Two-way wireless system for financial industry transactions
DCFirst Claim
1. A method for managing one or more floor brokers situated on the floor of an exchange, comprising the steps of:
- providing each floor broker with a two-way communications device;
transmitting an instruction from a programed computer operated by an operator to the two-way communications device provided to a floor broker, the instruction being selected from the group consisting of quotation requests, quotations, orders, partial executions, and executions;
transmitting from each two-way communication device to the programmed computer current-status information concerning any transmitted instructions;
calculating at the programmed computer a remaining quantity of unfilled orders to fill using current-status information transmitted to the programmed computer;
automatically and simultaneously displaying at the programmed computer in real time the current status information of at least a portion of the delegated instructions received from each two-way communication device; and
selecting a floor broker to whom a further instruction is to be transmitted.
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Abstract
A method of managing the activities of one or more floor brokers situated on the floor of an exchange is disclosed. In one respect, the method uses a programmed computer to compare a relative number of instructions having a pending status that have been delegated to the floor brokers and find the floor broker having comparatively few pending instructions. The computer then delegates a further instruction to the floor broker that has been found. Typical instructions that may be managed by the inventive method may be quotation requests, quotations, orders, partial executions, and executions. A related method enables an operator to delegate instructions to one of plural floor brokers by providing the operator with a computer and the floor brokers with two-way communication devices and by receiving at the operator'"'"'s computer current-status information on any delegated instructions and automatically displaying that information at the computer.
495 Citations
19 Claims
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1. A method for managing one or more floor brokers situated on the floor of an exchange, comprising the steps of:
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providing each floor broker with a two-way communications device; transmitting an instruction from a programed computer operated by an operator to the two-way communications device provided to a floor broker, the instruction being selected from the group consisting of quotation requests, quotations, orders, partial executions, and executions; transmitting from each two-way communication device to the programmed computer current-status information concerning any transmitted instructions; calculating at the programmed computer a remaining quantity of unfilled orders to fill using current-status information transmitted to the programmed computer; automatically and simultaneously displaying at the programmed computer in real time the current status information of at least a portion of the delegated instructions received from each two-way communication device; and selecting a floor broker to whom a further instruction is to be transmitted. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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Specification