System for distributing, processing and displaying financial information

• US 5,270,922 A
• Filed: 06/27/1991
• Issued: 12/14/1993
• Est. Priority Date: 06/29/1984
• Status: Expired due to Term

• Current Assignee: Bank of America Corp.
• Original Assignee: Merrill Lynch & Co. Incorporated (Bank of America Corp.)
• Inventors: Higgins, Gerard M.
• Primary Examiner(s): Envall, Jr., Ray N.
• Assistant Examiner(s): Brutman, Laura
• Application Number:
  US07/725,951
• Time in Patent Office: 901 Days
• Field of Search: 364/408, 364/229.41, 364/283.2, 340/825.27, 395/800
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A data processing and communication system distributes and displays financial market ticker, quotation, news and ancillary information via a plurality of stored program controlled work stations. Stock trade executions, quotations and other ticker plant information is communicated in parallel to a hierarchy of system data processing terminals, e.g., those located at area, branch and individual work station locations. Storage media at the several system data processing levels extracts and stores data base information of differing purport and completeness for the disseminated data to support the system work station users.

In accordance with one aspect of the present invention, information characterizing a dynamically changing sub-population of the overall ensemble of market securities is maintained at and becomes immediately available to each work station responsive to the pattern of usage at that specific station. Various derivative tasks, such as security price limit alerts, are user programmable and are activated by the contents of the work station data base.

Claims

1. In combination in system apparatus for disseminating and selectively processing and displaying financial information for a population of n investment securities, when n is a positive integer;

said system apparatus comprising a hierarchal arrangement of variable content memory means disposed in a plurality of digital processing individual, branch, and area work stations, said hierarchal arrangement characterized by progressively completed variable content memory means;

each of said individual work stations including a display, a central processor, variable content memory means, memory means containing a program, and signal entry means;

said variable content memory means including plural storage elements for storing data characterizing a subpopulation k of the population n of investment securities where k<

n;

said signal entry means for requesting display of selected financial information stored in said variable content memory means;

trade information means for serially furnishing current trade information messages for the population of investment securities in parallel to said central processors of said work stations;

said program containing means for controlling said central processors;

said central processors of each of said work stations operatively selecting data received from said trade information means corresponding to said stored security sub-population and updating the data in said variable content memory means for said stored security sub-population.

2. A combination as in claim 1, further comprising means coupled to said trade information means for storing in one progressively completed variable content memory means data characterizing substantially all of said population of n investment securities, and means connecting said progressively completed variable content memory means with said central processors of each of said work stations.

4. A combination as in claim 1, wherein said variable content memory of at least one of said work stations includes means for storing an identifier for a security in said population and at least one price range bound for said identified security, and wherein said central processor means includes means for indicating when a received ticker message for said identified security has a trade price component which falls outside a stored range bound for said security.

6. A combination as in claim 2, wherein said progressively completed variable content memory means includes a hierarchy of additional storage apparatus each containing data characterizing a monotonically larger proportion of said population of investment securities.

7. A combination as in claim 1, further comprising a customer data base, and communications means selectively coupling each of said work stations with said customer data base.

8. A combination as in claims 1 or 4, further comprising data processing means including additional memory means, said data processing means including receiver means for receiving serial data supplied by said ticker source means, means for storing in said additional memory means data characterizing a substantially larger number of said investment security population than said k element sub-population stored in said work station variable content memory means, and means connecting said data processing means with a plurality of said digital processing work stations.

9. A combination as in claims 2 or 6, wherein said progressively completed variable content memory means includes means for receiving historical financial data for said securities population.

10. A combination as in claim 8, wherein said ticker source means includes transmitting means for providing over-the-air transmission of said current trade information messages, and wherein said ticker receiver means in said data processing means includes means for recovering the current trade information transmitted by said ticker source transmitting means.

11. A combination as in claim 10, wherein said transmitting means of said ticker source means includes means for radiating said current trade information on two redundant channels, and wherein said current trade information receiver means of said data processing means includes means for selecting for reception one of said two redundant transmission channels.

16. A combination as in claim 1, wherein said variable content memory means in at least one of said work stations further comprises means responsive to quotation requests entered via said signal entry means for extracting and displaying via said display characterizing said security sub-population retrieved from said station variable content memory means, and means for dynamically maintaining in said stored securities bu-population in said station variable content memory means data for a changing array comprising the more recently quoted securities of said population entered via said signal entry means.

17. A combination as in claim 8, wherein said additional variable content memory means includes means for receiving historical financial data for said securities population.

3. In combination in system apparatus for disseminating and selectively processing and displaying financial information for a population of n investment securities, when n is a positive integer;

said system apparatus comprising a hierarchal arrangement of variable content memory means disposed in a plurality of digital processing individual, branch and area work stations, said hierarchal arrangement characterized by progressively completed variable content memory means;

each of said individual work stations including a display, central processor, variable content memory means, memory means containing a program, and signal entry means, said variable content memory means including plural storage elements for storing data characterizing a sub-population k of the population n of investment securities where k<

n;

said signal entry means for requesting a display of selected financial information stored in said variable content memory means, trade information means for serially furnishing current trade information messages for the population of investment securities in parallel to said central processor of said work stations;

said program containing means for controlling said central processors;

said central processors of each of said work stations operatively selecting data received from said trade information means corresponding to said stored security sub-population and updating the data in said variable content memory means for said stored security sub-population wherein said variable content memory means in at least one of said work stations further comprises means responsive to quotation requests entered via said signal entry means, said responsive means for extracting and displaying via said display data characterizing said security sub-population retrieved from the group consisting of said station variable content memory means and variable content memory means from another of said hierarchically arranged work stations; and

means for dynamically maintaining in said stored securities sub-population in said station variable content memory means data for a changing array comprising the more recently quoted securities of said population entered via said signal entry means.

5. A combination as in claim 3, wherein said variable content memory means of at least one of said work stations includes means for storing an identifier for a security in said population and at least one range bound for said identified security, and wherein said central processor means includes means for indicating when a received ticker message for said identified security has a trade price component which falls outside a stored range bound for said security.

12. In combination in system apparatus for disseminating and selectively processing and displaying financial information for a population of investment securities;

said system apparatus comprising a hierarchal arrangement of variable content memory means disposed in a plurality of digital processing individual, branch and area work stations, said hierarchal arrangement characterized by progressively completed variable content memory means, each of said individual work stations including a display, central processor, variable content memory means, memory means containing a program, and signal entry means, said display effecting a coincident multi-window presentation of at least one formatted ticker and plural data fields, said program containing means for controlling said work stations central processor, said variable content memory means including means for storing acceptance criteria for each ticker display and means for storing data characterizing a sub-population of the population of investment securities sufficient for all securities included in said plural data fields;

trade information means for furnishing current trade messages for the population of investment securities to said central processors of said work stations;

said central processor of each of said work stations including means for operatively selecting data received from said trade information means corresponding to said stored security sub-population and for updating the data in said variable content memory means for said stored security sub-population, and said central processor of said work stations further including means for extracting acceptance criteria from said variable content memory means, means for comparing each received current trade message from said trade information means for selectively displaying at least a portion of said received message in said ticker display.

13. A combination as in claim 12, further comprising additional memory means, means coupled to said ticker source means for storing in said additional memory means data characterizing substantially all of the population of investment securities, and means connecting said additional memory means with said work stations.

14. A combination as in claim 13, wherein said variable content memory means in one of said work station stores a security sub-population of predetermined size, means responsive to quotation requests entered via said signal entry means for extracting and displaying via said display means data characterizing said security sub-population retrieved from the group consisting of said variable content memory means and said additional memory means;

and means for dynamically maintaining in said stored securities predetermined sub-population in said variable content memory means data for said predetermined number of most recently quoted securities of said population entered via said signal entry means.

15. A combination as in claims 12 or 13, wherein one of said data fields signals an out-of-limit price for one of said population of securities, wherein said variable content memory means of said work stations includes means for storing a securities identifier and at least one range bound therefor, and wherein said central processor means includes means for displaying an indication when a received ticker message for a monitored security has a trade price component which falls outside a stored range bound therefor.