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Method and apparatus for trading securities electronically

  • US 6,029,146 A
  • Filed: 08/21/1996
  • Issued: 02/22/2000
  • Est. Priority Date: 08/21/1996
  • Status: Expired due to Term
First Claim
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1. A system for transmitting electronic information for trading securities among brokers in a securities transaction, comprising:

  • a database, the database storing standing delivery instructions relating to at least a first broker;

    a data communication device for at least receiving an order message in a secure financial network format from the first broker, wherein the order message comprise a buy order or a sell order for trading securities, forwarding the order message in the secure financial network format to a second broker, receiving a confirmation message verifying execution of the order message in the secure financial network format from the second broker and forwarding the confirmation message in the secure financial network format to the first broker, forwarding a first notification message in the secure financial network format to a first clearing agent, and forwarding a second notification message in the secure financial network format to a second clearing agent, wherein the first and second notification messages comprise settlement instructions for settling the transaction; and

    a processor coupled to the data communication device and the database, the processor for automatically constructing the first notification message in the secure financial network format using data elements from the corresponding order and confirmation messages and the corresponding stored standing delivery instructions, and automatically constructing the second notification message in the secure financial network format using data elements from the corresponding order and confirmation messages and the corresponding stored standing delivery instructions.

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