Method and system for credit authorization in a member exchange
First Claim
1. A method for processing a non-member transaction on a member securities exchange comprising:
- transmitting a securities transaction from the non-member institution to a credit authorization service of the exchange, the credit authorization service;
comparing a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
processing the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
rejecting the securities transaction if the value of the securities transaction is above the pre-established threshold; and
receiving at the non-member institution a message from the credit authorization service, the message including an indication that the securities transaction was processed or rejected.
6 Assignments
0 Petitions
Accused Products
Abstract
An exchange member establishes a threshold credit value for transactions by a non-member institution. The threshold value is provided to a credit authorization service of the exchange, which acts as a surrogate for the exchange members. Securities transaction or orders from non-member institutions are then transmitted from the non-member institution to the credit authorization service of the exchange. The credit authorization service compares the transaction with a percentage of the pre-established threshold value. If the transaction does not exceed the percentage of the pre-established threshold, the system forwards the transaction to the exchange. If the transaction does exceed the percentage of the pre-established threshold, the system notifies the sponsoring exchange member and possibly the non-member institution. The percentage of the pre-established threshold may be less than or equal to 100 percent of the pre-established value. The exchange member has various opportunities to change the threshold value. The identity of the non-member institution and the identity of the exchange member may be removed or masked on the transaction.
71 Citations
66 Claims
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1. A method for processing a non-member transaction on a member securities exchange comprising:
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transmitting a securities transaction from the non-member institution to a credit authorization service of the exchange, the credit authorization service;
comparing a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
processing the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
rejecting the securities transaction if the value of the securities transaction is above the pre-established threshold; and
receiving at the non-member institution a message from the credit authorization service, the message including an indication that the securities transaction was processed or rejected. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. Computer executable software code transmitted as an information signal, the code for processing a non-member transaction on a member securities exchange, the code comprising:
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code to transmit a securities transaction from the non-member institution to a credit authorization service of the exchange, the credit authorization service including;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold; and
code to receive at the non-member institution a message from the credit authorization service, the message including an indication that the securities transaction was processed or rejected.
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11. A computer-readable medium having computer executable software code stored thereon, the code for processing a non-member transaction on a member securities exchange, the code comprising:
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code to transmit a securities transaction from the non-member institution to a credit authorization service of the exchange, the credit authorization service including;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold; and
code to receive at the non-member institution a message from the credit authorization service, the message including an indication that the securities transaction was processed or rejected. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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12. A programmed computer for processing a non-member transaction on a member securities exchange, comprising:
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a memory having at least one region for storing computer executable program code; and
a processor for executing the program code stored in the memory, wherein the program code comprises;
code to transmit a securities transaction from the non-member institution to a credit authorization service of the exchange, the credit authorization service including;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold; and
code to receive at the non-member institution a message from the credit authorization service, the message including an indication that the securities transaction was processed or rejected.
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13. A method for processing a non-member transaction on a member securities exchange comprising:
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receiving at a credit authorization service of the exchange, a securities transaction from a non-member institution;
comparing a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
processing the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
rejecting the securities transaction if the value of the securities transaction is above the pre-established threshold.
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41. Computer executable software code transmitted as an information signal, the code for processing a non-member transaction on a member securities exchange, the code comprising:
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code to receive at a credit authorization service of the exchange, a securities transaction from a non-member institution;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold.
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42. A computer-readable medium having computer executable software code stored thereon, the code for processing a non-member transaction on a member securities exchange, the code comprising:
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code to receive at a credit authorization service of the exchange, a securities transaction from a non-member institution;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold.
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43. A programmed computer for processing a non-member transaction on a member securities exchange, comprising:
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a memory having at least one region for storing computer executable program code; and
a processor for executing the program code stored in the memory, wherein the program code comprises;
code to receive at a credit authorization service of the exchange, a securities transaction from a non-member institution;
code to compare a value of the securities transaction with a pre-established threshold value, the pre-established threshold at least partially established by a member of the exchange; and
code to process the securities transaction if the value of the securities transaction is below the pre-established threshold, or alternatively;
code to reject the securities transaction if the value of the securities transaction is above the pre-established threshold.
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44. A method for an exchange member to authorize securities transactions submitted by a non-member institution to a member exchange comprising:
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at least partially establishing a threshold value for securities transactions submitted by the non-member institution to the exchange; and
informing a credit authorization service of the member exchange of the threshold value. - View Dependent Claims (45, 46, 47, 48, 49, 50, 51, 52, 53)
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54. Computer executable software code transmitted as an information signal, the code for an exchange member to authorize securities transactions submitted by a non-member institution to a member exchange, the code comprising:
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code to at least partially establish a threshold value for securities transactions between the non-member institution and the exchange; and
code to inform a credit authorization service of the member exchange of the threshold value.
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55. A computer-readable medium having computer executable software code stored thereon, the code for an exchange member to authorize securities transactions submitted by a non-member institution to a member exchange, the code comprising:
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code to at least partially establish a threshold value for securities transactions between the non-member institution and the exchange; and
code to inform a credit authorization service of the member exchange of the threshold value. - View Dependent Claims (59)
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56. A programmed computer for an exchange member to authorize securities transactions submitted by a non-member institution to a member exchange, comprising:
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a memory having at least one region for storing computer executable program code; and
a processor for executing the program code stored in the memory, wherein the program code comprises;
code to at least partially establish a threshold value for securities transactions between the non-member institution and the exchange; and
code to inform a credit authorization service of the member exchange of the threshold value.
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57. A system for processing a transaction on a securities exchange comprising:
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a terminal of a credit authorization service configured to communicate with the securities exchange;
a terminal of a non-member institution configured to transmit a securities transaction from the non-member institution to the terminal of the credit authorization service without prior processing of the securities transaction by any particular member of the securities exchange; and
a terminal of a member of the securities exchange configured to send a pre-established threshold value associated with the non-member institution to the terminal of the credit authorization service, wherein the credit authorization service is a surrogate for a plurality of members of the securities exchange.
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58. A terminal of a non-member institution for processing a transaction on a securities exchange comprising:
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a transmitter configured to transmit a securities transaction from the non-member institution to a terminal of the credit authorization service without prior processing of the securities transaction by any particular member of the securities exchange; and
a receiver configured to receive a message from the credit authorization service, the message including an indication of whether the securities transaction was executed or rejected, wherein a member of the securities exchange establishes a threshold value associated with the non-member institution, the threshold value available to the credit authorization service and the credit authorization services sends the message including an indication of whether the securities transaction was executed or rejected after considering the threshold value.
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60. A terminal of a member of a securities exchange for processing a transaction on a securities exchange comprising:
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a transmitter configured to transmit a pre-established threshold value associated with a non-member institution to a terminal of a credit authorization service; and
a receiver configured to receive a message from the credit authorization service, the message including an indication that securities transactions of the non-member institution have reached a fraction of the pre-established threshold. - View Dependent Claims (61)
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62. A terminal of a credit authorization service for processing a transaction on a securities exchange comprising:
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a receiver configured to receive a pre-established threshold value associated with a non-member institution from a member of the securities exchange; and
a transmitter configured to transmit a message to the member of the securities exchange, the message including an indication that securities transactions of the non-member institution have reached a fraction of the pre-established threshold. - View Dependent Claims (63, 64)
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65. A method for processing a securities transaction on a member exchange comprising:
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transmitting a securities transaction from a non-member institution to a credit authorization service of the member exchange, wherein the transaction includes a mnemonic for an exchange member and an identity of the non-member institution and the credit authorization service acts as a surrogate for multiple exchange members;
removing the identity of the non-member institution from the transaction; and
exposing the transaction to the member exchange. - View Dependent Claims (66)
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Specification