Systems and methods of conducting financial transactions

• US 20050075967A1
• Filed: 08/03/2004
• Published: 04/07/2005
• Est. Priority Date: 10/31/2000
• Status: Active Grant

• Current Assignee: Integral Development Corp.
• Original Assignee: Integral Development Corp.
• Inventors: Sandhu, Harpal S., Doull, Ian, Liedberg, Brian
• Granted Patent: US 7,882,011 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods of conducting financial transactions are disclosed. One method disclosed comprises receiving prices from a plurality of providers, updating a database of providers based at least in part on the received prices, and arranging the prices in the updated database of providers by arranging bid rates in a first order, arranging offer rates in a second order, and resolving a tie.

Claims

1. A method comprising:

receiving prices from a plurality of providers, the prices comprising at least one of a bid rate and an offer rate;

updating a database of providers based at least in part on the received prices; and

arranging the prices in the updated database of providers by;

arranging the bid rates in a first order;

arranging the offer rates in a second order; and

resolving a tie if at least two providers provide an equal price.

2. The method according to claim 1, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

3. The method according to claim 1, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

4. The method according to claim 3, wherein resolving the tie comprises:

arranging the providers according to the user-defined component of the preference status;

arranging the providers according to the system-defined component of the preference status, and

arranging the providers based at least in part on the arrival time of the prices.

5. The method according to claim 2, further comprising:

associating each of the plurality of providers with the prices;

identifying a user-preferred provider providing a price equal to that provided by one of the plurality of providers; and

aggregating an available transaction volume comprising a volume of a financial instrument provided for sale or required for purchase by the plurality of providers.

6. A method comprising:

receiving a first price from a provider;

associating the price with the provider in a database of a plurality of providers;

identifying a user-preferred providers associated with the first price; and

aggregating an available transaction volume comprising a volume of a financial instrument offered for sale or required for purchase by the plurality of providers.

7. The method according to claim 6, wherein the first price comprises at least one of a bid rate and an offer rate.

8. The method according to claim 6, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

9. The method according to claim 6, wherein each of the plurality of providers provides a price of the financial instrument from a source, the source comprising a financial institution.

10. A method comprising:

receiving terms of transaction comprising at least one of a price and volume of a financial instrument;

associating a plurality of providers with the terms of transaction;

sorting the terms of transaction based at least in part on price provided by a plurality of providers; and

executing a transaction associated with a selected term of transaction at a first price.

11. The method according to claim 10, wherein the selected terms of transaction comprises one of the terms of transaction selected by a user.

12. The method according to claim 11, wherein the first price is at least a second price, the second price selected by the user.

13. The method according to claim 11, wherein the first price is less than a second price, the second price selected by the user.

14. The method according to claim 10, further comprising:

providing a transaction price comprising at least one of a bid rate and an offer rate;

providing an available volume of a financial instrument; and

providing a quote.

15. The method according to claim 10, wherein the transaction comprises a spot market transaction, wherein the terms of transaction comprise at least one of a bid rate, an offer rate, an available volume of a financial instrument and a currency pair.

16. The method according to claim 10, further comprising:

receiving a quote from a provider; and

associating the quote with a system-defined preference.

17. The method according to claim 10, further comprising:

updating a database of providers based at least in part on the prices provided by the providers;

grouping the terms of transaction in the updated database of providers based at least in part on a user-specified constituent of the terms of transaction; and

arranging the prices in a first order in the updated database of providers.

18. The method according to claim 17, further comprising resolving a tie based at least in part on a provider preference status and an arrival time of the prices provided by the providers.

19. The method according to claim 17, wherein the first order comprises a descending order from a highest bid rate to a lowest bid rate.

20. The method according to claim 17, wherein the first order comprises an ascending order from a lowest offer rate to a highest offer rate.

21. The method according to claim 18, further comprising:

associating each one of the plurality of providers one of the prices provided by the providers;

identifying a preferred provider; and

aggregating an available transaction volume being the volume of financial instrument provided by a provider.

22. The method according to claim 10, further comprising comparing a transaction volume with a selected available transaction volume, the selected available transaction volume comprising an available transaction volume associated with a selected term of transaction.

23. The method according to claim 22, further comprising executing a transaction at a selected price through a selected provider, the selected rate and the selected provider corresponding to the selected terms of transaction.

24. The method according to claim 22, further comprising executing a transaction for volume associated with the selected terms of transaction.

25. The method according to claim 22, further comprising:

executing the transaction at a lesser of a remaining transaction volume and a volume corresponding to a best price; and

decreasing a value of a remaining transaction volume by an executed transaction volume.

26. The method according to claim 22, further comprising executing the transaction at a next best available price.

27. The method according to claim 26, further comprising:

executing the transaction for a lesser of a volume associated with a most preferred provider and a remaining transaction volume; and

decreasing a value of a remaining transaction volume by an executed transaction volume.

28. The method according to claim 26, further comprising:

executing the transaction for a lesser of a volume associated with a next highest bid rate or a next lowest offer rate and a remaining transaction volume; and

decreasing a value of a remaining transaction volume.

29. The method according to claim 10, further comprising:

executing the transaction for a lesser of a volume best price and a transaction volume;

determining a remaining volume, the remaining volume comprising the transaction volume decreased by the executed transaction volume;

comparing a next lowest offer rate with a selected offer comparing rate; and

comparing a next highest bid rate with a selected bid rate.

30. The method according to claim 10, further comprising:

executing the transaction for a lesser of a volume associated with a most preferred provider providing same bid or offer rate and a remaining transaction volume decreasing a remaining transaction volume by an executed transaction volume; and

updating a database of providers based at least in part on the executed transaction.

31. The method according to claim 10, further comprising:

executing the transaction for a lesser of a volume associated with a next highest bid rate or a next lowest offer rate and a remaining transaction volume;

decreasing a value of a remaining transaction volume by an executed transaction; and

updating a database of providers base at least in part on the executed transaction.

32. The method according to claim 10 further comprising:

decreasing an available transaction volume; and

adding a record in a database of providers associated with executed transaction.

33. A method comprising:

causing a display of terms of transaction;

identifying a selected currency pair;

identifying a transaction volume; and

identifying a request.

34. The method according to claim 33, further comprising communicating a request corresponding to a first price to a source, wherein a transaction volume is less than or equal to an available transaction volume corresponding to the first price.

35. The method according to claim 34, wherein the first price comprises at least one of a highest bid rate and a lowest offer rate.

36. The method according to claim 33, further comprising:

dividing a transaction volume into a sub-transaction volume based at least in part on an available transaction volume;

communicating a sub-transaction volume request to a source; and

processing the sub-transaction volume request based at least in part on an executed transaction, wherein the executed transaction is performed at a first price, wherein the first price comprises at least a user-selected price.

37. The method according to claim 36, further comprising:

verifying a requested price, wherein the firs price comprises an executable streaming price.

38. The method according to claim 37, further comprising:

initiating a transaction execution workflow; and

communicating a transaction to a provider.

39. The method according to claim 33, further comprising:

communicating a request to an order matching system; and

communicating a transaction to a provider, the transaction comprising a sub-transaction volume, wherein the sub-transaction volume is less or equal to the requested volume if the sub-transaction volume is greater than the requested volume corresponding to the requested terms of transaction and the volume corresponding to the requested terms of transaction is greater than zero.

40. The method according to claim 39, further comprising initiating a matching process in the order matching system.

41. The method according to claim 33, further comprising:

canceling the transaction for remaining volume, the remaining volume comprising a sub-transaction volume decreased by a requested volume; and

communicating the transaction with a provider.

42. The method according to claim 33, wherein the displayed terms of transaction are updated substantially continuously by streamed data from a provider.

43. A system comprising:

a database of providers adapted to store terms of transaction provided by the providers;

a sorting module operable to sort the terms of transaction stored in the database of providers, the terms of transaction being sorted based at least in part on a price and a preference status;

an aggregating module operable to aggregate the sorted terms of transaction;

a display module operable to display the aggregated terms of transactions based at least in part on a user-preference; and

a transaction execution module operable to execute the transaction based at least in part on selected terms of transaction.

44. The system according to claim 43 wherein the sorting module comprises:

means for updating the database of providers based at least in part on the terms of transaction;

means for making a sorted list by arranging the terms of transaction in an ascending order of the corresponding bid rates;

means for making a sorted list by arranging the terms of transaction in a descending order of the corresponding offer rates; and

means for resolving a tie.

45. The system according to claim 43, wherein the aggregating module comprises:

means for selecting the terms of transaction;

means for identifying the terms of transaction associated with a user-preferred provider; and

means for aggregating available transaction volumes.

46. The system according to claim 43, wherein the transaction execution module comprises:

means for comparing a user-inputted transaction and an available transaction volume associated with the terms of transaction; and

means for a plurality of sub-transactions, wherein the user-inputted transaction volume is greater than the available transaction volume.

47. A computer-readable medium on which is encoded program code, the program code comprising:

program code for receiving prices from a plurality of providers, the prices comprising at least one of a bid rate and an offer rate;

program code for updating a database of providers based at least in part on the received prices; and

program code for arranging the prices in the updated database of providers by;

arranging the bid rates in a first order;

arranging the offer rates in a second order; and

resolving a tie if at least two providers provide an equal price.

48. The computer-readable medium of claim 47, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

49. The computer-readable medium of claim 47, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

50. The computer-readable medium according to claim 49, further comprising:

program code for arranging the providers according to the user-defined component of the preference status;

program code for arranging the providers according to the system-defined component of the preference status; and

program code for arranging the providers based at least in part on the arrival time of the prices.

51. The computer-readable medium according to claim 48, further comprising:

program code for associating each of the plurality of providers with the prices;

program code for identifying a user-preferred provider providing a price equal to that provided by one of the plurality of providers; and

program code for aggregating an available transaction volume comprising a volume of a financial instrument provided for sale or required for purchase by the plurality of providers.

52. A computer-readable medium on which is encoded program code, the program code comprising:

program code for receiving a first price from a provider;

program code for associating the price with the provider in a database of a plurality of providers;

program code for identifying a user-preferred providers associated with the first price; and

program code for aggregating an available transaction volume comprising a volume of a financial instrument offered for sale or required for purchase by the plurality of providers.

53. The computer-readable medium according to claim 52, wherein the first price comprises at least one of a bid rate and an offer rate.

54. The computer-readable medium according to claim 52, wherein each of the plurality of providers comprises a preference status comprising a user-defined component and a system-defined component, the user-defined component defining a relative preference of a user for one of the plurality of providers, and the system-defined component specifying a relative preference of a system for the provider.

55. The computer-readable medium according to claim 52, wherein each of the plurality of providers provides a price of the financial instrument from a source, the source comprising a financial institution.

56. A computer-readable medium on which is encoded program code, the program code comprising:

program code for receiving terms of transaction comprising at least one of a price and volume of a financial instrument;

program code for associating a plurality of providers with the terms of transaction;

program code for sorting the terms of transaction based at least in part on price provided by a plurality of providers; and

program code for executing a transaction associated with a selected term of transaction at a first price.

57. The computer-readable medium according to claim 56, wherein the selected terms of transaction comprises one of the terms of transaction selected by a user.

58. The computer-readable medium according to claim 57, wherein the first price is at least a second price, the second price selected by the user.

59. The computer-readable medium according to claim 57, wherein the first price is less than a second price, the second price selected by the user.

60. The computer-readable medium according to claim 56, further comprising:

program code for providing a transaction price comprising at least one of a bid rate and an offer rate;

program code for providing an available volume of a financial instrument; and

program code for providing a quote.

61. The computer-readable medium according to claim 56, wherein the transaction comprises a spot market transaction, wherein the terms of transaction comprise at least one of a bid rate, an offer rate, an available volume of a financial instrument and a currency pair.

62. The computer-readable medium according to claim 56, further comprising:

program code for receiving a quote from a provider; and

program code for associating the quote with a system-defined preference.

63. The computer-readable medium according to claim 56, further comprising:

program code for updating a database of providers based at least in part on the prices provided by the providers;

program code for grouping the terms of transaction in the updated database of providers based at least in part on a user-specified constituent of the terms of transaction; and

program code for arranging the prices in a first order in the updated database of providers.

64. The computer-readable medium according to claim 63, wherein a tie is resolved based at least in part on a provider preference status and an arrival time of the prices provided by the providers.

65. The computer-readable medium according to claim 63, wherein the first order comprises a descending order from a highest bid rate to a lowest bid rate.

66. The computer-readable medium according to claim 63, wherein the first order comprises an ascending order from a lowest offer rate to a highest offer rate.

67. The computer-readable medium according to claim 64, further comprising:

program code for associating each one of the plurality of providers one of the prices provided by the providers;

program code for identifying a preferred provider; and

program code for aggregating an available transaction volume being the volume of financial instrument provided by a provider.

68. The computer-readable medium according to claim 56, further comprising program code for comparing a transaction volume with a selected available transaction volume, the selected available transaction volume comprising an available transaction volume associated with a selected term of transaction.

69. The computer-readable medium according to claim 68, further comprising program code for executing a transaction at a selected price through a selected provider, the selected rate and the selected provider corresponding to the selected terms of transaction.

70. The computer-readable medium according to claim 68, further comprising program code for executing a transaction for volume associated with the selected terms of transaction.

71. The computer-readable medium according to claim 68, further comprising:

program code for executing the transaction at a lesser of a remaining transaction volume and a volume corresponding to a best price; and

program code for decreasing a value of a remaining transaction volume by an executed transaction volume.

72. The computer-readable medium according to claim 68, further comprising program code for executing the transaction at a next best available price.

73. The computer-readable medium according to claim 72, further comprising:

program code for executing the transaction for a lesser of a volume associated with a most preferred provider and a remaining transaction volume; and

program code for decreasing a value of a remaining transaction volume by an executed transaction volume.

74. The computer-readable medium according to claim 72, further comprising:

program code for executing the transaction for a lesser of a volume associated with a next highest bid rate or a next lowest offer rate and a remaining transaction volume; and

program code for decreasing a value of a remaining transaction volume.

75. The computer-readable medium according to claim 56, further comprising:

program code for executing the transaction for a lesser of a volume best price and a transaction volume;

program code for determining a remaining volume, the remaining volume comprising the transaction volume decreased by the executed transaction volume;

program code for comparing a next lowest offer rate with a selected offer comparing rate; and

program code for comparing a next highest bid rate with a selected bid rate.

76. The computer-readable medium according to claim 56, further comprising:

program code for executing the transaction for a lesser of a volume associated with a most preferred provider providing same bid or offer rate and a remaining transaction volume decreasing a remaining transaction volume by an executed transaction volume; and

program code for updating a database of providers based at least in part on the executed transaction.

77. The computer-readable medium according to claim 56, further comprising:

program code for executing the transaction for a lesser of a volume associated with a next highest bid rate or a next lowest offer rate and a remaining transaction volume;

program code for decreasing a value of a remaining transaction volume by an executed transaction; and

program code for updating a database of providers base at least in part on the executed transaction.

78. The computer-readable medium according to claim 56 further comprising:

program code for decreasing an available transaction volume; and

program code for adding a record in a database of providers associated with executed transaction.

79. A computer-readable medium on which is encoded program code, the program code comprising:

program code for causing a display of terms of transaction;

program code for identifying a selected currency pair;

program code for identifying a transaction volume; and

program code for identifying a request.

80. The computer-readable medium according to claim 79, further comprising program code for communicating a request corresponding to a first price to a source, wherein a transaction volume is less than or equal to an available transaction volume corresponding to the first price.

81. The computer-readable medium according to claim 80, wherein the first price comprises at least one of a highest bid rate and a lowest offer rate.

82. The computer-readable medium according to claim 79, further comprising:

program code for dividing a transaction volume into a sub-transaction volume based at least in part on an available transaction volume;

program code for communicating a sub-transaction volume request to a source; and

program code for processing the sub-transaction volume request based at least in part on an executed transaction, wherein the executed transaction is performed at a first price, wherein the first price comprises at least a user-selected price.

83. The computer-readable medium according to claim 82, further comprising program code for verifying a requested price, wherein the firs price comprises an executable streaming price.

84. The computer-readable medium according to claim 83, further comprising:

program code for initiating a transaction execution workflow; and

program code for communicating a transaction to a provider.

85. The computer-readable medium according to claim 79, further comprising:

program code for communicating a request to an order matching system; and

program code for communicating a transaction to a provider, the transaction comprising a sub-transaction volume, wherein the sub-transaction volume is less or equal to the requested volume if the sub-transaction volume is greater than the requested volume corresponding to the requested terms of transaction and the volume corresponding to the requested terms of transaction is greater than zero.

86. The computer-readable medium according to claim 85, further comprising program code for initiating a matching process in the order matching system.

87. The computer-readable medium according to claim 79, further comprising:

program code for canceling the transaction for remaining volume, the remaining volume comprising a sub-transaction volume decreased by a requested volume; and

program code for communicating the transaction with a provider.

88. The computer-readable medium according to claim 79, wherein the displayed terms of transaction are updated substantially continuously by streamed data from a provider.