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Automated system for routing orders for financial instruments among permissioned users

  • US 20040236662A1
  • Filed: 05/20/2003
  • Published: 11/25/2004
  • Est. Priority Date: 05/20/2003
  • Status: Abandoned Application
First Claim
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1. A method for routing orders for financial instruments among permissioned users, comprising:

  • (a) providing a plurality of users, each user designating one or more other ones of the users as its permissioned users;

    (b) monitoring orders for financial instruments from each user, each order including a first price per unit component, and a first unit quantity, wherein the orders comprise undisclosed liquidity;

    (c) for each user, monitoring reciprocal orders for financial instruments from each of the one or more permissioned users of said each user, each reciprocal order including a second price per unit component, and a second unit quantity, the first and second price per unit components having overlapping values, wherein the reciprocal orders comprise undisclosed liquidity that has not been sent to any trade execution entity;

    (d) for each reciprocal order, sending an execution message to the corresponding permissioned user confirming trade execution if at least a portion of the first quantity has not previously been sent to any trade execution entity or previously executed to any permissioned user;

    (e) for each execution message, reporting the corresponding trade execution in accordance with governmental trade reporting requirements.

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