Electronic trading system featuring arbitrage and third-party credit opportunities
First Claim
1. An electronic trading system comprising:
- a plurality of trader terminals for receiving credit parameter data, arbitrage parameter data, and trading data from a trading entity and displaying trade information to the trading entity, said trading data including bid and/or offer information input by the trading entity;
a computer connected to said plurality of trader terminals via a communications network, said computer receiving and storing said credit parameter data and said trading data from said plurality of trader terminals;
detecting means for automatically detecting an available arbitrage transaction in accordance with said arbitrage parameter data, said available arbitrage transaction including a plurality of trades based on said credit parameter data, said arbitrage parameter data, and said trading data;
executing means for automatically executing said available arbitrage transaction by excuting all of said plurality of trades, wherein said executing means includes locking means by which all trades necessary to complete a detected arbitrage opportunity are locked prior to execution of any of said all trades to ensure that said all trades remain available during the execution of said detected arbitrage transaction, wherein said executing means will not perform any trades of said detected arbitrage transaction unless said all trades are locked.
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Accused Products
Abstract
An electronic trading system includes a plurality of trader terminals for receiving credit parameter data, arbitrage parameter data, and trading data from a trading entity and displaying trade information to the trading entity. The trading data includes bid and/or offer information input by the trading entity. The system further includes a computer connected to the plurality of trader terminals via a communications network which receives and stores the credit parameter data and the trading data from the plurality of trader terminals. The system also includes a detector circuit or program for automatically detecting an available arbitrage opportunity including a plurality of trades based on the credit parameter data, the arbitrage parameter data, and the trading data; and a circuit or program for automatically executing the available arbitrage opportunity by executing all of the plurality of trades. A similar electronic trading system includes an automatic name switch feature wherein the plurality of trader terminals receive name switch parameter data, credit parameter data, and trading data from the trading entity. A circuit or program automatically detects and executes available name switch transactions based on the credit parameter data, the name switch parameter data, and the trading data.
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Citations
44 Claims
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1. An electronic trading system comprising:
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a plurality of trader terminals for receiving credit parameter data, arbitrage parameter data, and trading data from a trading entity and displaying trade information to the trading entity, said trading data including bid and/or offer information input by the trading entity;
a computer connected to said plurality of trader terminals via a communications network, said computer receiving and storing said credit parameter data and said trading data from said plurality of trader terminals;
detecting means for automatically detecting an available arbitrage transaction in accordance with said arbitrage parameter data, said available arbitrage transaction including a plurality of trades based on said credit parameter data, said arbitrage parameter data, and said trading data;
executing means for automatically executing said available arbitrage transaction by excuting all of said plurality of trades, wherein said executing means includes locking means by which all trades necessary to complete a detected arbitrage opportunity are locked prior to execution of any of said all trades to ensure that said all trades remain available during the execution of said detected arbitrage transaction, wherein said executing means will not perform any trades of said detected arbitrage transaction unless said all trades are locked. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. An electronic wading system, comprising:
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a plurality of trader terminals for receiving credit parameter data, name switch parameter data, and trading data from a trading entity and displaying trade information to the trading entity, said trading data including bid and/or offer information input by the trading entity;
a computer connected to said plurality of trader terminals via a communications network, said computer receiving and storing said credit parameter data, said name switch parameter data, and said trading data from said plurality of trader terminals;
detecting means for automatically detecting an available name switch transaction based on said credit parameter data, said name switch parameter data, and said trading data;
executing means for locking said trading data and for automatically executing said available name switch transaction. - View Dependent Claims (9, 10, 11, 12, 13)
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14. An electronic trading system comprising:
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a plurality of trader terminals for receiving credit parameter data, arbitrage parameter data, and trading data from a trading entity and displaying trade information to the trading entity, said trading data including bid and/or offer information input by the trading entity;
a computer connected to said plurality of trader terminals via a communications network, said computer receiving and storing said credit parameter data and said trading data from said plurality of trader terminals;
a detector for automatically detecting an available arbitrage transaction in accordance with said arbitrage parameter data, said available arbitrage transaction including a plurality of trades based on said credit parameter data, said arbitrage parameter data, and said trading data;
an executing circuit for automatically executing said available arbitrage transaction by executing all of said plurality of trades, wherein said executing circuit includes locking circuit by which all trades necessary to complete a detected arbitrage opportunity are locked prior to execution of any of said all trades to insure that said all trades remain available during the execution of said detected arbitrage opportunity, wherein said executing circuit will not perform any trades of said detected arbitrage opportunity unless said all trades are locked. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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21. An electronic trading system, comprising:
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a plurality of trader terminals for receiving credit parameter data, name switch parameter data, and trading data from a trading entity and displaying trade information to the trading entity, said trading data including bid and/or offer information input by the trading entity;
a computer connected to said plurality of trader terminals via a communications network, said computer receiving and storing said credit parameter data, said name switch parameter data, and said trading data from said plurality of trader terminals;
a detector for automatically detecting an available name switch transaction based on said credit parameter data, said name switch parameter data, and said trading data; and
an executing circuit that locks said trading data and automatically executes said available name switch transaction. - View Dependent Claims (22, 23, 24, 25)
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26. In an electronic trade system having a plurality of trader terminals connected over a network, said trader terminal comprising:
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an input receiving arbitrage parameter data from a trader;
a display displaying trade data to said trader, said trade data including bid and/or offer information input at a first remote location connected to said network;
a detector for detecting an arbitrage transaction opportunity including at least two trades in accordance with said arbitrage parameter data from said user; and
an executor for executing said arbitrage transaction opportunity by executing all of said trades.
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27. A method for arbitrating a plurality of trades over a network comprising the steps of:
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receiving arbitrage parameter data;
displaying trade data, said trade data including bid and/or offer information input at a first remote location connected to said network;
detecting an arbitrage transaction opportunity including at least two trades in accordance with said arbitrage parameter data;
executing said arbitrage transaction opportunity by executing all of said trades. - View Dependent Claims (28, 29, 30, 31, 32, 33, 34)
notifying a trading entity that said arbitrage transaction has been executed; and
notifying the trading entity of the results of said executed arbitrage transaction.
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29. The method according to claim 27, further comprising the steps of:
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alerting a trading entity of a detected arbitrage opportunity; and
providing the trading entity with the option to pursue or not pursue said detected arbitrage opportunity.
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30. The method according to claim 27, wherein, prior to said executing said, said method includes the step of:
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locking all trades necessary to execute the detected arbitrage opportunity prior to ensure that said all trades remain available during the execution of said detected arbitrage transaction, wherein said executing step is not performed on any trades of said detected arbitrage transaction unless said locking step is executed.
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31. The method according to claim 27, wherein said credit parameter data includes a credit limit for potential trading counterparties.
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32. The method according to claim 27, wherein said arbitrage parameter data includes a minimum spread parameter and/or a minimum size parameter and/or a maximum size parameter.
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33. The method according to claim 27, wherein said arbitrage parameter data includes a minimum spread parameter, an average spread parameter, a minimum size parameter, and a maximum size parameter.
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34. The method according to claim 27, wherein the detected arbitrage transaction opportunity is one in which a first trading entity enables a trade requested by a second trading entity and a third trading entity, said first trading entity having sufficient credit with said second and third trading entities to complete said trade, said second and third trading entities being unable to trade directly with one another.
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35. In an electronic trading system having a plurality of trader terminals connected over a network, said trader terminal comprising:
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an input receiving arbitrage parameter data from a trader;
a display displaying trade data to said trader, said trade data including bid and/or offer information input at a first remote location connected to said network;
a detector for detecting an arbitrage transaction opportunity including at least two trades in accordance with said arbitrage parameter data from said user;
an arbitrage availability lock for locking in the availability of said at least two trades, thereby ensuring that said at least two trades remain available during execution of said at least two trades; and
an executor for executing said arbitrage transaction opportunity by executing said at least two trades.
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36. In an electronic trading system having a plurality of trader terminals connected over a network, said trader terminal comprising:
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an input receiving arbitrage parameter data from a trader, said arbitrage parameter data including one or more of a minimum spread parameter, a minimum size parameter and a maximum size parameter;
a display displaying trade data to said trader, said trade data including bid and/or offer information input at a first remote location connected to said network;
a detector for detecting an arbitrage transaction opportunity including at least two trades in accordance with said arbitrage parameter data from said user;
an executor for executing said opportunity by executing said at least two trades; and
a notifier for notifying that said arbitrage transaction opportunity has been executed and the results of said executed opportunity.
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37. A computer-readable medium having computer-executable instructions for performing steps for arbitrating a plurality of trades over a network, said computer-executable instructions comprising the steps of:
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receiving credit parameter data, arbitrage parameter data and trading data;
displaying trade data, said trade data including bid and/or offer information input at a first remote location connected to said network;
detecting an arbitrage transaction opportunity including at least two trades in accordance with said arbitrage parameter data;
executing said arbitrage action opportunity by executed all of said trades. - View Dependent Claims (38, 39, 40, 41, 42, 43, 44)
notifying a trading entity that said arbitrage transaction has been executed; and
notifying the trading entity of the results of said executed arbitrage transaction.
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39. The computer-readable medium according to claim 37, said computer-executable instructions further comprising the steps of:
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alerting a trading entity of a detected arbitrage opportunity; and
providing the trading entity with the option to pursue or not pursue said detected arbitrage opportunity.
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40. The computer-readable medium according to claim 37, wherein, prior to said executing said, said computer-executable instructions includes the step of:
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locking all trades necessary to execute the detected arbitrage opportunity prior to ensure that said all trades remain available during the execution of said detected arbitrage transaction, wherein said executing step is not performed on any trades of said detected arbitrage transaction unless said locking step is executed.
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41. The computer-readable medium according to claim 37, wherein said credit parameter data includes a credit limit for potential trading counterparties.
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42. The computer-readable medium according to claim 37, wherein said arbitrage parameter data includes a minimum spread parameter and/or a minimum size parameter and/or a maximum size parameter.
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43. The computer-readable medium according to claim 37, wherein said arbitrage parameter data includes a minimum spread parameter, an average read parameter, a minimum size parameter, and a maximum size parameter.
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44. The computer-readable medium according to claim 37, wherein the detected arbitrage transaction opportunity is one in which a first trading entity enables a trade requested by a second trading entity and a third trading entity, said first trading entity having sufficient credit with said second and third trading entities to complete said trade, said second and third trading entities being unable to trade directly with one another.
Specification