Computer Method and System for Intermediated Exchanges

• US 20080071693A1
• 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:
  US11/928,986
• Publication Number:
  US 20080071693A1
• Time in Patent Office: Days
• US Class Current: 705/80
• 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. A computer-implemented method for electronic intermediated exchange of commodities among participants, the method comprising steps of:

a) sending a plurality of electronic offer messages from an intermediary program module to a plurality of participant program modules, the electronic offer messages including digital data representing amounts of commodities offered to the participants;

b) receiving, at the intermediary program module, a plurality of electronic counter-offer messages from the participant program modules, the electronic counter-offer messages including digital data representing respective amounts of commodities accepted by each participant; and

c) repeating steps (a) and (b) in order, each ordered repetition being a round of an electronic negotiation, until the amounts of commodities in the electronic offer messages are determined to meet participant exchange objectives and intermediated exchange objectives.