Online trade aggregating system

• US 20040002913A1
• Filed: 06/26/2003
• Published: 01/01/2004
• Est. Priority Date: 10/14/1999
• Status: Abandoned Application

• Current Assignee: Freedom Investments, Inc. (Oppenheimer Holdings Incorporated)
• Original Assignee: Freedom Investments, Inc. (Oppenheimer Holdings Incorporated)
• Inventors: Tudisco, Geoffrey M., Breen, Peter E., MacLeod, Michael D.
• Application Number:
  US10/606,542
• Publication Number:
  US 20040002913A1
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A trading server collects orders from a plurality of order terminals. Orders are aggregated by transaction type, such as buy or sell types, and by issuer. The combined orders are executed as a single transaction on an exchange.

Claims

1. A method of receiving and executing security orders from one or more investors comprising the steps of:

a) receiving a plurality of security orders of differing issuers from the one or more investors;

b) combining the plurality of security orders by same type and same issuer into one or more combined security orders; and

c) executing the one or more combined security orders as a single transaction per combined security order.

2. The method of claim 1, wherein the type of a transaction is selected from a buy, sell, put or call.

3. The method of claim 1, wherein the step of receiving is a step of receiving over the Internet.

4. The method of claim 1, wherein the step of receiving is a step of receiving over a telephone.

5. The method of claim 1, wherein the step of executing is a step of executing the transaction at a predetermined time of day where the predetermined time of day is independent of when the receiving step is done.

6. The method of claim 1, wherein the step of receiving is a step of receiving buy orders for specified dollar amounts and sell orders for specified share amounts.

7. The method of claim 6, wherein the specified dollar amounts are whole dollar amounts.

8. The method of claim 1, wherein the step of executing is a step of executing the transaction upon receipt of a predetermined quantity of orders.

9. The method of claim 1, wherein the step of executing is a step of executing the transaction at two or more predetermined times of a trading day where the predetermined times are independent of when the receiving step is done.

10. The method of claim 1, wherein the step of receiving is a step of receiving in real-time.

11. The method of claim 1, further comprising the steps of:

maintaining an investor account for each of the one or more investors, wherein a maintained investor account provides an accounting of the positions held by the investor and a cash balance for the investor; and

updating the cash balance of a maintained account to reflect purchases and sales of securities resulting from the steps of receiving and executing.

12. The method of claim 1, wherein the security orders include at least common stock orders and preferred stock orders.

13. The method of claim 1, wherein the security orders include at least bond orders, note orders and bill orders.

14. The method of claim 1, wherein the security orders include at least options orders, stock orders and bond orders.

15. A method of receiving and executing security orders from one or more investors comprising the steps of:

a) receiving, over the Internet, a plurality of security orders of a same type and a same issuer, wherein the type of a transaction is selected from a buy, sell, put or call;

b) combining the plurality of security orders in specified dollar amounts for the buy orders and in specified share amounts for the sell orders, wherein orders of the same type and for the same issuer are combined into one or more combined security orders; and

c) executing the one or more combined security orders as a single transaction per combined security order at a predetermined time or times of day, where the predetermined time or times of day is independent of when the receiving step is done.

16. A method of receiving and executing security orders from one or more investors comprising the steps of:

a) interactively receiving a first security order from an investor, wherein the security order specifies a type and an issuer;

b) storing a record of the first security order in a session database associated with the investor;

c) interactively receiving one or more additional security orders from the investor, wherein each of the additional security orders specify a type and an issuer, with the issuers for the additional security orders being distinct from the issuer in the first security order;

d) storing a record of the additional security orders in the session database;

e) presenting the investor with a listing of the plurality of security orders stored in the session database;

f) accepting an approval signal the investor; and

g) upon receipt of the approval signal a trading server, queuing the plurality of security orders for execution.

17. A method of claim 16, further comprising the steps of:

combining security orders from pluralities of security orders from pluralities of investors into combined security orders; and

executing the combined security orders as individual trades at a predetermined time or times of day, where the predetermined time or times of day is independent of when the queuing step is done.

18. The method of claim 16, wherein the security orders include at least common stock orders and preferred stock orders.

19. The method of claim 16, wherein the security orders include at least bond orders, note orders and bill orders.

20. The method of claim 16, wherein the security orders include at least options orders, stock orders and bond orders.