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Automated futures trading exchange

DC
  • US 4,903,201 A
  • Filed: 11/03/1983
  • Issued: 02/20/1990
  • Est. Priority Date: 11/03/1983
  • Status: Expired due to Term
First Claim
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1. A computerized open outcry exchange system for transacting sales of a particular futures commodity contract in varying volumes or lot sizes by members of a futures trading exchange as principals or agents for others wherein bids to purchase or offers to sell said particular commodity contract are made by said principals or agents through remote terminals, said system comprising:

  • a. means for receiving and storing bids and offers from said remote terminals and automatically completing a transaction of matching bids and offers on a first-come, first-served basis thereby establishing a trading system,b. means for storing CFTC requirements and regulations to be observed on said buy and sell transactions thereby establishing a clearing system,c. means coupling said stored CFTC requirements and regulations in said clearing system to said trading system for comparing said transaction with said stored requirements and regulations thereby determining the validity of each transaction,d. means for storing predetermined compliance criteria necessary to detect illegal trade practices or trade patterns which would adversely affect said commodity market thereby establishing a compliance system, ande. mean coupling said stored compliance criteria in said compliance system to said trading system and said clearing system for automatically comparing said transaction determined to be valid to said predetermined compliance criteria thereby enabling detection of illegal trade practices and trade patterns which would adversely affect said commodity market.

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