System and method for facilitating a wireless financial transaction

• US 10,460,386 B2
• Filed: 09/14/2012
• Issued: 10/29/2019
• Est. Priority Date: 10/14/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Mylet, Darrin Michael, Amaitis, Lee M., Wilkins, Alan Brent
• Primary Examiner(s): Kanervo, Virpi H
• Application Number:
  US13/617,053
• Publication Number:
  US 20130013484A1
• Time in Patent Office: 2,601 Days
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for executing a wireless trade is provided that includes communicating with a handheld device via a wireless network and sending and receiving financial information to and from the handheld device. The financial information is associated with a trade that can be initiated by the handheld device. The method also includes authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

Claims

1. An apparatus, comprising:

at least one processor;

a memory configured to store instructions which, when executed by the at least one processor, cause the at least one processor to;

receive, via a communications network, an identifier associated with a base station in communication with a device, wherein the base station is a component of the communications network;

identify a geographic area associated with the identifier in a database;

determine whether the geographic area associated with the identifier is within a restricted area or within an allowed area;

in response to determining that the geographic area associated with the identifier is within the restricted area, prevent the device from receiving real-time trading data and permit limited types of trades when the device is within the restricted are;

in response to determining that the geographic area associated with the identifier is within the allowed area, permit the device to access real-time trading data and to execute all available types of trades when the device is within the allowed area;

receive, from the device, a request to engage in a given trade; and

in response to receiving the request to engage in the given trade;

execute the given trade if a type of the given trade is permitted in a current location of the device; and

decline the given trade if a type of the given trade is not permitted in a current location of the device.

2. The apparatus of claim 1, wherein the device comprises at least one of:

a personal data assistant, a laptop, a mobile station, a personal computer (PC), a mobile phone, a handheld device, and a table PC.

3. The apparatus of claim 1, wherein the given trade includes at least one of:

a purchase of a financial instrument and a sale of a financial instrument.

4. The apparatus of claim 1, wherein a designation of the allowed area and a designation of the restricted area are controlled by an entity sponsoring transactions in a set of items.

5. The apparatus of claim 1, wherein the given trade includes at least one of:

a purchase of a commodity and a sale of a commodity.

6. The apparatus of claim 1, wherein the real-time trading data includes at least one of:

a bid information and an offer information.

8. The method of claim 6, wherein the device comprises at least one of:

a personal data assistant, a laptop, a mobile station, a personal computer (PC), a mobile phone, a handheld device, and a table PC.

9. The method of claim 6, in which the given trade includes at least one of:

purchase of a commodity and a sale of a financial instrument.

10. The method of claim 6, wherein a designation of the allowed area and a designation of restricted area are controlled by an entity sponsoring transactions in a set of items.

11. The method of claim 6, wherein the given trade includes at least one of:

a purchase of a commodity and a sale of a commodity.

12. The method of claim 6, wherein the real-time trading data includes at least one of:

a bid information and an offer information.

7. A method, comprising:

receiving, by at least one processor, an identifier associated with a base station in communication with a device, wherein the base station is a component of a communications network;

identifying, by the at least one processor, a geographic area associated with the identifier in a database;

determining, by the at least one processor, whether the geographic area associated with the identifier is within a restricted area or within an allowed area;

in response to determining that the geographic area associated with the identifier is within the restricted area, preventing, by the at least one processor, the device from receiving real-time trading data and permit limited types of trades when the device is within the restricted area;

in response to determining that the geographic area associated with the identifier is within the allowed area, permitting, by the at least one processor, the device to access real-time trading data and to execute all available types of trades when the device is within the allowed area;

receiving, by the at least one processor, from the device a request to engage in a given trade; and

in response to receiving the request to engage in the given trade;

executing, by the at least one processor, the given trade if a type of the given trade is permitted in a current location of the device; and

declining, by the at least one processor, the given trade if the type of the given trade is not permitted in the current location of the device.