Online transaction processing system for bond trading

• US 5,809,483 A
• Filed: 11/14/1997
• Issued: 09/15/1998
• Est. Priority Date: 05/13/1994
• Status: Expired due to Term

• Current Assignee: Nasdaq OMX Group Incorporated (Nasdaq, Inc.)
• Original Assignee: Nasdaq Stock Market LLC (Nasdaq, Inc.)
• Inventors: Walsh, Michael P., Stewart, Walter E., Reiss, Robert N., Callan, Eugene A., Clowney, Deborah M., Broka, S. William, DiSisto, Daniel R., Weimer, Beth E., DuMont, Mark D.
• Primary Examiner(s): Cosimano, Edward R.
• Assistant Examiner(s): Bainbridge, Barton L.
• Application Number:
  US08/970,435
• Time in Patent Office: 305 Days
• Field of Search: 705/35, 705/36, 705/37, 705/38, 705/39
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system for monitoring information about debt securities and reporting trades in the debt securities market. The system includes user stations and a host processor. Users input data requests and trade information to the user stations which transmit the requests and trade information to the host processor. The host processor processes information about the trades and requests for information using databases which contain various types of information about the debt securities and users. The host processor transmits processed trade information and requested information to the user stations which present the information to the users.

Claims

1. A quote-driven system for reporting quotes for debt issues comprising:

a host processing system containing issue databases having information about debt issues available to be traded, quote databases containing data about quotes of the debt issues available to be traded, and trade databases for maintaining data about trades; and

a plurality of user stations, connected to the host processing system, for providing users an ability to access the issue and quote databases, said user stations including;

display means for displaying data from the issue databases and the quote databases,

input means for receiving user inputs about quotes of the issues available to be traded and identifying the data from the issue databases and the quote databases to be displayed on the display means for providing to the host processing system the user inputs,

communications means for receiving the data to be displayed from the host processing system and for transmitting the user inputs to the host processing system; and

trade input means for inputting data to the trade databases indicating that a trade was executed.

2. The system of claim 1, wherein the data contained in the quote databases comprise information about bid and offer prices for the debt issues,

wherein the display means includes means for displaying data from the quote databases, and

wherein the input means includes means for providing to the host processing system user inputs about quotes for the issues available to be traded and identifying the data from the quote databases to be displayed on the display means.

3. The system of claim 1 wherein

the host processing system includes participant databases having information about the users of the system, and wherein

the input means includes means for providing to the host processing system user inputs about the current user of the system.

4. The system of claim 1 or 2 wherein

the display means includes means for displaying the data organized into markets which are predefined subsets of debt issues available to be traded, and wherein

the input means includes means for providing to the host processing system user inputs identifying the markets.

19. The system of claim 1, wherein trades of debt issues are made through broker'"'"'s brokers, thereby preserving anonymity of dealers of the debt issues.

20. The system of claim 1, wherein the host processing system does not match bid and offer prices to automatically execute trading of debt issues.

5. In a quote-driven system for reporting quotes for debt issues having a plurality of user stations for receiving user inputs and requesting information and for providing the user inputs and requesting information to a host processor, the host processor comprising:

a memory containing issue databases having information about debt issues available to be traded, quote databases containing data about quotes of the debt issues available to be traded, and trade databases for maintaining data about trades;

communications means, coupled to the memory means, for receiving from the plurality of user stations user inputs about quotes for the issues to be traded, for receiving requests for data from the issue databases and the quote databases, for providing the requested data to the requesting one of the plurality of user stations, and for receiving from the plurality of user stations data indicating actual trade executions; and

processing means, coupled to the communications means and the memory, for controlling the memory and the communications means, for transferring to the memory the received requests and user inputs, and for transferring to the communications means the requested data.

6. The host processor of claim 5, wherein the data contained in the quote databases comprise information about bid and offer prices for the debt issues.

7. The host processor of claim 5 further including

participant databases having information about users of the system.

8. The host processor of claim 5, wherein trades of debt issues are made through broker'"'"'s brokers, thereby preserving anonymity of dealers of the debt issues.

9. The host processor of claim 5, wherein the processing means does not match bid and offer prices to automatically execute trading of debt issues.

10. In a quote-driven system for reporting the trading of debt issues having a host processing system storing databases, a plurality of user stations, each connected to the host processing system and each comprising:

display means for displaying data from issue databases, quote databases, and trade databases in the host processing systems, the issue databases containing information about debt issues available to be traded, the quote databases containing data about bid and offer prices for the debt issues available to be traded, and the trade databases containing data about executed trades including high, low and average trade values for specific time periods;

input means for receiving user inputs about trades of the issues available to be traded and identifying the data from the issue databases and the quote databases to be displayed on the display means and providing to the host processing system the user inputs, said input means further including means for receiving user inputs about executed trades, and

communications means for receiving the data to be displayed from the host processing system and for transmitting the user inputs to the host processing system.

11. The user stations of claim 10 wherein

the display means of each user station includes

means for displaying data from the quote databases, and wherein

the input means includes

means for providing to the host processing system user inputs about quotes for the issues available to be traded and identifying the data from the quote databases to be displayed on the display means.

12. The user stations of claim 10 wherein

the host includes participant databases having information about users of the system, and wherein

the input means includes means for providing to the host processing system user inputs about the current user of the system.

13. The user stations of claim 10, wherein trades of debt issues are made through broker'"'"'s brokers, thereby preserving anonymity of dealers of the debt issues.

14. The user stations of claim 10, wherein the host processing system does not match bid and offer prices to automatically execute trading of debt issues.

15. The user stations of claim 10 or 11 wherein

the display means includes means for displaying the data organized into markets which are predefined subsets of the debt issues available to be traded, and wherein

the input means includes means for providing to the host processing system user inputs identifying the markets.

16. A method for reporting the trading of debt issues comprising the steps, executed by a data processing system and a plurality of user stations, of:

displaying at user stations data from issue databases, quote databases, and trade databases, the data from the issue databases containing information about debt issues available to be traded, the data from the trade databases containing data about bid and offer prices for the debt issues available to be traded, and the data from the trade databases containing data about executed trades;

receiving from user stations user inputs about quotes for the issues available to be traded;

receiving from user stations data about executed trades; and

providing at the user stations identifications of the data from the issue databases and the quote databases to be displayed on the display means.

17. The method of claim 16 further including the steps of:

displaying data from the quote databases;

providing to the data processing system user inputs about quotes for the issues available to be traded; and

identifying the data from the quote databases to be displayed on the display means.

18. The method of claim 16 further including the step of

providing to the data processing system user inputs about a current user of the system.

21. The method of claim 16, wherein trades of debt issues are made through broker'"'"'s brokers, thereby preserving anonymity of dealers of the debt issues.

22. The method of claim 16, wherein the data processing system does not match bid and offer prices to automatically execute trading of debt issues.

23. The method of claim 16 or 17, further including the steps of:

displaying the data organized into markets, and

providing to the data processing system user inputs identifying the markets.