Automated price improvement protocol processor
First Claim
1. A data processing system for implementing trading of select items, said data processing system utilized by Participants through a communication platform that defines the ability of Participants to engage in said trading, said system comprising:
- a plurality of communication links to Participants to transmit trading information on price and transaction attributes of said select items and to transmit Participant interactive inputs in response to said information, said inputs including Bid, Offer, and trade execution commands; and
a central server, linked to, and in communication with said Participants, said server programmed with trading control logic comprising a protocol of trade sequences directed to implementing interactive bidding, offering, and trading commands directed by Participants, wherein trading can proceed on multiple price levels in one or more trading states, said states defining the Participants'"'"' abilities to engage in item trading activity.
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Accused Products
Abstract
A data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly configured program controlled workstations. The protocol and its program controlling logic enhances trading efficiency, rewards market Makers, and fairly distributes market opportunity to system users.
500 Citations
113 Claims
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1. A data processing system for implementing trading of select items, said data processing system utilized by Participants through a communication platform that defines the ability of Participants to engage in said trading, said system comprising:
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a plurality of communication links to Participants to transmit trading information on price and transaction attributes of said select items and to transmit Participant interactive inputs in response to said information, said inputs including Bid, Offer, and trade execution commands; and
a central server, linked to, and in communication with said Participants, said server programmed with trading control logic comprising a protocol of trade sequences directed to implementing interactive bidding, offering, and trading commands directed by Participants, wherein trading can proceed on multiple price levels in one or more trading states, said states defining the Participants'"'"' abilities to engage in item trading activity. - 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, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75)
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76. A computer trading system for use by multiple Participants wherein one or more Participants operate a selectively configured input device for data entry and receive information about market conditions from a display, said system comprising:
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a data processor having associated control logic in communication with said input device, said control logic providing a trading protocol wherein trading can proceed on multiple price levels in one or more trading states that establish trading hierarchy among Participants and that allows a trade entry by a Participant to take place on select items;
wherein;
said input device comprises one or more trade execute keys, individually assigned to a particular item available for trading, said input device further comprising a plurality of Participant entry keys assigning trade commands to a particular Participant for entry of Bids, Offers, Hits, and Takes; and
said display presents a trading information profile that includes pending offers and bids at select price points and sizes. - View Dependent Claims (77, 78, 79, 80, 81, 82)
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83. A method of select item trading in an electronic interactive trading system that provides a predetermined trading protocol, said method comprising:
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providing a Price Improvement Bid-Offer System State wherein Participants participate by entry of bids, offers, and volume information;
queuing said Participants'"'"' Bids and Offers by price level and/or time;
receiving Hits and/or Takes from said Participants responding to these bids-offers that cause Participants to enter a Price Improvement Trade State; and
completing trade transactions as established during the Price Improvement Trade State wherein said trade transaction can be completed at multiple prices. - View Dependent Claims (84, 85, 86, 87, 88, 89, 90, 91, 92, 93)
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94. A trading computer system for electronic trading of items offered for sale via electronic communication between a plurality of Participants, said system comprising:
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network interconnection establishing communication between a plurality of computers and one or more computer servers;
one or more computer servers capable of receiving inputs from said plurality of computers and of responding to said plurality of computers in accordance with a trading defining protocol;
said plurality of computers individually including at least an output system for presenting trading information in a format comprehensible by said Participants, and an input system for transferring commands from said Participants to said server(s) regarding trading positions and the entry of executed trades that can be at multiple price levels in one or more trading states in response to said trading information. - View Dependent Claims (95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113)
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Specification