SYSTEMS, METHODS AND COMPUTER PROGRAM PRODUCTS FOR SUBJECT-BASED ADDRESSING IN AN ELECTRONIC TRADING SYSTEM

• US 20020138390A1
• Filed: 10/12/1998
• Published: 09/26/2002
• Est. Priority Date: 10/14/1997
• Status: Abandoned Application

• Current Assignee: Blackbird Holdings, Inc.
• Original Assignee: GFInet, Inc. (BGC Group, Inc.)
• Inventors: MAY, R. RAYMOND
• Application Number:
  US09/169,767
• Publication Number:
  US 20020138390A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A subject-based addressing scheme comprising a four-part subject code that includes a source field, a class field, a symbol field, and a currency field. The four-part subject code is derived by systematically dividing the perimeters, terms, and conditions of the various derivative instruments into four discreet parts. The source field identifies the source of the information. The class field identifies a principal product class into which the financial instrument falls. The symbol field provides the underlying structure of the derivative instrument, thus, is the principal code used to define each instrument. For each class, an identified list of perimeters are included in the symbol field for defining the derivative instrument. The currency field provides the currency code of the instrument.

Claims

1. A method for conducting electronic trades of financial instruments over a computer based system, comprising the steps of:

receiving order data into the computer system, wherein said order data includes a proposed trade of a financial instrument, and wherein the financial instrument is defined by a symbology comprising a source field, a class field, a symbol field and a currency field distributing the order data to potential traders; and

presenting via the computer system the proposed trade to at least one potential trader utilizing the symbology.

2. The method of claim 1, further comprising the step of encoding the symbology in an abbreviated format to represent the financial instrument as an alias

3. The method of claim 1, further comprising the step of exploding the symbology to disclose assumed non-commercial terms of the financial instrument.

4. The method of claim 1, wherein said step of entering the order data comprises the step of identifying a class for the class field by selecting a class from the group consisting of forward rate agreement, interest rate swap, interest rate option, interest basis swap, foreign exchange spot, foreign exchange outright forward, foreign exchange swap, FRA switch, currency basis swap, and switch between instruments in the same class.

5. The method of claim 1, further comprising the step of defining a source field, a class field, a symbol field and a currency field which define a new financial instrument.

6. A system for conducting electronic trading between traders, comprising:

means for entering order data, wherein said order data comprises a financial instrument defined by a symbology comprising a source field, a class field, a symbol field and a currency field;

means for distributing said order data to traders; and

means for presenting said order data to at least one trader utilizing said symbology.

7. The system of claim 6, further comprising means for encoding the symbology in an abbreviated format to represent the financial instrument as an alias.

8. The method of claim 6, further comprising means for exploding the symbology to disclosed assumed non-commercial terms of the financial instrument.

9. The system of claim 6, wherein said class is selected from the group consisting of forward rate agreement, interest rate swap, interest rate option, interest basis swap, foreign exchange spot, foreign exchange outright forward, foreign exchange swap, FRA switch, currency basis swap, and switch between instruments in the same class.

10. The system of claim 6, wherein said symbol field is dependent on said class of said financial instrument.

11. The system of claim 6, wherein said symbol field of a forward rate agreement includes a start month, term, over date, and a floating rate option.

12. The system of claim 6, wherein said symbol field of a interest rate swap includes a start month, term, over date, frequency and basis of fixed option, and floating rate option.

13. The system of claim 6, wherein said symbol field of a interest rate option includes a start month, over date, floating rate option, option type, and exercise rate.

14. The system of claim 6, wherein said symbol field of a interest basis swap includes a start month, term, over date, buyer index, seller index, and coupon set date and pay date.

15. The system of claim 6, wherein said symbol field of a foreign exchange spot includes an ISO base term and an ISO base term.

16. The system of claim 6, wherein said symbol field of a foreign exchange outright forward includes an ISO base term, ISO base term, start month, term, and over date.

17. The system of claim 6, wherein said symbol field of a foreign exchange swap includes an ISO base term, ISO base term, start month, term, and over date.

18. The system of claim 6, wherein said symbol field of a forward rate agreement swap includes floating rate option, and a setting date for each forward rate agreement.

19. The system of claim 6, wherein said symbol field of a switch includes a symbol of each underlying contract, and a class of instrument subject of each contract.

20. The system of claim 6, wherein said symbol field of an interest rate swap option includes a start month, end month, over date, underlying swap, swap type, strike rate, and option type.

21. The system of claim 6, wherein said field of a currency basis swap includes a start month, end month, over date, floating option in a first currency, and floating option in a second currency.

22. A computer program product for use with a data processing system for conducting electronic trading between traders, said computer program product comprising:

a computer usable medium having computer-readable code means embodied in said medium, said computer-readable code means comprising;

computer-readable code means for entering order data, wherein said order data comprises a financial instrument defined by a symbology comprising a source field, a class field, a symbol field and a currency field;

computer-readable code means for presenting said order data to at least one trader utilizing said symbology; and

computer-readable code means for transmitting said order data to traders.

23. The computer program product of claim 22, further comprising computer-readable code means for encoding said symbology for said instrument in an abbreviated format to represent said financial instrument as an alias.

24. The computer program product of claim 22, further comprising computer-readable code means for exploding said symbology to disclose assumed non-commercial terms of said financial instrument.

25. The computer program product of claim 22, further comprising computer-readable code means for defining a source field, a class field, a symbol field and a currency field which define a new financial instrument.

26. A computer program product for use with a data processing system for conducting electronic trading between traders, said computer program product comprising:

a computer usable medium having computer-readable code means embodied in said medium, said computer-readable code means comprising;

computer-readable code means for receiving orders from a plurality of traders, wherein each of said orders comprising a financial instrument defined by a symbology comprising a source field, a class field, a symbol field and a currency field;

computer-readable code means for processing said orders; and

computer-readable code means for transmitting said orders to appropriate said traders utilizing said symbology.