Systems, methods and computer program products for electronic trading of financial instruments
First Claim
1. A system for facilitating derivative trading, comprising:
- a communications network operationally interconnecting a first trader and a second trader to a central processing center;
a market module associated with said central processing center that provides said first and second traders with essentially real-time order information regarding more than one financial instrument, said order information including requests to buy financial instruments and requests to sell financial instruments;
a trader module associated with each of said first and second traders for receiving said real-time order information from said central processing center and presenting said real-time order information to said first and second traders according to trader customized profiles;
a credit preference module associated with each of said first and second traders, said credit preference modules indicating trade eligibility of respective said first and second traders for each of said requests to buy and said requests to sell; and
an execution module associated with said central processing center that processes a trade initiated by one of said first and second traders which desires to trade on an order posted in said order information by the other of said first and second traders.
2 Assignments
0 Petitions
Accused Products
Abstract
An internet-protocol based anonymous trading system which enables traders to identify bids and offers which they are eligible to trade based upon a color coded methodology which gives the trader credit preference information about the potential counterparty while still maintaining the anonymity of the potential counterparty. To that end, each bid or offer is prescreened against all possible counterparties'"'"' credit information in the system and each counterparty sees a unique color coded trading interface based upon their particular credit preference combinations and the others in the system. The system then shows all prices in the system, and the color-coding tells the trader which prices he is able to trade, and also shows him the full depth of the market, including those the trader is unable to trade.
279 Citations
44 Claims
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1. A system for facilitating derivative trading, comprising:
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a communications network operationally interconnecting a first trader and a second trader to a central processing center;
a market module associated with said central processing center that provides said first and second traders with essentially real-time order information regarding more than one financial instrument, said order information including requests to buy financial instruments and requests to sell financial instruments;
a trader module associated with each of said first and second traders for receiving said real-time order information from said central processing center and presenting said real-time order information to said first and second traders according to trader customized profiles;
a credit preference module associated with each of said first and second traders, said credit preference modules indicating trade eligibility of respective said first and second traders for each of said requests to buy and said requests to sell; and
an execution module associated with said central processing center that processes a trade initiated by one of said first and second traders which desires to trade on an order posted in said order information by the other of said first and second traders. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for facilitating derivative trading, said system having a plurality of interconnected trader nodes that exchange order information, each trader node comprising:
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a trader module that receives real-time order information and presents said real-time order information to a trader according to customized profiles defined by said trader;
a credit preference module that includes credit preference data inputted by said trader for use in determining trade eligibility of trades proposed in said real-time order information with a second trader; and
an interface to a communications network that interconnects said plurality of trader nodes. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A system for facilitating derivative trading, said system having a plurality of interconnected first and second traders that exchange order information, each of said first and second traders connected to a central processing center, said central processing center comprising:
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a market module that provides said first and second traders with essentially real-time order information regarding more than one financial instrument, said order information including requests to buy financial instruments and requests to sell financial instruments;
an execution module associated with said central processing center that can process a trade initiated by one of said first and second traders which desires to trade on an order proposed in said order information by the other of said first and second traders; and
an interface to a communications network that interconnects said plurality of first and second traders to said central processing center.
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20. A computer program product for use with a data processing system for facilitating derivative trading, said computer program product comprising:
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a computer usable medium having computer-readable code means embodied in said medium, said computer-readable code means comprising;
a trader software module for receiving real-time order information and presenting said real-time order information to a trader according to profiles customized by said trader; and
a credit preference software module for determining trade eligibility of proposed trades between said trader and a second trader, wherein said credit preference software module includes credit preference data inputted by said trader.
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21. A computer program product for use with a data processing system for facilitating derivative trading, said computer program product comprising:
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a computer usable medium having computer-readable code means embodied in said medium, said computer-readable code means comprising;
a market module that provides said first and second traders with essentially real-time order information regarding more than one financial instrument, said order information including requests to buy financial instruments and requests to sell financial instruments; and
an execution module associated with said central processing center that can process a trade initiated by one of said first and second traders which desires to trade on an order proposed in said order information by the other of said first and second traders.
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22. A method for facilitating derivative trading between a first party and a plurality of potential traders including a second party, all of which are interconnected by a computer network, said method comprising the steps of:
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inputting credit preference data on the potential traders for distribution to the potential traders;
sending an order from the first party to the potential traders requesting a trade on an instrument; and
receiving an acknowledgment from the second trader initiating a trade with the first trader on the order. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30)
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31. A method for facilitating derivative trading between a first party and a second party, comprising the steps of:
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receiving an order from the first party to the second party requesting a trade on an instrument;
checking the order for trade eligibility based on credit preferences of the first and second parties;
encoding the order with the appropriate information based on said step of checking the order;
presenting the encoded order to the second party based on a preference of the second trader to receive orders on the instrument; and
initiating a trade between the first and second parties if the second party initiates a trade. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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43. A computer program product for use with a data processing system for facilitating derivative trading, said computer program product comprising:
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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 an order from the first party to the second party requesting a trade on an instrument;
computer readable code means for checking the order for trade eligibility based on credit preferences of the first and second parties;
computer readable code means for encoding the order with the appropriate information based on said step of checking the order;
computer readable code means for presenting the encoded order to the second party based on a preference of the second trader to receive orders on the instrument; and
computer readable code means for initiating a trade between the first and second parties if the second party initiates a trade.
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44. A computer program product for use with a data processing system for facilitating derivative trading, said computer program product comprising:
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a computer usable medium having computer-readable code means embodied in said medium for facilitating derivative trading between a first party and a plurality of potential traders including a second party, all of which are interconnected by a computer network, said computer-readable code means comprising;
computer readable code means for inputting credit preference data on the potential traders for distribution to the potential traders;
computer readable code means for sending an order from the first party to the potential traders requesting a trade on an instrument; and
computer readable code means for receiving an acknowledgment from the second trader initiating a trade with the first trader on the order.
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Specification