Electronic inquiry lists for financial products
First Claim
1. A method implemented by a computer system for the trading, buying or selling, of lists of independent bonds at independent quantities between at least one initiator and one or more respondents, said method comprising:
- a) displaying a list creation state comprising a list of bonds of buying or selling interest with select volumes, wherein;
for each bond on the list, the displayed list creation state includes at least one region for inputting bond data, the bond data comprising;
a pricing option (one-step, standard, or phone), a bond identifier, a list type, a size, counterparties, a “
response due”
time, and a “
response good for”
time;
the displayed list creation state includes at least one region for inputting respondents to transmit the list of bonds; and
the system verifies that a pre-defined relationship exists between the initiator and the respondents;
b) generating and transmitting an alert to the respondents that the list has been submitted;
b′
) displaying a list response state, wherein the list response state includes at least one region for entering at least one response (offers or bids) on one or more bonds on the list, on a bond-by-bond basis, wherein the at least one response comprises at least one of;
independent spreads, yields, discount margins, and prices in the volumes requested;
b″
) holding in at least one database the at least one response from being provided to the initiator until a predetermined time of a timer has elapsed;
c) displaying a list trade state, wherein the displayed list trade state includes at least one region for viewing and executing a trade (by at least one of hitting, lifting, and passing) on one or more bonds on the list, on a bond-by-bond basis at independent and select spreads, yields, discount margins or prices for each bond where the at least one response was received;
d) verifying whether at least one of;
spread to benchmark, benchmark spot price, and benchmark spot yield have already been agreed for securities that trade on yield or discount margin;
d′
) in response to verifying, displaying a list pricing state, wherein the list pricing state includes at least one region that allows the initiator to generate a request to the respondent for a final price for each traded; and
e) generating, in a list complete state, a notification that is transmitted to the initiator and respondents that provided the at least one response, the notification indicating that each bond on the list has reached a final state in which the bond was traded or not traded, wherein each state of the list transitions to another state based on at least one of the timer and an action performed by one of the initiator and the respondent.
4 Assignments
0 Petitions
Accused Products
Abstract
Inquiry lists for financial interests are submitted, negotiated and traded between investors and dealers over a network or networks. An investor interface for display is provided to an investor. A dealer interface for display is provided to a plurality of dealers. The investor can create an inquiry list via the investor interface containing a plurality of inquiries for a corresponding plurality of different financial interests and can send a message containing the inquiry list to selected dealer(s) where an established relationship exists between said investor and dealers. The dealer(s) can provide respective responses to the message, the response containing respective offers/bids on the plurality of inquiries contained in the inquiry list via the dealer interface. The respective offers/bids are displayed in the inquiry list on the investor interface. The investor may then select one of the respective dealer offers/bids for each inquiry list line item via the investor interface.
35 Citations
60 Claims
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1. A method implemented by a computer system for the trading, buying or selling, of lists of independent bonds at independent quantities between at least one initiator and one or more respondents, said method comprising:
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a) displaying a list creation state comprising a list of bonds of buying or selling interest with select volumes, wherein; for each bond on the list, the displayed list creation state includes at least one region for inputting bond data, the bond data comprising;
a pricing option (one-step, standard, or phone), a bond identifier, a list type, a size, counterparties, a “
response due”
time, and a “
response good for”
time;the displayed list creation state includes at least one region for inputting respondents to transmit the list of bonds; and the system verifies that a pre-defined relationship exists between the initiator and the respondents; b) generating and transmitting an alert to the respondents that the list has been submitted; b′
) displaying a list response state, wherein the list response state includes at least one region for entering at least one response (offers or bids) on one or more bonds on the list, on a bond-by-bond basis, wherein the at least one response comprises at least one of;
independent spreads, yields, discount margins, and prices in the volumes requested;b″
) holding in at least one database the at least one response from being provided to the initiator until a predetermined time of a timer has elapsed;c) displaying a list trade state, wherein the displayed list trade state includes at least one region for viewing and executing a trade (by at least one of hitting, lifting, and passing) on one or more bonds on the list, on a bond-by-bond basis at independent and select spreads, yields, discount margins or prices for each bond where the at least one response was received; d) verifying whether at least one of;
spread to benchmark, benchmark spot price, and benchmark spot yield have already been agreed for securities that trade on yield or discount margin;d′
) in response to verifying, displaying a list pricing state, wherein the list pricing state includes at least one region that allows the initiator to generate a request to the respondent for a final price for each traded; ande) generating, in a list complete state, a notification that is transmitted to the initiator and respondents that provided the at least one response, the notification indicating that each bond on the list has reached a final state in which the bond was traded or not traded, wherein each state of the list transitions to another state based on at least one of the timer and an action performed by one of the initiator and the respondent. - 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)
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31. A method implemented by a computer system for the trading, buying or selling, of lists of independent bonds at independent quantities between at least one initiator and one or more respondents, said method comprising:
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a) displaying a list creation state comprising a list of bonds of buying or selling interest with select volumes, wherein; for each bond on the list, the displayed list creation state includes at least one region for inputting bond data, the bond data comprising;
a pricing option (one-step, standard, or phone), a bond identifier, a list type, a size, counterparties, a “
response due”
time, and a “
response good for”
time;the displayed list creation state includes at least one region for inputting respondents to transmit the list of bonds; and the system verifies that pre-defined relationship exists between the initiator and the respondents; and b) generating and transmitting an alert to the respondents that the list has been submitted; b′
) displaying a list response state, wherein the list response state includes at least one region for entering at least one response (offers or bids) on one or more bonds on the list, on a bond-by-bond basis, wherein the at least one response comprises at least one of;
independent spreads, yields, discount margins, and prices in the volumes requested;c) holding in at least one database the at least one response from being provided to the initiator until a predetermined time of a timer has elapsed; d) displaying a list trade state, wherein the displayed list trade state includes at least one region for viewing and executing a trade (by at least one of hitting, lifting, and passing) on one or more bonds on the list, on a bond-by-bond basis at independent and select spreads, yields, discount margins or prices for each bond where the at least one response was received; and e) generating, in a list complete state, a notification that is transmitted to the initiator and respondents that provided the at least one response, the notification indicating that each bond on the list has reached a final state in which the bond was traded or not traded, wherein each state of the list transitions to another state based on at least one of the timer and an action performed by one of the initiator and the respondent. - View Dependent Claims (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)
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Specification