System and method for trading taxable and non-taxable securities
First Claim
Patent Images
1. A computer-implemented system for trading taxable and non-taxable securities or financial instruments comprising:
- a computer workstation that executes computer code stored on the computer workstation, the computer code comprisingan offering inventory code module for causing the workstation todisplay offerings of the taxable and non-taxable securities or financial instruments and responses to requests for quotations (RFQs) on the workstation andupdate the offerings and the responses to RFQs displayed on the workstation; and
a price discovery code module for enabling the workstation tosend RFQs to at least one predetermined dealer,receive at least one dealer response to the RFQs, andexecute a trade as an agent based on a best RFQ response or as a principal by improving the best RFQ response.
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0 Petitions
Accused Products
Abstract
A system for trading Certificates of Deposits, Discount Notes, CMOs, Corporate Bonds, High Yield Bonds, Illiquid Agency Securities, Mortgage Pass-Through Securities, Secondary Zero comprises an updatable offering inventory module and a price discovery module. The system allows users to send Request for Quotes (RFQs) to pre-determined dealers and capture dealer responses thereto. Traders who send RFQs have the ability to accept the best dealer response and execute a trade as an agent or to improve the best dealer response and execute the trade as a principal.
42 Citations
13 Claims
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1. A computer-implemented system for trading taxable and non-taxable securities or financial instruments comprising:
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a computer workstation that executes computer code stored on the computer workstation, the computer code comprising an offering inventory code module for causing the workstation to display offerings of the taxable and non-taxable securities or financial instruments and responses to requests for quotations (RFQs) on the workstation and update the offerings and the responses to RFQs displayed on the workstation; and a price discovery code module for enabling the workstation to send RFQs to at least one predetermined dealer, receive at least one dealer response to the RFQs, and execute a trade as an agent based on a best RFQ response or as a principal by improving the best RFQ response. - View Dependent Claims (2, 3, 4, 5)
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6. A method for trading taxable and non-taxable securities or financial instruments with a computer workstation that executes software stored on the workstation to perform steps comprising:
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displaying information pertaining to the taxable or nontaxable securities or financial instruments available for trading including responses to requests for quotation (RFQs); sending RFQs to at least one pre-determined dealer; receiving at least one dealer response to the RFQs; and executing a trade as an agent based on a best RFQ response or as a principal by improving the best RFQ response; and updating the information pertaining to the securities or financial instruments available for trading including the dealer responses to the RFQs. - View Dependent Claims (7, 8, 9)
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10. A computer readable tangible medium having code stored thereon that is executed on a computer workstation for performing a method for trading taxable and non-taxable securities and financial instruments comprising the steps of:
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displaying on the computer workstation information pertaining to the taxable and non-taxable securities or financial instruments available for trading including responses to requests for a quotations (RFQs); sending RFQs to at least one pre-determined dealer; receiving at least one dealer response to the RFQs; and executing a trade as an agent based on a best RFQ response or as a principal by improving the best RFQ response; and updating the information pertaining to the taxable and non-taxable securities or financial instruments available for trading including the dealer responses to the RFQs. - View Dependent Claims (11, 12, 13)
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Specification