Securities trading system, computer system, buy/sell order placement method, buy/sell order processing method, and program

• US 20020152153A1
• Filed: 03/28/2002
• Published: 10/17/2002
• Est. Priority Date: 04/12/2001
• Status: Abandoned Application

• Current Assignee: International Business Machines Corporation
• Original Assignee: International Business Machines Corporation
• Inventors: Nakagawa, Toru
• Application Number:
  US10/112,514
• Publication Number:
  US 20020152153A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A securities trading system including a customer'"'"'s PC 30 connected to the Internet 10, a securities company'"'"'s site 20 which is connected to the Internet 10 and processes securities trading orders from the customer'"'"'s PC 30, and an exchange'"'"'s computer 50 connected to the securities company'"'"'s site 20 via a leased line 40, wherein the securities company'"'"'s site 20 provides information of a group order entry screen for entering an order covering multiple issues and their respective limit prices specified as a group, to the customer'"'"'s PC 30, and after displaying the group order entry screen information provided by the securities company'"'"'s site 20 in a browser 31, the customer'"'"'s PC 30 outputs a group order covering a group of issues for which respective limit prices are specified, through the Internet 10.

Claims

1. ) A securities trading system comprising a customer'"'"'s computer connected to a network and a brokerage firm'"'"'s computer system which is connected to the network and processes securities trading orders from the customer'"'"'s computer,

wherein said brokerage firm'"'"'s computer system provides information of a group order entry screen for entering an order covering multiple issues and respective limit prices of the issues specified as a group, to said customer'"'"'s computer through said network, and

said customer'"'"'s computer outputs a group order covering a group of issues for which respective limit prices are specified, through said network, based on said group order entry screen information provided by said brokerage firm'"'"'s computer system.

2. ) The securities trading system according to claim 1, wherein said group order entry screen provided by said brokerage firm'"'"'s computer system includes specification of closed option processing that permits to buy and sell issues in the group freely by specifying a period during which placement of a liquidation order from the customer is prohibited.

3. ) The securities trading system according to claim 1, wherein said brokerage firm'"'"'s computer system outputs information on order execution for one of the issues of said group order put in by said customer'"'"'s computer.

4. ) The securities trading system according to claim 1, further comprising a securities exchange'"'"'s computer connected to said brokerage firm'"'"'s computer system through a predetermined line,

wherein said brokerage firm'"'"'s computer system outputs buy/sell orders for a particular issue in said group order to said securities exchange'"'"'s computer through said line.

5. ) A computer system for processing securities trading orders from a customer, comprising:

a group order receiving unit for receiving a group order for a group of issues for which respective limit prices are specified; and

an output unit for outputting information on order execution for one of the issues of said group order received by said group order receiving unit if the trade is executed for that issue at the specified limit price.

6. ) The computer system according to claim 5, further comprising a limit order output unit for outputting a limit order for a particular issue among said issues of said group order received by said group order receiving unit.

7. ) The computer system according to claim 5,

wherein said group order received by said group order receiving unit includes specification of closed option processing which defines a closed period, and

said output unit outputs information on order execution for one of the issues for which buy/sell transactions have been executed by said closed option processing.

8. ) A computer system comprising:

a group order screen providing unit for providing, to a customer'"'"'s computer, a group order screen for the customer to put in a buy/sell order by specifying a group of issues and respective limit prices of the issues;

an order receiving unit for receiving a group order from the customer based on said group order screen provided by said group order screen providing unit, and

a buy/sell order output unit for outputting a market order or limit order for each of the given issues of said group order received from said order receiving unit.

9. ) The computer system according to claim 8, wherein said group order screen provided by said group order screen providing unit includes specification of closed option processing that permits to get profit margins by specifying a closed period during which placement of a liquidation order from the customer is prohibited.

10. ) The computer system according to claim 8, wherein said buy/sell order output unit outputs said market order based on an estimation function for estimating the expected values for the limit prices being realized in the future.

11. ) A buy/sell order placement method for placing buy/sell orders for securities with a brokerage firm, wherein said method:

defines a group including multiple issues with specified respective limit prices; and

ensures that the order for one of the issues will be placed by said brokerage firm if the limit price for one or more issues in said group is satisfied on the securities market.

12. ) The buy/sell order placement method according to claim 11, wherein said group is defined by specifying multiple issues for a group order on an order entry screen provided to a customer'"'"'s computer through a network.

13. ) The buy/sell order placement method according to claim 11, wherein the buy/sell order for a particular issue in said group is placed at the discretion of said brokerage firm.

16. ) The buy/sell order processing method according to claim 15, said method further comprising the steps of:

determining whether market prices satisfy the limit prices for the issues of said group; and

putting in market orders for the issues for which the market prices satisfy the limit prices.

18. ) The buy/sell order processing method according to claim 17, wherein said method sells at the market the issue which has already been bought, and buys at the market one of the other issues that will maximize profit.

20. ) The program according to claim 19, wherein the program code means for causing the computer to indicate the issue causes the computer decides on the issue that will maximize the value of a profit estimation function at present if the present profit is estimated to be larger than future profit according to the profit estimation function.

21. ) The program according to claim 19, further comprising a computer readable program code means for causing the computer to sell at the market the issue which has already been bought, and buy at the market one of the other issues that will maximize profit if the present profit is estimated to be larger than future profit according to a profit estimation function, in a closed period during which placement of a liquidation order from the customer is prohibited.

14. ) A buy/sell order placement method for placing buy/sell orders for securities with a brokerage firm through a network, said method comprising the steps of:

sending, through said network, group order entry screen information for specifying multiple issues and respective limit prices of the issues as a group; and

receiving, through said network, order information including multiple issues, limit prices of the issues, and a validity period of the group order entered by a customer based on said group order entry screen information.

15. ) A buy/sell order processing method, said method comprising the steps of:

receiving a group order including multiple issues and specified respective limit prices of the issues as a group;

estimating expected values of all the issues of said group order received; and

putting in a limit order for the issue with the highest expected value.

17. ) A buy/sell order processing method, said method comprising the steps of:

accepting specification of closed option processing that permits to get profit margins by specifying a closed period during which placement of a liquidation order from the customer is prohibited along with a group order including multiple issues and specified respective limit prices of the issues as a group;

determining whether the present profit is estimated to be larger than future profit according to a profit estimation function; and

executing the trade of the issues which are estimated to give larger profits at present than in the future.

19. ) A computer program product comprising a computer usable medium having computer readable program code means embodied in said medium, for implementing in a computer said computer program product comprising:

a computer readable program code means for causing the computer to receive, through a network, a group order consisting of multiple issues and their limit prices specified on an order entry screen; and

a computer readable program code means for causing the computer to decide on the issue for which a buy/sell order should be placed out of the issues of said group, based on said group order received through said network.