Computer Method and System for Intermediated Exchanges

• US 20080052221A1
• Filed: 10/30/2007
• Published: 02/28/2008
• Est. Priority Date: 05/15/1997
• Status: Abandoned Application

• Current Assignee: ITG Software Solutions, Inc. (Virtu Financial, Inc.)
• Original Assignee: ITG Software Solutions, Inc. (Virtu Financial, Inc.)
• Inventors: Karchmer, Mauricio, Ferstenberg, Robert, Hilai, Ran
• Application Number:
  US11/928,851
• Publication Number:
  US 20080052221A1
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

In a preferred embodiment, this invention includes software processes distributed on one or more computer systems that exchange messages in order to facilitate an intermediated exchange of financial commodities between a plurality of participants. The messages are exchanged according to a preferred protocol that leads to a satisfactory exchange that meets the objectives of the participants, and that substantially maximizes in a fair manner the total amount of financial commodities exchanged. Optionally, the invention employs heuristic rules in association with the preferred protocol that adapt the protocol to the time and exchange requirements of financial commodities. In other embodiments, this invention is equally applicable to the exchange of any tangible or intangible commodities. In a general embodiment, this invention further includes a preferred message-exchange protocol for the construction of computer programs representing exchange participants and an intermediary. These constructed computer programs exchange messages such that a satisfactory intermediated exchange of commodities is substantially certain to be achieved.

Claims

1. An order-manager system for electronic intermediated exchange of a plurality of commodities among a plurality of participants, a plurality of participant computers corresponding to each participant being coupled to a network, comprising:

at least one intermediary computer, coupled to an electronic database and the network, the at least one intermediary computer configured to generate electronic offer messages and electronic results messages, to receive electronic order messages from the participant computers, the electronic order messages including exchange objectives of the participants, and to send the electronic results messages, identifying the exchanged commodities, to the respective participant computers, and to generate electronic counter-offer messages in response to electronic offer messages received, the electronic counter-offer messages being based on the respective exchange objective of the participants, such that the exchange of commodities among the participants is intermediated by the exchange of offer and counter-offer messages.