Automated customer exchange

• US 20050222937A1
• Filed: 03/31/2004
• Published: 10/06/2005
• Est. Priority Date: 03/31/2004
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Reid, Colin, Toffel, Robert, Samuel, Kezia, Coad, Edward J.
• Application Number:
  US10/814,954
• Publication Number:
  US 20050222937A1
• 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

Abstract

A system and method that automatically executes orders that a user enters into an entry screen at a global trade workstation. The order is routed to an order processing server, which opens a transaction record in a database. If the order is executable on an automated exchange, then the order is forwarded to that exchange. If the order is not executable on an automated exchange, then the order is sent to a front-end processor for non-automated exchanges. The front-end processor forwards the order electronically to the appropriate exchange. After execution of the transaction, the order processing server receives execution information from either the automated exchange or the front-end processor. The front-end processor matches this information to the order, stores the execution information and then forwards this information to the global trade workstation.

Claims

1. A method for providing a transaction interface to a plurality of exchanges, said plurality of exchanges comprising at least one automated exchange and at least one non-automated exchange, said method comprising:

receiving a client order comprising one or more contracts;

selecting one of the plurality of exchanges for execution of the client order based on the one or more contracts in the order;

delivering the order to the selected exchange for execution;

if the selected exchange is the at least one automated exchange, further processing said order to protect a position; and

if the selected exchange is the at least one non-automated exchange, monitoring said transaction in order to take a further position in the order'"'"'s contracts, if necessary.

2. A method in accordance with claim 1 wherein selecting one of the plurality of exchanges is also based on a national best bid/offer price for the contracts.

3. A method in accordance with claim 1 wherein selecting one of the plurality of exchanges comprises selecting the at least one automated exchange if the order can be executed on the at least one automated exchange.

4. A method in accordance with claim 3 further including the step of:

placing a facilitation order on the at least one automated exchange if an order is placed for more than a predetermined number of contracts.

5. A method in accordance with claim 4 further including the step of:

placing a contra order against the order on the at least one automated exchange.

6. A method in accordance with claim 1 further including the step of creating an instrument evidencing the transaction.

7. A method in accordance with claim 1 further including the step of:

providing a monitoring system to monitor the status of the order.

8. A method in accordance with claim 7 further including the step of:

updating the monitoring system as each step occurs.

9. A method in accordance with claim 1 further including the step of:

automatically hedging the order.

10. A method in accordance with claim 1 further including the step of:

recording the execution of each step of the transaction.

11. A method in accordance with claim 1 further including the step of:

recording the execution of each step of the transaction in a database.