involve the loud oral “cry” of a customer-proposed bid or offer and the coordination with the fellow representatives regarding the extraction of complimentary positions—until a transaction match is made and a deal is done. This “trade capture” process relies on after-the-fact reporting of what just transpired through the oral outcry trade. [0011]
  • Recently, the trade capture process was performed by having designated clerks input data into electronic input devices. An input clerk would attempt to interpret the open outcry of many individual brokers simultaneously who sequentially are making verbally known their trading instructions of their customers. The quality of the data capture was a function of the interpretative skill of the input clerk, and the volume and the volatility of customer orders. A significant drawback to this type of auction data capture process is the difficulty in discerning the distinct trading instructions verbalized in rapid succession during a quickly moving market, so that an accurate sequence of data can be captured by brokers and a set of inputters. [0012]
  • The many permutations of this process will be discussed in some detail below. At this juncture, suffice to say that at the volumes of business transactions existing at the time of its development, and the lack of suitable alternatives, left this process as the dominate trading mechanism for decades. However successful, this approach was not perfect. Indeed, in recent years, some of the problems in a open outcry auction forum have been amplified by the vastly increased level of trading now undertaken in the fixed income field. Without attempting to be comprehensive, difficulties would occur by the injection of trader personalities into the open outcry auction process. For example, an aggressive—highly vocal representative may in fact dominate trading—and transaction flow—even though he/she may only represent a smaller and less critical collection of customers. Although such aggressive actions at open outcry auction may be beneficial to those particular customers in the short run, overall, such dominance of the trading can and will distort pricing away from the actual market conditions. [0013]
  • Other problems exist in open outcry auction that deplete efficient trading. The speed at which trading flows and the oral nature of the auction process injects a potential for human error that often translates into many millions of dollars committed to trades unrelated to customer objectives. As such, the broker is left at the end of each trading day with a reconciliation process that may, under certain market conditions, wipe out all associated profit from that day's trading. Also, customers may quickly change direction regarding trading, based on new information available to the market. Shifting position or backing out of previously committed transactions on very short notice is often very difficult in the traditional open outcry auction process. [0014]
  • There have been many past efforts to incorporate computers into trading support for select applications and securities. Indeed, almost all trading today involves some computer support, from simple information delivery to sophisticated trading systems that automate transactions at select criteria. However, these systems have not significantly impacted the issues presented above as they relate to open outcry auction trading in the fixed income field. It was with this understanding of the problems with certain trading processes that formed the impetus for the present invention. [0015]
  • OBJECTS AND SUMMARY OF THE PRESENT INVENTION
  • It is, therefore, an object of the present invention to provide a data processing system to implement a trading system capable of high volume trading activity. [0016]
  • Its is another object of the present invention to provide a data processing method supporting a transaction enabling process for trading securities at accelerated levels with minimal errors and coats. [0017]
  • It is yet another object of the present invention to provide a data processing system to support a formalized trading protocol governing the control of trading on a bid/offer market. [0018]
  • It is also an object of the present invention to provide a system for collecting, displaying and distributing in real time information on current market activity in fixed income securities and processing this information to quantify the extent of order and trading activity of customers in real time. [0019]
  • It is another object of the present invention to provide an apparatus for the select processing of several types of data wherein data is qualified prior to use and translating the qualified data into order and trading states for fixed income securities. [0020]
  • It is still another object of the present invention to provide a data processing system that provides controlled access to trading commands pursuant to pre-established trading criteria. [0021]
  • It is yet another object of the present invention to provide a computer system that includes multiple workstations linked by a high speed communication loop to permit rapid distribution and exchange of market data to participating customers and brokers. [0022]
  • It is still another object of the present invention to provide a system that rewards customers that create liquidity while insuring customer orders are satisfied in an orderly and equitable fashion. [0023]
  • It is yet another object of the present invention to provide a database system linked to the auction processor for collecting, filtering, and distributing select market data in near real time. [0024]
  • It is another object of the present invention to provide a computer system with a dedicated input system for a workstation, that is customized for the trading undertaken by that workstation and may be customized to the trading patterns and customers for a given broker at that workstation. [0025]
  • Yet another object of this invention is to provide timely order checkout. [0026]
  • Still another object of this invention is to provide customized trading tools particular to a given customer, such as stop limit orders, contingent orders, flags (warnings) to the broker that a particular customer has reached a trading limit (e.g., margin limit), and the like. [0027]
  • A further object of this invention is to utilize the present system for the trading of other financial products, such as futures, indices, and the like. [0028]
  • The above and other objects of the present invention are realized in a specifically delineated computer-based, data processing system having a governing program controlled logic for orchestrated management of select trading functionality. The data processing employs a plurality of trading workstations linked with a server for coordinated data flow and processing. Communication is provided by per se available network, via Ethernet, token ring, token bus, or other hierarchical LAN and/or WAN configuration. The system preferably includes a dedicated keypad for input from each workstation that facilitates providing individually programmed keystroke commands; other keyboards or keypads can be used and are often software configurable so as to be compliant with the present system. A central processing logic dictates the available trading options and screen displays for each workstation. As transactions are entered, various protocols effect the allocation of bid-offer control and trade management. As trades are completed, the system updates a linked database with the newly entered transactional data. [0029]
  • In accordance with the varying aspects of the present invention, the controlling logic provides for a particular sequence of trading states for each participant. The five states are: [0030]
    TABLE I
    (i) Workup State
    (ii) Bid-Offer State
    (iii) Second Look State
    (iv) When State
    (v) Workdown State
  • As the various transactions are entered, the trading stations and their interrelationships exist in one of these five states. The workstation “state” will determine the options available to that trader—and thus enables controlling the flow of trades in a cost-efficient and error-free manner. As all participants implement trading on similarly configured workstations, the protocols are universal for all traders, thereby precluding aggressive control of transactions in the absence of true capital commitment. [0031]
  • The foregoing features of the present invention may be more fully appreciated by review of specific illustrative examples thereof, presented hereinbelow in conjunction with a descriptive set of figures.[0032]
  • BRIEF DESCRIPTION OF THE FIGURES
  • FIG. 1 is a system block diagram depicting the salient hardware components of the present invention; [0033]
  • FIG. 2 provides a flow diagram depicting the transmission of trading related information; [0034]
  • FIG. 3 depicts the salient features of the dedicated keypad; [0035]
  • FIG. 4 is a block diagram of the various system states and pathways therebetween; [0036]
  • FIG. 5 is a logic diagram for trading data input; [0037]
  • FIG. 6 is a logic diagram for the Bid/Offer State; [0038]
  • FIG. 7 is a logic diagram for the When State; [0039]
  • FIG. 8 is a logic diagram for the Workup State; [0040]
  • FIG. 9 is a logic diagram for the Second Look State; [0041]
  • FIG. 10 is a logic diagram for the Workdown State; and [0042]
  • FIG. 11 is a trading logic summary table.[0043]
  • DETAILED DESCRIPTION OF THE INVENTION
  • First, in brief overview, the present invention is directed to a data processing system for implementing complex trading rules in support of select transactions. The first aspect of the invention relates to a particular hardware arrangement that provides a specifically tailored platform for processor enhanced and supported trading. This hardware arrangement encompasses a plurality of custom designed workstations linked together for communication. Each workstation is linked to a central server that orchestrates the trading processes in accordance with program controlled logic. The workstation includes a display for presentation of the particulars of trading activity. A customized keypad permits enhanced data/position entry by the broker. [0044]
  • The second aspect of the invention is the governing logic for controlling system dynamics. This logic is stored in system memory and provides the sequence of protocols and rules that allocate trading priority, and the system responses to operative commands entered by the brokers at the workstations. The system logic is critical on two levels. First, it is important as the guiding principles underlying the system and thus performance is tied directly thereto. On a second level, system logic must be known to all customers and traders as the rules dictating market access and response—to eliminate any confusion and to place participants on as close to an equal footing as possible. It is a fundamental precept of the present system provide fair and complete access to the trading process to all registered participants. [0045]
  • To better appreciate the following details, a review of the nomenclature employed is recommended. The illustrative examples herein all focus on fixed income instruments and trading of these instruments in large volumes—with the volume of a given transaction delineated in dollars (e.g., $25 million of 10-year treasuries). [0046]
  • The following terms are used with the associated definition: [0047]
    TABLE 2
    Bid Dollar amount offered to buy a security - issue.
    Offer Dollar amount offered to sell a security - issue.
    Spread Difference between best bid(s) and offer(s) on market.
    Issue A common class of fixed rate treasuries.
    Hit Accepting a pending bid.
    Lift Accepting a pending offer.
    Size The volume in dollars of a particular Bid/Offer.
    Makers Customers with pending offers and bids - making a
    market.
    Uncleared Entry Current bids/offers that lack a counterparty, i.e., have
    not been lifted or hit.
    Traders After a trade is initiated, all customers involved in
    transactions (as buyer or seller).
    Trade A string of transactions at one price initiated by a hit
    or lift and continuing until timed out or done.
    Aggressor A customer who initializes a trade.
    Active Side Group of Makers on same side of market as the
    Aggressor
    Passive Side Group of customers on opposite side of market from
    the Aggressor.
  • The general context of system operation is based on the repetitive operation of several functions, and, in its preferred embodiment, implements these functions through a specially designed keypad. Generally, the process begins when customers contact the brokers and place bids and offers for a defined class of instruments. These various positions are displayed on the computer terminal in specific ways to reflect priority, etc. A customer can establish trading priority by placing a bid or offer at a select price and volume; bids at the same price are displayed on the screen in time order in which they enter the system (as are offers). As such a “queue” of bids and offers develops, with place in line set by time at the same price. This queue is displayed on screen at the broker's workstation. Typically, there is a small difference between the bid price and offer price—the “spread”. If no difference exists, this is known as a “locked” market. [0048]
  • Importantly, a bid and offer are commitments—once placed, a bid can be “hit” and an offer can be “lifted” by a customer willing to trade the instrument at the set price. [0049]
  • To control trading between many participating customers, some level of hierarchy is set. A customer who hits on a bid or lifts an offer is promoted to a new level known as the “aggressor”. By acting on a bid or offer, the aggressor defines (and thus establishes) the [0050] active side of the trade. For example, if the

Claims (44)

  1. 25. (New) A method implemented by a programmed computer for trading a volume of an item between participants using workstations coupled over a computer network, the method comprising:
    receiving a first bid or offer from a first participant for a first volume of the item;
    distributing to the workstations bid or offer information corresponding to the first bid or offer;
    receiving a second bid or offer for a second volume of the select item;
    receiving a hit or lift entered by a second participant to sell or buy all volume of the item at a desired price;
    determining that the hit or lift was entered within a given time period from entry of the second bid or offer, and responsively enabling the second participant to elect to avoid selling or buying at least a portion of the second volume of the item.
  2. 26. (New) The method of claim 25, further comprising executing a trade of the item in a volume excluding that portion of the second volume of the item that the second participant elects to avoid.
  3. 27. (New) The method of claim 25, wherein the second participant elects to avoid the entire second volume of the item.
  4. 28. (New) The method of claim 25, wherein the second participant elects to avoid none of the second volume of the item.
  5. 29. (New) The method of claim 25, wherein the second participant elects to avoid at least a portion of the second volume, said method further comprising:
    enabling other participants to hit or lift that portion of the second volume of the item that the second participant elected to avoid, at a price defined by said desired price.
  6. 30. (New) A method implemented by a programmed computer for trading a volume of an item between participants using workstations coupled over a computer network, the method comprising:
    distributing to the workstations a bid or offer for the item at a selected price and volume entered by a first participant;
    receiving a hit or lift entered by a second participant in response to the bid or offer to trade a volume of the item; and
    determining that the second participant may not have intended to hit or lift at least a portion of the volume of the item that was hit or lifted, and responsively providing the second participant an opportunity to refuse to trade the portion of the volume of the item that the second participant did not intend to hit or lift.
  7. 31. (New) The method of claim 30, wherein said determining step comprises detecting that the second participant hit or lifted an unaged bid or offer, and wherein the portion of the volume of item that the participant may not have intended to hit or lift includes the volume of the item associated with the unaged bid or offer.
  8. 32. (New) The method of claim 31, wherein a bid or offer is unaged if it was entered within a given time period prior to entry of the hit or lift.
  9. 33. (New) The method of claim 30, wherein the second participant is given an opportunity to refuse to sell or buy all of the portion of the volume of the item that the second participant did not intend to hit or lift.
  10. 34. (New) A method implemented by a programmed computer for trading a volume of an item between participants using workstations coupled over a computer network, said method comprising:
    distributing to the workstations information reflecting pending market conditions, said information including bids or offers for the item at select prices and volumes;
    receiving a hit or lift trade command entered at one of the workstations by a participant responding to the market conditions willing to trade a desired volume of the item at a desired price;
    determining whether a hit or lifted bid or offer recently changed prior to receipt of the trade command and, if so, responsively enabling the participant to refuse the sale or purchase of at least a portion of the volume of the item associated with the recently changed bid or offer.
  11. 35. (New) The method of claim 34, wherein the determining step determines that the recently changed bid or offer changed the total volume of the item as reflected by the pending market conditions.
  12. 36. (New) The method of claim 34, wherein the determining step comprises detecting that a bid or offer for the item was entered within a given time period prior to the hit or lift.
  13. 37. (New) The method of claim 34, wherein the participant is enabled to refuse to sell or buy all of the volume of the item associated with the recently changed bid or offer.
  14. 38. (New) The method of claim 34, wherein if a hit or lifted bid or offer did not recently change prior to receipt of the trade command, automatically executing a trade of the item at the desired price in the volume associated with the unchanged bid or offer.
  15. 39. (New) A method implemented by a programmed computer for trading a volume of an item between participants using workstations coupled over a computer network, said method comprising:
    distributing to the workstations information reflecting pending market conditions with respect to the item, the information including bid/offer price and volume information;
    receiving a hit or lift entered at one of the workstations by a participant responding to the pending market conditions willing to trade a desired volume of the item at a desired price;
    determining whether a pending market condition for the item recently changed prior to entry of the hit or lift; and
    if a pending market condition recently changed, responsively enabling the participant to refuse to sell or buy at least a portion of the volume of the item associated with the changed market condition.
  16. 40. (New) The method of claim 39, wherein the recently changed market condition is volume.
  17. 41. (New) The method of claim 39, wherein the determining step comprises detecting that a bid or offer for the item was entered within a given time period prior to entry of the hit or lift.
  18. 42. (New) The method of claim 39, wherein the participant may refuse to sell or buy all of the portion of the volume associated with the changed market condition.
  19. 43. (New) A method implemented on a distributed workstation computer system for trading an item between participants, said method comprising:
    receiving from at least one passive participant at least one bid or offer entered for the item at a select price and volume;
    receiving from an aggressor participant a hit or lift to trade, at a defined price, at least all of the volume represented by entered bids or offers;
    executing a trade transaction between the aggressor participant and each passive participant whose bid or offer was hit or lifted;
    enabling the aggressor participant and a designated passive participant whose bid or offer was hit or lifted to control trading by allowing them to transact additional volume with each other at the defined price to the exclusion of other participants desiring to participate in trading; and
    upon the occurrence of a predefined event, automatically executing new transactions involving the other participants at the defined price without enabling the other participants to control trading.
  20. 44. (New) The method of claim 43, wherein said predefined event is the timing out of a timer.
  21. 45. (New) The method of claim 43, wherein said new transactions are executed after said predefined event based on trade commands entered by the other participants prior to said predefined event.
  22. 46. (New) A method implemented on a distributed workstation computer system for trading an item between participants, said method comprising:
    receiving from one or more passive participants at least one bid or offer for the item;
    receiving from an aggressor participant a hit or lift to trade, at a defined price, a desired volume of the item represented by the bids or offer;
    allowing the aggressor participant and at least one of the passive participants a period of exclusivity to control trading by enabling them to transact with one another additional volume of the item at the defined price to the exclusion of another participant desiring to participate in trading; and
    upon occurrence of a predefined event, allowing the other participant to trade at the defined price without allowing the other participant to control trading by excluding others from trading.
  23. 47. (New) The method of claim 46, wherein the desired volume comprises the entire volume represented by the pending bids or offers.
  24. 48. (New) The method of claim 46, wherein the passive participant allowed to control trading is the passive participant who first entered a bid or offer that was hit or lifted by the aggressor participant.
  25. 49. (New) A method implemented by a programmed computer system for trading an item between participants, the method comprising:
    distributing to the participants information reflecting pending market conditions, said information including bids or offers for the item entered by passive participants at select prices and volumes;
    receiving a hit or lift trade command entered by an aggressor participant responding to the market conditions to trade a desired volume of the item at a defined price;
    determining whether a hit or lifted bid or offer had aged prior to receipt of the trade command, and responsively (i) executing a trade of the volume of the item associated with an aged bid or offer, and (ii) enabling the aggressor participant to refuse to trade at least a portion of the volume of the item associated with an unaged bid or offer;
    allowing the aggressor participant and at least one of the passive participants whose bid or offer was hit or lifted a period of exclusivity to control trading by enabling them to transact with one another additional volume of the item at the defined price to the exclusion of another participant desiring to participate in trading; and
    upon occurrence of a predefined event, allowing the other participant to participate in trading at the defined price without allowing the other participant to control trading by excluding others from trading.
  26. 50. (New) The method of claim 49, wherein the predefined event is the timing out of a timer.
  27. 51. (New) The method of claim 49, wherein said determining step determines that the bid or offer had not aged by detecting that it had been entered within a given period of time prior to entry of the hit or lift command.
  28. 52. (New) The method of claim 49, wherein the passive participant allowed a period of exclusivity is the participant who first entered a hit or lifted bid or offer.
  29. 53. (New) The method of claim 49, wherein the volume hit or lifted is at least the entire volume represented by the bids or offers.
  30. 54. (New) A system for transacting the purchase and sale of a select item between participants, the system comprising:
    a plurality of workstations which present to broker and customer participants information reflecting pending market conditions for the item, and for receiving a hit or lift of one or more bids or offers to sell or purchase the item at a desired price and in a desired volume; and
    a server, coupled to said workstations, that receives the one or more bids or offers and the hit or lift, and that determines whether a hit or lifted bid or offer recently changed prior to being hit or lifted, wherein:
    if a bid or offer recently changed, the central server responsively enables the participant to refuse to sell or buy at least a portion of the volume of the item associated with the changed bid or offer; and
    if a bid or offer did not recently change, the central server executes a trade of the volume of the item associated with the unchanged bid or offer.
  31. 55. (New) The system of claim 54, wherein said system enables the participant to refuse to sell or buy only if the hit or lift was to sell or buy “all” of the item.
  32. 56. (New) A system for trading an item between an aggressor participant and one or more passive participants, comprising:
    a workstation which presents bids or offers for the item entered into the system by the passive participants at select prices and volumes, and which receives a trade command entered by the aggressor participant to hit or lift one or more of the bids or offers at a desired price and in a desired volume; and
    a programmed computer, coupled to the workstation, that (1) receives the bids or offers and trade command, (2) executes a trade of the item at a defined price set by the trade command, (3) enables the aggressor participant and a designated one of the passive participants a period to control subsequent trading by executing additional trade transactions between one another of additional desired volumes of the item at the defined price to the exclusion of other participants desiring to participate in the trading, and (4) upon conclusion of the period automatically executes additional trades of additional volumes of the item at the defined price in response to trade commands entered by the other participants without enabling any of the other participants a period to control the trading.
  33. 57. (New) The system of claim 56, wherein the predefined event is the timing out of a timer.
  34. 58. (New) The system of claim 56, wherein the trade commands of the other participants may be entered during the period of exclusive trading but are not executed, if at all, until after the conclusion of the exclusive period.
  35. 59. (New) The system of claim 56, wherein bids and offers entered by the passive participants are prioritized in a queue by time of entry, and wherein the designated passive participant is the passive participant whose bid or offer was the first entered.
  36. 60. (New) A method implemented by a programmed computer system for creating an auction market for items, the system including a plurality of remotely located terminals in communication with one another, the terminals operated by different trading participants including different brokers and/or customers, the method comprising:
    presenting to a first participant, in substantially real-time, market condition information for an item as established by transaction commands entered by one or more other participants engaged in the auction;
    enabling the first participant to enter a transaction command committing the participant to buy or sell the item in a transaction having a total expected value;
    determining whether market condition information for the item changed within a predetermined period of time prior to entry of the transaction command such that said entered transaction command would commit the first participant to a transaction having other than the total expected value and, if so, enabling the first participant to enter a transaction command to refuse at least a portion of such transaction.
  37. 61. (New) A method implemented by a programmed computer for conducting an auction for an item among trading participants using terminals remotely coupled over a computer network, said participants including different brokers and/or customers, said method comprising:
    distributing to the remote terminals for presentation to the participants, in substantially real-time, information reflecting the pending market condition for the item as established by the participants, said information including at least a current price of the item;
    receiving a first transaction command with respect to the item entered at one of the terminals by one of the participants responding to the presented market conditions; and
    determining whether a market condition for the item recently changed prior to entry of the first transaction command, and responsively enabling the participant to enter a second transaction command to refuse the transaction.
  38. 62. (New) A method implemented by a programmed computer system for creating an auction market, the system including a plurality of remote terminals in communication with one another by which different customer and/or broker participants may enter transaction commands to trade with one another, the method comprising:
    presenting to a first participant via the participant's remote terminal market condition information for an item as established by transaction commands entered by one or more participants engaged in the auction;
    enabling the first participant to enter into the system, via the first participant's remote terminal, a transaction command with respect to the item; and
    determining whether the market condition information for the item had aged prior to entry of the transaction command and, if not, enabling the first participant to enter another transaction command to refuse, modify or proceed with at least a portion of the transaction.
  39. 63. (New) A method implemented by a programmed computer system for creating an auction, the system including a plurality of remote terminals in communication with one another with which different broker and/or customer participants may enter transaction commands, the method comprising:
    presenting to a participant via the participant's remote terminal, in substantially real-time, market condition information for an item as established by transaction commands entered by other participants engaged in the auction;
    enabling the participant to enter into the system, via the participant's remote terminal, a transaction command with respect to the item, said transaction command committing the participant to consummate a transaction for the item at a transaction value; and
    in response to receipt of the transaction command, allowing the participant to modify, rescind or proceed with the transaction as a function of the age of the market condition existing at the time of receipt of the transaction command.
  40. 64. (New) A method implemented by a programmed computer system to conduct an auction for trading an item between participants coupled to the system over a computer network, said participants including different customers and/or brokers desirous of trading with one another, comprising:
    presenting to a participant market condition information for an item, said market condition information established by transaction commands entered into the system by other participants engaged in the auction;
    receiving from the participant a first transaction command with respect to the item, said command committing the first participant to trade the item in a transaction having a value determined by the market condition information;
    upon receipt of the first transaction command, determining the age of the market condition information; and
    responsive to the determined age, either (1) automatically executing a trade of the item in accordance with the item's market condition information extant when the first transaction command was received, or (2) providing the first participant an opportunity not to commit to trade the item.
  41. 65. (New) A networked computer system for transacting the purchase and/or sale of a select item between trading participants, said participants including different brokers and/or customers, the system comprising:
    a plurality of remotely located terminals coupled to the network for presenting to said participants information reflecting market conditions for the item as established by transaction commands entered by said participants, the market condition information reflecting the value of an item in terms of a bid or offered price and an associated volume; and
    a computer, coupled to the network, programmed to: (a) receive a participant-entered transaction command to buy or sell the item, and (b) detect that the market condition information for the item recently changed prior to receipt of the transaction command, and responsively enable the participant to enter another transaction command to refuse to buy or sell at least that portion of the volume of the item associated with the recently changed bid or offer.
  42. 66. (New) A method implemented by a programmed computer for trading an item between participant customers and/or brokers using remotely located terminals in substantial real-time communication with one another over a computer network, the method comprising:
    receiving from a plurality of passive participants bids or offers for the item, the bids or offers entered via the passive participating customers' terminals;
    receiving from an aggressor participant a hit or lift to trade, at a defined price, a desired volume of the item represented by the bids or offers, the hit or lift entered via the aggressor participant's terminal;
    allowing the aggressor participant and at least one of the passive participants a period of exclusivity to control trading by enabling them to transact with one another additional volume of the item at the defined price to the exclusion of another participant desiring to participate in trading; and
    upon occurrence of a predefined event, allowing the other participant to participate in trading at the defined price without allowing the other participant to control trading by excluding others from trading.
  43. 67. (New) A method implemented by a programmed computer to conduct an auction for trading an item between participant customers and/or brokers using remotely located terminals in substantial real-time communication with one another over a computer network, the method comprising:
    receiving from one or more passive participants at least one bid or offer for the item;
    receiving from an aggressor participant a command to commit to trade, at a defined price, a desired volume of the item represented by the bids or offer;
    allowing the aggressor participating customer and at least one of the passive participant a period of exclusivity to control trading by enabling them to transact with one another additional volume of the item at the defined price to the exclusion of another participant desiring to participate in trading; and
    upon occurrence of a predefined event, allowing the other participant to participate in trading at the defined price without allowing the other participant to control trading by excluding others from trading.
  44. 68. (New) A method implemented by a programmed computer to conduct an auction for trading an item between participating customers using remotely located terminals that are in substantial real-time communication with one another over a computer network, the method comprising:
    receiving from at least a first participant a first transaction command entered via the first participant terminal, said transaction command committing the first participant to buy or sell the item at a defined price established by the first transaction command;
    receiving from a second participating customer participant a second transaction command entered via the second participant's terminal, said second transaction command committing the second participant to sell or buy the item at a defined price established by the second transaction command;
    allowing the first and second participant a period of exclusivity to control trading by enabling them to negotiate with each other for trading the item to the exclusion of a third participant desiring to participate in the trading; and
    upon occurrence of a predefined event, allowing the third participant to participate in negotiations for trading the item without allowing the third participant to control trading by excluding others from trading.
US10/382,527 1996-12-13 2003-03-07 Automated auction protocol processor Abandoned US20040044610A1 (en)

Priority Applications (2)

Application Number Priority Date Filing Date Title
US10/382,527 US20040044610A1 (en) 1996-12-13 2003-03-07 Automated auction protocol processor
US11/760,508 US20070250438A1 (en) 1996-12-13 2007-06-08 Automated auction protocol processor

Applications Claiming Priority (3)

Application Number Priority Date Filing Date Title
US08/766,733 US5905974A (en) 1996-12-13 1996-12-13 Automated auction protocol processor
US09/294,526 US6560580B1 (en) 1996-12-13 1999-04-20 Automated auction protocol processor
US10/382,527 US20040044610A1 (en) 1996-12-13 2003-03-07 Automated auction protocol processor

Related Parent Applications (1)

Application Number Title Priority Date Filing Date
US09/294,526 Continuation US6560580B1 (en) 1996-12-13 1999-04-20 Automated auction protocol processor

Related Child Applications (2)

Application Number Title Priority Date Filing Date
US11/760,508 Continuation US20070250438A1 (en) 1996-12-13 2007-06-08 Automated auction protocol processor
US29/298,077 Continuation USD572253S1 (en) 1996-12-13 2007-11-28 Keyboard

Publications (1)

Publication Number Publication Date
US20040044610A1 true US20040044610A1 (en) 2004-03-04

Family

ID=25077352

Family Applications (4)

Application Number Title Priority Date Filing Date
US08/766,733 Expired - Lifetime US5905974A (en) 1996-12-13 1996-12-13 Automated auction protocol processor
US09/294,526 Expired - Lifetime US6560580B1 (en) 1996-12-13 1999-04-20 Automated auction protocol processor
US10/382,527 Abandoned US20040044610A1 (en) 1996-12-13 2003-03-07 Automated auction protocol processor
US11/760,508 Abandoned US20070250438A1 (en) 1996-12-13 2007-06-08 Automated auction protocol processor

Family Applications Before (2)

Application Number Title Priority Date Filing Date
US08/766,733 Expired - Lifetime US5905974A (en) 1996-12-13 1996-12-13 Automated auction protocol processor
US09/294,526 Expired - Lifetime US6560580B1 (en) 1996-12-13 1999-04-20 Automated auction protocol processor

Family Applications After (1)

Application Number Title Priority Date Filing Date
US11/760,508 Abandoned US20070250438A1 (en) 1996-12-13 2007-06-08 Automated auction protocol processor

Country Status (9)

Country Link
US (4) US5905974A (en)
EP (2) EP0897565A4 (en)
CN (1) CN1216131A (en)
AU (1) AU747761B2 (en)
CA (2) CA2251259A1 (en)
IL (1) IL126531A (en)
NZ (1) NZ332221A (en)
RU (1) RU2233005C2 (en)
WO (1) WO1998026363A1 (en)

Cited By (29)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20020188555A1 (en) * 2001-05-31 2002-12-12 David Lawrence Securities trading system with multiple levels of interest
US20040117331A1 (en) * 2002-10-31 2004-06-17 Lutnick Howard W. Keyboard trading system
US20040158519A1 (en) * 2002-10-31 2004-08-12 Lutnick Howard W. Electronic systems and methods for providing a trading interface with advanced features
US20040210512A1 (en) * 1999-04-30 2004-10-21 Espeed, Inc. Systems and methods for trading
US20050061508A1 (en) * 2003-09-24 2005-03-24 Surjaatmadja Jim B. System and method of production enhancement and completion of a well
US20050108079A1 (en) * 2003-11-17 2005-05-19 Espeed, Inc. Customizable trading display of market data
US20050108653A1 (en) * 2003-11-17 2005-05-19 Espeed, Inc. Customizable trading display of market data
US20050160032A1 (en) * 1996-12-13 2005-07-21 Cantor Fitzgerald, L.P. Automated price improvement protocol processor
US20050234805A1 (en) * 2004-04-19 2005-10-20 Markets Inc. Systems and methods for multiparty anonymous negotiation with incentives
US20050289037A1 (en) * 2004-06-15 2005-12-29 Smith Joseph B Financial asset product and method for implementing same
US20060218072A1 (en) * 2005-03-24 2006-09-28 Espeed, Inc. Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
US20060253378A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Anti-internalization order modifier
US20060253381A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Reprice-to-block order
US20060253382A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Tracking liquidity order
US20060253380A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Unpriced order auction and routing
US20060253379A1 (en) * 2005-05-06 2006-11-09 Archipelago Holding, Inc. Passive liquidity order
US20060253374A1 (en) * 2005-05-05 2006-11-09 Paul Adcock Cross and post order
US20070040426A1 (en) * 2005-08-02 2007-02-22 Kenny Kevin B Vehicle seat cover
US20070078753A1 (en) * 2005-09-23 2007-04-05 Archipelago Holdings, Inc. Directed order
US20070174162A1 (en) * 2006-01-09 2007-07-26 Lutnick Howard W Systems and methods for establishing first on the follow trading priority in electronic trading systems
US20080133401A1 (en) * 2001-05-09 2008-06-05 Gilbert Andrew C Systems and methods for controlling traders from manipulating electronic trading markets
US20080133395A1 (en) * 2006-12-04 2008-06-05 Mario Jimenez Efficient data dissemination for financial instruments
US20090070250A1 (en) * 2006-07-28 2009-03-12 Paul Adcock Routing of orders in equity options by means of a parameterized rules-based routing table
US7765137B1 (en) 2005-05-05 2010-07-27 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center
US7873561B1 (en) 2005-05-05 2011-01-18 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center with maximum price exemption parameter
US7912775B1 (en) 2005-05-05 2011-03-22 Archipelago Holdings, Inc. Liquidity analysis system and method
US7937315B2 (en) 2005-05-05 2011-05-03 Archipelago Holdings, Inc. Portfolio execution and reporting
US10152747B2 (en) 2001-05-31 2018-12-11 Bgc Partners, Inc. Securities trading system
US11922503B2 (en) 2023-07-05 2024-03-05 Nyse Group, Inc. Tracking liquidity order

Families Citing this family (519)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5710000A (en) * 1994-09-16 1998-01-20 Affymetrix, Inc. Capturing sequences adjacent to Type-IIs restriction sites for genomic library mapping
US6876309B1 (en) * 1994-11-21 2005-04-05 Espeed, Inc. Bond trading system
US8588729B2 (en) * 1994-11-21 2013-11-19 Bgc Partners, Inc. Method for retrieving data stored in a database
US7937312B1 (en) 1995-04-26 2011-05-03 Ebay Inc. Facilitating electronic commerce transactions through binding offers
US7702540B1 (en) * 1995-04-26 2010-04-20 Ebay Inc. Computer-implement method and system for conducting auctions on the internet
US7133835B1 (en) 1995-08-08 2006-11-07 Cxn, Inc. Online exchange market system with a buyer auction and a seller auction
US7647243B2 (en) * 1995-11-07 2010-01-12 Ebay Inc. Electronic marketplace system and method for creation of a two-tiered pricing scheme
US6505174B1 (en) * 1996-03-25 2003-01-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US5950176A (en) * 1996-03-25 1999-09-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US10586282B2 (en) * 1996-03-25 2020-03-10 Cfph, Llc System and method for trading based on tournament-style events
US20050267836A1 (en) * 1996-03-25 2005-12-01 Cfph, Llc Method and system for transacting with a trading application
US7487123B1 (en) 1996-03-25 2009-02-03 Cfph, Llc Computer-implemented securities trading system with virtual currency and virtual specialist
JP3407561B2 (en) * 1996-09-04 2003-05-19 株式会社日立製作所 Auction apparatus and method
AU2008201833B2 (en) * 1996-12-13 2009-04-02 Cfph, L.L.C. Automated auction protocol processor
US5905974A (en) * 1996-12-13 1999-05-18 Cantor Fitzgerald Securities Automated auction protocol processor
US6598029B1 (en) 1997-02-24 2003-07-22 Geophonic Networks, Inc. Bidding for energy supply with request for service
US6604124B1 (en) * 1997-03-13 2003-08-05 A:\Scribes Corporation Systems and methods for automatically managing work flow based on tracking job step completion status
US6161099A (en) * 1997-05-29 2000-12-12 Muniauction, Inc. Process and apparatus for conducting auctions over electronic networks
US6058379A (en) 1997-07-11 2000-05-02 Auction Source, L.L.C. Real-time network exchange with seller specified exchange parameters and interactive seller participation
US6311178B1 (en) * 1997-09-29 2001-10-30 Webplus, Ltd. Multi-element confidence matching system and the method therefor
US20060190383A1 (en) * 2003-03-24 2006-08-24 Blackbird Holdings, Inc. Systems for risk portfolio management
US20020138390A1 (en) * 1997-10-14 2002-09-26 R. Raymond May Systems, methods and computer program products for subject-based addressing in an electronic trading system
US6996540B1 (en) 1997-10-14 2006-02-07 Blackbird Holdings, Inc. Systems for switch auctions utilizing risk position portfolios of a plurality of traders
US7268700B1 (en) 1998-01-27 2007-09-11 Hoffberg Steven M Mobile communication device
CA2228331C (en) * 1998-01-30 2002-01-15 Ibm Canada Limited-Ibm Canada Limitee A token-based deadline enforcement system for electronic document submission
US8315909B1 (en) 1998-03-11 2012-11-20 West Corporation Methods and apparatus for intelligent selection of goods and services in point-of-sale commerce
US6055513A (en) 1998-03-11 2000-04-25 Telebuyer, Llc Methods and apparatus for intelligent selection of goods and services in telephonic and electronic commerce
US7364068B1 (en) 1998-03-11 2008-04-29 West Corporation Methods and apparatus for intelligent selection of goods and services offered to conferees
US7729945B1 (en) 1998-03-11 2010-06-01 West Corporation Systems and methods that use geographic data to intelligently select goods and services to offer in telephonic and electronic commerce
US7386485B1 (en) 2004-06-25 2008-06-10 West Corporation Method and system for providing offers in real time to prospective customers
US7437313B1 (en) 1998-03-11 2008-10-14 West Direct, Llc Methods, computer-readable media, and apparatus for offering users a plurality of scenarios under which to conduct at least one primary transaction
US7249085B1 (en) * 1999-03-31 2007-07-24 Ariba, Inc. Method and system for conducting electronic auctions with multi-parameter price equalization bidding
US7792713B1 (en) 2000-01-24 2010-09-07 Ariba, Inc. Method and system for disguised price bidding in online auctions
US7395238B2 (en) * 1999-02-19 2008-07-01 Ariba, Inc. Method and system for controlling an electronic auction during the transition to a closed state
US7283980B2 (en) * 1999-05-14 2007-10-16 Ariba, Inc. Method and system for controlling the initiation and duration of overtime intervals in electronic auctions
US7599878B2 (en) * 1999-02-19 2009-10-06 Ariba, Inc. Method, apparatus, and system for bidding in rounds
US7383206B2 (en) * 1999-02-19 2008-06-03 Ariba, Inc. Method and apparatus for multiple variable bidding in an online auction
US6230146B1 (en) * 1998-09-18 2001-05-08 Freemarkets, Inc. Method and system for controlling closing times of electronic auctions involving multiple lots
US7827057B1 (en) 1998-10-05 2010-11-02 Walker Digital, Llc Method and apparatus for providing cross-benefits based on a customer activity
US6374231B1 (en) 1998-10-21 2002-04-16 Bruce Bent Money fund banking system
US7668772B1 (en) 1998-10-21 2010-02-23 Island Intellectual Property Llc Systems and methods for money fund banking with flexible interest allocation
US7509286B1 (en) 1998-10-21 2009-03-24 Reserve Management Corporation Systems and methods for money fund banking with flexible interest allocation
US7536350B1 (en) 1998-10-21 2009-05-19 Island Intellectual Property Llc Systems and methods for providing enhanced account management services for multiple banks
US7680734B1 (en) 1998-10-21 2010-03-16 Island Intellectual Property Llc Money fund banking system
US7752129B2 (en) 1998-10-21 2010-07-06 Island Intellectual Property Llc Systems and methods for managing client accounts
US7519551B2 (en) * 1998-10-21 2009-04-14 Island Intellectual Property Llc Systems and methods for administering return sweep accounts
US7007076B1 (en) * 1998-10-23 2006-02-28 Ebay Inc. Information presentation and management in an online trading environment
US6058417A (en) * 1998-10-23 2000-05-02 Ebay Inc. Information presentation and management in an online trading environment
US6272473B1 (en) * 1998-10-27 2001-08-07 Tuomas Sandholm Method, apparatus, and embodied data structures for optimal anytime winner determination in combinatorial auction-type problems
US6618707B1 (en) 1998-11-03 2003-09-09 International Securities Exchange, Inc. Automated exchange for trading derivative securities
US6405180B2 (en) * 1998-11-05 2002-06-11 International Securities Exchange, Llc Automated exchange for matching bids between a party and a counterparty based on a relationship between the counterparty and the exchange
US8527392B2 (en) * 1998-12-08 2013-09-03 Ebay Inc. Method and apparatus for holding a two-stage live auction for on-site and on-line bidders
US7840472B1 (en) * 1999-12-08 2010-11-23 Ebay Inc. Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions
US7162446B1 (en) 1998-12-08 2007-01-09 Ebay Inc. Integrated auction
US6434536B1 (en) * 1998-12-23 2002-08-13 Timothy S. Geiger Methods and systems for commerce
AU1204400A (en) 1998-12-31 2000-07-24 Walker Digital, Llc System and method for encouraging competitive participation in an auction
US6233566B1 (en) 1998-12-31 2001-05-15 Ultraprise Corporation System, method and computer program product for online financial products trading
JP2000235493A (en) * 1999-02-12 2000-08-29 Fujitsu Ltd Trading device
US6513019B2 (en) 1999-02-16 2003-01-28 Financial Technologies International, Inc. Financial consolidation and communication platform
US20020077959A1 (en) * 1999-02-19 2002-06-20 Marc Alaia Method and system for using line item bid limits in electonic auctions
US7499876B2 (en) * 1999-02-19 2009-03-03 Ariba, Inc. Method and apparatus for configurably adjusting a bid in an online auction
US6871191B1 (en) * 2000-01-24 2005-03-22 Sam E. Kinney, Jr. Method and system for partial quantity evaluated rank bidding in online auctions
US7225152B2 (en) * 1999-02-19 2007-05-29 Ariba, Inc. Method, apparatus, and system for varying an award volume in an auction
AU3007100A (en) * 1999-02-24 2000-09-14 Medpool.Com, Inc. Methods and apparatuses for electronic bidding systems
US7720742B1 (en) 1999-03-01 2010-05-18 Ubs Ag Computer trading system method and interface
JP3976963B2 (en) * 1999-03-03 2007-09-19 富士通株式会社 Transaction support apparatus and recording medium
US6778968B1 (en) * 1999-03-17 2004-08-17 Vialogy Corp. Method and system for facilitating opportunistic transactions using auto-probes
US7177832B1 (en) * 1999-03-23 2007-02-13 The Trustees Of Columbia University In The City Of New York System and method for performing a progressive second price auction technique
US6839686B1 (en) * 1999-03-29 2005-01-04 Dlj Long Term Investment Corporation Method and system for providing financial information and evaluating securities of a financial debt instrument
US7840476B1 (en) 1999-03-31 2010-11-23 Ariba, Inc. Transformation bidding with tooling requirements
US7219080B1 (en) * 1999-03-31 2007-05-15 Autobytel.Com, Inc. Continuous online auction system and method
US6993504B1 (en) 1999-04-09 2006-01-31 Trading Technologies International, Inc. User interface for semi-fungible trading
US7212999B2 (en) 1999-04-09 2007-05-01 Trading Technologies International, Inc. User interface for an electronic trading system
WO2000072215A1 (en) * 1999-05-25 2000-11-30 Kenneth Tepper Method and system for conducting an on-line auction of certificates of deposit
US6574608B1 (en) 1999-06-11 2003-06-03 Iwant.Com, Inc. Web-based system for connecting buyers and sellers
US6862580B1 (en) * 1999-06-11 2005-03-01 Robert M. Ford System and method for managing tier-priced commodity transactions
US8862507B2 (en) 1999-06-14 2014-10-14 Integral Development Corporation System and method for conducting web-based financial transactions in capital markets
US7882011B2 (en) * 2000-10-31 2011-02-01 Integral Development Corp. Systems and methods of conducting financial transactions
US6629082B1 (en) 1999-06-15 2003-09-30 W.R. Hambrecht & Co. Auction system and method for pricing and allocation during capital formation
CN1451121A (en) * 1999-06-15 2003-10-22 Cfph有限责任公司 System and methods for electronic trading that provide incentives and linked auctions
US7212993B1 (en) 1999-07-27 2007-05-01 Merrill Lynch & Co., Inc. Security receipts management system
US7155410B1 (en) * 1999-08-03 2006-12-26 Woodmansey Robert J Systems and methods for linking orders in electronic trading systems
US6493683B1 (en) * 1999-08-23 2002-12-10 Netrade, Llc Open commodites exchange
US7290009B1 (en) * 1999-08-25 2007-10-30 The Trustees Of Columbia University In The City Of New York System and method for allocating resources using spot market and derivative market techniques
US7685048B1 (en) * 1999-09-01 2010-03-23 Bloomberg L.P. Electronic trading system for forwards spread trades
US7801802B2 (en) * 1999-09-02 2010-09-21 Walker Digital, Llc Method, system and computer program product for facilitating an auction behavior and automatic bidding in an auction
US6985885B1 (en) * 1999-09-21 2006-01-10 Intertrust Technologies Corp. Systems and methods for pricing and selling digital goods
US7574375B1 (en) * 1999-09-28 2009-08-11 Cfph, L.L.C. Systems and methods for transferring items with restricted transferability
DE29917313U1 (en) * 1999-10-01 2001-02-15 Mwg Biotech Ag Device for carrying out chemical or biological reactions
US7085740B1 (en) * 1999-10-04 2006-08-01 Raphael Meyers Method and apparatus for conducting auctions
US8401951B2 (en) * 1999-10-05 2013-03-19 Bloomberg L.P. Electronic trading system supporting anonymous negotiation and indicators of interest
US7475046B1 (en) * 1999-10-05 2009-01-06 Bloomberg L.P. Electronic trading system supporting anonymous negotiation and indications of interest
US7062460B1 (en) 1999-10-12 2006-06-13 Enduse.Com Llc On-line auction method and system facilitating the sale of multiple product units at prices varying with volume
US7251629B1 (en) 1999-10-14 2007-07-31 Edge Capture, Llc Automated trading system in an electronic trading exchange
US20020069134A1 (en) * 1999-11-01 2002-06-06 Neal Solomon System, method and apparatus for aggregation of cooperative intelligent agents for procurement in a distributed network
US20030074301A1 (en) * 1999-11-01 2003-04-17 Neal Solomon System, method, and apparatus for an intelligent search agent to access data in a distributed network
AU780471B2 (en) 1999-11-01 2005-03-24 Integral Development Corporation System and method for conducting web-based financial transactions in capital markets
US20020046157A1 (en) * 1999-11-01 2002-04-18 Neal Solomon System, method and apparatus for demand-initiated intelligent negotiation agents in a distributed network
US20020055903A1 (en) * 1999-11-01 2002-05-09 Neal Solomon System, method, and apparatus for a cooperative communications network
US7571131B1 (en) 1999-11-05 2009-08-04 Ford Motor Company Method of conducting online competitive price quoting events
US6654726B1 (en) 1999-11-05 2003-11-25 Ford Motor Company Communication schema of online system and method of status inquiry and tracking related to orders for consumer product having specific configurations
US6895388B1 (en) 1999-11-05 2005-05-17 Ford Motor Company Communication schema of online system and method of locating consumer product in the enterprise production pipeline
US6728685B1 (en) 1999-11-05 2004-04-27 Ford Motor Company Communication schema of online reporting system and method related to online orders for consumer products having specific configurations
US6609108B1 (en) 1999-11-05 2003-08-19 Ford Motor Company Communication schema of online system and method of ordering consumer product having specific configurations
US6901430B1 (en) 1999-11-05 2005-05-31 Ford Motor Company Online system and method of locating consumer product having specific configurations in the enterprise production pipeline and inventory
US6980963B1 (en) 1999-11-05 2005-12-27 Ford Motor Company Online system and method of status inquiry and tracking related to orders for consumer product having specific configurations
US20090292645A1 (en) * 1999-11-10 2009-11-26 International Business Machines Corporation Method and Apparatus for Network Marketing of Financial Securities
AU1928701A (en) * 1999-11-22 2001-06-04 Accenture Llp Technology sharing during asset management and asset tracking in a network-basedsupply chain environment and method thereof
US7386497B1 (en) 1999-11-22 2008-06-10 Gfi Group, Inc. System and method for trading an instrument
US8271336B2 (en) 1999-11-22 2012-09-18 Accenture Global Services Gmbh Increased visibility during order management in a network-based supply chain environment
EP1275052A2 (en) * 1999-11-22 2003-01-15 Accenture LLP Network and life cycle asset management in an e-commerce environment and method thereof
US6466917B1 (en) 1999-12-03 2002-10-15 Ebay Inc. Method and apparatus for verifying the identity of a participant within an on-line auction environment
US7373312B1 (en) 1999-12-03 2008-05-13 Ebay Inc. Method and apparatus for facilitating user registration in an on-line auction environment
US7149718B1 (en) * 1999-12-21 2006-12-12 Ebay Inc. Method and system for the creation and communication of notes concerning an auction participant or item within a network-based auction facility
US7610233B1 (en) 1999-12-22 2009-10-27 Accenture, Llp System, method and article of manufacture for initiation of bidding in a virtual trade financial environment
US7167844B1 (en) 1999-12-22 2007-01-23 Accenture Llp Electronic menu document creator in a virtual financial environment
WO2001048656A2 (en) * 1999-12-29 2001-07-05 Electronic Data Systems Corporation Sourcing system and method
US9727916B1 (en) 1999-12-30 2017-08-08 Chicago Board Options Exchange, Incorporated Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services
US7356498B2 (en) 1999-12-30 2008-04-08 Chicago Board Options Exchange, Incorporated Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services
US7430533B1 (en) * 2000-01-11 2008-09-30 Itg Software Solutions, Inc. Automated batch auctions in conjunction with continuous financial markets
US7613647B1 (en) * 2000-01-19 2009-11-03 Itg Software Solutions, Inc. System and method for executing strategy security trading
US7835957B1 (en) 2000-01-24 2010-11-16 Ariba, Inc. Method and system for correcting market failures with participant isolation in dutch style online auctions
US8781940B2 (en) 2000-01-26 2014-07-15 Ebay Inc. Method and apparatus for facilitating user selection of a category item in a transaction
US7225151B1 (en) 2000-01-27 2007-05-29 Brad S Konia Online auction bid management system and method
US7162447B1 (en) * 2000-02-02 2007-01-09 Itg Software Solutions, Inc. Method and system for obtaining a discovered price
US7835970B1 (en) 2000-02-02 2010-11-16 Cmvt, Llc Method and system for automated auction and tender of complex multi-variable commodities
US8290809B1 (en) 2000-02-14 2012-10-16 Ebay Inc. Determining a community rating for a user using feedback ratings of related users in an electronic environment
US7251630B1 (en) * 2000-02-17 2007-07-31 International Business Machines Corporation Distributed bid processing method for open-cry and descending price auctions
US9614934B2 (en) 2000-02-29 2017-04-04 Paypal, Inc. Methods and systems for harvesting comments regarding users on a network-based facility
US7428505B1 (en) 2000-02-29 2008-09-23 Ebay, Inc. Method and system for harvesting feedback and comments regarding multiple items from users of a network-based transaction facility
US7389268B1 (en) 2000-03-02 2008-06-17 Trading Technologies International, Inc. Trading tools for electronic trading
US6772132B1 (en) * 2000-03-02 2004-08-03 Trading Technologies International, Inc. Click based trading with intuitive grid display of market depth
US6938011B1 (en) 2000-03-02 2005-08-30 Trading Technologies International, Inc. Click based trading with market depth display
US7647270B2 (en) * 2000-03-08 2010-01-12 W.R. Hambrecht + Co., Llc System and methods for pricing and allocation of commodities or securities
US7415436B1 (en) 2000-03-08 2008-08-19 W. R. Hambrecht + Co., Llc System and method for pricing and allocation of commodities or securities
US20010032164A1 (en) * 2000-03-15 2001-10-18 Jaekil Kim Method and apparatus for bi-directional auctioning between buyers and sellers using a computer network
US7979347B1 (en) * 2000-03-16 2011-07-12 Goldman Sachs & Co. Automated online sales risk management
CA2300751A1 (en) * 2000-03-16 2001-09-16 David H. Brett Computer auction system with dynamic pricing
WO2001071452A2 (en) 2000-03-17 2001-09-27 Ebay, Inc. Method and apparatus for facilitating online payment transactions in a network-based transaction facility using multiple payment instruments
US7499875B1 (en) 2000-03-17 2009-03-03 Ebay Inc. Method and apparatus for facilitating online payment transactions in a network-based transaction facility using multiple payment instruments
US8706618B2 (en) 2005-09-29 2014-04-22 Ebay Inc. Release of funds based on criteria
US7373320B1 (en) 2000-03-30 2008-05-13 Mcdonough Timothy Francis Mechanism and business method for implementing a service contract futures exchange
US7139743B2 (en) 2000-04-07 2006-11-21 Washington University Associative database scanning and information retrieval using FPGA devices
US6963855B1 (en) 2000-04-10 2005-11-08 Alexander Borzenko Apparatus and method for automated display of market activity
US7970681B1 (en) 2000-04-10 2011-06-28 Goldman Sachs & Co. Reduction of financial instrument volatility
US7523114B2 (en) * 2000-04-24 2009-04-21 Ebay Inc. Method and system for categorizing items in both actual and virtual categories
US6604107B1 (en) * 2000-04-24 2003-08-05 Ebay Inc. Generic attribute database system for storing items of different categories having shared attributes
JP2001306865A (en) * 2000-04-27 2001-11-02 Nojima Corp Electronic transaction system for new commodity
US7689495B1 (en) 2000-05-01 2010-03-30 Bloomberg L.P. System and method for processing trades using volume-weighted-average pricing techniques
EP1285382A1 (en) * 2000-05-16 2003-02-26 Blackbird Holdings, Inc. Systems and methods for conducting derivative trades electronically
JP2004521400A (en) * 2000-05-18 2004-07-15 トレジャリーコネクト エルエルシー Electronic commerce system and method
US7127422B1 (en) 2000-05-19 2006-10-24 Etp Holdings, Inc. Latency monitor
US9595064B2 (en) * 2000-05-25 2017-03-14 Xcira, Inc Integration of remote bidders into multiple and simultaneous live auctions
WO2001090925A2 (en) * 2000-05-25 2001-11-29 Tradescape Technologies, L.L.C. Solutions server
US20010047321A1 (en) * 2000-05-25 2001-11-29 Wyatt Gregory R. Methods and systems for auctioning products
US6813612B1 (en) 2000-05-25 2004-11-02 Nancy J. Rabenold Remote bidding supplement for traditional live auctions
US20020002531A1 (en) * 2000-05-30 2002-01-03 Andrew Lustig System and method for facilitating a transaction through binding comparison shopping using a communications network
US7673229B1 (en) 2000-06-07 2010-03-02 Ebay Inc. Apparatus and method for generating sub-codes to a turbo-encoder
US20020116317A1 (en) * 2000-06-09 2002-08-22 Blackbird Holdings, Inc. Systems and methods for reverse auction of financial instruments
US20010056395A1 (en) * 2000-06-09 2001-12-27 Khan Saadat H. Internet bargaining system
US6850900B1 (en) * 2000-06-19 2005-02-01 Gary W. Hare Full service secure commercial electronic marketplace
US7366690B1 (en) * 2000-06-23 2008-04-29 Ebs Group Limited Architecture for anonymous trading system
GB2364586B (en) * 2000-06-23 2004-06-16 Ebs Nominees Ltd Deal matching in an anonymous trading system
US7184982B1 (en) 2000-06-23 2007-02-27 Ebs Group Limited Architecture for anonymous trading system
US7827085B1 (en) 2000-06-23 2010-11-02 Ebs Group Limited Conversational dealing in an anonymous trading system
US6983259B1 (en) 2000-06-23 2006-01-03 Ebs Group Limited Anonymous trading system
US7024386B1 (en) 2000-06-23 2006-04-04 Ebs Group Limited Credit handling in an anonymous trading system
US7333952B1 (en) 2000-06-23 2008-02-19 Ebs Group Limited Compound order handling in an anonymous trading system
WO2002003303A1 (en) * 2000-07-05 2002-01-10 Paid Search Engine Tools, L.L.C. Paid search engine bid management
US7409368B2 (en) 2000-07-13 2008-08-05 Oes, Inc. Dutch auction system with preregistered bid feature
EP1172744A1 (en) * 2000-07-13 2002-01-16 van Brummen, John System for managing consumer to business and consumer to consumer relationships
US7925566B1 (en) * 2000-07-17 2011-04-12 Ubs Financial Services, Inc. System and method for trading fixed income financial instruments
US7177833B1 (en) 2000-07-18 2007-02-13 Edge Capture, Llc Automated trading system in an electronic trading exchange
US6532460B1 (en) 2000-07-19 2003-03-11 Irfan Amanat Method and apparatus for automated cancellation of orders for securities
US6829589B1 (en) * 2000-07-21 2004-12-07 Stc, Llc Method and apparatus for stock and index option price improvement, participation, and internalization
US7827086B1 (en) 2000-07-24 2010-11-02 Bank Of America Corporation System and method for conducting a customer affinity program auction
US20020023056A1 (en) * 2000-08-17 2002-02-21 Udo Augustine F. System and method for creation of backed depositary receipts
US7130824B1 (en) 2000-08-21 2006-10-31 Etp Holdings, Inc. Apparatus and method for load balancing among data communications ports in automated securities trading systems
EP1323095A4 (en) * 2000-08-22 2005-09-28 Goldman Sachs & Co Foreign exchange trading system
US20020026400A1 (en) * 2000-08-22 2002-02-28 Bondglobe Inc. System and method to establish trading mechanisms employing auctions and reverse auctions
US7409366B1 (en) 2000-08-22 2008-08-05 Etp Holdings, Inc. Apparatus and method for adding liquidity to an ECN and improving executions of orders for securities
US7689498B2 (en) * 2000-08-24 2010-03-30 Volbroker Limited System and method for trading options
US7908180B2 (en) * 2000-08-28 2011-03-15 Keith Goclowski Interactive vehicle auction and sale system
US20050015321A1 (en) * 2000-08-30 2005-01-20 Susanne Vindekilde System and method for listing offerings of commercial paper and other interests
US6944599B1 (en) * 2000-09-13 2005-09-13 Ebay Inc. Monitoring and automatic notification of irregular activity in a network-based transaction facility
US7110972B1 (en) 2000-09-19 2006-09-19 Icor Brokerage, Inc. Method and system of managing credit for the electronic trading of financial instruments
US6523037B1 (en) 2000-09-22 2003-02-18 Ebay Inc, Method and system for communicating selected search results between first and second entities over a network
US7136833B1 (en) 2000-09-25 2006-11-14 Eugene Lawrence Podsiadlo Communication network based system and method for auctioning shares on an investment product
US20040133503A1 (en) * 2000-09-25 2004-07-08 Podsiadlo Eugene L. Method and system for auctioning shares of an investment product
US20020049643A1 (en) * 2000-09-27 2002-04-25 Church Diana L. On-line ingredient exchange system and method
US20020082978A1 (en) * 2000-09-29 2002-06-27 Ahmed Ghouri System and method for soliciting bids
US7660740B2 (en) 2000-10-16 2010-02-09 Ebay Inc. Method and system for listing items globally and regionally, and customized listing according to currency or shipping area
US6748422B2 (en) 2000-10-19 2004-06-08 Ebay Inc. System and method to control sending of unsolicited communications relating to a plurality of listings in a network-based commerce facility
US7340429B2 (en) * 2000-10-23 2008-03-04 Ebay Inc. Method and system to enable a fixed price purchase within a online auction environment
AU2001210171A1 (en) * 2000-10-27 2002-05-06 Ibp Technology Co., Ltd. Product connection method for electronic trade
WO2002035402A1 (en) * 2000-10-27 2002-05-02 Ibp Technology Co., Ltd. Auction method for electronic trade
WO2002035404A1 (en) * 2000-10-27 2002-05-02 Ibp Technology Co., Ltd. Price inquiry method for electronic trade
US6643660B1 (en) 2000-10-30 2003-11-04 Toxweb, Inc. Technique for specifying the parameters of complex technical studies by using a decision tree
US20200143474A1 (en) 2000-10-31 2020-05-07 Integral Development, Corporation System and method for conducting web-based financial transactions in capital markets
AU2002232459A1 (en) * 2000-11-03 2002-05-15 Primuni Llc Differential commission and electronic order matching process for the distribution of primary market fixed income securities
US7870054B2 (en) * 2000-11-10 2011-01-11 Ariba, Inc. Method, apparatus and system for advancing a bidder to a selected rank
US7634439B1 (en) 2000-11-14 2009-12-15 Ariba, Inc. Method and apparatus to perform buy versus leasing transformational bidding
US20020156719A1 (en) * 2000-11-17 2002-10-24 Market Axess Inc., Method and apparatus for trading bonds
US20050131802A1 (en) * 2000-11-17 2005-06-16 Arman Glodjo Method and system for network-decentralized trading with optimal proximity measures
US7184984B2 (en) * 2000-11-17 2007-02-27 Valaquenta Intellectual Properties Limited Global electronic trading system
US7970689B2 (en) * 2000-11-17 2011-06-28 Scale Semiconductor Flg, L.L.C. Single-period auctions network decentralized trading system and method
US20050131796A1 (en) * 2000-11-28 2005-06-16 Goldman Sachs & Co. Reduction of financial instrument volatility
US7457774B1 (en) * 2000-11-28 2008-11-25 Goldman Sachs & Co. Dynamic reallocation hedge accounting
US7340428B1 (en) * 2000-11-28 2008-03-04 Gxs, Inc. System and method for using composite scoring in an auction process
KR20020041886A (en) * 2000-11-29 2002-06-05 김범태 Service method of construction data using internet
US7299206B2 (en) * 2000-11-30 2007-11-20 Ebay Inc. Method and system to implement seller authorized buying privileges within a network-based shopping facility
US20020065769A1 (en) * 2000-11-30 2002-05-30 Roberto Irribarren Method and apparatus for processing unmet demand
US7242669B2 (en) * 2000-12-04 2007-07-10 E*Trade Financial Corporation Method and system for multi-path routing of electronic orders for securities
US7146334B2 (en) * 2000-12-08 2006-12-05 Xerox Corporation System and method of determining latent demand for at least one of a plurality of commodities
US7840474B1 (en) 2000-12-11 2010-11-23 Icor Brokerage, Inc. Method and system for managing requests for proposals for electronic trading of financial instruments
US20020078152A1 (en) * 2000-12-19 2002-06-20 Barry Boone Method and apparatus for providing predefined feedback
AU2002246718A1 (en) * 2000-12-22 2002-07-30 Market Axess Inc. Method and system for computer-implemented trading of new issue and secondary market debt securities
US6636850B2 (en) 2000-12-28 2003-10-21 Fairisaac And Company, Inc. Aggregate score matching system for transaction records
US20020087456A1 (en) * 2000-12-29 2002-07-04 Daniel Abeshouse Method, apparatus, and system for synchronizing timing of an auction throug a computer network
US8086518B1 (en) 2000-12-29 2011-12-27 Ariba, Inc. Allotting an award volume in an auction
US7310733B1 (en) 2001-01-29 2007-12-18 Ebay Inc. Method and system for maintaining login preference information of users in a network-based transaction facility
US7084998B2 (en) 2001-02-13 2006-08-01 Ariba, Inc. Method and system for processing files using a printer driver
US7277878B2 (en) 2001-02-13 2007-10-02 Ariba, Inc. Variable length file header apparatus and system
US7072061B2 (en) * 2001-02-13 2006-07-04 Ariba, Inc. Method and system for extracting information from RFQ documents and compressing RFQ files into a common RFQ file type
US20020111895A1 (en) * 2001-02-15 2002-08-15 Blair William R. System and method for creating catalog neutral products
US8380608B2 (en) * 2001-02-15 2013-02-19 Ariba, Inc. System and method for creating a spot market
US20020161690A1 (en) * 2001-03-16 2002-10-31 Trumarkets, Inc. System, medium and method for trading fixed income securities
AU2002256011A1 (en) * 2001-03-30 2002-10-15 Espeed, Inc. Request for quote (rfq) and inside markets
US20020169708A1 (en) * 2001-04-04 2002-11-14 Chittenden Errol D. Competitive sealed bidding system and method
US7636684B1 (en) * 2001-04-13 2009-12-22 I-Deal Llc Issuer monitor system for monitoring and/or analyzing financial transactions and method of using the same
US20060282367A1 (en) * 2001-04-30 2006-12-14 Alan Katz Internet-based system for auctioning securities
US7739162B1 (en) 2001-05-04 2010-06-15 West Corporation System, method, and business method for setting micropayment transaction to a pre-paid instrument
GB2394094A (en) * 2001-05-14 2004-04-14 Espeed Inc Systems and methods for providing a trading interface with advanced features
EP1258825A1 (en) * 2001-05-14 2002-11-20 Cfph, L.L.C. Automated auction processor for underwriting securities
TWI260517B (en) * 2001-05-18 2006-08-21 Mitac Int Corp Virtual hub
US8428996B2 (en) 2001-06-11 2013-04-23 Ebay Inc. Method and system automatically to support multiple transaction types, and to display seller-specific transactions of various transaction types in an integrated, commingled listing
AU2002322086A1 (en) * 2001-06-13 2002-12-23 Espeed, Inc. Systems and methods for trading in an exclusive market
US8234156B2 (en) * 2001-06-28 2012-07-31 Jpmorgan Chase Bank, N.A. System and method for characterizing and selecting technology transition options
US7653584B2 (en) * 2001-06-29 2010-01-26 Chicago Board Options Exchange, Incorporated Automated execution system having participation
US7890375B2 (en) * 2001-07-31 2011-02-15 Half.Com, Inc. Method and system to facilitate pre-ordering via an electronic commerce facility, and to automatically facilitate satisfying of a pre-order upon listing of an appropriate offer via the electronic commerce facility
US7752266B2 (en) 2001-10-11 2010-07-06 Ebay Inc. System and method to facilitate translation of communications between entities over a network
US8332275B2 (en) 2001-10-31 2012-12-11 Ebay Inc. Method and apparatus to facilitate a transaction within a network-based facility
US7536362B2 (en) * 2001-11-07 2009-05-19 Ariba, Inc. Method for selecting an optimal balance between direct cost and a number of suppliers
US20030101126A1 (en) * 2001-11-13 2003-05-29 Cheung Dominic Dough-Ming Position bidding in a pay for placement database search system
US20030110122A1 (en) * 2001-12-07 2003-06-12 Nalebuff Barry J. Home equity insurance financial product
US20030110111A1 (en) * 2001-12-07 2003-06-12 Nalebuff Barry J. Home equity insurance financial product
US20030139997A1 (en) * 2001-12-17 2003-07-24 Espeed, Inc. Systems and methods for automated commission processing
US7305469B2 (en) 2001-12-18 2007-12-04 Ebay Inc. Prioritization of third party access to an online commerce site
US20030115127A1 (en) * 2001-12-18 2003-06-19 Freemarkets, Inc. Method of market basket bidding for surplus merchandise
US8126799B2 (en) * 2002-01-09 2012-02-28 Ariba, Inc. Method of bidding to drive competition in an auction
US20030135444A1 (en) * 2002-01-15 2003-07-17 Nachiappan Annamalai Multiple award optimization
US7146331B1 (en) 2002-01-17 2006-12-05 Ariba, Inc. Method and system for supplier prioritization
US20030144944A1 (en) * 2002-01-31 2003-07-31 Kalt David Samuels Financial instruments trading system and method
US20030158806A1 (en) * 2002-02-15 2003-08-21 Hanley James P. Automated ranked bid sales method and system
US7483852B2 (en) * 2002-04-24 2009-01-27 Ariba, Inc. Total value bidding
US7685051B2 (en) * 2002-05-31 2010-03-23 Intercontinentalexchange, Inc. System for settling over the counter trades
US7933827B2 (en) * 2002-06-05 2011-04-26 The Nasdaq Omx Group, Inc. Multi-parallel architecture and a method of using the same
US7801796B2 (en) * 2002-06-05 2010-09-21 The Nasdaq Omx Group, Inc. Message prioritization process and method
US7941348B2 (en) * 2002-06-10 2011-05-10 Ebay Inc. Method and system for scheduling transaction listings at a network-based transaction facility
US8719041B2 (en) * 2002-06-10 2014-05-06 Ebay Inc. Method and system for customizing a network-based transaction facility seller application
US8078505B2 (en) * 2002-06-10 2011-12-13 Ebay Inc. Method and system for automatically updating a seller application utilized in a network-based transaction facility
US10896463B2 (en) 2002-06-11 2021-01-19 Bgc Partners, Inc. Trading system with price improvement
US7574395B2 (en) * 2002-06-11 2009-08-11 Bgc Partners, Inc. Price improvement in an active trading market
US8112348B2 (en) * 2009-03-26 2012-02-07 Bgc Partners, Inc. Trading system with price improvement
US8301540B2 (en) * 2004-09-28 2012-10-30 Bgc Partners, Inc. Neutral price improvement
USRE47060E1 (en) 2002-06-11 2018-09-25 Bgc Partners, Inc. Trading system with price improvement
US20040006530A1 (en) * 2002-07-03 2004-01-08 Freemarkets, Inc. Automated lotting
BR0312810A (en) * 2002-07-20 2005-04-19 Chicago Climate Exchange Inc Emission reduction trading system, method and system for conducting trades between participants in an emission reduction and trading system through a communication network, method for employing standards in the creation, maintenance and operation of an emissions trading market. greenhouse gas, method including an electricity option program in an emission reduction and trading system, emission reduction and trading system including an electricity option program, and, electronic auction
US7343341B2 (en) * 2002-07-20 2008-03-11 Chicago Climate Exchange, Inc. Systems and methods for trading emission reductions
US20060184445A1 (en) * 2002-07-20 2006-08-17 Richard Sandor Systems and methods for trading emission reductions
US7974908B1 (en) 2002-07-29 2011-07-05 Ariba, Inc. System and method for promoting competition in an auction
US8554650B1 (en) 2002-07-31 2013-10-08 Ariba, Inc. Importable template
US20040030633A1 (en) * 2002-07-31 2004-02-12 Gavin Austin T. Systems and methods for school districts and municipalities to maximize interest earnings on their investments
AU2002368137B2 (en) 2002-08-05 2009-11-19 Volbroker.Com Limited System and method for trading options
AU2003270544A1 (en) * 2002-09-11 2004-04-30 University Of Florida Vigilant vector system
US7409360B1 (en) 2002-10-08 2008-08-05 Public Service Electric & Gas Company Method and system for computer-based auctioning of basic generation services
US20040083158A1 (en) * 2002-10-09 2004-04-29 Mark Addison Systems and methods for distributing pricing data for complex derivative securities
US7340650B2 (en) * 2002-10-30 2008-03-04 Jp Morgan Chase & Co. Method to measure stored procedure execution statistics
US7693747B2 (en) * 2002-10-31 2010-04-06 Ariba, Inc. Methods, system, and medium for initiating an online auction utilizing a line item detail report
US20040220884A1 (en) * 2002-11-01 2004-11-04 Khan Saadat H. Intelligent internet bargaining system
US7716114B2 (en) * 2002-12-09 2010-05-11 Creditex Group, Inc. Systems and methods for an online credit derivative trading system
US7970693B2 (en) * 2004-09-29 2011-06-28 Creditex Group, Inc. Systems and methods for market order volume clearing in online trading of credit derivatives
US8645258B2 (en) * 2002-12-09 2014-02-04 Creditex Group, Inc. Systems and methods for an online credit derivative trading system
US7698208B2 (en) * 2002-12-09 2010-04-13 Creditex Group, Inc. Systems and methods for an online credit derivative trading system
US7904346B2 (en) * 2002-12-31 2011-03-08 Ebay Inc. Method and system to adjust a seller fixed price offer
US7593866B2 (en) * 2002-12-31 2009-09-22 Ebay Inc. Introducing a fixed-price transaction mechanism in conjunction with an auction transaction mechanism
US8306908B1 (en) 2002-12-31 2012-11-06 West Corporation Methods and apparatus for intelligent selection of goods and services in telephonic and electronic commerce
US7921052B2 (en) * 2002-12-31 2011-04-05 Autotrader.Com, Inc. Efficient online auction style listings that encourage out-of-channel negotiation
US8306903B2 (en) 2010-04-23 2012-11-06 Bgc Partners, Inc. Commission calculator and display
US7707097B1 (en) 2003-01-14 2010-04-27 Bgc Partners, Inc. Fully transparent commission calculator and display system
US8150766B1 (en) 2003-01-27 2012-04-03 Island Intellectual Property Llc System and method for investing public deposits
US8126701B2 (en) * 2003-01-31 2012-02-28 Ariba, Inc. Translation technology in electronic sourcing
US7401156B2 (en) * 2003-02-03 2008-07-15 Jp Morgan Chase Bank Method using control interface to suspend software network environment running on network devices for loading and executing another software network environment
US9818136B1 (en) 2003-02-05 2017-11-14 Steven M. Hoffberg System and method for determining contingent relevance
US7484087B2 (en) * 2003-02-24 2009-01-27 Jp Morgan Chase Bank Systems, methods, and software for preventing redundant processing of transmissions sent to a remote host computer
EP1606755A4 (en) 2003-03-25 2007-01-03 Tradeweb Group L L C Method and system for effecting straight-through-processing of trades of various financial instruments
US7734518B2 (en) * 2003-03-25 2010-06-08 Tradeweb Markets, Llc Method and system for effecting straight-through-processing of trades of various financial instruments
US7756777B2 (en) * 2003-03-25 2010-07-13 Tradeweb Markets Llc Method and system for administering prime brokerage
US7797223B1 (en) 2003-03-28 2010-09-14 Citigroup Global Markets, Inc. Method and system for efficiently matching long and short positions in securities trading and transacting a series of overnight trades for balance sheet netting
US8712857B1 (en) 2003-03-31 2014-04-29 Tuxis Technologies Llc Methods and apparatus for intelligent selection of goods and services in mobile commerce
US8353763B2 (en) 2003-03-31 2013-01-15 Cantor Index, Llc System and method for betting on a participant in a group of events
US20040199421A1 (en) * 2003-04-04 2004-10-07 Oda Lisa Maureen Method and system to discharge a liability associated with a proprietary currency
WO2004090678A2 (en) * 2003-04-11 2004-10-21 Cantor Index Llc Lottery and auction based tournament entry exchange platform
US9881308B2 (en) 2003-04-11 2018-01-30 Ebay Inc. Method and system to facilitate an online promotion relating to a network-based marketplace
GB0408430D0 (en) 2003-04-16 2004-05-19 Espeed Inc Systems and methods for providing dynamic price improvement
US7613650B2 (en) 2003-04-24 2009-11-03 Chicago Board Options Exchange, Incorporated Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms
US20060167788A1 (en) * 2003-04-24 2006-07-27 Tilly Edward T Method and system for broker trading in a hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms
US7653588B2 (en) * 2003-04-24 2010-01-26 Chicago Board Options Exchange, Incorporated Method and system for providing order routing to a virtual crowd in a hybrid trading system
US8346653B2 (en) 2003-04-24 2013-01-01 Chicago Board Options Exchange, Incorporated Automated trading system for routing and matching orders
US7552083B2 (en) * 2003-04-24 2009-06-23 Chicago Board Options Exchange, Incorporated Hybrid trading system for concurrently trading through both electronic and open-outcry trading mechanisms
US7676421B2 (en) 2003-04-24 2010-03-09 Chicago Board Options Exchange, Incorporated Method and system for providing an automated auction for internalization and complex orders in a hybrid trading system
US20040220871A1 (en) * 2003-05-02 2004-11-04 The Board Of Trade Of The City Of Chicago Treasury "when issued" auction futures contracts
CA2523548C (en) 2003-05-23 2014-02-04 Washington University Intelligent data processing system and method using fpga devices
US10572824B2 (en) 2003-05-23 2020-02-25 Ip Reservoir, Llc System and method for low latency multi-functional pipeline with correlation logic and selectively activated/deactivated pipelined data processing engines
US7742985B1 (en) 2003-06-26 2010-06-22 Paypal Inc. Multicurrency exchanges between participants of a network-based transaction facility
US20040267657A1 (en) * 2003-06-28 2004-12-30 Global Skyline Llc Method for valuing forwards, futures and options on real estate
US8676679B2 (en) 2003-06-30 2014-03-18 Bloomberg L.P. Counterparty credit limits in computerized trading
US7587357B1 (en) 2003-06-30 2009-09-08 Trading Technologies International Inc. Repositioning of market information on trading screens
US20050021442A1 (en) * 2003-07-22 2005-01-27 Flake Gary William Term-based concept instruments
US20050021441A1 (en) * 2003-07-22 2005-01-27 Flake Gary William Concept valuation in a term-based concept market
US20050021461A1 (en) * 2003-07-22 2005-01-27 Flake Gary William Term-based concept market
US7499883B2 (en) * 2003-07-31 2009-03-03 Marketaxess Holdings Inc. Electronic inquiry lists for financial products
WO2005024602A2 (en) * 2003-09-09 2005-03-17 Delta Rangers, Inc. Real estate derivative securities and method for trading them
US20050055304A1 (en) * 2003-09-10 2005-03-10 Lutnick Howard W. Trading application program interface
US7012214B2 (en) * 2003-09-24 2006-03-14 Nanotechnologies, Inc. Nanopowder synthesis using pulsed arc discharge and applied magnetic field
US7761363B2 (en) 2003-10-08 2010-07-20 Fx Alliance, Llc Internal trade requirement order management and execution system
US7908193B2 (en) * 2003-10-20 2011-03-15 BGC Partrners, Inc. System and method for providing futures contracts in a financial market environment
US20060206409A1 (en) * 2005-03-14 2006-09-14 Elbert Harris Bid system
US10002385B2 (en) 2003-10-28 2018-06-19 Bgc Partners, Inc. Managing the execution of trades between market makers
US7853482B2 (en) 2003-10-28 2010-12-14 Sap Aktiengesellschaft Complex prices in bidding
US7716079B2 (en) * 2003-11-20 2010-05-11 Ebay Inc. Feedback cancellation in a network-based transaction facility
JP2008503794A (en) * 2003-11-26 2008-02-07 エフエックス アライアンス,エルエルシー Protocol-independent asset trading system and method
JP2007512630A (en) * 2003-11-26 2007-05-17 エフエックス アライアンス,エルエルシー Instant fulfillment customer asset trading system
SG132684A1 (en) * 2003-11-26 2007-06-28 Fx Alliance Llc Latency-aware asset trading system
US7261239B2 (en) * 2003-12-17 2007-08-28 Bindu Rama Rao Questionnaire network for mobile handsets and a trading system for contracts on user commitments to answer questionnaires
US7567931B2 (en) 2004-01-16 2009-07-28 Bgc Partners, Inc. System and method for forming a financial instrument indexed to entertainment revenue
US7698198B2 (en) 2004-01-16 2010-04-13 Bgc Partners, Inc. System and method for purchasing a financial instrument indexed to entertainment revenue
US7702767B2 (en) * 2004-03-09 2010-04-20 Jp Morgan Chase Bank User connectivity process management system
US20050216393A1 (en) * 2004-03-23 2005-09-29 Lutnick Howard W Systems and methods for allowing market-maker participation in transactions
US20050228739A1 (en) * 2004-04-08 2005-10-13 Hotspot Fx Inc. Financial instrument trading system, method and computer program product
US7792763B2 (en) * 2004-04-12 2010-09-07 Ebay Inc. Method and system to detect outlying behavior in a network-based marketplace
US20050240504A1 (en) * 2004-04-23 2005-10-27 Springer Mark H Method and system for auctioning funds using a full-time public network
US9189568B2 (en) 2004-04-23 2015-11-17 Ebay Inc. Method and system to display and search in a language independent manner
US20050246187A1 (en) * 2004-04-30 2005-11-03 Reed Maltzman System and method to facilitate differentiated levels of service in a network-based marketplace
CA2732007C (en) * 2004-05-10 2016-06-28 Espeed, Inc. Fully configurable trading keyboard
EP1782376A4 (en) * 2004-06-23 2009-06-24 Fx Alliance Llc Shareable quote streams
WO2006002171A2 (en) * 2004-06-23 2006-01-05 Fx Alliance, Llc Dynamic liquidity management system
US7665127B1 (en) 2004-06-30 2010-02-16 Jp Morgan Chase Bank System and method for providing access to protected services
US8200568B2 (en) 2004-07-21 2012-06-12 Bgc Partners, Inc. System and method for managing trading orders received from market makers
US7577605B2 (en) * 2004-08-04 2009-08-18 Bgc Partners, Inc. System and method for managing trading using alert messages for outlying trading orders
US7529707B2 (en) 2004-08-04 2009-05-05 Bgc Partners, Inc. System and method for managing trading using alert messages for outlying trading orders
US20060143111A1 (en) * 2004-08-06 2006-06-29 Cfph, Llc System and method for trading spectrum rights
US20060080219A1 (en) * 2004-08-25 2006-04-13 Lutnick Howard W Systems and methods of obtaining trading exclusivity in electronic trading systems
US20060080222A1 (en) * 2004-08-27 2006-04-13 Lutnick Howard W Systems and methods for commission allocation
US20060080217A1 (en) * 2004-08-31 2006-04-13 Blackall Grenville W Clearing house for buying and selling short term liquidity
US20060080228A1 (en) * 2004-09-09 2006-04-13 Mcgill Bradley J Home equity protection contracts and method for trading them
US7590589B2 (en) 2004-09-10 2009-09-15 Hoffberg Steven M Game theoretic prioritization scheme for mobile ad hoc networks permitting hierarchal deference
US8255314B2 (en) 2004-09-13 2012-08-28 Bgc Partners, Inc. Electronic completion of cash versus futures basis trades
US7603309B2 (en) * 2004-09-27 2009-10-13 Citadel Investment Group, L.L.C. Computer implemented and/or assisted methods and systems for providing guaranteed, specified and/or predetermined execution prices in a guaranteed, specified and/or predetermined timeframe on the purchase or sale of, for example, listed options
US7178720B1 (en) 2004-09-30 2007-02-20 West Corporation Methods, computer-readable media, and computer program product for intelligent selection of items encoded onto portable machine-playable entertainment media
CA2582271A1 (en) * 2004-09-30 2006-04-13 Optionsxpress Holdings,Inc. System and methods for prioritized management of financial instruments
US7958039B2 (en) 2004-10-08 2011-06-07 Citadel Investment Group, L.L.C. Computer implemented and/or assisted methods and systems for providing rapid execution of, for example, listed options contracts using toxicity and/or profit analyzers
US20060100950A1 (en) * 2004-10-12 2006-05-11 Global Skyline, Llc Method for valuign forwards, futures and options on real estate
US20060085492A1 (en) * 2004-10-14 2006-04-20 Singh Arun K System and method for modifying process navigation
US7734531B1 (en) 2004-10-18 2010-06-08 Chicago Climate Exchange, Inc. Method for promoting sulfur dioxide futures trading
US7587347B2 (en) * 2004-10-19 2009-09-08 Citadel Investment Group, L.L.C. Computer implemented and/or assisted methods and systems for detecting, tracking and responding to toxic, or likely toxic, orders in an equities order flow using toxicity and/or profit analyzers
US7650309B2 (en) 2004-10-28 2010-01-19 The Depository Trust and Clearing Corporation Methods and systems for netting of payments and collateral
US7783543B2 (en) 2004-12-21 2010-08-24 Weather Risk Solutions, Llc Financial activity based on natural peril events
US7783542B2 (en) 2004-12-21 2010-08-24 Weather Risk Solutions, Llc Financial activity with graphical user interface based on natural peril events
US7584133B2 (en) * 2004-12-21 2009-09-01 Weather Risk Solutions Llc Financial activity based on tropical weather events
US7783544B2 (en) 2004-12-21 2010-08-24 Weather Risk Solutions, Llc Financial activity concerning tropical weather events
US7693766B2 (en) 2004-12-21 2010-04-06 Weather Risk Solutions Llc Financial activity based on natural events
US7584134B2 (en) * 2004-12-21 2009-09-01 Weather Risk Solutions, Llc Graphical user interface for financial activity concerning tropical weather events
US8266042B2 (en) 2004-12-21 2012-09-11 Weather Risk Solutions, Llc Financial activity based on natural peril events
US7634438B2 (en) * 2004-12-23 2009-12-15 Fx Alliance, Llc Dynamic account mapping system for computerized asset trading
US7937685B2 (en) 2005-01-13 2011-05-03 Hsbc Technology & Services (Usa) Inc. Computer software implemented framework for configuration and release management of group systems software, and method for same
US7860796B2 (en) * 2005-01-27 2010-12-28 Marketaxess Holdings, Inc. Automated order protection trading system
CA2571387A1 (en) * 2005-03-15 2006-09-21 Aktsyonernoe Obschestvo 'global Enerdzhi Invest Kompani' System for displaying results of purchase/sales of share investment fund shares on a stock exchange
US20060218071A1 (en) * 2005-03-28 2006-09-28 Espeed, Inc. System and method for managing trading between related entities
US7742973B2 (en) * 2005-03-31 2010-06-22 Credigy Technologies, Inc. System and method for an exchange of financial instruments
US7809629B2 (en) 2005-04-07 2010-10-05 Chicago Board Options Exchange, Incorporated Market participant issue selection system and method
US8326716B2 (en) * 2005-05-04 2012-12-04 Chicago Board Options Exchange, Incorporated Method and system for creating and trading derivative investment products based on a statistical property reflecting the variance of an underlying asset
US8027904B2 (en) * 2005-05-04 2011-09-27 Chicago Board Options Exchange, Incorporated Method and system for creating and trading corporate debt security derivative investment instruments
US20060253369A1 (en) * 2005-05-04 2006-11-09 Chicago Board Options Exchange Method of creating and trading derivative investment products based on an average price of an underlying asset during a calculation period
US20080082436A1 (en) * 2005-05-04 2008-04-03 Shalen Catherine T System And Method For Creating And Trading A Digital Derivative Investment Instrument
US20060253368A1 (en) * 2005-05-04 2006-11-09 Chicago Board Options Exchange System and method for creating and trading credit rating derivative investment instruments
US8326715B2 (en) 2005-05-04 2012-12-04 Chicago Board Operations Exchange, Incorporated Method of creating and trading derivative investment products based on a statistical property reflecting the variance of an underlying asset
US20060253355A1 (en) * 2005-05-04 2006-11-09 Chicago Board Options Exchange System and method for creating and trading a digital derivative investment instrument
US8489489B2 (en) * 2005-05-05 2013-07-16 Chicago Board Options Exchange, Incorporated System and method for trading derivatives in penny increments while disseminating quotes for derivatives in nickel/dime increments
KR101219069B1 (en) * 2005-05-30 2013-01-18 가부시키가이샤 한도오따이 에네루기 켄큐쇼 Semiconductor device and driving method thereof
US8463690B2 (en) * 2005-06-28 2013-06-11 Bgc Partners, Inc. Systems and methods for vending and acquiring order priority
US7650307B2 (en) * 2005-06-28 2010-01-19 Ebay Inc. Method and system to enable a fixed price purchase within a multi-unit online auction environment
US10510087B2 (en) 2005-07-07 2019-12-17 Sermo, Inc. Method and apparatus for conducting an information brokering service
US20070016513A1 (en) * 2005-07-13 2007-01-18 Peter Kelly Real Time Bidding Systems and Methods with Question Interface
US7933828B2 (en) 2005-07-26 2011-04-26 Cfph, Llc System and method for displaying and/or analyzing a limit order book
US7805357B2 (en) * 2005-07-29 2010-09-28 Bgc Partners, Inc. System and method for routing trading orders in an electronic trading system using trader lists
US8572516B1 (en) 2005-08-24 2013-10-29 Jpmorgan Chase Bank, N.A. System and method for controlling a screen saver
US7761364B2 (en) * 2005-09-07 2010-07-20 International Securities Exchange, Llc Midpoint matching system
US7774263B1 (en) 2005-09-07 2010-08-10 International Securities Exchange, Llc Linked displayed market and midpoint matching system
US7761365B2 (en) 2005-10-03 2010-07-20 Icap Services North America Llc Multiple protocol trading system
US8874477B2 (en) 2005-10-04 2014-10-28 Steven Mark Hoffberg Multifactorial optimization system and method
US8577779B2 (en) * 2005-10-05 2013-11-05 Optionsxpress Holdings, Inc. System and methods for facilitating informed trading of financial instruments
US8181016B1 (en) 2005-12-01 2012-05-15 Jpmorgan Chase Bank, N.A. Applications access re-certification system
US7711640B2 (en) * 2005-12-20 2010-05-04 Bgc Partners, Inc. Methods and apparatus for composite trading order processing
US7711644B2 (en) * 2005-12-20 2010-05-04 Bgc Partners, Inc. Apparatus and methods for processing composite trading orders
US7761366B2 (en) * 2006-01-09 2010-07-20 Bgc Partners, Inc. Systems and methods for providing trading exclusivity/priority in response to quantity of items traded in electronic trading systems
US8510204B2 (en) * 2006-02-02 2013-08-13 Privatemarkets, Inc. System, method, and apparatus for trading in a decentralized market
US9600822B2 (en) * 2006-02-06 2017-03-21 Autotrader.Com, Inc. Structured computer-assisted method and apparatus for filtering information presentation
US8315921B2 (en) * 2006-03-03 2012-11-20 Openlane, Inc. Vehicle co-listing systems and methods
US7913249B1 (en) 2006-03-07 2011-03-22 Jpmorgan Chase Bank, N.A. Software installation checker
US8738472B2 (en) * 2006-03-10 2014-05-27 Openlane, Inc. Systems and methods for vehicle lifecycle management
US8095422B2 (en) * 2006-03-10 2012-01-10 Openlane, Inc. Systems and methods for vehicle information management
US7895565B1 (en) 2006-03-15 2011-02-22 Jp Morgan Chase Bank, N.A. Integrated system and method for validating the functionality and performance of software applications
US20070244770A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Automated trading system and method database
US20070244772A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Marketing system and methods in automated trading context
WO2007121298A2 (en) * 2006-04-14 2007-10-25 Swaptree, Inc. Automated transaction system, database, and method
US20070244769A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. User interaction for trading system and method
US20070244793A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Automated Transaction System and Method with Electronic Notification
US20070255624A1 (en) * 2006-04-14 2007-11-01 Swaptree, Inc. Automated Trading System and Method
US7742978B2 (en) * 2006-04-14 2010-06-22 Swaptree, Inc. Multi-transaction system and method
US20070255641A1 (en) * 2006-04-28 2007-11-01 Harrington Kevin F Computer interface for trading bonds
US10062062B1 (en) 2006-05-25 2018-08-28 Jbshbm, Llc Automated teller machine (ATM) providing money for loyalty points
US8684265B1 (en) 2006-05-25 2014-04-01 Sean I. Mcghie Rewards program website permitting conversion/transfer of non-negotiable credits to entity independent funds
US8668146B1 (en) 2006-05-25 2014-03-11 Sean I. Mcghie Rewards program with payment artifact permitting conversion/transfer of non-negotiable credits to entity independent funds
US9704174B1 (en) 2006-05-25 2017-07-11 Sean I. Mcghie Conversion of loyalty program points to commerce partner points per terms of a mutual agreement
US7703673B2 (en) 2006-05-25 2010-04-27 Buchheit Brian K Web based conversion of non-negotiable credits associated with an entity to entity independent negotiable funds
US7921046B2 (en) 2006-06-19 2011-04-05 Exegy Incorporated High speed processing of financial information using FPGA devices
US7840482B2 (en) 2006-06-19 2010-11-23 Exegy Incorporated Method and system for high speed options pricing
US8005745B1 (en) 2006-06-28 2011-08-23 Icap Services North America Llc System and method for providing workup trading without exclusive trading privileges
US8639782B2 (en) 2006-08-23 2014-01-28 Ebay, Inc. Method and system for sharing metadata between interfaces
US7860752B2 (en) * 2006-08-30 2010-12-28 Ebay Inc. System and method for measuring reputation using take volume
US20070136181A1 (en) * 2006-10-06 2007-06-14 Paramount Financial Communications, Inc. Method for establishing a value for a non-market security
WO2008055034A2 (en) 2006-10-30 2008-05-08 Noblis, Inc. Method and system for personal information extraction and modeling with fully generalized extraction contexts
US7660793B2 (en) 2006-11-13 2010-02-09 Exegy Incorporated Method and system for high performance integration, processing and searching of structured and unstructured data using coprocessors
US8326819B2 (en) 2006-11-13 2012-12-04 Exegy Incorporated Method and system for high performance data metatagging and data indexing using coprocessors
US8140425B2 (en) 2006-11-13 2012-03-20 Chicago Board Options Exchange, Incorporated Method and system for generating and trading derivative investment instruments based on a volatility arbitrage benchmark index
US20080120249A1 (en) * 2006-11-17 2008-05-22 Chicago Board Options Exchange, Incorporated Method of creating and trading derivative investment products based on a statistical property reflecting the volatility of an underlying asset
US8478250B2 (en) 2007-07-30 2013-07-02 Bindu Rama Rao Interactive media management server
US11256386B2 (en) 2006-11-22 2022-02-22 Qualtrics, Llc Media management system supporting a plurality of mobile devices
US10803474B2 (en) 2006-11-22 2020-10-13 Qualtrics, Llc System for creating and distributing interactive advertisements to mobile devices
US8700014B2 (en) 2006-11-22 2014-04-15 Bindu Rama Rao Audio guided system for providing guidance to user of mobile device on multi-step activities
US8756144B2 (en) * 2006-11-29 2014-06-17 Hartfield Titus & Donnelly LLC. Securities auction system and method
US8799218B2 (en) * 2006-12-01 2014-08-05 Ebay Inc. Business channel synchronization
US7865416B1 (en) 2006-12-05 2011-01-04 Ross/Graff Holdings Llc Securitized real-property-related asset system
US8510190B1 (en) 2006-12-05 2013-08-13 Ross/Graff Holdings Llc Securitized-real-property-related asset system
KR100879840B1 (en) * 2007-01-05 2009-01-22 윤근수 On-line product auction method using stock index and recording medium
US20080173320A1 (en) * 2007-01-19 2008-07-24 R. J. Reynolds Tobacco Company Filtered Smoking Articles
US8032456B1 (en) 2008-02-11 2011-10-04 Island Intellectual Property Llc System, methods and program products for processing for a self clearing broker dealer
US8380621B1 (en) 2007-02-28 2013-02-19 Island Intellectual Property Llc Systems, methods and program products for swap processing for uninsured accounts
US8260705B1 (en) 2007-02-28 2012-09-04 Island Intellectual Property Llc Systems, methods and program products for deposit and withdrawal processing
US7752107B1 (en) 2007-02-28 2010-07-06 Island Intellectual Property Llc System and method for managing aggregated accounts
US7844539B2 (en) * 2007-03-02 2010-11-30 Chicago Board Options Exchange, Incorporated Hybrid trading system for concurrently trading combined orders for financial instruments through both electronic and open-outcry trading mechanisms
WO2008131010A1 (en) 2007-04-16 2008-10-30 Cfph, Llc Box office game
WO2008128277A1 (en) * 2007-04-19 2008-10-30 Innovate Technologies Pty Ltd Trading platform
US20080306854A1 (en) * 2007-06-05 2008-12-11 W.R. Hambrecht + Co., Llc Event Timing Mechanisms for Dutch Auction of Securities
US20080306855A1 (en) * 2007-06-05 2008-12-11 W.R. Hambrecht + Co., Llc Allocation Mechanisms for Dutch Auction of Securities
US8165953B2 (en) * 2007-09-04 2012-04-24 Chicago Board Options Exchange, Incorporated System and method for creating and trading a derivative investment instrument over a range of index values
US8126826B2 (en) 2007-09-21 2012-02-28 Noblis, Inc. Method and system for active learning screening process with dynamic information modeling
US20090106772A1 (en) * 2007-10-18 2009-04-23 Omx Technology Ab Loop checking mechanism in a data processing system
US8249972B2 (en) 2007-11-09 2012-08-21 Chicago Board Options Exchange, Incorporated Method and system for creating a volatility benchmark index
US20090204534A1 (en) * 2007-11-09 2009-08-13 Tilly Edward T Method and system for providing order routing to a virtual crowd in a hybrid trading system and executing an entire order
US8321323B2 (en) * 2008-10-24 2012-11-27 Cfph, Llc Interprogram communication using messages related to order cancellation
US20090307121A1 (en) * 2008-06-09 2009-12-10 Lutnick Howard W Trading system products and processes
US20100076896A1 (en) * 2008-09-25 2010-03-25 Lutnick Howard W Substitutability of financial instruments
US8712903B2 (en) 2008-09-25 2014-04-29 Cfph, Llc Trading related to fund compositions
US20100082495A1 (en) * 2008-09-28 2010-04-01 Lutnick Howard W Trading system accessibility
US20100057626A1 (en) * 2008-09-04 2010-03-04 Lutnick Howard W Cancellation timing in an electronic marketplace
US10083420B2 (en) 2007-11-21 2018-09-25 Sermo, Inc Community moderated information
US8549407B2 (en) 2007-12-05 2013-10-01 Ebay Inc. Multi-dimensional dynamic visual browsing
US10229453B2 (en) 2008-01-11 2019-03-12 Ip Reservoir, Llc Method and system for low latency basket calculation
US20090198608A1 (en) * 2008-02-01 2009-08-06 Qualcomm Incorporated Systems and methods for auctioning wireless device assets and providing wireless devices with an asset allocation option
WO2009114511A2 (en) 2008-03-10 2009-09-17 Tradeweb Markets Llc System and method for specified pool trading
US8224741B2 (en) 2008-04-28 2012-07-17 International Securities Exchange, Llc Complex order leg synchronization
US7831504B1 (en) 2008-07-01 2010-11-09 Icap Services North America Llc System and method for providing workup trading
US20100088250A1 (en) * 2008-10-03 2010-04-08 The Bank Of New York Mellon Auction Method and Platform
US8788381B2 (en) * 2008-10-08 2014-07-22 Chicago Board Options Exchange, Incorporated System and method for creating and trading a digital derivative investment instrument
CA2744746C (en) 2008-12-15 2019-12-24 Exegy Incorporated Method and apparatus for high-speed processing of financial market depth data
US20100191638A1 (en) * 2009-01-23 2010-07-29 Alderucci Dean P Multicomputer distributed processing of data related to automation of trading
US8977565B2 (en) * 2009-01-23 2015-03-10 Cfph, Llc Interprogram communication using messages related to groups of orders
WO2010099533A1 (en) 2009-02-27 2010-09-02 Openlane, Inc. Wholesale virtual inventory and retail lead generation
US20100280937A1 (en) * 2009-05-01 2010-11-04 Hiatt Jr John C Method and system for creating and trading mortgage-backed security products
US8781931B1 (en) 2009-05-26 2014-07-15 Island Intellectual Property Llc Method and system for allocating deposits over a plurality of depository institutions
US8775398B2 (en) * 2009-06-01 2014-07-08 Ebay Inc. Method and system for determining an order of presentation of search results
US20110022489A1 (en) * 2009-06-08 2011-01-27 Hallowell Zachary E Third-Party Inspection of Vehicles in an Electronic Marketplace System
US8352342B1 (en) 2009-06-19 2013-01-08 Island Intellectual Property Llc Method and system for determining fees for deposits allocated over a plurality of deposit institutions
US8321322B2 (en) * 2009-09-28 2012-11-27 Chicago Board Options Exchange, Incorporated Method and system for creating a spot price tracker index
US20110106643A1 (en) * 2009-09-28 2011-05-05 Berkowitz Ed Systems and Methods for Electronic Summary and Detail Performance Data of Equipment Sellers
US20110093317A1 (en) * 2009-10-21 2011-04-21 Danny Chan Combinatorial portfolio aggregations in electronic trade
US8370236B1 (en) 2009-11-24 2013-02-05 Island Intellectual Property Llc Method and system for allocating funds over a plurality of time deposit instruments in depository institutions
US20110173086A1 (en) * 2009-12-14 2011-07-14 Berkowitz Ed Systems and Methods for Dynamic Pricing and Auction Adjudication During Online Auctions
US9189615B2 (en) 2010-04-28 2015-11-17 Openlane, Inc. Systems and methods for system login and single sign-on
US8458089B1 (en) 2010-06-14 2013-06-04 Island Intellectual Property Llc System, method and program product for administering fund movements using depository institution groups
US8583545B1 (en) 2010-09-20 2013-11-12 Island Intellectual Property Llc Systems and methods for money fund banking with flexible interest allocation
EP2649580A4 (en) 2010-12-09 2014-05-07 Ip Reservoir Llc Method and apparatus for managing orders in financial markets
RU2452022C1 (en) * 2011-04-22 2012-05-27 Максим Игоревич Козловский Optimum auctioning method
US8452702B1 (en) 2011-09-08 2013-05-28 Island Intellectual Property Llc System, method and program product for minimizing fund movements
US8655689B1 (en) 2011-10-13 2014-02-18 Island Intellectual Property Llc System, method and program product for modeling fund movements
IN2014DN07411A (en) * 2012-03-09 2015-04-24 E2Interactive Inc
US11436672B2 (en) 2012-03-27 2022-09-06 Exegy Incorporated Intelligent switch for processing financial market data
US9990393B2 (en) 2012-03-27 2018-06-05 Ip Reservoir, Llc Intelligent feed switch
US10121196B2 (en) 2012-03-27 2018-11-06 Ip Reservoir, Llc Offload processing of data packets containing financial market data
US10650452B2 (en) 2012-03-27 2020-05-12 Ip Reservoir, Llc Offload processing of data packets
US10002041B1 (en) 2013-02-01 2018-06-19 Jpmorgan Chase Bank, N.A. System and method for maintaining the health of a machine
US9720655B1 (en) 2013-02-01 2017-08-01 Jpmorgan Chase Bank, N.A. User interface event orchestration
US9088459B1 (en) 2013-02-22 2015-07-21 Jpmorgan Chase Bank, N.A. Breadth-first resource allocation system and methods
RU2678647C2 (en) * 2013-03-15 2019-01-30 Кбоу Иксчендж, Инк. Methods and systems for creating a government bond volatility index and trading derivative products based thereon
EP3742380A1 (en) 2013-03-15 2020-11-25 Tradeweb Markets LLC System and method for financial matching
US9959573B2 (en) 2013-04-10 2018-05-01 Fidessa Plc Systems and methods for trading with market depth information
US9619410B1 (en) 2013-10-03 2017-04-11 Jpmorgan Chase Bank, N.A. Systems and methods for packet switching
US9542259B1 (en) 2013-12-23 2017-01-10 Jpmorgan Chase Bank, N.A. Automated incident resolution system and method
US20150220894A1 (en) * 2014-02-05 2015-08-06 Andrew Dale Jouffray Software marketing and trade
US9868054B1 (en) 2014-02-10 2018-01-16 Jpmorgan Chase Bank, N.A. Dynamic game deployment
WO2015196469A1 (en) 2014-06-27 2015-12-30 Google Inc. Automated creative extension selection for content performance optimization
US9805344B1 (en) 2015-01-23 2017-10-31 Island Intellectual Property, Llc Notification system and method
US10380656B2 (en) 2015-02-27 2019-08-13 Ebay Inc. Dynamic predefined product reviews
RU2628193C1 (en) * 2016-05-26 2017-08-15 Общество с ограниченной ответственностью "БИРЖЕВЫЕ ТЕХНОЛОГИИ" All-rounder for stock markets automation
WO2018119035A1 (en) 2016-12-22 2018-06-28 Ip Reservoir, Llc Pipelines for hardware-accelerated machine learning
CN108446942A (en) * 2017-08-17 2018-08-24 北京天象万维科技有限公司 A kind of information process- method and system of basis trade
CN111429236B (en) * 2020-04-21 2023-08-08 重庆新致金服信息技术有限公司 Transaction system and method for market maker transaction mode

Citations (92)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US3581072A (en) * 1968-03-28 1971-05-25 Frederick Nymeyer Auction market computation system
US4141001A (en) * 1973-12-30 1979-02-20 Fujitsu Limited Monitor display control method and apparatus for data input unit
US4677552A (en) * 1984-10-05 1987-06-30 Sibley Jr H C International commodity trade exchange
US4903201A (en) * 1983-11-03 1990-02-20 World Energy Exchange Corporation Automated futures trading exchange
USD308693S (en) * 1986-11-04 1990-06-19 Sharp Corporation Electronic calculator with solar cell
US4951196A (en) * 1988-05-04 1990-08-21 Supply Tech, Inc. Method and apparatus for electronic data interchange
US5038284A (en) * 1988-02-17 1991-08-06 Kramer Robert M Method and apparatus relating to conducting trading transactions with portable trading stations
USD327057S (en) * 1990-06-25 1992-06-16 Motorola, Inc. Combined alpha-numeric keyboard and display module for a communication system or similar article
US5150118A (en) * 1989-05-08 1992-09-22 Hewlett-Packard Company Interchangeable coded key pad assemblies alternately attachable to a user definable keyboard to enable programmable keyboard functions
US5193924A (en) * 1991-08-08 1993-03-16 Larson Carlyn F Cap cover for keyboard keys
US5195031A (en) * 1988-10-24 1993-03-16 Reuters Limited Trading system for providing real time context sensitive trading messages based on conversation analysis
US5243331A (en) * 1991-01-18 1993-09-07 Automated Market Systems, L.P. Keypad for computer system
US5297031A (en) * 1990-03-06 1994-03-22 Chicago Board Of Trade Method and apparatus for order management by market brokers
US5297032A (en) * 1991-02-01 1994-03-22 Merrill Lynch, Pierce, Fenner & Smith Incorporated Securities trading workstation
US5305200A (en) * 1990-11-02 1994-04-19 Foreign Exchange Transaction Services, Inc. Financial exchange system having automated recovery/rollback of unacknowledged orders
US5339392A (en) * 1989-07-27 1994-08-16 Risberg Jeffrey S Apparatus and method for creation of a user definable video displayed document showing changes in real time data
US5347452A (en) * 1991-07-12 1994-09-13 Bay Jr William P Method for providing a visual display of current trading volume and cumulative average trading volume for preselected time intervals
US5615109A (en) * 1995-05-24 1997-03-25 Eder; Jeff Method of and system for generating feasible, profit maximizing requisition sets
US5640569A (en) * 1995-04-28 1997-06-17 Sun Microsystems, Inc. Diverse goods arbitration system and method for allocating resources in a distributed computer system
US5668358A (en) * 1994-07-05 1997-09-16 Ultimate Rechnology Corporation Reconfigurable keyboard
US5717989A (en) * 1994-10-13 1998-02-10 Full Service Trade System Ltd. Full service trade system
US5757292A (en) * 1996-11-13 1998-05-26 International Business Machines Corporation Keyboard cap extension apparatus
US5794207A (en) * 1996-09-04 1998-08-11 Walker Asset Management Limited Partnership Method and apparatus for a cryptographically assisted commercial network system designed to facilitate buyer-driven conditional purchase offers
US5802497A (en) * 1995-07-10 1998-09-01 Digital Equipment Corporation Method and apparatus for conducting computerized commerce
US5878139A (en) * 1994-04-28 1999-03-02 Citibank, N.A. Method for electronic merchandise dispute resolution
US5905975A (en) * 1996-01-04 1999-05-18 Ausubel; Lawrence M. Computer implemented methods and apparatus for auctions
US5905974A (en) * 1996-12-13 1999-05-18 Cantor Fitzgerald Securities Automated auction protocol processor
US5914715A (en) * 1995-04-27 1999-06-22 Canon Kabushiki Kaisha Analytical data display method and apparatus
US5924082A (en) * 1994-08-17 1999-07-13 Geneva Branch Of Reuters Transaction Services Limited Negotiated matching system
US5950176A (en) * 1996-03-25 1999-09-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US5963923A (en) * 1996-11-12 1999-10-05 Garber; Howard B. System and method for trading having a principal market maker
US6014627A (en) * 1992-02-03 2000-01-11 Ebs Dealing Resources, Inc. Credit management for electronic brokerage system
US6016483A (en) * 1996-09-20 2000-01-18 Optimark Technologies, Inc. Method and apparatus for automated opening of options exchange
US6085168A (en) * 1997-02-06 2000-07-04 Fujitsu Limited Electronic commerce settlement system
US6098051A (en) * 1995-04-27 2000-08-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile
US6119101A (en) * 1996-01-17 2000-09-12 Personal Agents, Inc. Intelligent agents for electronic commerce
US6131085A (en) * 1993-05-21 2000-10-10 Rossides; Michael T Answer collection and retrieval system governed by a pay-off meter
US6134535A (en) * 1994-03-23 2000-10-17 Belzberg Financial Markets & News International Inc. Computerized stock exchange trading system automatically formatting orders from a spreadsheet to an order entry system
US6141653A (en) * 1998-11-16 2000-10-31 Tradeaccess Inc System for interative, multivariate negotiations over a network
US6195647B1 (en) * 1996-09-26 2001-02-27 The Nasdaq Stock Market, Inc. On-line transaction processing system for security trading
US6199050B1 (en) * 1998-09-18 2001-03-06 Freemarkets Online Inc. Method and system for bidding in electronic auctions using flexible bidder-determined line-item guidelines
US6211880B1 (en) * 1998-04-13 2001-04-03 Albert Joseph Impink, Jr. Display apparatus
US6259044B1 (en) * 2000-03-03 2001-07-10 Intermec Ip Corporation Electronic device with tactile keypad-overlay
US6278982B1 (en) * 1999-04-21 2001-08-21 Lava Trading Inc. Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges
US20020023037A1 (en) * 1997-08-22 2002-02-21 White Newton B. Exchange method and apparatus
US20020026321A1 (en) * 1999-02-26 2002-02-28 Sadeg M. Faris Internet-based system and method for fairly and securely enabling timed-constrained competition using globally time-sychronized client subsystems and information servers having microsecond client-event resolution
US6363365B1 (en) * 1998-05-12 2002-03-26 International Business Machines Corp. Mechanism for secure tendering in an open electronic network
US20020070915A1 (en) * 2000-12-08 2002-06-13 Mazza Thomas A. Trading system controller
US20020107784A1 (en) * 2000-09-28 2002-08-08 Peter Hancock User-interactive financial vehicle performance prediction, trading and training system and methods
US6434536B1 (en) * 1998-12-23 2002-08-13 Timothy S. Geiger Methods and systems for commerce
US6438575B1 (en) * 2000-06-07 2002-08-20 Clickmarks, Inc. System, method, and article of manufacture for wireless enablement of the world wide web using a wireless gateway
US20020128945A1 (en) * 1999-05-08 2002-09-12 Moss Peter Ian Automated trading system
US20020143690A1 (en) * 2001-04-02 2002-10-03 Umesh Mahajan Apparatus, methods and articles of manufacture for computerized transaction execution and processing
US20020154038A1 (en) * 2001-04-24 2002-10-24 International Business Machines Corporation Interchangeable keyboard with self defining keys
US20020156716A1 (en) * 2001-04-24 2002-10-24 Asif Adatia Automated securities trade execution system and method
US20020161690A1 (en) * 2001-03-16 2002-10-31 Trumarkets, Inc. System, medium and method for trading fixed income securities
US20030009411A1 (en) * 2001-07-03 2003-01-09 Pranil Ram Interactive grid-based graphical trading system for real time security trading
US6510418B1 (en) * 1996-09-04 2003-01-21 Priceline.Com Incorporated Method and apparatus for detecting and deterring the submission of similar offers in a commerce system
US6519574B1 (en) * 1995-12-12 2003-02-11 Reuters Limited Electronic trading system featuring arbitrage and third-party credit opportunities
US20030065613A1 (en) * 2001-09-28 2003-04-03 Smith Diane K. Software for financial institution monitoring and management and for assessing risk for a financial institution
US20030069826A1 (en) * 2001-06-20 2003-04-10 Giovanni Guidi Gamma trading tool
US20030083976A1 (en) * 2001-10-26 2003-05-01 Mclister Robert Financial market transaction device and method of use
US20030097323A1 (en) * 2001-05-14 2003-05-22 Asif Khalfan Systems and methods for an auto-security monitor that makes markets
US6625583B1 (en) * 1999-10-06 2003-09-23 Goldman, Sachs & Co. Handheld trading system interface
US6629082B1 (en) * 1999-06-15 2003-09-30 W.R. Hambrecht & Co. Auction system and method for pricing and allocation during capital formation
US20040030634A1 (en) * 1998-08-21 2004-02-12 Marketxt, Inc. Real-time computerized stock trading system
US20040034591A1 (en) * 2001-12-05 2004-02-19 Henri Waelbroeck Method and system for managing distributed trading data
US20040117292A1 (en) * 2000-03-02 2004-06-17 Harris Brumfield System and method for trading and displaying market information in an electronic trading environment
US20040140998A1 (en) * 2002-11-01 2004-07-22 Gravina Craig S. Controller and removable user interface (rui) for controlling media event
US6772132B1 (en) * 2000-03-02 2004-08-03 Trading Technologies International, Inc. Click based trading with intuitive grid display of market depth
US20040210504A1 (en) * 2002-07-05 2004-10-21 Will Rutman Options automated trading system (OATS) and method of options trading
US20050004852A1 (en) * 2003-07-03 2005-01-06 Whitney Scott M. System, method and computer medium for trading interface
US20050075966A1 (en) * 2002-01-29 2005-04-07 Andrey Duka Method of processing, displaying and trading financial instruments and an electronic trading system therefor
US20050119966A1 (en) * 2002-09-25 2005-06-02 Combinenet, Inc. Method and apparatus for conducting a dynamic exchange
US20050171895A1 (en) * 2003-01-02 2005-08-04 Howorka Edward R. Method and apparatus for deriving benchmarks for trading instruments
US7000181B2 (en) * 2001-06-21 2006-02-14 International Business Machines Corporation Dynamic data display having slide drawer windowing
US7003488B2 (en) * 1992-02-03 2006-02-21 Ebs Dealing Resources, Inc. Credit management for electronic brokerage system
US20060059079A1 (en) * 2004-08-05 2006-03-16 Howorka Edward R Price improvement in electronic trading system
US20060069635A1 (en) * 2002-09-12 2006-03-30 Pranil Ram Method of buying or selling items and a user interface to facilitate the same
US20060080214A1 (en) * 2003-06-30 2006-04-13 Andrew Hausman Computer trading of interests
US7076461B2 (en) * 2002-12-09 2006-07-11 Sam Balabon System and method for trading above or below the market
US20070100735A1 (en) * 2002-06-19 2007-05-03 Trading Technologies International, Inc. System and method for automated trading
US20070150708A1 (en) * 2004-04-08 2007-06-28 International Business Machines Corporation System, method and storage medium for controlling asynchronous updates to a register
US7243083B2 (en) * 2001-06-14 2007-07-10 Trading Technologies International, Inc. Electronic spread trading tool
US20070168275A1 (en) * 2006-01-13 2007-07-19 Andrew Busby Method for trading using volume submissions
US20070226120A1 (en) * 2006-03-27 2007-09-27 Hari Nanjundamoorthy Systems, methods and computer program products for processing orders subject to investment restrictions
US20080140558A1 (en) * 2000-08-22 2008-06-12 Goldman, Sachs & Co. Foreign Exchange Trading System
US7496533B1 (en) * 2000-04-10 2009-02-24 Stikine Technology, Llc Decision table for order handling
US7523064B2 (en) * 2002-11-13 2009-04-21 Trading Technologies International, Inc. System and method for facilitating trading of multiple tradeable objects in an electronic trading environment
US20110066536A1 (en) * 2009-09-15 2011-03-17 Andrew Milne Ratio spreads for contracts of different sizes in implied market trading
US7941364B2 (en) * 2002-10-30 2011-05-10 Boston Options Exchange Group, Llc Price improvement processor for electronic trading of financial instruments
US20130132250A1 (en) * 1999-04-30 2013-05-23 Stuart Fraser Systems and methods for trading

Family Cites Families (17)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US2134118A (en) * 1930-12-31 1938-10-25 Int Standard Electric Corp Stock quotation monitoring and automatic shelf selection system
US3541526A (en) * 1968-04-26 1970-11-17 American Totalisator Co Apparatus for recording sales and the like
US3573747A (en) * 1969-02-24 1971-04-06 Institutional Networks Corp Instinet communication system for effectuating the sale or exchange of fungible properties between subscribers
US4412287A (en) * 1975-05-29 1983-10-25 Braddock Iii Walter D Automated stock exchange
US3976840A (en) 1975-07-14 1976-08-24 Spencer Cleveland Portable securities selector system
US4980826A (en) * 1983-11-03 1990-12-25 World Energy Exchange Corporation Voice actuated automated futures trading exchange
US4674044A (en) * 1985-01-30 1987-06-16 Merrill Lynch, Pierce, Fenner & Smith, Inc. Automated securities trading system
US4823265A (en) * 1987-05-11 1989-04-18 Nelson George E Renewable option accounting and marketing system
US5168446A (en) * 1989-05-23 1992-12-01 Telerate Systems Incorporated System for conducting and processing spot commodity transactions
US5136501A (en) * 1989-05-26 1992-08-04 Reuters Limited Anonymous matching system
US5101353A (en) * 1989-05-31 1992-03-31 Lattice Investments, Inc. Automated system for providing liquidity to securities markets
FR2668408B1 (en) * 1990-10-24 1993-01-22 Aerospatiale MARKING DEVICE FOR A FLAT SIDE AND A MACHINING SYSTEM USING THE SAME.
GB9027249D0 (en) * 1990-12-17 1991-02-06 Reuters Ltd Offer matching system
GB2258061A (en) * 1991-07-11 1993-01-27 * Norm Pacific Automation Corp System for stock trading.
US6263321B1 (en) 1994-07-29 2001-07-17 Economic Inventions, Llc Apparatus and process for calculating an option
US5915209A (en) 1994-11-21 1999-06-22 Lawrence; David Bond trading system
US5710889A (en) * 1995-02-22 1998-01-20 Citibank, N.A. Interface device for electronically integrating global financial services

Patent Citations (98)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US3581072A (en) * 1968-03-28 1971-05-25 Frederick Nymeyer Auction market computation system
US4141001A (en) * 1973-12-30 1979-02-20 Fujitsu Limited Monitor display control method and apparatus for data input unit
US4903201A (en) * 1983-11-03 1990-02-20 World Energy Exchange Corporation Automated futures trading exchange
US4677552A (en) * 1984-10-05 1987-06-30 Sibley Jr H C International commodity trade exchange
USD308693S (en) * 1986-11-04 1990-06-19 Sharp Corporation Electronic calculator with solar cell
US5038284A (en) * 1988-02-17 1991-08-06 Kramer Robert M Method and apparatus relating to conducting trading transactions with portable trading stations
US4951196A (en) * 1988-05-04 1990-08-21 Supply Tech, Inc. Method and apparatus for electronic data interchange
US5195031A (en) * 1988-10-24 1993-03-16 Reuters Limited Trading system for providing real time context sensitive trading messages based on conversation analysis
US5150118A (en) * 1989-05-08 1992-09-22 Hewlett-Packard Company Interchangeable coded key pad assemblies alternately attachable to a user definable keyboard to enable programmable keyboard functions
US5339392A (en) * 1989-07-27 1994-08-16 Risberg Jeffrey S Apparatus and method for creation of a user definable video displayed document showing changes in real time data
US5297031A (en) * 1990-03-06 1994-03-22 Chicago Board Of Trade Method and apparatus for order management by market brokers
USD327057S (en) * 1990-06-25 1992-06-16 Motorola, Inc. Combined alpha-numeric keyboard and display module for a communication system or similar article
US5305200A (en) * 1990-11-02 1994-04-19 Foreign Exchange Transaction Services, Inc. Financial exchange system having automated recovery/rollback of unacknowledged orders
US5243331A (en) * 1991-01-18 1993-09-07 Automated Market Systems, L.P. Keypad for computer system
US5297032A (en) * 1991-02-01 1994-03-22 Merrill Lynch, Pierce, Fenner & Smith Incorporated Securities trading workstation
US5347452A (en) * 1991-07-12 1994-09-13 Bay Jr William P Method for providing a visual display of current trading volume and cumulative average trading volume for preselected time intervals
US5193924A (en) * 1991-08-08 1993-03-16 Larson Carlyn F Cap cover for keyboard keys
US7003488B2 (en) * 1992-02-03 2006-02-21 Ebs Dealing Resources, Inc. Credit management for electronic brokerage system
US6014627A (en) * 1992-02-03 2000-01-11 Ebs Dealing Resources, Inc. Credit management for electronic brokerage system
US6131085A (en) * 1993-05-21 2000-10-10 Rossides; Michael T Answer collection and retrieval system governed by a pay-off meter
US6134535A (en) * 1994-03-23 2000-10-17 Belzberg Financial Markets & News International Inc. Computerized stock exchange trading system automatically formatting orders from a spreadsheet to an order entry system
US5878139A (en) * 1994-04-28 1999-03-02 Citibank, N.A. Method for electronic merchandise dispute resolution
US5668358A (en) * 1994-07-05 1997-09-16 Ultimate Rechnology Corporation Reconfigurable keyboard
US5924082A (en) * 1994-08-17 1999-07-13 Geneva Branch Of Reuters Transaction Services Limited Negotiated matching system
US5717989A (en) * 1994-10-13 1998-02-10 Full Service Trade System Ltd. Full service trade system
US5914715A (en) * 1995-04-27 1999-06-22 Canon Kabushiki Kaisha Analytical data display method and apparatus
US6098051A (en) * 1995-04-27 2000-08-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile
US5640569A (en) * 1995-04-28 1997-06-17 Sun Microsystems, Inc. Diverse goods arbitration system and method for allocating resources in a distributed computer system
US5615109A (en) * 1995-05-24 1997-03-25 Eder; Jeff Method of and system for generating feasible, profit maximizing requisition sets
US5802497A (en) * 1995-07-10 1998-09-01 Digital Equipment Corporation Method and apparatus for conducting computerized commerce
US6519574B1 (en) * 1995-12-12 2003-02-11 Reuters Limited Electronic trading system featuring arbitrage and third-party credit opportunities
US7080033B2 (en) * 1995-12-12 2006-07-18 Reuters Limited Electronic trading system including an auto-arbitrage feature or name switching feature
US5905975A (en) * 1996-01-04 1999-05-18 Ausubel; Lawrence M. Computer implemented methods and apparatus for auctions
US6119101A (en) * 1996-01-17 2000-09-12 Personal Agents, Inc. Intelligent agents for electronic commerce
US5950176A (en) * 1996-03-25 1999-09-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US6510418B1 (en) * 1996-09-04 2003-01-21 Priceline.Com Incorporated Method and apparatus for detecting and deterring the submission of similar offers in a commerce system
US5794207A (en) * 1996-09-04 1998-08-11 Walker Asset Management Limited Partnership Method and apparatus for a cryptographically assisted commercial network system designed to facilitate buyer-driven conditional purchase offers
US6016483A (en) * 1996-09-20 2000-01-18 Optimark Technologies, Inc. Method and apparatus for automated opening of options exchange
US6195647B1 (en) * 1996-09-26 2001-02-27 The Nasdaq Stock Market, Inc. On-line transaction processing system for security trading
US20010003179A1 (en) * 1996-09-26 2001-06-07 The Nasdaq Stock Market, Inc., On-line transaction processing system for security trading
US5963923A (en) * 1996-11-12 1999-10-05 Garber; Howard B. System and method for trading having a principal market maker
US5757292A (en) * 1996-11-13 1998-05-26 International Business Machines Corporation Keyboard cap extension apparatus
US6560580B1 (en) * 1996-12-13 2003-05-06 Cantor Fitzgerald, L.P. (Cflp) Automated auction protocol processor
US5905974A (en) * 1996-12-13 1999-05-18 Cantor Fitzgerald Securities Automated auction protocol processor
US6085168A (en) * 1997-02-06 2000-07-04 Fujitsu Limited Electronic commerce settlement system
US20020023037A1 (en) * 1997-08-22 2002-02-21 White Newton B. Exchange method and apparatus
US6211880B1 (en) * 1998-04-13 2001-04-03 Albert Joseph Impink, Jr. Display apparatus
US6363365B1 (en) * 1998-05-12 2002-03-26 International Business Machines Corp. Mechanism for secure tendering in an open electronic network
US20040030634A1 (en) * 1998-08-21 2004-02-12 Marketxt, Inc. Real-time computerized stock trading system
US6199050B1 (en) * 1998-09-18 2001-03-06 Freemarkets Online Inc. Method and system for bidding in electronic auctions using flexible bidder-determined line-item guidelines
US6141653A (en) * 1998-11-16 2000-10-31 Tradeaccess Inc System for interative, multivariate negotiations over a network
US6434536B1 (en) * 1998-12-23 2002-08-13 Timothy S. Geiger Methods and systems for commerce
US20020026321A1 (en) * 1999-02-26 2002-02-28 Sadeg M. Faris Internet-based system and method for fairly and securely enabling timed-constrained competition using globally time-sychronized client subsystems and information servers having microsecond client-event resolution
US6278982B1 (en) * 1999-04-21 2001-08-21 Lava Trading Inc. Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges
US20130132250A1 (en) * 1999-04-30 2013-05-23 Stuart Fraser Systems and methods for trading
US20130132254A1 (en) * 1999-04-30 2013-05-23 Stuart A. Fraser Systems and methods for trading
US20130132251A1 (en) * 1999-04-30 2013-05-23 Stuart A. Fraser Systems and methods for trading
US20020128945A1 (en) * 1999-05-08 2002-09-12 Moss Peter Ian Automated trading system
US6629082B1 (en) * 1999-06-15 2003-09-30 W.R. Hambrecht & Co. Auction system and method for pricing and allocation during capital formation
US6625583B1 (en) * 1999-10-06 2003-09-23 Goldman, Sachs & Co. Handheld trading system interface
US6772132B1 (en) * 2000-03-02 2004-08-03 Trading Technologies International, Inc. Click based trading with intuitive grid display of market depth
US20040117292A1 (en) * 2000-03-02 2004-06-17 Harris Brumfield System and method for trading and displaying market information in an electronic trading environment
US6259044B1 (en) * 2000-03-03 2001-07-10 Intermec Ip Corporation Electronic device with tactile keypad-overlay
US7496533B1 (en) * 2000-04-10 2009-02-24 Stikine Technology, Llc Decision table for order handling
US6438575B1 (en) * 2000-06-07 2002-08-20 Clickmarks, Inc. System, method, and article of manufacture for wireless enablement of the world wide web using a wireless gateway
US20080140558A1 (en) * 2000-08-22 2008-06-12 Goldman, Sachs & Co. Foreign Exchange Trading System
US20020107784A1 (en) * 2000-09-28 2002-08-08 Peter Hancock User-interactive financial vehicle performance prediction, trading and training system and methods
US7392212B2 (en) * 2000-09-28 2008-06-24 Jpmorgan Chase Bank, N.A. User-interactive financial vehicle performance prediction, trading and training system and methods
US20020070915A1 (en) * 2000-12-08 2002-06-13 Mazza Thomas A. Trading system controller
US20020161690A1 (en) * 2001-03-16 2002-10-31 Trumarkets, Inc. System, medium and method for trading fixed income securities
US20020143690A1 (en) * 2001-04-02 2002-10-03 Umesh Mahajan Apparatus, methods and articles of manufacture for computerized transaction execution and processing
US20020156716A1 (en) * 2001-04-24 2002-10-24 Asif Adatia Automated securities trade execution system and method
US20020154038A1 (en) * 2001-04-24 2002-10-24 International Business Machines Corporation Interchangeable keyboard with self defining keys
US20030097323A1 (en) * 2001-05-14 2003-05-22 Asif Khalfan Systems and methods for an auto-security monitor that makes markets
US7243083B2 (en) * 2001-06-14 2007-07-10 Trading Technologies International, Inc. Electronic spread trading tool
US20030069826A1 (en) * 2001-06-20 2003-04-10 Giovanni Guidi Gamma trading tool
US7000181B2 (en) * 2001-06-21 2006-02-14 International Business Machines Corporation Dynamic data display having slide drawer windowing
US20030009411A1 (en) * 2001-07-03 2003-01-09 Pranil Ram Interactive grid-based graphical trading system for real time security trading
US20030065613A1 (en) * 2001-09-28 2003-04-03 Smith Diane K. Software for financial institution monitoring and management and for assessing risk for a financial institution
US20030083976A1 (en) * 2001-10-26 2003-05-01 Mclister Robert Financial market transaction device and method of use
US20040034591A1 (en) * 2001-12-05 2004-02-19 Henri Waelbroeck Method and system for managing distributed trading data
US20050075966A1 (en) * 2002-01-29 2005-04-07 Andrey Duka Method of processing, displaying and trading financial instruments and an electronic trading system therefor
US20070100735A1 (en) * 2002-06-19 2007-05-03 Trading Technologies International, Inc. System and method for automated trading
US20040210504A1 (en) * 2002-07-05 2004-10-21 Will Rutman Options automated trading system (OATS) and method of options trading
US20060069635A1 (en) * 2002-09-12 2006-03-30 Pranil Ram Method of buying or selling items and a user interface to facilitate the same
US20050119966A1 (en) * 2002-09-25 2005-06-02 Combinenet, Inc. Method and apparatus for conducting a dynamic exchange
US7941364B2 (en) * 2002-10-30 2011-05-10 Boston Options Exchange Group, Llc Price improvement processor for electronic trading of financial instruments
US20040140998A1 (en) * 2002-11-01 2004-07-22 Gravina Craig S. Controller and removable user interface (rui) for controlling media event
US7523064B2 (en) * 2002-11-13 2009-04-21 Trading Technologies International, Inc. System and method for facilitating trading of multiple tradeable objects in an electronic trading environment
US7076461B2 (en) * 2002-12-09 2006-07-11 Sam Balabon System and method for trading above or below the market
US20050171895A1 (en) * 2003-01-02 2005-08-04 Howorka Edward R. Method and apparatus for deriving benchmarks for trading instruments
US20060080214A1 (en) * 2003-06-30 2006-04-13 Andrew Hausman Computer trading of interests
US20050004852A1 (en) * 2003-07-03 2005-01-06 Whitney Scott M. System, method and computer medium for trading interface
US20070150708A1 (en) * 2004-04-08 2007-06-28 International Business Machines Corporation System, method and storage medium for controlling asynchronous updates to a register
US20060059079A1 (en) * 2004-08-05 2006-03-16 Howorka Edward R Price improvement in electronic trading system
US20070168275A1 (en) * 2006-01-13 2007-07-19 Andrew Busby Method for trading using volume submissions
US20070226120A1 (en) * 2006-03-27 2007-09-27 Hari Nanjundamoorthy Systems, methods and computer program products for processing orders subject to investment restrictions
US20110066536A1 (en) * 2009-09-15 2011-03-17 Andrew Milne Ratio spreads for contracts of different sizes in implied market trading

Cited By (88)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US9292865B2 (en) 1996-12-13 2016-03-22 Cantor Fitzgerald, L.P. Cfph, Llc Dynamic keyboard for trading
US20050160032A1 (en) * 1996-12-13 2005-07-21 Cantor Fitzgerald, L.P. Automated price improvement protocol processor
US8229831B2 (en) 1999-04-30 2012-07-24 Bgc Partners, Inc. Systems and methods for trading
US20040210512A1 (en) * 1999-04-30 2004-10-21 Espeed, Inc. Systems and methods for trading
US10223747B2 (en) 2001-05-09 2019-03-05 Bgc Partners, Inc. Controlling traders from manipulating electronic trading markets
US20080133401A1 (en) * 2001-05-09 2008-06-05 Gilbert Andrew C Systems and methods for controlling traders from manipulating electronic trading markets
US8725623B2 (en) 2001-05-09 2014-05-13 Bgc Partners, Inc. Systems and methods for controlling traders from manipulating electronic trading markets
US8738501B2 (en) 2001-05-09 2014-05-27 Bgc Partners, Inc. Controlling traders from manipulating electronic trading markets
US20090099973A1 (en) * 2001-05-09 2009-04-16 Gilbert Andrew C Systems and methods for controlling traders from manipulating electronic trading markets
US10152747B2 (en) 2001-05-31 2018-12-11 Bgc Partners, Inc. Securities trading system
US20020188555A1 (en) * 2001-05-31 2002-12-12 David Lawrence Securities trading system with multiple levels of interest
US8015097B2 (en) 2001-05-31 2011-09-06 Bgc Partners, Inc. Securities trading system with multiple levels of interest
US10810670B2 (en) 2001-05-31 2020-10-20 Bgc Partners, Inc. Securities trading system with multiple levels-of-interest
US11016662B2 (en) 2002-10-31 2021-05-25 Bgc Partners, Inc. Keyboard trading system
US10331344B2 (en) 2002-10-31 2019-06-25 Bgc Partners, Inc. Keyboard trading system
US20040117331A1 (en) * 2002-10-31 2004-06-17 Lutnick Howard W. Keyboard trading system
US8930256B2 (en) 2002-10-31 2015-01-06 Bgc Partners, Inc. Keyboard trading system
US20040158519A1 (en) * 2002-10-31 2004-08-12 Lutnick Howard W. Electronic systems and methods for providing a trading interface with advanced features
US8566212B2 (en) 2002-10-31 2013-10-22 Bgc Partners, Inc. Electronic systems and methods for providing a trading interface with advanced features
US11068980B2 (en) 2002-10-31 2021-07-20 Bgc Partners, Inc. Electronic systems and methods for providing a trading interface with advanced features
US20050061508A1 (en) * 2003-09-24 2005-03-24 Surjaatmadja Jim B. System and method of production enhancement and completion of a well
US20050108079A1 (en) * 2003-11-17 2005-05-19 Espeed, Inc. Customizable trading display of market data
US20050108653A1 (en) * 2003-11-17 2005-05-19 Espeed, Inc. Customizable trading display of market data
US10379701B2 (en) 2003-11-17 2019-08-13 Bgc Partners, Inc. Customizable trading display of market data
US8131625B2 (en) 2003-11-17 2012-03-06 Bgc Partners, Inc. Customizable trading display of market data
US8131626B2 (en) 2003-11-17 2012-03-06 Bgc Partners, Inc. Customizable trading display of market data
US20050234805A1 (en) * 2004-04-19 2005-10-20 Markets Inc. Systems and methods for multiparty anonymous negotiation with incentives
US20050289037A1 (en) * 2004-06-15 2005-12-29 Smith Joseph B Financial asset product and method for implementing same
US8219480B2 (en) 2005-03-24 2012-07-10 Bgc Partners, Inc. Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
US10592984B2 (en) 2005-03-24 2020-03-17 Bgc Partenrs, Inc. Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
US11397987B2 (en) 2005-03-24 2022-07-26 Bgc Partners, Inc. Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
US20060218072A1 (en) * 2005-03-24 2006-09-28 Espeed, Inc. Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
US20060253378A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Anti-internalization order modifier
US11216881B2 (en) 2005-05-05 2022-01-04 Nyse Group, Inc. Tracking liquidity order
US7912775B1 (en) 2005-05-05 2011-03-22 Archipelago Holdings, Inc. Liquidity analysis system and method
US10614520B2 (en) 2005-05-05 2020-04-07 Nyse Group, Inc. Tracking liquidity order
US7937315B2 (en) 2005-05-05 2011-05-03 Archipelago Holdings, Inc. Portfolio execution and reporting
US7877316B2 (en) 2005-05-05 2011-01-25 Archipelago Holdings, Inc. Reprice-to-block order
US7765137B1 (en) 2005-05-05 2010-07-27 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center
US10521858B2 (en) 2005-05-05 2019-12-31 Nyse Group, Inc. Reprice-to-block order
US10885582B2 (en) 2005-05-05 2021-01-05 Nyse Group, Inc. Unpriced order auction and routing
US7873544B2 (en) 2005-05-05 2011-01-18 Archipelago Holdings, Inc. Anti-internalization order modifier
US20060253381A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Reprice-to-block order
US7908201B2 (en) 2005-05-05 2011-03-15 Archipelago Holdings, Inc. Cross and post order
US20060253380A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Unpriced order auction and routing
US20060253382A1 (en) * 2005-05-05 2006-11-09 Archipelago Holdings, Inc. Tracking liquidity order
US7873561B1 (en) 2005-05-05 2011-01-18 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center with maximum price exemption parameter
US8301542B2 (en) 2005-05-05 2012-10-30 Nyse Group, Inc. Reprice-to-block order
US11455688B2 (en) 2005-05-05 2022-09-27 Nyse Group, Inc. Tracking liquidity order
US11615472B2 (en) 2005-05-05 2023-03-28 Nyse Group, Inc. Tracking liquidity order
US11748812B2 (en) 2005-05-05 2023-09-05 Nyse Group, Inc. Tracking liquidity order
US20060253374A1 (en) * 2005-05-05 2006-11-09 Paul Adcock Cross and post order
US20060253379A1 (en) * 2005-05-06 2006-11-09 Archipelago Holding, Inc. Passive liquidity order
US20070040426A1 (en) * 2005-08-02 2007-02-22 Kenny Kevin B Vehicle seat cover
US10475120B2 (en) 2005-09-23 2019-11-12 Nyse Group, Inc. Directed order
US11436678B2 (en) 2005-09-23 2022-09-06 Nyse Group, Inc. Directed order
US20070078753A1 (en) * 2005-09-23 2007-04-05 Archipelago Holdings, Inc. Directed order
US11132746B2 (en) 2005-09-23 2021-09-28 Nyse Group, Inc. Directed order
US9846909B2 (en) 2005-09-23 2017-12-19 Nyse Group, Inc. Directed order
US9898783B2 (en) 2005-09-23 2018-02-20 Nyse Group, Inc. Directed order
US8799131B2 (en) 2005-09-23 2014-08-05 Nyse Group, Inc. Directed order
US10540716B2 (en) 2005-09-23 2020-01-21 Nyse Group, Inc. Directed order
US20070244795A1 (en) * 2006-01-09 2007-10-18 Lutnick Howard W Systems and methods for establishing first on the follow trading priority in electronic trading systems
US8229832B2 (en) 2006-01-09 2012-07-24 Bgc Partners, Inc. Systems and methods for establishing first on the follow trading priority in electronic trading systems
US20070244796A1 (en) * 2006-01-09 2007-10-18 Lutnick Howard W Systems and methods for establishing first on the follow trading priority in electronic trading systems
US20070174162A1 (en) * 2006-01-09 2007-07-26 Lutnick Howard W Systems and methods for establishing first on the follow trading priority in electronic trading systems
US8121929B2 (en) 2006-01-09 2012-02-21 Bgc Partners, Inc. Apparatus and methods for automatic trade execution in a trading system
US8117109B2 (en) 2006-01-09 2012-02-14 Bgc Partners, Inc. Systems and methods for establishing first on the follow trading priority in electronic trading systems
US11151652B2 (en) 2006-07-28 2021-10-19 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US20090070250A1 (en) * 2006-07-28 2009-03-12 Paul Adcock Routing of orders in equity options by means of a parameterized rules-based routing table
US10614524B2 (en) 2006-07-28 2020-04-07 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US8600862B2 (en) 2006-07-28 2013-12-03 Nyse Group, Inc. Discretionary order in an electronic guaranteed entitlement environment
US20100332374A1 (en) * 2006-07-28 2010-12-30 Paul Adcock Discretionary order in an electronic guaranteed entitlement environment
US10872378B2 (en) 2006-07-28 2020-12-22 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US20090157539A1 (en) * 2006-07-28 2009-06-18 Paul Adcock Diverse options order types in an electronic guaranteed entitlement environment
US20090125431A1 (en) * 2006-07-28 2009-05-14 Peter Armstrong Displayed and dark equity options electronic order book with market maker participation
US11023976B2 (en) 2006-07-28 2021-06-01 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US7949596B2 (en) 2006-07-28 2011-05-24 Archipelago Holdings, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US10445829B2 (en) 2006-07-28 2019-10-15 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US8195557B2 (en) 2006-07-28 2012-06-05 Archipelago Holdings, Inc. Routing of orders in equity options by means of a parameterized rules-based routing table
US8566225B2 (en) 2006-07-28 2013-10-22 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US8311930B2 (en) 2006-07-28 2012-11-13 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US10198767B2 (en) 2006-07-28 2019-02-05 Nyse Group, Inc. Displayed and dark equity options electronic order book with market maker participation
US8392320B2 (en) 2006-07-28 2013-03-05 Nyse Group, Inc. Routing of orders in equity options by means of a parameterized rules-based routing table
US11556989B2 (en) 2006-07-28 2023-01-17 Nyse Group, Inc. Diverse options order types in an electronic guaranteed entitlement environment
US20080133395A1 (en) * 2006-12-04 2008-06-05 Mario Jimenez Efficient data dissemination for financial instruments
US7917418B2 (en) 2006-12-04 2011-03-29 Archipelago Holdings, Inc. Efficient data dissemination for financial instruments
US11922503B2 (en) 2023-07-05 2024-03-05 Nyse Group, Inc. Tracking liquidity order

Also Published As

Publication number Publication date
EP1473654A1 (en) 2004-11-03
CA2852742A1 (en) 1998-06-18
US6560580B1 (en) 2003-05-06
AU5595298A (en) 1998-07-03
US5905974A (en) 1999-05-18
AU747761B2 (en) 2002-05-23
EP0897565A1 (en) 1999-02-24
CA2251259A1 (en) 1998-06-18
US20070250438A1 (en) 2007-10-25
CN1216131A (en) 1999-05-05
WO1998026363A1 (en) 1998-06-18
IL126531A0 (en) 1999-08-17
NZ332221A (en) 2001-12-21
IL126531A (en) 2003-09-17
EP0897565A4 (en) 2002-08-21
RU2233005C2 (en) 2004-07-20

Similar Documents

Publication Publication Date Title
US20040044610A1 (en) Automated auction protocol processor
US9292865B2 (en) Dynamic keyboard for trading
US20030139997A1 (en) Systems and methods for automated commission processing
US20020169711A1 (en) Automated auction processor for underwriting securities
CA2493971A1 (en) Automated auction protocol processor
AU2008201833B2 (en) Automated auction protocol processor
AU2005200047B2 (en) Automated auction protocol processor
AU777287B2 (en) Automated auction protocol processor
AU2007202794B2 (en) Automated Price Improvement Protocol Processor
AU2016204049A1 (en) Automated Price Improvement Protocol Processor
AU2013201198A1 (en) Automated Auction Protocol Processor
AU2012216355A1 (en) Automated Price Improvement Protocol Processor

Legal Events

Date Code Title Description
AS Assignment

Owner name: CFPH, LLC, NEW YORK

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:CANTOR FITZGERALD SECURITIES;REEL/FRAME:030720/0794

Effective date: 19990616

Owner name: CANTOR FITZGERALD SECURITIES, NEW YORK

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNORS:FRASER, STUART A.;LUTNICK, HOWARD;PAUL, BIJOY;REEL/FRAME:030720/0632

Effective date: 19970527

Owner name: CANTOR FITZGERALD, L.P., NEW YORK

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:CANTOR FITZGERALD SECURITIES;REEL/FRAME:030720/0794

Effective date: 19990616

STCB Information on status: application discontinuation

Free format text: ABANDONED -- FAILURE TO RESPOND TO AN OFFICE ACTION