AUTOMATED AUCTION PROTOCOL PROCESSOR

• US 20070250438A1
• Filed: 06/08/2007
• Published: 10/25/2007
• Est. Priority Date: 12/13/1996
• Status: Abandoned Application

• Current Assignee: Cantor Fitzgerald, L.P., CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: Cantor Fitzgerald, L.P., CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Paul, Bijoy, Fraser, Stuart, Lutnick, Howard
• Application Number:
  US11/760,508
• Publication Number:
  US 20070250438A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly programmed controlled workstations. The protocol and its programmed controlling logic enhances trading efficiency, rewards market makers and fairly distributes market opportunity to system users.

Claims

1. A keyboard for use in a trading system, comprising:

a plurality of buy keys on the keyboard, each of the plurality of buy keys for inputting commands in the trading system to buy at least one item; and

a plurality of sell keys on the keyboard, each of the plurality of sell keys for inputting commands in the trading system to sell the at least one item,

wherein each buy key corresponds to one of the plurality of sell keys to form a set of corresponding keys, one set of the corresponding keys being associated with buying and selling an item, and another set of the corresponding keys being associated with buying and selling another item.

2. The keyboard of claim 1, wherein the plurality of buy keys are grouped in a first area of the keyboard, and the plurality of sell keys are grouped in a second area of the keyboard.

3. The keyboard of claim 2, wherein the plurality of buy keys are arranged in single file in the first area, and the plurality of sell keys are arranged in a single file in the second area.

4. The keyboard of claim 3, wherein each set of corresponding buy and sell keys are arranged along a row, the rows being essentially parallel to one another.

5. The keyboard of claim 1, further comprising a plurality of numeric keys disposed between the plurality of buy keys and the plurality of sell keys.

6. The keyboard of claim 1, further comprising a plurality of bid keys arranged in single file in a third area of the keyboard, each of the plurality of bid keys for inputting trading commands in the trading system to bid on the at least one item.

7. The keyboard of claim 6, wherein each of the bid keys corresponds to one of the sets of corresponding keys and its associated at least one item.

8. The keyboard of claim 7, wherein the bid keys are arranged in an order matching an order of the plurality of buy keys and the plurality of sell keys, whereby each bid key and its corresponding buy and sell keys are arranged substantially in-line with one another.

9. The keyboard of claim 8, wherein the pluralities of buy and sell keys are of a first size, and the plurality of bid keys are of a second size that is smaller than the first size.

10. The keyboard of claim 1, further comprising a plurality of offer keys arranged in single file in a fourth area of the keyboard, each of the plurality of offer keys for inputting trading commands in the trading system to place an offer on the at least one item.

11. The keyboard of claim 10, wherein each of the offer keys corresponds to one of the sets of corresponding keys and its associated at least one item.

12. The keyboard of claim 11, wherein the offer keys are arranged in an order matching an order of the plurality of buy keys and the plurality of sell keys, whereby each offer key and its corresponding buy and sell keys are arranged substantially in-line with one another.

13. The keyboard of claim 12, wherein the pluralities of buy and sell keys are of a first size and the plurality of offer keys are of a second size smaller than the first size.

14. The keyboard of claim 1, further comprising a plurality of cancel keys arranged in single file in at least a fifth area of the keyboard, each of the plurality of cancel keys for inputting trading commands in the trading system to cancel a bid or offer on the at least one item.

15. The keyboard of claim 14, wherein each of the cancel keys corresponds to one of the sets of corresponding keys and its associated at least one item.

16. The keyboard of claim 1, further comprising a set of issue keys, each of the issue keys being associated with different issues.

17. The keyboard of claim 1, wherein one or more of the plurality of the at least one item is a bond.

18. The keyboard of claim 1, wherein the item associated with the one set of the corresponding keys is an issue of a bond, and the another item associated with the another set of the corresponding keys is another issue of the bond.

19. A keyboard for use in a trading system, the keyboard comprising:

a plurality of buy keys arranged in single file on the keyboard, each of the plurality of buy keys for inputting commands in the trading system to buy at least one bond;

a plurality of sell keys arranged in single file on the keyboard, each of the plurality of sell keys for inputting commands in the trading system to sell at least one bond;

a plurality of bid keys arranged in single file on the keyboard, each of the plurality of bid keys for inputting trading commands in the trading system to bid on at least one bond; and

a plurality of offer keys arranged in single file on the keyboard, each of the plurality of offer keys for inputting trading commands in the trading system to place an offer on at least one bond,

wherein each buy key corresponds to a respective sell key, a respective bid key, and a respective offer key to form a set of corresponding keys, and one of the sets of corresponding keys is associated with trading commands for a bond while another of the sets of keys is associated with trading commands for another bond.

20. The keyboard of claim 19, wherein each set of corresponding buy, sell, bid, and offer keys is arranged in a matching order, whereby the keys associated with each set of corresponding buy, sell, bid and offer keys are arranged substantially in-line with one another.

21. The keyboard of claim 20, wherein the buy and sell keys are of a first size, and the bid and offer keys are of a second size smaller than the first size.

22. The keyboard of claim 21, further comprising a plurality of cancel keys arranged in single file on the keyboard, each of the plurality of cancel keys for inputting trading commands in the trading system to cancel a bid or offer on at least one bond.

23. The keyboard of claim 22, wherein each of the cancel keys corresponds to one of the sets of corresponding keys.

24. A keyboard for use in a trading system for trading a plurality of items, the keyboard comprising a plurality of trade execute keys, each trade execute key being individually assigned to a subset of the plurality of items being traded, wherein no subset overlaps with any another.

25. The keyboard of claim 24, wherein the plurality of trade execute keys is arranged on the keyboard by sets according to their corresponding subset of the plurality of items, whereby each set of keys associated with its associated subset forms a set of corresponding keys.

26. The keyboard of claim 25, wherein each set of corresponding keys is for entering trade commands for its associated subset of the plurality of items being traded.

27. The keyboard of claim 26, wherein each set of corresponding keys includes a buy key and a sell key to respectively enter buy and sell trade commands associated with the subset of the plurality of items associated with the each set of corresponding keys.

28. The keyboard of claim 27, wherein each set of corresponding keys further includes a bid key and an offer key to respectively enter bid and offer commands associated with the subset of the plurality of items associated with the each set of corresponding keys.

29. The keyboard of claim 27, wherein each set of corresponding keys further includes a cancel key to enter a cancel command associated with the subset of the plurality of items associated with the each set of corresponding keys.

30. The keyboard of claim 29, wherein the buy and sell keys are of a first size, and the bid and offer keys are of a second size smaller than the first size.

31. The keyboard of claim 24, wherein at least one subset of the plurality of items is one or more bonds.