System, medium and method for trading fixed income securities
First Claim
1. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
- a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
b) a computer system receiving the purchase offers and that;
(i) searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied; and
(ii) precludes or temporarily and/or permanently removes a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.
3 Assignments
0 Petitions
Accused Products
Abstract
A system, method and medium for performing electronic fixed income trading that allows users to specify and/or control price and/or time limits associated with potential trades while preserving buyer and seller anonymity. According to at least some of the embodiments of the present invention, a pricing module receives financial information from at least one financial data provider, and transmits the data to one or more trading entities. Purchase and/or sell offers are transmitted to a trading module, and can be defined according to any of a plurality of pricing methods. Depending on the user specified parameters that comprise the offer, the system can automatically place the user into the market, or automatically take the user out of the market. Once a trade is executed, a clearing module monitors and records the transactions executed in clearing the trade.
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Citations
69 Claims
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1. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
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a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
b) a computer system receiving the purchase offers and that;
(i) searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied; and
(ii) precludes or temporarily and/or permanently removes a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:
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a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade when purchase offer criteria are satisfied; and
c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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41. A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:
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a recording medium readable by the computer; and
the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including;
a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade when purchase offer criteria are satisfied; and
c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60)
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61. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
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a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities for sale and/or purchase, and that enable users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
b) a computer system receiving the purchase offers and that;
(i) searches sale offers for securities satisfying purchase offer criteria and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
(ii) precludes or temporarily and/or permanently removes a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.
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62. A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:
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a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.
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63. A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:
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a recording medium readable by the computer; and
the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including;
a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities for offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.
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64. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
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a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
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b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied; and
c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade.
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65. A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:
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a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
c) recording at least a portion of the transaction data associated with executing and clearing a trade.
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66. A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:
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a recording medium readable by the computer; and
the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including;
a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
c) recording at least a portion of the transaction data associated with executing and clearing a trade.
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67. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
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a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
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b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied; and
c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.
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68. A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:
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a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security; and
/or iv) purchase and or sell a security based upon at least one purchase offer and one sale offer;
b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied; and
c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.
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69. A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:
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a recording medium readable by the computer; and
the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including;
a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied; and
c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.
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Specification