NETWORK AND METHOD FOR TRADING DERIVATIVES
First Claim
1. A system for trading derivatives, the system comprising:
- a network;
at least one network managing station coupled with the network and operative to facilitate communications between at least one subscriber station and at least one market maker station such that any of the at least one subscriber station may request a continuous indicative quote from any of the at least one market maker station, the at least one network managing station being further operative to facilitate communication between any of the at least one subscriber station and any of the at least one market maker station such that the subscriber station may request a binding quote therefrom;
wherein the at least one market maker station is coupled with the network and operative to receive a request for a continuous indicative quote via the network for at least one product transmitted by one of at least one subscriber station, determine an indicative quote associated with the at least one product and provide the one of the at least one subscriber station with the indicative quote for only the at least one product via the network, the at least one market maker station being further operative to subsequently provide a subsequent indicative quote for only the at least one product via the network to the one of the at least one subscriber station superceding the previously provided indicative quote, the at least one market maker station being further operative to receive a request for a binding quote via the network for the at least one product transmitted by the one of the at least one subscriber station, determine a binding quote associated with the at least one product and respond to the one of the at least one subscriber station with the binding quote for only the at least one product via the network; and
wherein the at least one subscriber station is coupled with the network and operative to transmit the request for an indicative quote for the at least one product to the at least one market maker station via the network, the at least one subscriber station being further operative to transmit the request for a binding quote for the at least one product to the one market maker station via the network.
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Accused Products
Abstract
A computer network and method for electronically trading derivatives. The system includes networks and methods where a control or network managing station in the network acts as a facilitator for the market makers and subscribers to make a trade at an Exchange. In another embodiment the network managing station consummates the trade between a market maker and a subscriber by matching binding quotes and orders and clears the trade at an Exchange. The computer network for electronically trading derivative comprises: (a) network managing station; (b) one or more market maker stations; (c) one or more subscriber stations; (d) one or more Exchanges. The network managing station connects market makers and subscribers for making real time indicative quotes, issuing requests for quotes, obtaining binding quotes and wherein the market maker and subscriber are in communication with an Exchange for sending binding quotes and orders to the Exchange for clearing and confirming transactions.
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Citations
25 Claims
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1. A system for trading derivatives, the system comprising:
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a network;
at least one network managing station coupled with the network and operative to facilitate communications between at least one subscriber station and at least one market maker station such that any of the at least one subscriber station may request a continuous indicative quote from any of the at least one market maker station, the at least one network managing station being further operative to facilitate communication between any of the at least one subscriber station and any of the at least one market maker station such that the subscriber station may request a binding quote therefrom;
wherein the at least one market maker station is coupled with the network and operative to receive a request for a continuous indicative quote via the network for at least one product transmitted by one of at least one subscriber station, determine an indicative quote associated with the at least one product and provide the one of the at least one subscriber station with the indicative quote for only the at least one product via the network, the at least one market maker station being further operative to subsequently provide a subsequent indicative quote for only the at least one product via the network to the one of the at least one subscriber station superceding the previously provided indicative quote, the at least one market maker station being further operative to receive a request for a binding quote via the network for the at least one product transmitted by the one of the at least one subscriber station, determine a binding quote associated with the at least one product and respond to the one of the at least one subscriber station with the binding quote for only the at least one product via the network; and
wherein the at least one subscriber station is coupled with the network and operative to transmit the request for an indicative quote for the at least one product to the at least one market maker station via the network, the at least one subscriber station being further operative to transmit the request for a binding quote for the at least one product to the one market maker station via the network. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for trading derivatives, the method comprising:
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enabling communications between a requestor and a particular market maker station of a plurality of market maker stations to allow the requestor to request an indicative quote for at least one product of a plurality of products from the particular market maker station;
enabling communications between the requester and at least the particular market maker station of the plurality of market maker stations to allow the requester to request a binding quote for only the at least one product of the plurality of products from the at least particular market maker station; and
whereby the requester may cause transmission of the request for an indicative quote for the at least one product via the network to the particular market maker station of the plurality of market maker stations, the remaining of the plurality of market maker stations not receiving the request for an indicative quote, and whereby the particular market maker station may respond to the request for indicative quote with an indicative quote for only the at least one product and subsequently provide a subsequent indicative quote superceding the previous indicative quote, and further the at least particular market maker station may respond to the request for a binding quote with a binding quote for only the at least one product. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24)
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25. A server for facilitating trading derivatives over a network, the server being coupled with a network and comprising:
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means for enabling communications between a requestor and a particular market maker station of a plurality of market maker stations to allow the requestor to request an indicative quote for at least one product of a plurality of products from the particular market maker station;
means for enabling communications between the requestor and at least the particular market maker station of the plurality of market maker stations to allow the requester to request a binding quote for only the at least one product of the plurality of products from the at least particular market maker station; and
whereby the requester may cause transmission of the request for an indicative quote for the at least one product via the network to the particular market maker station of the plurality of market maker stations, the remaining of the plurality of market maker stations not receiving the request for an indicative quote, and whereby the particular market maker station may respond to the request for indicative quote with an indicative quote for only the at least one product and subsequently provide a subsequent indicative quote superceding the previous indicative quote, and further the at least particular market maker station may respond to the request for a binding quote with a binding quote for only the at least one product.
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Specification