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System for conducting and processing spot commodity transactions

  • US 5,168,446 A
  • Filed: 05/23/1989
  • Issued: 12/01/1992
  • Est. Priority Date: 05/23/1989
  • Status: Expired due to Fees
First Claim
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1. A data processing system for executing and characterizing trades among subscribers of specific ones of a selected group of commodities, said system comprising a group of trading stations including at least one trading station for each subscriber, each trading station being electronically coupled to said system to form a network, each of said trading stations comprising:

  • a. visual display means and input means for selection of certain fields from among an array of displayed fields including numerical data fields, to permit a trader to operate said system;

    b. communication initiation means initiate a communication link with a counterparty trading station of a selected subscriber in said network;

    c. first transmission means for transmitting from the initiating trading station a trading quotation request signal to said counterparty trading station, said quotation request signal comprising a commodity identification selected by the initiating trader, and an optional transactional volume amount which the initiating trader may select or elect not to transmit;

    d. acceptance means permitting a counterparty to accept from an initiating trading station over said link said quotation request signal;

    e. second transmission means for transmitting from said counterparty trading station to the initiating trading station selectively either a signal declining to quote or a quotation signal setting forth a bid price and an offer price for the identified commodity, and optionally a volume amount, said prices and volume amount being selected by the counterparty prior to transmission of said quotation signal;

    f. first reception means for receiving from the counterparty trading station either said signal declining to quote, which reception automatically terminates the transaction, or a quotation signal from the counterparty trading station over said link;

    g. third transmission means permitting only an initiating trading station that has received a quotation signal to transmit to the counterparty trading station over said link selectively, either a specific predetermined signal declining to make a proposal or a proposal signal proposing a trade in accordance with either the bid or offer term of said quotation signal for a volume amount selected by the initiating trading station prior to transmission of said proposal signal;

    h. second reception means permitting said counterparty trading station to receive from the initiating trading station either said signal declining to propose or a proposal signal from the counterparty trading station over said link;

    i. fourth transmission means permitting only a counterparty trading station that has received a proposal signal to transmit over said link a specific predetermined acceptance signal indicating acceptance of the proposal, said acceptance signal setting forth a volume amount for the transaction; and

    j. acknowledgement means for automatically sending an acknowledgement signal to the counterparty trading station upon receipt of said acceptance at the initiating trading station, receipt of said acknowledgement signal by the counterparty trading station indicating that the initiating trading station has received said acceptance.

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