Method and apparatus for facilitating transactions on a commercial network system
First Claim
1. A computer based method for facilitating a secondary market transaction of shares of investment companies between at least one buyer, an intermediate, and a seller, comprising:
- receiving at the intermediate a sell order to sell in the secondary market shares of an investment company from the seller, binding the seller to said intermediate, said intermediate having a central controller including database storage;
assigning a sell tracking identification, corresponding to said sell order and said seller;
storing said sell order and sell tracking identification in said database;
receiving a buy order from the buyer, assigning a buy tracking identification company to said buy order and said buyer;
storing said buy order and buy tracking identification to said database;
scanning the database for matching sell and buy orders;
binding the buyer to the intermediate;
executing trade upon a match;
forwarding trade confirmation to a transfer agent; and
forwarding confirmations of transaction to the buyer and the seller.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and device for using a computer to facilitate a transaction of secondary market shares of an investment company such as a mutual fund between a buyer and a seller, having the steps of: a customer determining the mutual fund to be traded receiving a schedule of fees from the central controller, the customer selecting the class of shares and inputting the quantity to be traded, the customer selecting the order type and adding any special instructions. The customer then submits the order to the central controller. The central controller will match buyers and sellers and determine which orders were executed. For all executions, the central controller will provide the seller with payments and the buyer with shares in the selected mutual fund.
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Citations
29 Claims
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1. A computer based method for facilitating a secondary market transaction of shares of investment companies between at least one buyer, an intermediate, and a seller, comprising:
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receiving at the intermediate a sell order to sell in the secondary market shares of an investment company from the seller, binding the seller to said intermediate, said intermediate having a central controller including database storage;
assigning a sell tracking identification, corresponding to said sell order and said seller;
storing said sell order and sell tracking identification in said database;
receiving a buy order from the buyer, assigning a buy tracking identification company to said buy order and said buyer;
storing said buy order and buy tracking identification to said database;
scanning the database for matching sell and buy orders;
binding the buyer to the intermediate;
executing trade upon a match;
forwarding trade confirmation to a transfer agent; and
forwarding confirmations of transaction to the buyer and the seller. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A device having stored programs executable by a computer to perform method steps for facilitating transactions of shares of an investment company between a seller, a buyer, and an intermediate, the method steps comprising:
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receiving at the intermediate a sell order to sell in a seconday market shares of an investment company from the seller, binding the seller to said intermediate;
assigning a sell tracking identification corresponding to said sell order and said seller;
assigning said sell order and sell tracking identification in said database;
receiving a buy order from the buyer binding the buyer to said intermediate;
assigning a buy tracking identification to said buy order;
storing said buy order and buy tracking identification in said database;
scanning the database for matching sell and buy orders;
executing trade upon a match;
forwarding trade confirmation to a transfer agent; and
forwarding confirmations of transaction to the buyer and the seller.
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29. A controller having stored programs for facilitating a secondary market transaction of shares of an investment company between a seller, a buyer, and an intermediate, the method steps comprising:
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means in said intermediate to act as one of a seller, an intermediate, and a buyer;
means for receiving at the intermediate a sell order to sell in the secondary market shares of an investment company from the seller, binding the seller to said intermediate;
means for assigning a sell tracking identification corresponding to said sell order and said seller;
means for assigning said sell order and sell tracking identification in said database;
means for receiving a buy order from the buyer, binding the buyer to said intermediate;
means for assigning a buy tracking identification to said buy order;
means for storing said buy order and buy tracking identification in said database;
means for scanning the database for matching sell and buy orders;
means for executing trade upon a match;
means for forwarding trade confirmation to a transfer agent; and
means for forwarding confirmations of transaction to the buyer and the seller.
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Specification