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Computer-implemented securities trading system with virtual currency and virtual specialist

  • US 7,487,123 B1
  • Filed: 08/25/1999
  • Issued: 02/03/2009
  • Est. Priority Date: 03/25/1996
  • Status: Expired due to Fees
First Claim
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1. A method for trading a plurality of instruments in a computerized trading system that receives buy orders and sell orders for an instrument, the method comprising:

  • Measuring with at least one server computer an imbalance between the buy orders and sell orders for the instrument received over a given period, the buy and seller orders received from at least a first computer associated with a first trader and a second computer associated with a second trader, each of the first and second computers coupled to the at least one server computer over a communication network;

    Computing with at least one server computer a projected price movement based on the measured imbalance between the number of buy and sell orders;

    setting a market price for the instrument based upon the received buy and sell orders and the measured imbalance;

    automatically generating additional buy orders or sell orders for the instrument at the market price to guarantee execution of some or all of the received buy or sell orders;

    generating an electronic currency to execute the buy or sell orders;

    crediting a first trader'"'"'s account with proceeds in the electronic currency for the executed sell orders by the first trader; and

    debiting a second trader'"'"'s account in the electronic currency for the executed buy orders by the second trader.

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