Negotiated matching system
First Claim
1. A method of conducting a transaction for a trading instrument between counterparties via a negotiated matching system comprising a matching computer and a communication network in communication with the matching computer and in communication with trading terminals, the method comprising:
- receiving at the matching computer via the communication network first trading parameters for a trading instrument from a first trader via a first trading terminal, the first trading parameters comprising at least a first price for the trading instrument;
receiving at the matching computer via the communication network first trading parameters for the trading instrument from a second trader via a second trading terminal, the first trading parameters from the second trader comprising at least a second price for the trading instrument;
matching, via the matching computer, the first trading parameters from the first and second traders to identify the first trader and the second trader as potential counterparties for a tentative trading transaction, the matching occurring anonymously with respect to the potential counterparties;
after the step of matching, notifying the counterparties of the tentative trading transaction via the communication network, the step of notifying including automatically revealing to the counterparties the identity of the counterparties so that they may negotiate outstanding terms of the tentative trading transaction;
enabling electronic communication between the counterparties to negotiate at least a second trading parameter of the tentative trading transaction;
receiving via the communication network information indicating agreement between the counterparties of all trading parameters of the tentative trading transaction; and
after the step of receiving information, completing the transaction between the counterparties.
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Accused Products
Abstract
A negotiated matching system includes a plurality of remote terminals associated with respective potential counterparties, a communications network for permitting communication between the remote terminals, and a matching station. Each user enters trading information and ranking information into his or her remote terminal. The matching station then uses the trading and ranking information from each user to identify transactions between counterparties that are mutually acceptable based on the ranking information, thereby matching potential counterparties to a transaction. Once a match occurs, the potential counterparties transmit negotiating messages to negotiate some or all terms of the transaction. Thus, the negotiated matching system first matches potential counterparties who are acceptable to each other based on trading and ranking information, and then enables the two counterparties to negotiate and finalize the terms of a transaction.
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Citations
42 Claims
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1. A method of conducting a transaction for a trading instrument between counterparties via a negotiated matching system comprising a matching computer and a communication network in communication with the matching computer and in communication with trading terminals, the method comprising:
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receiving at the matching computer via the communication network first trading parameters for a trading instrument from a first trader via a first trading terminal, the first trading parameters comprising at least a first price for the trading instrument; receiving at the matching computer via the communication network first trading parameters for the trading instrument from a second trader via a second trading terminal, the first trading parameters from the second trader comprising at least a second price for the trading instrument; matching, via the matching computer, the first trading parameters from the first and second traders to identify the first trader and the second trader as potential counterparties for a tentative trading transaction, the matching occurring anonymously with respect to the potential counterparties; after the step of matching, notifying the counterparties of the tentative trading transaction via the communication network, the step of notifying including automatically revealing to the counterparties the identity of the counterparties so that they may negotiate outstanding terms of the tentative trading transaction; enabling electronic communication between the counterparties to negotiate at least a second trading parameter of the tentative trading transaction; receiving via the communication network information indicating agreement between the counterparties of all trading parameters of the tentative trading transaction; and after the step of receiving information, completing the transaction between the counterparties. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A negotiated matching system comprising:
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a communication network in communication with a plurality of trading terminals; and a matching computer in communication with the communication network, the matching computer comprising; a processor; and a computer readable storage medium containing instructions instructing the processor to perform steps comprising; receiving first trading parameters for a trading instrument from a first trader via a first trading terminal, the first trading parameters comprising at least a first price for the trading instrument; receiving first trading parameters for the trading instrument from a second trader via a second trading terminal, the first trading parameters from the second trader comprising at least a second price for the trading instrument; matching the first trading parameters from the first and second traders to identify the first trader and the second trader as potential counterparties for a tentative trading transaction, the matching occurring anonymously with respect to the potential counterparties; after the step of matching, notifying the counterparties of the tentative trading transaction, the step of notifying including automatically revealing to the counterparties the identity of the counterparties so that they may negotiate outstanding terms of the tentative trading transaction including at least a second trading parameter of the tentative trading transaction; receiving information indicating agreement between the counterparties of all trading parameters of the tentative trading transaction; and after the step of receiving information, completing the transaction between the counterparties. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. A computer readable medium having stored thereon computer-readable instructions for performing steps comprising:
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receiving via a communication network first trading parameters for a trading instrument from a first trader via a first trading terminal, the first trading parameters comprising at least a first price for the trading instrument; receiving via a communication network first trading parameters for the trading instrument from a second trader via a second trading terminal, the first trading parameters from the second trader comprising at least a second price for the trading instrument; matching via a matching computer the first trading parameters from the first and second traders to identify the first trader and the second trader as potential counterparties for a tentative trading transaction, the matching occurring anonymously with respect to the potential counterparties; after the step of matching, notifying via the communication network the counterparties of the tentative trading transaction, the step of notifying including automatically revealing to the counterparties the identity of the counterparties so that they may negotiate outstanding terms of the tentative trading transaction including at least a second trading parameter of the tentative trading transaction; receiving via the communication network information indicating agreement between the counterparties of all trading parameters of the tentative trading transaction; and after the step of receiving information, completing the transaction between the counterparties. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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Specification