Method and system for a network-based securities marketplace
First Claim
1. A method for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of:
- (a) electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) storing said membership data in an electronic database;
(c) approving selected potential members for membership;
(d) electronically notifying said selected potential members that they have become members;
(e) electronically receiving from a first member posting data, said posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities;
(f) storing said posting data in an electronic database;
(g) electronically transmitting said posting data over said network to other members;
(h) receiving a counteroffer to one or more of said first member'"'"'s offers over said network from a second member;
(i) storing said counteroffer in an electronic database;
(j) electronically transmitting said counteroffer over the network to the first member;
(k) electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) electronically transmitting to said first and second members data sufficient to identify transaction settlement facilities that are available at the option of and upon the mutual agreement of said first and second members;
(m) electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' mutually agreed upon selection of a transaction settlement facility;
(n) storing said notification in an electronic database;
(o) electronically transmitting said notification to said first and second members; and
(p) electronically transmitting said material terms to said selected transaction settlement facility.
2 Assignments
0 Petitions
Accused Products
Abstract
A preferred embodiment of the present invention comprises a method and system for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of and means for: (a) receiving from a first member posting data, the posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities; (b) transmitting the posting data over the network to other members; (c) receiving a counteroffer to one or more of the first member'"'"'s offers over the network from a second member; (d) transmitting the counteroffer over the network to the first member; (e) transmitting to the first member and to the second member information sufficient to enable the two members to contact each other; (f) transmitting to the first and second members data sufficient to identify transaction settlement facilities; and related steps and means.
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Citations
42 Claims
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1. A method for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of:
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(a) electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) storing said membership data in an electronic database;
(c) approving selected potential members for membership;
(d) electronically notifying said selected potential members that they have become members;
(e) electronically receiving from a first member posting data, said posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities;
(f) storing said posting data in an electronic database;
(g) electronically transmitting said posting data over said network to other members;
(h) receiving a counteroffer to one or more of said first member'"'"'s offers over said network from a second member;
(i) storing said counteroffer in an electronic database;
(j) electronically transmitting said counteroffer over the network to the first member;
(k) electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) electronically transmitting to said first and second members data sufficient to identify transaction settlement facilities that are available at the option of and upon the mutual agreement of said first and second members;
(m) electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' mutually agreed upon selection of a transaction settlement facility;
(n) storing said notification in an electronic database;
(o) electronically transmitting said notification to said first and second members; and
(p) electronically transmitting said material terms to said selected transaction settlement facility.
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2. A method for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of:
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(a) electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) storing said membership data in an electronic database;
(c) approving selected potential members for membership;
(d) electronically notifying said selected potential members that they have become members;
(e) electronically receiving from a first member posting data, said posting data comprising one or more firm offers to acquire or transfer ownership interests in selected securities;
(f) storing said posting data in an electronic database;
(g) electronically transmitting said posting data over said network to other members;
(h) receiving an acceptance of one or more of said first member'"'"'s offers over said network from a second member;
(i) storing said acceptance in an electronic database;
(j) electronically transmitting said acceptance over the network to the first member;
(k) electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) electronically transmitting to said first and second members data sufficient to identify transaction settlement facilities that are available at the option of and upon the mutual agreement of said first and second members;
(m) electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' mutually agreed upon selection of a transaction settlement facility;
(n) storing said notification in an electronic database;
(o) electronically transmitting said notification to said first and second members; and
(p) electronically transmitting said material terms to said selected transaction settlement facility.
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3. A method for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of:
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(a) electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) storing said membership data in an electronic database;
(c) approving selected potential members for membership;
(d) electronically notifying said selected potential members that they have become members;
(e) electronically receiving from a first member posting data, said posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities;
(f) storing said posting data in an electronic database;
(g) electronically transmitting said posting data over said network to other members;
(h) receiving a counteroffer to one or more of said first member'"'"'s offers over said network from a second member;
(i) storing said counteroffer in an electronic database;
(j) electronically transmitting said counteroffer over the network to the first member;
(k) electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) electronically transmitting to said first and second members data sufficient to identify a mandated transaction settlement facility, that said first and second members must use;
(m) electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' agreement to utilize said mandated transaction settlement facility;
(n) storing said notification in an electronic database;
(o) electronically transmitting said notification to said first and second members; and
(p) electronically transmitting said material terms to said mandated transaction settlement facility.
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4. A method for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising the steps of:
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(a) electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) storing said membership data in an electronic database;
(c) approving selected potential members for membership;
(d) electronically notifying said selected potential members that they have become members;
(e) electronically receiving from a first member posting data, said posting data comprising one or more firm offers to acquire or transfer ownership interests in selected securities;
(f) storing said posting data in an electronic database;
(g) electronically transmitting said posting data over said network to other members;
(h) receiving an acceptance of one or more of said first member'"'"'s offers over said network from a second member;
(i) storing said acceptance in an electronic database;
(j) electronically transmitting said acceptance over the network to the first member;
(k) electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) electronically transmitting to said first and second members data sufficient to identify a mandated transaction settlement facility, that said first and second members must use;
(m) electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' agreement to utilize said mandated transaction settlement facility;
(n) storing said notification in an electronic database;
(o) electronically transmitting said notification to said first and second members; and
(p) electronically transmitting said material terms to said mandated transaction settlement facility.
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5. A method for securities trading that enables principal-to-principal exchange of financial information, including postings of offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, comprising the steps of:
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(a) requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising the steps of;
(1) electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members; and
(2) storing said membership data in an electronic database securities trading;
(b) electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising indicated offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising the steps of;
(1) receiving said posting data over said electronic network;
(2) organizing and storing said posting data in an electronic database;
(3) determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their indicated offers securities trading;
(c) electronically receiving, storing and displaying information sufficient to describe and transmit offers and counteroffers between members and said posting members, including proposed transaction terms, and further comprising the steps of;
(1) receiving an offer or counteroffer over said network from a negotiating member;
(2) storing said offer or counteroffer in a database; and
(3) electronically transmitting said offer or counteroffer over the network to the other negotiating party, with information sufficient to enable the parties to contact each other securities trading; and
(d) providing potential buyers and sellers the option to select a transaction settlement facility and transmit material terms of an agreement to conduct a transaction in said security, further comprising the steps of;
(1) electronically transmitting to said potential buyers and sellers data sufficient to identify transaction settlement facilities that are available at the option of said potential buyers and sellers;
(2) electronically receiving from said potential seller and said potential buyer their optional election to electronically transmit to each other a notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s selection of a settlement facility;
(3) storing said notification in an electronic database; and
(4) electronically transmitting said material terms to said settlement facility for the purpose of said settlement facility generating standardized transaction settlement documents. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16)
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6. A method for securities trading that enables principal-to-principal exchange of financial information, including postings of firm offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, comprising the steps of:
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(a) requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising the steps of;
(1) electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members; and
(2) storing said membership data in an electronic database;
(b) electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising firm offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising the steps of;
(1) receiving said posting data over said electronic network;
(2) organizing and storing said posting data in an electronic database;
(3) determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their firm offers;
(c) electronically receiving, storing and displaying information sufficient to describe and transmit firm offers between members and said posting members, including proposed transaction terms, and further comprising the steps of;
(1) receiving an acceptance of said offer over said network from a responding member;
(2) storing said offer or acceptance of said offer in a database; and
(3) electronically transmitting said offer or acceptance of said offer over the network to the other responding party, with information sufficient to enable the parties to contact each other securities trading; and
(d) providing potential buyers and sellers the option to select a transaction settlement facility and transmit material terms of an agreement to conduct a transaction in said security, further comprising the steps of;
(1) electronically transmitting to said potential buyers and sellers data sufficient to identify transaction settlement facilities that are available at the option of said potential buyers and sellers;
(2) electronically receiving from said potential seller and said potential buyer their optional election to electronically transmit to each other a notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s selection of a settlement facility;
(3) storing said notification in an electronic database; and
(4) electronically transmitting said material terms to said settlement facility for the purpose of said settlement facility generating standardized transaction settlement documents.
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7. A method for securities trading that enables principal-to-principal exchange of financial information, including postings of offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and mandated settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, comprising the steps of:
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(a) requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising the steps of;
(1) electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members;
(2) storing said membership data in an electronic database securities trading;
(b) electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising indicated offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising the steps of;
(1) receiving said posting data over said electronic network;
(2) organizing and storing said posting data in an electronic database;
(3) determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their indicated offers securities trading;
(c) electronically receiving, storing and displaying information sufficient to describe and transmit offers and counteroffers between members and said posting members, including proposed transaction terms, and further comprising the steps of;
(1) receiving an offer or counteroffer over said network from a negotiating member;
(2) storing said offer or counteroffer in a database; and
(3) electronically transmitting said offer or counteroffer over the network to the other negotiating party, with information sufficient to enable the parties to contact each other securities trading; and
(d) requiring potential buyers and sellers to utilize a mandated transaction settlement facility and transmit standardized material terms of an agreement to efficiently conduct a transaction in said security, further comprising the steps of;
(1) electronically transmitting to said potential buyers and sellers data sufficient to communicate with a transaction settlement facility mandated to said potential buyers and sellers;
(2) electronically receiving from said potential seller and said potential buyer their responses to each other effecting notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing standardized material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s agreement to said mandated settlement facility;
(3) storing said notification in an electronic database; and
(4) electronically transmitting said material terms to said mandated settlement facility for the purpose of said mandated settlement facility generating standardized transaction settlement documents.
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8. A method for securities trading that enables principal-to-principal exchange of financial information, including postings of firm offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and mandated settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, comprising the steps of:
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(a) requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising the steps of;
(1) electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members;
(2) storing said membership data in an electronic database securities trading;
(b) electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising firm offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising the steps of;
(1) receiving said posting data over said electronic network;
(2) organizing and storing said posting data in an electronic database;
(3) determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their firm offers securities trading;
(c) electronically receiving, storing and displaying information sufficient to describe and transmit firm offers between members and said posting members, including proposed transaction terms, and further comprising the steps of;
(1) receiving an acceptance of said offer over said network from a responding member;
(2) storing said offer or acceptance of said offer in a database;
(3) electronically transmitting said offer or acceptance of said offer over the network to the responding party, with information sufficient to enable the parties to contact each other securities trading; and
(d) requiring potential buyers and sellers to use a mandated transaction settlement facility and transmit standardized material terms of an agreement to efficiently conduct a transaction in said security, further comprising the steps of;
(1) electronically transmitting to said potential buyers and sellers data sufficient to communicate with a transaction settlement facility mandated to said potential buyers and sellers;
(2) electronically receiving from said potential seller and said potential buyer their responses to each other effecting notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing standardized material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s agreement to said mandated settlement facility;
(3) storing said notification in an electronic database; and
(4) electronically transmitting said material terms to said mandated settlement facility for the purpose of said mandated settlement facility generating standardized transaction settlement documents.
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17. A system for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising:
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(a) a holding company;
(b) a first subsidiary of said holding company, wherein said first subsidiary is an independently-operated NASD member firm; and
(c) a second subsidiary of said holding company, wherein said second subsidiary operates an electronic network-based computer trading system;
wherein said holding company receives flat-rate, time-based fees from members of the system of said second subsidiary;
wherein said holding company receives transaction referral fees from independent securities dealers linked by a computer network to said first subsidiary; and
wherein said first subsidiary is linked by a computer network to the system of said second subsidiary. - View Dependent Claims (18, 19, 20, 21, 22)
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23. Computer software for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising:
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(a) software for electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) software for storing said membership data in an electronic database;
(c) software for approving selected potential members for membership;
(d) software for electronically notifying said selected potential members that they have become members;
(e) software for electronically receiving from a first member posting data, said posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities;
(f) software for storing said posting data in an electronic database;
(g) software for electronically transmitting said posting data over said network to other members;
(h) software for receiving a counteroffer to one or more of said first member'"'"'s offers over said network from a second member;
(i) software for storing said counteroffer in an electronic database;
(j) software for electronically transmitting said counteroffer over the network to the first member;
(k) software for electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) software for electronically transmitting to said first and second members data sufficient to identify transaction settlement facilities that are available at the option of and upon the mutual agreement of said first and second members;
(m) software for electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' mutually agreed upon selection of a transaction settlement facility;
(n) software for storing said notification in an electronic database;
(o) software for electronically transmitting said notification to said first and second members; and
(p) software for electronically transmitting said material terms to said selected transaction settlement facility. - View Dependent Claims (39, 40, 41, 42)
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24. Computer software for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising:
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(a) software for electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) software for storing said membership data in an electronic database;
(c) software for approving selected potential members for membership;
(d) software for electronically notifying said selected potential members that they have become members;
(e) software for electronically receiving from a first member posting data, said posting data comprising one or more firm offers to acquire or transfer ownership interests in selected securities;
(f) software for storing said posting data in an electronic database;
(g) software for electronically transmitting said posting data over said network to other members;
(h) software for receiving an acceptance of one or more of said first member'"'"'s offers over said network from a second member;
(i) software for storing said acceptance in an electronic database;
(j) software for electronically transmitting said acceptance over the network to the first member;
(k) software for electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) software for electronically transmitting to said first and second members data sufficient to identify transaction settlement facilities that are available at the option of and upon the mutual agreement of said first and second members;
(m) software for electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' mutually agreed upon selection of a transaction settlement facility;
(n) software for storing said notification in an electronic database;
(o) software for electronically transmitting said notification to said first and second members;
(p) software for electronically transmitting said material terms to said selected transaction settlement facility.
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25. Computer software for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network, comprising:
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(a) software for electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) software for storing said membership data in an electronic database;
(c) software for approving selected potential members for membership;
(d) software for electronically notifying said selected potential members that they have become members;
(e) software for electronically receiving from a first member posting data, said posting data comprising one or more indicated offers to acquire or transfer ownership interests in selected securities;
(f) software for storing said posting data in an electronic database;
(g) software for electronically transmitting said posting data over said network to other members;
(h) software for receiving a counteroffer to one or more of said first member'"'"'s offers over said network from a second member;
(i) software for storing said counteroffer in an electronic database;
(j) software for electronically transmitting said counteroffer over the network to the first member;
(k) software for electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) software for electronically transmitting to said first and second members data sufficient to identify a mandated transaction settlement facility, that said first and second members must use;
(m) software for electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' agreement to utilize said mandated transaction settlement facility;
(n) software for storing said notification in an electronic database;
(o) software for electronically transmitting said notification to said first and second members;
(p) software for electronically transmitting said material terms to said mandated transaction settlement facility.
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26. Computer software for enabling exchange of financial information and negotiation and settlement of securities transactions over an electronic network using a server/database computer system, comprising:
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(a) software for electronically receiving membership data over the electronic network from potential members, said membership data comprising data sufficient to identify each of said potential members and to pre-qualify them for access to postings of securities by other members;
(b) software for storing said membership data in an electronic database;
(c) software for approving selected potential members for membership;
(d) software for electronically notifying said selected potential members that they have become members;
(e) software for electronically receiving from a first member posting data, said posting data comprising one or more firm offers to acquire or transfer ownership interests in selected securities;
(f) software for storing said posting data in an electronic database;
(g) software for electronically transmitting said posting data over said network to other members;
(h) software for receiving an acceptance of one or more of said first member'"'"'s offers over said network from a second member;
(i) software for storing said acceptance in an electronic database;
(j) software for electronically transmitting said acceptance over the network to the first member;
(k) software for electronically transmitting to the first member and to the second member information sufficient to enable the two members to contact each other;
(l) software for electronically transmitting to said first and second members data sufficient to identify a mandated transaction settlement facility, that said first and second members must use;
(m) software for electronically receiving from said first member and said second member their mutually agreed upon election to electronically transmit to each other a notification that an agreement has been reached between said first member and said second member for the transfer of said one or more securities, wherein said notification comprises material terms of said agreement and identifies said first and second members'"'"' agreement to utilize said mandated transaction settlement facility;
(n) software for storing said notification in an electronic database;
(o) software for electronically transmitting said notification to said first and second members;
(p) software for electronically transmitting said material terms to said mandated transaction settlement facility.
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27. Computer software for securities trading that enables principal-to-principal exchange of financial information, including postings of offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, using a server/database computer system, comprising:
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(a) software for requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising;
(1) software for electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members; and
(2) software for storing said membership data in an electronic database securities trading;
(b) software for electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising indicated offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising;
(1) software for receiving said posting data over said electronic network;
(2) software for organizing and storing said posting data in an electronic database;
(3) software for determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) software for electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) software for electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their indicated offers securities trading;
(c) software for electronically receiving, storing and displaying information sufficient to describe and transmit offers and counteroffers between members and said posting members, including proposed transaction terms, and further comprising;
(1) software for receiving an offer or counteroffer over said network from a negotiating member;
(2) software for storing said offer or counteroffer in a database; and
(3) software for electronically transmitting said offer or counteroffer over the network to the other negotiating party, with information sufficient to enable the parties to contact each other securities trading; and
(d) software for providing potential buyers and sellers the option to select a transaction settlement facility and transmit material terms of an agreement to conduct a transaction in said security, further comprising;
(1) software for electronically transmitting to said potential buyers and sellers data sufficient to identify transaction settlement facilities that are available at the option of said potential buyers and sellers;
(2) software for electronically receiving from said potential seller and said potential buyer their optional election to electronically transmit to each other a notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s selection of a settlement facility;
(3) software for storing said notification in an electronic database; and
(4) software for electronically transmitting said material terms to said settlement facility for the purpose of said settlement facility generating standardized transaction settlement documents. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37, 38)
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28. Computer software for securities trading that enables principal-to-principal exchange of financial information, including postings of firm offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, using a server/database computer system, comprising:
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(a) software for requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising;
(1) software for electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members; and
(2) software for storing said membership data in an electronic database;
(b) software for electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising firm offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising;
(1) software for receiving said posting data over said electronic network;
(2) software for organizing and storing said posting data in an electronic database;
(3) software for determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) software for electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) software for electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their firm offers;
(c) software for electronically receiving, storing and displaying information sufficient to describe and transmit firm offers between members and said posting members, including proposed transaction terms, and further comprising;
(1) software for receiving an acceptance of said offer over said network from a responding member;
(2) software for storing said offer or acceptance of said offer in a database; and
(3) software for electronically transmitting said offer or acceptance of said offer over the network to the other responding party, with information sufficient to enable the parties to contact each other securities trading; and
(d) software for providing potential buyers and sellers the option to select a transaction settlement facility and transmit material terms of an agreement to conduct a transaction in said security, further comprising;
(1) software for electronically transmitting to said potential buyers and sellers data sufficient to identify transaction settlement facilities that are available at the option of said potential buyers and sellers;
(2) software for electronically receiving from said potential seller and said potential buyer their optional election to electronically transmit to each other a notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s selection of a settlement facility;
(3) software for storing said notification in an electronic database; and
(4) software for electronically transmitting said material terms to said settlement facility for the purpose of said settlement facility generating standardized transaction settlement documents.
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29. Computer software for securities trading that enables principal-to-principal exchange of financial information, including postings of offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and mandated settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, using a server/database computer system, comprising:
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(a) software for requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising;
(1) software for electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members;
(2) software for storing said membership data in an electronic database securities trading;
(b) software for electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising indicated offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising;
(1) software for receiving said posting data over said electronic network;
(2) software for organizing and storing said posting data in an electronic database;
(3) software for determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) software for electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) software for electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their indicated offers securities trading;
(c) software for electronically receiving, storing and displaying information sufficient to describe and transmit offers and counteroffers between members and said posting members, including proposed transaction terms, and further comprising;
(1) software for receiving an offer or counteroffer over said network from a negotiating member;
(2) software for storing said offer or counteroffer in a database; and
(3) software for electronically transmitting said offer or counteroffer over the network to the other negotiating party, with information sufficient to enable the parties to contact each other securities trading; and
(d) software for requiring potential buyers and sellers to utilize a mandated transaction settlement facility and transmit standardized material terms of an agreement to efficiently conduct a transaction in said security, further comprising;
(1) software for electronically transmitting to said potential buyers and sellers data sufficient to communicate with a transaction settlement facility mandated to said potential buyers and sellers;
(2) software for electronically receiving from said potential seller and said potential buyer their responses to each other effecting notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing standardized material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s agreement to said mandated settlement facility;
(3) software for storing said notification in an electronic database; and
(4) software for electronically transmitting said material terms to said mandated settlement facility for the purpose of said mandated settlement facility generating standardized transaction settlement documents.
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30. Computer software for securities trading that enables principal-to-principal exchange of financial information, including postings of firm offers to buy and sell any registered or unregistered securities that have been issued by any securities issuer, and the negotiation and mandated settlement of all securities transactions without the use of an intermediary brokerage or conventional securities exchange, over an electronic network accessible to potential sellers and buyers, comprising:
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(a) software for requiring each of said potential buyers and sellers to satisfy membership requirements imposed by the trading system manager as a condition for access to restricted and unrestricted areas within said system and for access to particular postings, further comprising;
(1) software for electronically receiving membership data over the electronic network from each of said potential buyers and sellers, said membership data comprising data sufficient to identify each of said potential buyers and potential sellers and to pre-qualify them for access to postings of securities on the system or to the posting members; and
(2) software for storing said membership data in an electronic database securities trading;
(b) software for electronically receiving, storing and displaying the members'"'"' posting data, said posting data comprising firm offers to buy or otherwise acquire, or to sell or otherwise transfer, ownership interests in their securities, further comprising;
(1) software for receiving said posting data over said electronic network;
(2) software for organizing and storing said posting data in an electronic database;
(3) software for determining any restrictions to be imposed by said trading system on member access to said posting data or to the posting member;
(4) software for electronically transmitting said posting data over said network to all members who are not restricted from access to said posting data or to the posting member; and
(5) software for electronically transmitting information over said network that is sufficient to enable potential buyers and sellers to contact each other about their firm offers securities trading;
(c) software for electronically receiving, storing and displaying information sufficient to describe and transmit firm offers between members and said posting members, including proposed transaction terms, and further comprising;
(1) software for receiving an acceptance of said offer over said network from a responding member;
(2) software for storing said offer or acceptance of said offer in a database;
(3) software for electronically transmitting said offer or acceptance of said offer over the network to the responding party, with information sufficient to enable the parties to contact each other securities trading; and
(d) software for requiring potential buyers and sellers to use a mandated transaction settlement facility and transmit standardized material terms of an agreement to efficiently conduct a transaction in said security, further comprising;
(1) software for electronically transmitting to said potential buyers and sellers data sufficient to communicate with a transaction settlement facility mandated to said potential buyers and sellers;
(2) software for electronically receiving from said potential seller and said potential buyer their responses to each other effecting notification that an agreement has been reached between said potential buyer and said potential seller for the transfer of said security, wherein said notification comprises data describing standardized material terms of said agreement and identifying said potential buyer'"'"'s and potential seller'"'"'s agreement to said mandated settlement facility;
(3) software for storing said notification in an electronic database; and
(4) software for electronically transmitting said material terms to said mandated settlement facility for the purpose of said mandated settlement facility generating standardized transaction settlement documents.
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Specification