Automated system for routing orders for foreign exchange transactions
First Claim
1. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
- (a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange electronic markets;
(b) receiving and aggregating updated foreign exchange price information from a plurality of multi-bank foreign exchange portals;
(c) merging and sorting the foreign exchange price information of steps (a) and (b), according to preselected criteria, to create a complete order book.
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Abstract
According to one exemplary embodiment of the present invention, a computerized method for routing orders for foreign exchange transactions is provided. The computerized method for routing orders includes a process for receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange electronic markets, and receiving and aggregating updated foreign exchange price information from a plurality of multi-bank foreign exchange portals. Pursuant to a feature of the present invention, the received and aggregated foreign exchange information is merged and sorted according to preselected criteria, to create a complete order book.
128 Citations
19 Claims
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1. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange electronic markets;
(b) receiving and aggregating updated foreign exchange price information from a plurality of multi-bank foreign exchange portals;
(c) merging and sorting the foreign exchange price information of steps (a) and (b), according to preselected criteria, to create a complete order book. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange trading platforms;
(b) receiving a foreign exchange order from a party;
(c) matching the order with the aggregated, updated foreign exchange price information to determine a pair of opposing orders for execution from among the plurality of foreign exchange trading platforms;
(d) in the event there is a match, executing the determined pair of opposing orders;
(e) in the event there is not a match, generating an RFQ representing the foreign exchange order, and transmitting the RFQ to the plurality of foreign exchange trading platforms. - View Dependent Claims (11)
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12. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange trading platforms;
(b) receiving a foreign exchange order from a party;
(c) matching the order with the aggregated, updated foreign exchange price information to determine a pair of opposing orders for execution from among the plurality of foreign exchange trading platforms;
(d) performing an automatic routine for a pre-execution check to the determined pair of opposing orders for execution; and
(e) executing the determined pair of opposing orders only if the pre-execution check succeeds.
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13. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange trading platforms;
(b) coding the aggregated foreign exchange information to highlight best trade information from among the foreign exchange trading platforms; and
(c) transmitting the coded, aggregated foreign exchange information to a user. - View Dependent Claims (14)
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15. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) utilizing an interface to couple a user to a plurality of foreign exchange trading platforms, each of the foreign exchange trading platforms having a coupling to a plurality of RFQ service providers, the RFQ service providers each being of one of a plurality of distinct types of RFQ service providers;
(b) receiving at the interface, an RFQ from the user, the RFQ specifying types of RFQ service providers;
(c) operating the interface to distribute the RFQ to the types of RFQ service providers specified in the RFQ;
(d) receiving at the interface, responses to the RFQ from the plurality of specified RFQ service providers; and
(e) transmitting the responses to the user.
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16. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) utilizing an interface to couple a user to a plurality of foreign exchange trading platforms, each of the foreign exchange trading platforms having a coupling to a plurality of RFQ service providers;
(b) receiving at the interface, an RFQ from the user;
(c) operating the interface to distribute the RFQ to the RFQ service providers;
(d) receiving at the interface, responses to the RFQ from the plurality of RFQ service providers;
(e) transmitting the responses to the user;
(f) receiving at the interface, a single response selected from among the responses by the user for execution as an order;
(g) performing automatic routines for a pre-execution check to the response selected by the user for execution as an order; and
(f) executing the order only if the pre-execution check succeeds.
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17. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) utilizing an interface to couple a user to a plurality of foreign exchange trading platforms, each of the foreign exchange trading platforms having a coupling to a plurality of RFQ service providers operating according to a preselected protocol;
(b) receiving at the interface, an RFQ from the user;
(c) operating the interface to translate and distribute the RFQ to the RFQ service providers, each according to the corresponding protocol;
(d) receiving at the interface, responses to the RFQ from the plurality of RFQ service providers; and
(e) translating and transmitting the responses to the user.
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18. A computerized method for routing orders for foreign exchange transactions, comprising the steps of:
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(a) receiving and aggregating updated foreign exchange price information from a plurality of foreign exchange trading platforms;
(b) receiving and aggregating updated foreign exchange price information comprising spot prices derived from futures prices quoted in a futures market by performing a risk adjustment to the futures prices;
(c) merging and sorting the foreign exchange price information of steps (a) and (b), according to preselected criteria, to create a complete order book. - View Dependent Claims (19)
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Specification