METHOD AND SYSTEM FOR COMPUTER-IMPLEMENTED TRADING OF SECONDARY MARKET DEBT SECURITIES
First Claim
1. A computer implemented method for negotiating the price for a traded security using a computer trading system, comprising:
- electronically communicating by said computer trading system a security, and a bid or offer terms thereof, to investors from at least one dealer;
enabling an investor to provide an indication of interest in purchasing the security to at least one dealer;
enabling a plurality of dealers to provide a bid in response to the indication of interest;
storing a bid from each of the plurality of dealers for at least one period of time in a database accessible by said computer trading computer system;
electronically transmitting the stored bid received from each of the plurality of dealers to the plurality of investors at substantially the same time and electronically transmitting substantially simultaneously to the plurality of investors an available inventory of security issues on a standardized manner that are being offered and bid on by the plurality of dealers;
enabling the investor to accept, reject or provide a counter-offer to at least one bid; and
enabling selecting, by the plurality of investors, different inventories from the available inventory, using a plurality of filters for displaying of the different inventories comprising offers, bids, and actively-traded securities.
2 Assignments
0 Petitions
Accused Products
Abstract
A computer-implemented method and system for trading of debt securities (bonds), where multiple dealers participate and compete on a single platform (100). Dealers and investors have respective interfaces (250, 230) for communicating. In one aspect, dealers announce new debt security issues (400), the investors communicate an indication of interest (IOI) (500) in purchasing the new debt security issues, and the issues are allocated to the investors. In another aspect, issues from multiple dealers are made available to investors on a secondary trading market in a searchable format (1000). In response to price inquires sent by investors (1200), the dealers provide offers (1300) which are briefly held and released to the investor concurrently to allow the investor to consider all offers together. In another aspect, the dealers post bid and offer terms for actively traded issues (1700) that are updated in real-time to avoid the need for the inquiry procedure.
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Citations
29 Claims
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1. A computer implemented method for negotiating the price for a traded security using a computer trading system, comprising:
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electronically communicating by said computer trading system a security, and a bid or offer terms thereof, to investors from at least one dealer; enabling an investor to provide an indication of interest in purchasing the security to at least one dealer; enabling a plurality of dealers to provide a bid in response to the indication of interest; storing a bid from each of the plurality of dealers for at least one period of time in a database accessible by said computer trading computer system; electronically transmitting the stored bid received from each of the plurality of dealers to the plurality of investors at substantially the same time and electronically transmitting substantially simultaneously to the plurality of investors an available inventory of security issues on a standardized manner that are being offered and bid on by the plurality of dealers; enabling the investor to accept, reject or provide a counter-offer to at least one bid; and enabling selecting, by the plurality of investors, different inventories from the available inventory, using a plurality of filters for displaying of the different inventories comprising offers, bids, and actively-traded securities. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A computer trading system for negotiating the price of a traded security, comprising:
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a computer server system a trading interface and electronically receiving from and electronically receiving messages from a dealer with bid and/or offer terms for the security; and a trading database, communicatively coupled to said computer server system, and storing bids from each of the plurality of dealers electronically received by said computer server system, and wherein said computer server system performs the following functions; electronically communicating by said computer trading system a security, and a bid or offer terms thereof, to investors from at least one dealer; enabling an investor to provide an indication of interest in purchasing the security to at least one dealer; enabling a plurality of dealers to provide the bid in response to the indication of interest; storing the bid from each of the plurality of dealers for at least one period of time in a database accessible by said computer trading computer system; electronically transmitting the stored bid received from each of the plurality of dealers to the plurality of investors at substantially the same time and electronically transmitting substantially simultaneously to the plurality of investors an available inventory of security issues that are being offered and the bid on by the plurality of dealers; enabling the investor to accept, reject or provide a counter-offer to at least one bid; and enabling selecting, by the plurality of investors, different inventories from the available inventory, using a plurality of filters for displaying of the different inventories comprising offers, bids, and actively-traded securities. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. A computer implemented method for negotiating the price for a traded security using a computer trading system, comprising:
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electronically transmitting by said computer trading system a security, and a bid or offer terms thereof, to a plurality of investors from at least one dealer; electronically receiving from a plurality of investors to provide an indication of interest in purchasing the security to at least one dealer; electronically receiving from a plurality of dealers to provide a bid in response to the indication of interest; storing at least one bid from at least one of the plurality of dealers for at least one period of time in a database accessible by said computer trading computer system; electronically transmitting the stored bid received from the at least one of the plurality of dealers to the plurality of investors at substantially the same time and electronically transmitting substantially simultaneously to the plurality of investors an available inventory of security issues on a standardized manner that are being offered and bid on by the plurality of dealers; electronically receiving from at least one of the plurality of investors an acceptance, rejection or a counter-offer to at least one bid; and electronically receiving from at least one of the plurality of investors, at least one selection from the available inventory, for displaying by the computer trading system of the different inventories comprising offers, bids, and actively-traded securities.
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Specification