System and method for implementing push technology in a wireless financial transaction

• US 20060100951A1
• Filed: 11/08/2004
• Published: 05/11/2006
• Est. Priority Date: 11/08/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Amaitis, Lee M., Mylet, Darrin Michael
• Granted Patent: US 7,860,778 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• 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

A method for executing a trade is provided that includes communicating financial information to a handheld device via a network, the financial information being associated with a trade that can be initiated by the handheld device. The handheld device is connected to the network via a Push to Trade™ protocol. The method also includes executing the trade on behalf of the end user.

Claims

1. An apparatus, comprising:

a handheld device operable to communicate with a financial service provider element via a network, wherein the handheld device is operable to send and to receive financial information to and from the financial service provider element, the financial information being associated with a trade that is initiated by the handheld device, and wherein the handheld device is connected to the financial service provider element via a Push to Trade™

protocol before executing the trade.

2. The apparatus of claim 1, wherein the handheld device is a selected one of a personal data assistant, a laptop, a mobile station, a walkie-talkie, a personal computer (PC), and a table PC.

3. The apparatus of claim 1, wherein the handheld device is operable to display the financial information to an end user of the handheld device in order to assist the end user in executing the trade.

4. The apparatus of claim 1, wherein the financial information is real-time data associated with the trade.

5. The apparatus of claim 1, wherein the handheld device may be disabled by the financial service provider element.

6. The apparatus of claim 5, wherein a portion of data being stored in or displayed on the handheld device is removed when the handheld device is disabled.

7. The apparatus of claim 5, wherein the handheld device is disabled if it is lost or stolen.

8. The apparatus of claim 1, further comprising:

a sensor disposed on the handheld device, the sensor operable to detect movement of the handheld device to a position external to an approved trading area, the financial service provider element operable to suspend or terminate communication of the financial information between the handheld device and the financial service provider element if the sensor detects movement of the handheld device to a position external to the approved trading area.

9. The apparatus of claim 8, wherein the sensor is a radio frequency identification sensor.

10. The apparatus of claim 8, wherein the handheld device comprises a first device and a second device, and wherein a user of the first device interacts electronically during a trading activity with a user of the second device.

11. The apparatus of claim 1, further comprising:

an identity verification component operable to determine whether a user of the handheld device is authorized to execute the trade.

12. The apparatus of claim 11, wherein the identity verification component comprises biometrics.

13. The apparatus of claim 1, further comprising:

a logging component operable to record key strokes entered by a user of the handheld device.

14. The apparatus of claim 1, further comprising:

a logging component operable to record voice data entered by a user of the handheld device.

15. The apparatus of claim 1, further comprising:

a logging component operable to record direct messaging data entered by a user of the handheld device.

16. An apparatus, comprising:

a financial service provider element operable to communicate with a handheld device via a network, wherein the financial service provider element is operable to send and to receive financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device, and wherein the handheld device is connected to the financial service provider element via a Push to Trade™

protocol before executing the trade.

17. The apparatus of claim 16, wherein the financial service provider element is operable to disable the handheld device.

18. The apparatus of claim 17, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

19. The apparatus of claim 17, wherein the financial service provider element is operable to disable the handheld device in response to the handheld device being lost or stolen.

20. The apparatus of claim 16, further comprising:

a location verification module operable to verify a location of the handheld device by interfacing with the handheld device.

21. The apparatus of claim 20, wherein the location verification module verifies the location of the handheld device by using geo-fencing.

22. The apparatus of claim 20, wherein the location verification module verifies the location of the handheld device by using global positioning satellite technology.

23. The apparatus of claim 20, wherein the location verification module verifies the location of the handheld device by using triangulation.

24. The apparatus of claim 20, wherein the location verification module determines the location of the handheld device by using a geographic map.

25. The apparatus of claim 20, wherein the location verification module ensures that the handheld device is located within an authorized trading area.

26. The apparatus of claim 16, wherein the financial service provider element is operable to designate one or more trading areas in which the handheld device is able to execute the trade.

27. The apparatus of claim 16, wherein the financial service provider element is operable to store an end user profile associated with an end user of the handheld device.

28. The apparatus of claim 27, wherein the end user profile includes a selected one or more of account information associated with the end user, a voice pattern associated with the end user, an asset position associated with the end user, and personal identification information associated with the end user.

29. The apparatus of claim 16, wherein the financial service provider element is operable to communicate with a financial exchange in order to provide real-time data to an end user of the handheld device.

30. The apparatus of claim 16, wherein the financial service provider element is operable to authorize the handheld device using at least one of a group of elements, the group consisting of:

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) biometrics.

31. The apparatus of claim 30, wherein one or more of the elements correspond to one or more levels of security for an end user of the handheld device.

32. The apparatus of claim 16, further comprising:

a voice recognition module operable to authorize a user of the handheld device using voice recognition or voice patterns before executing the trade.

33. The apparatus of claim 16, further comprising:

a memory element operable to record voice data entered by a user of the handheld device.

34. The apparatus of claim 16, further comprising:

a memory element operable to record direct messaging data entered by a user of the handheld device.

35. A method for executing a trade, comprising:

communicating financial information to a handheld device via a network, the financial information being associated with a trade that can be initiated by the handheld device, wherein the handheld device is connected to the network via a Push to Trade™

protocol; and

executing the trade on behalf of the end user.

36. The method of claim 35, further comprising:

disabling the handheld device.

37. The method of claim 36, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

38. The method of claim 35, further comprising:

authorizing a user of the handheld device using voice pattern or voice recognition data.

39. The method of claim 35, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

40. The method of claim 35, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

41. The method of claim 35, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

42. The method of claim 35, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.

43. The method of claim 35, further comprising:

storing a selected one of voice log data and direct messaging data associated with the trade.

44. The method of claim 35, further comprising:

storing an end user profile associated with an end user of the handheld device.

45. The method of claim 35, further comprising:

communicating with a financial exchange in order to provide real-time data to an end user of the handheld device.

46. The method of claim 35, further comprising:

authorizing the handheld device using at least one of a group of elements, the group consisting of;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) biometrics.

47. A system for executing a trade, comprising:

means for communicating financial information to a handheld device via a network, the financial information being associated with a trade that can be initiated by the handheld device, wherein the handheld device is connected to the network via a Push to Trade™

protocol; and

means for executing the trade on behalf of the end user.

48. The system of claim 47, further comprising:

means for disabling the handheld device.

49. The system of claim 48, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

50. The system of claim 47, further comprising:

means for authorizing a user of the handheld device using voice pattern or voice recognition data.

51. The system of claim 47, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

52. The system of claim 47, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

53. The system of claim 47, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

54. The system of claim 47, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.

55. The system of claim 47, further comprising:

means for storing a selected one of voice log data and direct messaging data associated with the trade.

56. The system of claim 47, further comprising:

means for storing an end user profile associated with an end user of the handheld device.

57. The system of claim 47, further comprising:

means for communicating with a financial exchange in order to provide real-time data to an end user of the handheld device.

58. The system of claim 47, further comprising:

means for authorizing the handheld device using at least one of a group of elements, the group consisting of;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) biometrics.