Trading money market instruments

• US 10,410,284 B1
• Filed: 03/15/2013
• Issued: 09/10/2019
• Est. Priority Date: 03/15/2013
• Status: Active Grant

• Current Assignee: Global Liquid Markets, LLC
• Original Assignee: Global Liquid Markets, LLC
• Inventors: Cordova, Jeff, Havlicek, Glenn
• Primary Examiner(s): Weisberger, Richard C
• Application Number:
  US13/835,884
• Time in Patent Office: 2,370 Days
• Field of Search: 705 37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Improved techniques for trading money market instruments are disclosed. In some embodiments, a first view comprising consolidated real time data corresponding to a plurality of money market instruments is provided. In response to receiving a selection of a prescribed money market instrument via the first view, a second view comprising bids currently available for the selected money market instrument is provided. In response to receiving a selection of a bid via the second view, an interface for negotiating and possibly consummating a trade corresponding to the selected bid is provided, wherein the interface for negotiating and possibly consummating the trade is provided based on a determination that counterparties involved in the trade are qualified to engage in the trade.

Claims

1. A system for presenting market information relating to, and facilitating trading of, money market instruments, comprising:

a processor configured to;

display on a user interface an interactive market discovery panel that is configured to present yield curves representing a plurality of money market instruments via a user interface, wherein the yield curves are dynamically generated and updated by consolidating real time data corresponding to the plurality of money market instruments and the market discovery panel is configured to be interactive such that the presented yield curves comprise a plurality of selectable points which can be selected to navigate to currently available bids corresponding to the money market instruments;

receive, via the market discovery panel displayed on the user interface, a selection of a selectable point included on a yield curve corresponding to a money market instrument;

display on the user interface an execution panel that presents a consolidated view of a set of bids determined to be currently available for the money market instrument corresponding to the selectable point that was selected via the market discovery panel;

receive, via the execution panel displayed on the user interface, a selection of a bid from the set of bids determined to be currently available;

determine that counterparties associated with the selected bid are credit approved to enable trades to be initiated between the counterparties; and

display on the user interface a consummation panel that enables the counterparties to confirm or cancel a trade which has been initiated corresponding to the selected bid between the counterparties; and

a memory coupled to the processor and configured to provide the processor with instructions.

2. The system of claim 1, wherein the processor is further configured to provide historical data corresponding to the plurality of money market instruments via the user interface.

3. The system of claim 1, wherein each of the bids presented in the execution panel are assigned a color that indicates whether or not an associated counterparty is credit approved.

4. The system of claim 1, wherein the set of bids comprises bids from credit matched counterparties as well as bids from counterparties that are not credit matched.

5. The system of claim 1, wherein each bid comprises an amount and a rate.

6. The system of claim 1, wherein available bids are only selectable by credit matched counterparties.

7. The system of claim 1, wherein the determination that counterparties involved in the selected bid are credit approved comprises determining that a buyer counterparty has a credit line from a seller counterparty.

8. The system of claim 1, wherein to consummate the trade comprises to consummate the trade in response to seller approval of the trade.

9. The system of claim 1, wherein the interface facilitates counterparty negotiation of the trade.

10. The system of claim 1, wherein the trade is consummated if a seller in the trade approves the trade within a time out period.

11. The system of claim 1, wherein the trade is consummated for a partial amount that is less than a full amount posted in the selected bid.

12. The system of claim 1, wherein identities of one or both of the counterparties engaged in the trade are not revealed until initiation, negotiation, or consummation of the trade.

13. The system of claim 1, further comprising providing an option for engaging in an additional trade corresponding to dark bids specified by the counterparties, wherein at least a maximum amount available for trade associated with each dark bid is hidden from the opposing counterparty.

14. The system of claim 1, wherein the plurality of money market instruments comprises two or more of federal funds, time deposits, certificates of deposit, commercial papers, and repurchase agreements.

15. A method for presenting market information relating to, and facilitating trading of money market instruments, comprising using a processor for:

displaying on a user interface an interactive market discovery panel that is configured to present yield curves representing a plurality of money market instruments via a user interface, wherein the yield curves are dynamically generated and updated by consolidating real time data corresponding to the plurality of money market instruments and the market discovery panel is configured to be interactive such that the presented yield curves comprise a plurality of selectable points which can be selected to navigate to currently available bids corresponding to the money market instruments;

receiving, via the market discovery panel displayed on the user interface, a selection of a selectable point included on a yield curve corresponding to a money market instrument;

displaying on the user interface an execution panel that presents a consolidated view of a set of bids determined to be currently available for the money market instrument corresponding to the selectable point that was selected via the market discovery panel;

receiving, via the execution panel displayed on the user interface, a selection of a bid from the set of bids determined to be currently available;

determining that counterparties associated with the selected bid are credit approved to enable trades to be initiated between the counterparties; and

displaying on the user interface a consummation panel that enables the counterparties to confirm or cancel a trade corresponding to the selected bid between the counterparties which has been initiated.

16. A computer program product embodied in a non-transitory computer readable storage medium and comprising computer instructions for presenting market information relating to, and facilitating trading of money market instruments, wherein the program instructions, when executed on a computer, cause the computer to:

display on a user interface an interactive market discovery panel that is configured to present yield curves representing a plurality of money market instruments via a user interface, wherein the yield curves are dynamically generated and updated by consolidating real time data corresponding to the plurality of money market instruments and the market discovery panel is configured to be interactive such that the presented yield curves comprise selectable points to navigate to corresponding currently available bids corresponding to the money market instruments;

receive, via the market discovery panel displayed on the user interface, a selection of a selectable point included on a yield curve corresponding to a money market instrument;

display on the user interface an execution panel that presents a consolidated view of a set of bids determined to be currently available for the money market instrument corresponding to the selectable point that was selected via the market discovery panel;

receive, via the execution panel displayed on the user interface, a selection of a bid from the set of bids determined to be currently available;

determine that counterparties associated with the selected bid are credit approved to enable trades to be initiated between the counterparties; and

display on the user interface a consummation panel that enables the counterparties to confirm or cancel a trade which has been initiated corresponding to the selected bid between the counterparties.