System and method for providing access to and managing account activity for an online account

• US 20040230515A1
• Filed: 04/23/2004
• Published: 11/18/2004
• Est. Priority Date: 05/15/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Crosthwaite, Dominic, Findlay, Lewis C.
• Granted Patent: US 7,996,297 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 15/00 Coin-freed apparatus with meter-controlled dispensing of liquid, gas or electricity
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A method of providing an account is provided. The method includes receiving identification information associated with a user during a communication session and communicating a request for credit information, the request including at least a portion of the identification information. The requested credit information is received and an account is approved and opened based at least on the received credit information. During the communication session, a request made using the opened account to place a first order to trade a first product is received. A risk value for the first order is determined. One or more current balances for the account are also determined. The method further includes determining whether to approve the first order based at least on the risk value determined for the first order and one or more of the current balances for the account, and if the first order is approved, placing the first order.

Claims

1. A method of providing an account, comprising:

receiving identification information associated with a user during a communication session;

communicating a request for credit information, the request including at least a portion of the identification information;

receiving the requested credit information;

approving an account based at least in part on the received credit information;

opening the account;

during the communication session, receiving a request to place a first order to trade a first product, the request being made using the opened account;

determining a risk value for the first order based at least in part on the first product;

determining one or more current balances for the account;

determining whether to approve the first order based at least in part on the risk value determined for the first order and one or more of the current balances for the account; and

if the first order is approved, placing the first order.

2. The method of claim 1, wherein the account is at least in part a credit account.

3. The method of claim 1, wherein at least one of the current balances comprises a credit balance.

4. The method of claim 1, wherein the first product is a first betting product selected from a plurality of betting products.

5. The method of claim 1, wherein:

the first product is associated with a risk factor; and

determining a risk value for the first order is based at least in part on the risk factor associated with the first product.

6. The method of claim 5, wherein the risk factor associated with the first product is determined based at least in part on statistical data regarding the first product.

7. The method of claim 5, wherein the risk factor associated with the first product is determined based at least in part on an estimated maximum tick liability associated with the first product.

8. The method of claim 5, wherein the risk factor associated with the first product is determined based at least in part on an actual maximum tick liability associated with the first product and an estimated maximum tick liability associated with the first product.

9. The method of claim 1, further comprising matching the first order with a second order to at least partially fill the first order.

10. The method of claim 9, further comprising reducing one or more of the current balances associated with the account based at least in part upon the risk value determined for the first order.

11. The method of claim 9, wherein the first product is associated with at least one event having a duration, the method further comprising:

updating the risk value for the matched first order during the duration of the at least one event; and

updating one or more of the current balances associated with the account based at least in part on the updated risk value for the matched first order.

12. The method of claim 9, wherein the at least one event is associated with event parameters and updating the risk value is based at least in part on the event parameters.

13. The method of claim 1, further comprising:

receiving a request to place a second order to trade a second product, the second order comprising a price and a stake;

placing the second order;

matching the first order with a third order to fill the first order; and

reducing the stake of the unmatched second order by an amount based at least in part on the risk value determined for the first order.

14. The method of claim 1, wherein:

the received credit information comprises at least one of a credit score, an identity score, and credit information details; and

one or more initial balances for the account are determined based at least in part on at least one of the credit score, the identity score, and the credit information details.

15. A system for providing an account, comprising:

a processor operable to;

receive identification information associated with a user during a communication session;

communicate a request for credit information, the request including at least a portion of the identification information;

receive the requested credit information;

approve an account based at least in part on the received credit information;

open the account;

receive, during the communication session, a request to place a first order to trade a first product, the request being made using the opened account;

determine a risk value for the first order based at least in part on the first product;

determine one or more current balances for the account;

determine whether to approve the first order based at least in part on the risk value determined for the first order and one or more of the current balances for the account; and

if the first order is approved, place the first order,

a memory operable to store the approved account.

16. The system of claim 15, wherein the account is at least in part a credit account.

17. The system of claim 15, wherein at least one of the current balances comprises a credit balance.

18. The system of claim 15, wherein the first product is a first betting product selected from a plurality of betting products.

19. The system of claim 15, wherein:

the processor determines a risk factor for each of the plurality of products, including the first product; and

determines the risk value for the first order based at least in part on the risk factor determined for the first product.

20. The system of claim 19, wherein the processor determines the risk factor for the first product based at least in part on statistical data regarding the first product.

21. The system of claim 19, wherein the processor determines the risk factor associated with the first product based at least in part on an estimated maximum tick liability associated with the first product.

22. The system of claim 19, wherein the processor determines the risk factor associated with the first product based at least in part on an actual maximum tick liability associated with the first product and an estimated maximum tick liability associated with the first product.

23. The system of claim 15, wherein the processor matches the first order with a second order to at least partially fill the first order.

24. The system of claim 23, wherein the processor reduces one or more of the current balances associated with the account by the risk value determined for the first order.

25. The system of claim 23, wherein:

the first product is associated with at least one event having a duration;

the processor is further operable to update the risk value for the matched first order during the duration of the at least one event; and

the processor is further operable to update one or more of the current balances associated with the account based at least in part on the updated risk value for the matched first order.

26. The system of claim 21, wherein the at least one event is associated with event parameters and updating the risk value is based at least in part on the event parameters.

27. The system of claim 15, wherein the processor is further operable to:

receive a request to place a second order to trade a second product, the second order comprising a price and a stake;

place the second order;

match the first order with a third order to fill the first order; and

reduce the stake of the unmatched second order by an amount based at least in part on the risk value determined for the first order.

28. The system of claim 15, wherein:

the received credit information comprises at least one of a credit score, an identity score, and credit information details; and

the processor is further operable to determine one or more initial balances for the account based at least in part on at least one of the credit score, the identity score, and the credit information details.

29. A method of providing an account, comprising:

electronically receiving requested credit information regarding a user;

approving an account based at least in part on the electronically received credit information;

opening the account;

receiving a request to place a first order to trade a first product, the request being made using the opened account;

determining a risk value for the first order based at least in part on the first product;

determining one or more of current balances for the account;

determining whether to approve the first order based at least in part on the risk value determined for the first order and one or more of the current balances for the account; and

if the first order is approved, placing the first order.

30. A method of providing an account, comprising:

receiving credit information regarding a user;

determining one or more of current balances for the account;

receiving a request to place a first order to trade a first product;

determining a risk value for the first order;

determining whether to approve the first order based at least in part on the risk value determined for the first order and one or more of current balances for the account; and

if the first order is approved, placing the first order.

31. The method of claim 30, further comprising approving an account based at least in part on the received credit information.

32. The method of claim 30, wherein:

the first product comprises one of a plurality of types of products; and

the risk value for the first order is determined based at least in part on the type of the first product.

33. The method of claim 30, wherein at least one of the current balances comprises a credit balance.

34. The method of claim 30, wherein:

the first product is associated with a risk factor; and

the method further comprises determining a risk value for the first order based at least in part on the risk factor associated with the first product.

35. The method of claim 34, wherein the risk factor associated with the first product is determined based at least in part on statistical data regarding the first product.

36. The method of claim 34, wherein the risk factor associated with the first product is determined based at least in part on an estimated maximum tick liability associated with the first product.

37. The method of claim 34, wherein the risk factor associated with the first product is determined based at least in part on an actual maximum tick liability associated with the first product and an estimated maximum tick liability associated with the first product.

38. The method of claim 30, further comprising matching the first order with a second order to at least partially fill the first order.

39. The method of claim 38, further comprising reducing one or more of the current balances associated with the account based at least in part upon the risk value determined for the first order.

40. The method of claim 38, wherein the first product is associated with at least one event having a duration, the method further comprising:

updating the risk value for the matched first order during the duration of the at least one event; and

updating one or more of the current balances associated with the account based at least in part on the updated risk value for the matched first order.

41. The method of claim 34, wherein the at least one event is associated with event parameters and updating the risk value is based at least in part on the event parameters.

42. The method of claim 30, further comprising:

receiving a request to place a second order to trade a second product, the second order comprising a price and a stake;

placing the second order;

matching the first order with a third order to fill the first order; and

reducing the stake of the unmatched second order by an amount based at least in part on the risk value determined for the first order.

43. The method of claim 30, wherein:

the received credit information comprises at least one of a credit score, an identity score, and credit information details; and

one or more initial balances for the account are determined based at least in part on at least one of the credit score, the identity score, and the credit information details.