METHOD AND SYSTEM FOR REBROKERING ORDERS IN A TRADING SYSTEM
First Claim
1. In a computerized system, a method for facilitating execution of a financial transaction between a first party and a second party through a plurality of intermediaries, the method comprising, for each intermediary involved in the financial transaction:
- presenting to the intermediary an order received by the intermediary relating to the financial transaction;
storing information for identifying a list of other parties in a memory accessible to the intermediary;
displaying the list to the intermediary;
allowing the intermediary to select one or more parties from the list to which the intermediary can communicate an order relating to the financial transaction; and
communicating the order from the intermediary to the one or more selected parties.
1 Assignment
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Accused Products
Abstract
Systems and methods are described herein for supporting the trading of bonds in a computerized system using broker dealers as intermediaries. Broker dealers receive orders relating to particular transactions and have the option to accept the order by submitting a matching counter order, or to rebroker the order with the same or modified terms to a number of other investors or additional broker dealers. The additional broker dealers have similar options, thus providing a system wherein orders can be quickly proliferated to a large number of parties. This order proliferation can be fully or partially automated through the use of predefined rules stored in a database which dictate for each broker dealer whether, to whom and under what terms to rebroker orders. When an order is received, the system processes all such rules to output a set of orders which are then communicated to the corresponding parties.
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Citations
13 Claims
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1. In a computerized system, a method for facilitating execution of a financial transaction between a first party and a second party through a plurality of intermediaries, the method comprising, for each intermediary involved in the financial transaction:
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presenting to the intermediary an order received by the intermediary relating to the financial transaction; storing information for identifying a list of other parties in a memory accessible to the intermediary; displaying the list to the intermediary; allowing the intermediary to select one or more parties from the list to which the intermediary can communicate an order relating to the financial transaction; and communicating the order from the intermediary to the one or more selected parties. - View Dependent Claims (2, 3, 4, 5, 6)
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7. In a computerized system for trading of fixed income securities, a method for facilitating execution of a financial transaction based upon an order communicated by a first investor, the method comprising:
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presenting an order to a broker dealer arising from the order communicated by the first investor; allowing the broker dealer to decide, among other possible choices, whether to match the presented order or communicate an order relating to the financial transaction to a plurality of other parties using the system; if the broker dealer decides to match the presented order, executing the financial transaction by at least executing the presented order and the order communicated by the first investor; and if the broker dealer decides to communicate the order, communicating the order to the one or more other parties. - View Dependent Claims (8, 9, 10, 11, 12)
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13. At least one storage medium containing one or more computer programs operable to cause a computerized system to facilitate execution of a financial transaction between a first party and a second party through a plurality of intermediaries, the computerized system being operable under control of the program to carry out actions comprising, for each intermediary involved in the financial transaction:
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presenting to the intermediary an order received by the intermediary relating to the financial transaction; storing information for identifying a list of other parties in a memory accessible to the intermediary; displaying the list to the intermediary; allowing the intermediary to select one or more parties from the list to which the intermediary can communicate an order relating to the financial transaction; and communicating the order from the intermediary to the one or more selected parties.
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Specification