Shareable quote streams

• US 20060015439A1
• Filed: 06/20/2005
• Published: 01/19/2006
• Est. Priority Date: 06/23/2004
• Status: Abandoned Application

• Current Assignee: FX Alliance (The Woodbridge Co. Ltd.)
• Original Assignee: FX Alliance (The Woodbridge Co. Ltd.)
• Inventors: Penney, Neill, Brann, John Edwin Thomas
• Application Number:
  US11/155,891
• Publication Number:
  US 20060015439A1
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Method and apparatus for providing price quote streams to a multiplicity of customers in an online asset trading system. The invention allows providers to establish, maintain and revise only one shareable price quote stream (or, alternatively, just a relative few number of shareable price quote streams) for each currency pair and have that one shareable price quote stream (or that relative few number of shareable price quote streams) automatically converted to customer-specific price quote streams and distributed to a large number of customers simultaneously, without consuming a correspondingly large amount of additional time or resources on the providers'"'"' trading system. Each customer-specific price quote stream contains quotes having order size parts that are derived from customer-specific factors, such as the customer'"'"'s credit limit and/or the customer'"'"'s requested order size.

Claims

1. A method of providing quotes in an online asset trading network, comprising:

(a) establishing with a provider trading system a first shareable quote stream for a currency pair, said first shareable quote stream having a tier limit;

(b) receiving from a customer trading system a request for quotes comprising a requested order size;

(c) transmitting said request for quotes to said provider trading system;

(d) receiving from said provider trading system a quote control gesture comprising an available order size for said customer trading system;

(e) receiving a shareable quote from said provider trading system via said first shareable quote stream;

(f) converting said shareable quote into a customer-specific quote comprising a size part equal to the minimum of said tier limit, said available order size and said requested order size;

(g) sending said customer-specific quote to said customer trading system; and

(h) iteratively repeating steps (e)-(g) until an occurrence of a specified event.

2. The method of claim 1, wherein said specified event comprises receiving from said provider trading system a request to terminate said first shareable quote stream.

3. The method of claim 1, wherein said specified event comprises receiving from said customer trading system a request to terminate said request for quotes.

4. The method of claim 1, wherein said specified event comprises sending to said provider trading system a request to terminate said first shareable quote stream.

5. The method of claim 1, wherein said specified event comprises receiving from said provider trading system a second quote control gesture comprising a revised available order size for said customer trading system.

6. The method of claim 5, further comprising, after said occurrence of said specified event:

(i) receiving an additional shareable quote from said provider trading system via said first shareable quote stream;

(j) converting said additional shareable quote into an additional customer-specific quote comprising a new size part equal to the minimum of said tier limit, said revised available order size and said requested order size;

(k) sending said additional customer-specific quote to said customer trading system; and

(l) iteratively repeating steps (i)-(k) until an occurrence of a second specified event.

7. The method of claim 6, wherein said second specified event comprises receiving from said provider trading system a request to terminate said first shareable quote stream.

8. The method of claim 6, wherein said second specified event comprises receiving from said customer trading system a request to terminate said request for quotes.

9. The method of claim 6, wherein said second specified event comprises sending to said provider trading system a request to terminate said first shareable quote stream.

10. The method of claim 1, further comprising establishing with said provider trading system a second shareable quote stream for said currency pair, said second shareable quote stream having a different tier limit.

11. The method of claim 10, wherein said specified event comprises receiving from said provider trading system a second quote control gesture comprising an identifier for said second shareable quote stream.

12. The method of claim 11, further comprising:

(m) receiving an additional shareable quote from said provider trading system via said second shareable quote stream;

(n) converting said additional shareable quote into an additional customer-specific quote comprising a size part equal to the minimum of said different tier limit, said available order size and said requested order size;

(o) sending said additional customer-specific quote to said customer trading system; and

(p) iteratively repeating steps (m)-(o) until an occurrence of a second specified event.

13. The method of claim 12, wherein said second specified event comprises receiving from said provider trading system a request to terminate said second shareable quote stream.

14. The method of claim 12, wherein said second specified event comprises receiving from said customer trading system a request to terminate said request for quotes.

15. The method of claim 12, wherein said second specified event comprises sending to said provider trading system a request to terminate said second shareable stream.

16. The method of claim 12, wherein said second specified event comprises receiving from said provider trading system a third quote control gesture comprising a revised available order size for said customer trading system.

17. The method of claim 1, wherein said quote control gesture further comprises an identifier for said first shareable stream of quotes.

18. The method of claim 1, wherein said available quote size is based on a credit limit.

19. The method of claim 1, further comprising sending to said provider trading system an invitation to establish said first shareable quote stream.

20. The method of claim 1, further comprising:

receiving from said provider trading system a quote withdrawal gesture;

sending to said customer trading system a quote withdrawn notice for said customer-specific quote; and

if an offer to deal for said customer-specific quote is received, denying said offer to deal.

21. The method of claim 1, further comprising:

(i) receiving from a second customer trading system a second request for quotes comprising a second requested order size;

(j) transmitting said second request for quotes to said provider trading system;

(k) receiving from said provider trading system a second quote control gesture comprising a second available order size for said second customer trading system;

(l) converting said shareable quote into a second customer-specific quote comprising a second size part equal to the minimum of said tier limit, said second available order size and said second requested order size;

(m) sending said second customer-specific quote to said second customer trading system; and

(n) iteratively repeating steps (k)-(m) until an occurrence of a second specified event.

22. The method of claim 21, wherein said second specified event comprises receiving from said provider trading system a request to terminate said first shareable quote stream.

23. The method of claim 21, wherein said second specified event comprises receiving from said second customer trading system a request to terminate said second request for quotes.

24. The method of claim 21, wherein said second specified event comprises sending to said provider trading system a request to terminate said first shareable quote stream.

25. The method of claim 21, wherein said second specified event comprises receiving from said provider trading system a third quote control gesture comprising a revised available order size for said second customer trading system.

26. An online trading system, comprising:

a customer communication interface that receives from a customer trading system a request for quotes comprising a currency pair and a requested order size;

a provider communication interface, coupled to said customer communication interface, that transmits said request for quotes to a provider trading system; and

a quote distributor that establishes a shareable quote stream for said provider trading system for said currency pair, said shareable quote stream having a tier limit, and that receives from said provider trading system, via said provider communication interface, a quote control gesture comprising an available order size for said customer trading system;

wherein, until an occurrence of a specified event, said quote distributor iteratively (i) receives a shareable quote from said provider trading system via said shareable quote stream, (ii) converts said shareable quote into a customer-specific quote comprising a size part equal to the minimum of said tier limit, said available order size and said requested order size, and (iii) sends said customer-specific quote to said customer trading system via said customer communication interface.

27. The online trading system of claim 26, wherein said specified event comprises said quote distributor receiving from said provider trading system a request to terminate said shareable quote stream.

28. The online trading system of claim 26, wherein said specified event comprises said quote distributor receiving from said customer trading system a request to terminate said request for quotes.

29. The online trading system of claim 26, wherein said specified event comprises said quote distributor sending to said provider trading system a request to terminate said shareable quote stream.

30. The online trading system of claim 26, wherein said specified event comprises said quote distributor receiving from said provider trading system a second quote control gesture comprising a revised available order size for said customer trading system.

31. The online trading system of claim 30, wherein, after said occurrence of said specified event and until an occurrence of a second specified event, said quote distributor iteratively

(i) receives an additional shareable quote from said provider trading system via said shareable quote stream;

(ii) converts said additional shareable quote into an additional customer-specific quote comprising a new size part equal to the minimum of said tier limit, said revised available order size and said requested order size; and

(iii) sends said additional customer-specific quote to said customer trading system via said customer communication interface.

32. The online trading system of claim 26, wherein said quote distributor establishes a second shareable quote stream with said provider trading system for said currency pair, said second shareable quote stream having a different tier limit.

33. The online trading system of claim 32, further comprising:

a second customer communication interface that receives from a second customer trading system a second request for quotes comprising said currency pair and a second requested order size;

wherein said quote distributor receives from said provider trading system, via said provider communication interface, a second quote control gesture comprising an second available order size for said second customer trading system; and

until an occurrence of a second specified event, said quote distributor iteratively (i) receives a second shareable quote from said provider trading system via said second shareable quote stream, (ii) converts said second shareable quote into a second customer-specific quote comprising a second quote size equal to the minimum of said different tier limit, said second available order size and said second requested order size, and (iii) sends said second customer-specific quote to said second customer trading system via said second customer communication interface.

34. The online trading system of claim 33, wherein said second specified event comprises said quote distributor receiving from said provider trading system a request to terminate said second shareable quote stream.

35. The online trading system of claim 33, wherein said second specified event comprises said quote distributor receiving from said second customer trading system a request to terminate said second request for quotes.

36. The online trading system of claim 33, wherein said second specified event comprises said quote distributor sending to said provider trading system a request to terminate said second shareable quote stream.

37. The online trading system of claim 33, wherein said second specified event comprises said quote distributor receiving from said provider trading system a second quote control gesture comprising a second revised available order size for said second customer trading system.

38. The online trading system of claim 26, further comprising a shareable quote stream data table, coupled to said quote distributor, configured to store an identifier for said shareable quote stream, said tier limit, said available order size and said requested order size.

39. An online trading system, comprising:

(a) means for establishing with a provider trading system a first shareable quote stream for a currency pair and a tier limit;

(b) means for receiving from a customer trading system a request for quotes comprising a requested order size;

(c) means for transmitting said request for quotes to said provider trading system;

(d) means, responsive to said transmitting means, for receiving from said provider trading system a quote control gesture comprising an available order size for said customer trading system;

(e) means for receiving a shareable quote from said provider trading system via said first shareable quote stream;

(f) means for converting said shareable quote into a customer-specific quote comprising a size part equal to the minimum of said tier limit, said available order size and said requested order size;

(g) means for sending said customer-specific quote to said customer trading system; and

(h) means for iteratively repeating steps (e)-(g) until an occurrence of a specified event.

40. The online trading system of claim 39, wherein said specified event comprises receiving from said provider trading system a request to terminate said first shareable quote stream.

41. The online trading system of claim 39, wherein said specified event comprises receiving from said customer trading system a request to terminate said request for quotes.

42. The online trading system of claim 39, wherein said specified event comprises sending to said provider trading system a request to terminate said first shareable quote stream.

43. The online trading system of claim 39, wherein said specified event comprises receiving from said provider trading system a second quote control gesture comprising a revised available order size for said customer trading system.

44. The online trading system of claim 43, further comprising:

(i) means for receiving an additional shareable quote from said provider trading system via said first shareable quote stream;

(j) means for converting said additional shareable quote into an additional customer-specific quote comprising a new size part equal to the minimum of said tier limit, said revised available order size and said requested order size;

(k) means for sending said additional customer-specific quote to said customer trading system; and

(l) means for iteratively repeating steps (i)-(k) until an occurrence of a second specified event.