Computer Method and System for Intermediated Exchanges

• US 20080071666A1
• Filed: 10/30/2007
• Published: 03/20/2008
• 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:
  US11/928,870
• Publication Number:
  US 20080071666A1
• 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 electronic intermediated exchange for exchanging a plurality of commodities among a plurality of participants in an electronic trading network, said network including a plurality of participant clients coupled with an electronic data network, each client configured to generate and transmit data representing participant exchange objections for each corresponding participant, said electronic intermediated exchange comprising:

intermediated exchange facilities coupled to the network including a memory unit for storing data representing commodity exchange objectives of the intermediated exchange and configured to receive data representing participant exchange objections from the plurality of participant clients and to exchange a plurality of commodities among the plurality of participants based upon said data representing said commodity exchange objectives and upon said data representing said participant exchange objections received from the plurality of participant clients.