Electronic trading systems and methods
First Claim
Patent Images
1. A method for allowing users of an electronic swap trading system to obtain bids on swaps in an electronic swap auction, comprising:
- providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet; and
providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.
1 Assignment
0 Petitions
Accused Products
Abstract
Electronic trading systems and methods provide users with the opportunity to trade financial instruments such as equities, foreign exchange, bonds, and swaps. Swaps may be defined using specialized electronic swap term sheets. A user who proposes a swap may select other users and invite them to bid on the swap. The system may initiate an auction for a proposed swap. Bidding users may bid until the swap auction is complete. The swap may be confirmed, and swap terms downloaded to a user'"'"'s risk management or back office software.
-
Citations
126 Claims
-
1. A method for allowing users of an electronic swap trading system to obtain bids on swaps in an electronic swap auction, comprising:
-
providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet; and
providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34)
-
-
35. A method for bidding on swaps using the Internet comprising:
-
accessing an auction page for a swap;
placing a bid on the swap using the auction page; and
confirming the swap when the auction is complete. - View Dependent Claims (36, 37, 38, 39)
-
-
40. A method for allowing users of an on-line swap trading system to electronically effect swap trades comprising:
-
providing a first user with an opportunity to indicate terms of a swap using a swap term sheet page;
providing the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction;
electronically inviting the at least one invitee user to participate in the auction;
providing the at least one invitee user with an opportunity to place a bid on the swap in the auction;
completing the auction;
identifying a particular one of the at least one invitee user;
providing the first user and the particular one of the at least one invitee user with an opportunity to confirm the swap; and
providing the indicated swap terms to the user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system. - View Dependent Claims (41)
-
-
42. A method for allowing users of an electronic derivatives trading system to bid on derivatives in an electronic derivatives auction, comprising:
-
providing an electronic auction for a derivative;
providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction; and
providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret. - View Dependent Claims (43, 44)
-
-
45. A method for allowing users of an electronic trading system to bid on financial instruments in an electronic auction, comprising:
-
providing an electronic auction for a financial instrument;
providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction;
completing the auction; and
downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users. - View Dependent Claims (46, 47)
-
-
48. A method for allowing users of an electronic trading system to obtain bids on financial instruments in an electronic auction, comprising:
-
providing a user with an opportunity to indicate terms for an offer for a financial instrument using a specialized electronic term sheet; and
providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet. - View Dependent Claims (49)
-
-
50. A method for allowing users of an electronic trading system to obtain bids on financial instruments comprising:
-
providing a user with an opportunity to indicate terms for an offer for a financial instrument;
providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;
electronically inviting the indicated at least one other user to participate in the electronic auction; and
providing the electronic auction for the financial instrument having the offer terms indicated by the user. - View Dependent Claims (51, 52, 53, 54, 55)
-
-
56. A method for allowing users of an electronic trading system to bid on financial instruments comprising:
-
providing an electronic auction for a financial instrument offered by an offering user;
providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.
-
-
57. A method for allowing users of an electronic trading system to bid on financial instruments, comprising:
-
providing an electronic auction for a financial instrument offered by an offering user;
providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
-
-
58. A method for allowing users of an electronic trading system to obtain bids on derivatives in an electronic derivatives auction, comprising:
-
providing an offering user with an opportunity to indicate terms for an offer for a derivative;
providing a bidding user with an opportunity to bid on the derivative in an electronic derivatives auction based on the offer; and
electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.
-
-
59. An electronic trading system for allowing users to obtain bids on swaps in an electronic swap auction, comprising:
-
a server configured to receive terms for a swap and to provide an electronic auction for the swap; and
an access device configured to;
(1) provide a user with an opportunity to indicate terms for the swap using an electronic swap term sheet, and (2) provide the user with access to the electronic auction. - View Dependent Claims (60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92)
-
-
93. An electronic trading system for allowing users to bid on swaps using the Internet comprising:
-
a server;
an Internet enabled access device configured to;
download an auction page for a swap from the server;
place a bid on the swap using the auction page;
provide the user with an opportunity to provide the bid to the server; and
provide the user with an opportunity to electronically confirm the swap when the auction is complete. - View Dependent Claims (94, 95, 96, 97)
-
-
98. An electronic trading system for allowing users to electronically effect swap trades comprising:
-
a first access device configured to;
provide a first user with an opportunity to indicate terms of a swap using a swap term sheet page;
provide the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction; and
electronically invite the at least one invitee user to participate in the auction;
a second access device configured to provide the at least one invitee user with an opportunity to place a bid on the swap in the auction;
a server configured to provide the first user and the particular one of the at least one invitee users with an opportunity to confirm the swap; and
wherein the first and second access devices are further configured to provide the indicated swap terms to the a risk management or back office system to provide for straight-through processing of the swap by the risk management or back office system. - View Dependent Claims (99)
-
-
100. An electronic trading system for allowing users to bid on derivatives in an electronic derivatives auction, comprising:
-
a server configured to provide an electronic auction for a derivative; and
a plurality of access devices each configured to;
(1) provide to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction, and (2) provide to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret. - View Dependent Claims (101, 102)
-
-
103. An electronic trading system for allowing users to bid on financial instruments in an electronic auction, comprising:
-
a server configured to provide an electronic auction for a financial instrument;
a plurality of access devices wherein each access device is configured to;
(1) provide to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction, (2) automatically complete the auction, and (3) download a winning bid of the auction to a risk management or back office system. - View Dependent Claims (104, 105)
-
-
106. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:
-
a server configured to provide an electronic auction for a financial instrument; and
an access device configured to provide a user with an opportunity to indicate the terms using a specialized electronic term sheet. - View Dependent Claims (107)
-
-
108. An electronic trading system for allowing users to obtain bids on financial instruments comprising:
-
a server;
an access device configured to;
provide a user with an opportunity to indicate terms for an offer for a financial instrument;
provide the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;
provide an electronic invitation to the indicated at least one other user to participate in the electronic auction; and
wherein the server is further configured to provide the electronic auction for the financial instrument to the access device having the offer terms indicated by the user. - View Dependent Claims (109, 110, 111, 112, 113)
-
-
114. An electronic trading system for allowing users to bid on financial instruments comprising:
-
a first access device configured to provide an offering user with an opportunity to indicate a financial instrument to trade;
a server configured to provide an electronic auction for the financial instrument;
a plurality of second access devices configured to provide to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by completing the auction.
-
-
115. An electronic trading system for allowing users to bid on financial instruments, comprising:
-
a first access device configured to provide an offering user with an opportunity to indicate a financial instrument to trade;
a server configured to provide an electronic auction for a financial instrument;
a plurality of second access devices configured to provide to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
-
-
116. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:
-
a first access device configured to provide an offering user with an opportunity to indicate terms for an offer for a financial instrument;
a second access device configured to provide a bidding user with an opportunity to bid on the financial instrument in an electronic auction based on the offer; and
an electronic commerce system configured to electronically transfer funds between the offering user and the bidding user in accordance with the bid and the offer.
-
-
117. An electronic swap trading system for allowing users to obtain bids on swaps in an electronic swap auction, comprising:
-
means for providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet; and
means for providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.
-
-
118. A system for allowing users to bid on swaps using the Internet comprising:
-
means for accessing an auction page for a swap;
means for placing a bid on the swap using the auction page; and
means for confirming the swap when the auction is complete.
-
-
119. An on-line swap trading system for allowing users to electronically effect swap trades comprising:
-
means for providing a first user with an opportunity to indicate terms of a swap using a swap term sheet page;
means for providing the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction;
means for electronically inviting the at least one invitee user to participate in the auction;
means for providing the at least one invitee user with an opportunity to place a bid on the swap in the auction;
means for completing the auction;
means for identifying a particular one of the at least one invitee user;
means for providing the first user and the particular one of the at least one invitee user with an opportunity to confirm the swap; and
means for providing the indicated swap terms to the user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system.
-
-
120. An electronic derivatives trading system for allowing users to bid on derivatives in an electronic derivatives auction, comprising:
-
means for providing an electronic auction for a derivative;
means for providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction; and
means for providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.
-
-
121. An electronic trading system for allowing users to bid on financial instruments in an electronic auction, comprising:
-
means for providing an electronic auction for a financial instrument;
means for providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction;
means for completing the auction; and
means for downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users.
-
-
122. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:
-
means for providing a user with an opportunity to indicate terms for an offer for a financial instrument using a specialized electronic term sheet; and
means for providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet.
-
-
123. An electronic trading system for allowing users to obtain bids on financial instruments comprising:
-
means for providing a user with an opportunity to indicate terms for an offer for a financial instrument;
means for providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;
means for electronically inviting the indicated at least one other user to participate in the electronic auction; and
means for providing the electronic auction for the financial instrument having the offer terms indicated by the user.
-
-
124. An electronic trading system for allowing users to bid on financial instruments comprising:
-
means for providing an electronic auction for a financial instrument offered by an offering user;
means for providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.
-
-
125. An electronic trading system for allowing users to bid on financial instruments, comprising:
-
means for providing an electronic auction for a financial instrument offered by an offering user;
means for providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and
means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
-
-
126. An electronic trading system for allowing users to obtain bids on derivatives in an electronic derivatives auction, comprising:
-
means for providing an offering user with an opportunity to indicate terms for an offer for a derivative;
means for providing a bidding user with an opportunity to bid on the derivative in an electronic derivatives auction based on the offer; and
means for electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.
-
Specification