System and method for directed request for quote
First Claim
1. A method of trading financial instruments among a plurality of entities participating in a market, the method comprising:
- receiving a request for quote from a first entity of the plurality of entities, the request for quote identifying the first entity and specifying an interest in trading a first instrument;
transmitting the request for quote to at least a subset of the plurality of entities without identifying the first entity;
receiving at least one response from at least one second entity of the subset, the at least one response identifying the request for quote and including an actionable quote in response thereto; and
transmitting the at least one response exclusively to the first entity.
1 Assignment
0 Petitions
Accused Products
Abstract
The disclosed systems and methods relate to allowing trading of over the counter (“OTC”) foreign exchange (“FX”) contracts on a centralized matching and clearing mechanism, such as that of the Chicago Mercantile Exchange'"'"'s (“CME”'"'"'s) futures exchange system (the “Exchange”). The disclosed systems and methods allow for anonymous transactions, centralized clearing, efficient settlement and the provision of risk management/credit screening mechanisms to lower risk, reduce transaction costs and improve the liquidity in the FX market place. In particular, the disclosed embodiments increase speed of execution facilitating growing demand for algorithmic trading, increased price transparency, lower cost of trading, customer to customer trading, and automated asset allocations, recurring trades as well as clearing and settlement efficiencies.
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Citations
88 Claims
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1. A method of trading financial instruments among a plurality of entities participating in a market, the method comprising:
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receiving a request for quote from a first entity of the plurality of entities, the request for quote identifying the first entity and specifying an interest in trading a first instrument;
transmitting the request for quote to at least a subset of the plurality of entities without identifying the first entity;
receiving at least one response from at least one second entity of the subset, the at least one response identifying the request for quote and including an actionable quote in response thereto; and
transmitting the at least one response exclusively to the first entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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47. A system for trading financial instruments among a plurality of entities coupled with a network and participating in a market, the system comprising:
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a request receiver coupled with the network and operative to receive a request for quote from a first entity of the plurality of entities, the request for quote identifying the first entity and specifying an interest in trading a first instrument;
a request transmitter coupled with the request receiver and the network and operative to transmit the request for quote to at least a subset of the plurality of entities without identifying the first entity;
a response receiver coupled with the network and operative to receive at least one response from at least one second entity of the subset, the at least one response identifying the request for quote and including an actionable quote in response thereto; and
a response transmitter coupled with the response receiver and operative to transmit the at least one response exclusively to the first entity. - View Dependent Claims (48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86)
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87. A system for trading financial instruments among a plurality of entities coupled with a network and participating in a market, the system comprising:
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means for receiving a request for quote via the network from a first entity of the plurality of entities, the request for quote identifying the first entity and specifying an interest in trading a first instrument;
means for transmitting the request for quote via the network to at least a subset of the plurality of entities without identifying the first entity;
means for receiving at least one response via the network from at least one second entity of the subset, the at least one response identifying the request for quote and including an actionable quote in response thereto; and
means for transmitting via the network the at least one response exclusively to the first entity.
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88. A system for trading financial instruments among a plurality of entities coupled with a network and participating in a market, the system comprising a processor, a memory coupled with the processor and a network interface coupled with the processor and the network and operative to facilitate communications therebetween, the system further comprising:
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first logic stored in the memory and executable by the processor to receive a first communication comprising a request for quote via the network from a first entity of the plurality of entities, the request for quote identifying the first entity and specifying an interest in trading a first instrument;
second logic, coupled with the first logic, stored in the memory and executable by the processor to transmit a second communication comprising the request for quote via the network to at least a subset of the plurality of entities without identifying the first entity;
third logic stored in the memory and executable by the processor to receive at least one third communication comprising a response via the network from at least one second entity of the subset, the response identifying the request for quote and including an actionable quote in response thereto; and
fourth logic, coupled with the third logic, stored in the memory and executable by the processor to transmit via the network a fourth communication comprising the response exclusively to the first entity.
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Specification