Two-way wireless system for financial industry transactions

• US 5,915,245 A
• Filed: 02/23/1998
• Issued: 06/22/1999
• Est. Priority Date: 09/20/1994
• Status: Expired due to Term

• Current Assignee: NYSE Group, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: Papyrus Technology Corporation (Aptean Superior Holdings, Inc.)
• Inventors: O'Neill, Desmond Sean, Patterson, L. Thomas Jr., Carroll, Stephen Tyler
• Primary Examiner(s): Stamber, Eric W.
• Application Number:
  US09/028,216
• Time in Patent Office: 484 Days
• Field of Search: 705/8, 705/9, 705/35, 705/37, 395/670, 395/672, 395/673, 395/674, 395/675, 340/825.26, 340/825.27, 340/825.44
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/388 using mutual authentication without cards, e.g. challenge-response
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H04L 1/1607 Details of the supervisory signal
• CPC Class Codes: H04L 12/1804 for stock exchange and similar applications
• CPC Class Codes: H04L 61/00 Network arrangements, protocols or services for addressing or naming
• CPC Class Codes: H04L 61/50 Address allocation
• CPC Class Codes: H04L 67/04 specially adapted for terminals or networks with limited capabilities; specially adapted for terminal portability
• CPC Class Codes: H04L 69/329 in the application layer [OSI layer 7]
• CPC Class Codes: H04L 9/40 Network security protocols
• CPC Class Codes: H04W 8/26 Network addressing or numbering for mobility support

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.

Claims

1. A method for managing one or more floor brokers situated on the floor of an exchange, comprising the steps in a wireless two-way communications system of:

providing each floor broker with a two-way communications device;

transmitting an instruction from a programmed computer to the two-way communications device, the instruction being selected from the group consisting of quotation requests, quotations, orders, cancellations, partial executions, and executions;

transmitting from each two-way communication device to the programmed computer current-status information concerning any transmitted instructions;

automatically and simultaneously displaying at the programmed computer in real time the current status information of at least a portion of the instructions received from each two-way communication device; and

enabling a selection of a floor broker to whom a further instruction is to be transmitted.

2. The method as in claim 1, wherein at least some of the transmissions from the two-way communication devices are transmitted without manual intervention of the floor brokers.

3. The method as in claim 1, wherein the programmed-computer and the two-way communication device communicate over a wireless communication link.

4. The method as in claim 3, wherein the wireless communication link comprises a spread spectrum radio link.

5. The method as in claim 3, wherein the wireless communication link is established using a connectionless protocol.

6. The method as in claim 1, including the additional step of routing communications between the programmed-computer and a network associated with the exchange.

7. The method as in claim 1, including the additional step of routing communications between the programmed-computer and a computer remote from the exchange floor.

8. The method as in claim 1, including the additional step of assigning a sequence number to the delegated instruction.

9. The method as in claim 8, wherein the transmissions received from the two-way communication devices include the sequence number.

10. The method as in claim 9, including the additional step of creating an audit trail by associating transmissions received at the programmed-computer in accordance with the sequence number.

11. The method as in claim 9, wherein said transmissions further include information relating to the time of the transmission.

12. The method as in claim 11, including the additional step of creating an audit trail by associating transmissions received at the programmed-computer in accordance with the sequence number.

13. The method as in claim 1, including the additional step of automatically utilizing an alternative method of communicating with the floor broker when transmissions are not received at the programmed-computer from the floor broker'"'"'s two-way communication device after a predetermined period of time.

14. The method as in claim 13, wherein the alternative method of communicating comprises contacting the floor broker using a pager or telephone.

15. The method as in claim 1, including the additional step of providing the programmed-computer with a touch-sensitive display screen.

16. The method as in claim 1, wherein the programmed-computer and the two-way communications devices each have a display screen, the method including the additional step of displaying substantially the same information on the display screen of the programmed-computer as appears on the display screen of at least one of the two-way communications devices.

17. The method as in claim 1, wherein the further instruction includes an image.

18. The method as in claim 17, wherein the step of enabling a selection includes the step of transmitting the further instruction including the image to that floor broker'"'"'s two-way communication device.

19. The method as in claim 1, including the additional step prior to the enabling step of constructing a further instruction by entering information at a touch-sensitive input device connected to the programmed-computer.

20. The method as in claim 1, including the additional step of calculating at the two-way communications device a remaining quantity of unfilled orders to fill using the current-status information.

21. The method as in claim 1, wherein the step of enabling a selection is performed by an operator at the programmed computer.

22. The method as in claim 1, wherein the step of enabling a selection is performed by a programmed machine.

23. A method for managing one or more brokers situated on the floor of an exchange, comprising the steps in a wireless two-way communications system of:

providing each broker with a two-way communications device adapted to allow entry of instructions of the type selected from the group consisting of quotation requests, quotations, orders, cancellations, partial executions, and executions;

transmitting an instruction from a programmed computer to a predetermined two-way communications device;

transmitting from the predetermined two-way communication device to the programmed computer current-status information concerning the transmitted instruction;

automatically and simultaneously displaying at the programmed computer in real time the current status information of the instruction received from the predetermined two-way communication device;

enabling the broker to select another broker to handle the instruction; and

transmitting the instruction from the predetermined two-way communication device to a computer of the another broker.

24. The method as in claim 23, wherein the instruction is an order.

25. The method as in claim 23, wherein the another broker is a specialist.

26. The method as in claim 23, wherein the computer is a two-way communication device.