Internal trade requirement order management and execution system
First Claim
1. An order management system for executing trades, comprising:
- A database comprising records representinga set of one or more internal accounts for settling funds associated with internal trades, anda set of one or more holder accounts for settling funds associated with internal trades and external trades;
an order generator processor whichreceives from a customer an internal account trading requirement for an internal account, wherein the order management system does not permit direct trades between said internal account and a provider external to the customer,translates said internal account trading requirement into a holder account trading requirement for a holder account by creating a trading requirement for the holder account that is equivalent to the trading requirement for the internal account, wherein the order management system is configured to use said holder account to trade directly with both said internal account and said external provider, andbuilds an external order based on said holder account trading requirement;
an order executor processor whichtransmits a set of price quotes for said external order to said customer and,responsive to said customer'"'"'s selection of a winning price quote from said external provider, causes said external order to be filled; and
an order completer processor which records two executed deals comprising;
a first executed deal between said holder account and said external provider, said first executed deal corresponding to said filled external order, anda second executed deal between said holder account and said internal account.
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Accused Products
Abstract
The present invention provides an order management and execution system and computer-implemented method for managing orders in an environment where the customer may utilize internal accounting and trading procedures that require filling a number of internal and external trading requirements for a number of internal and external trading accounts. The invention, which may be used in a variety of different trading contexts and for a variety of asset classes, automatically converts the internal trading requirements to external trading requirements and builds external orders, which are optionally netted and executed in the market using an asset trading execution system. Then the invention automatically converts the executed external requirements back to the appropriate internal requirements, records the internal requirements as filled, and optionally downloads the appropriate execution completion records to the customer'"'"'s trading system.
52 Citations
60 Claims
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1. An order management system for executing trades, comprising:
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A database comprising records representing a set of one or more internal accounts for settling funds associated with internal trades, and a set of one or more holder accounts for settling funds associated with internal trades and external trades; an order generator processor which receives from a customer an internal account trading requirement for an internal account, wherein the order management system does not permit direct trades between said internal account and a provider external to the customer, translates said internal account trading requirement into a holder account trading requirement for a holder account by creating a trading requirement for the holder account that is equivalent to the trading requirement for the internal account, wherein the order management system is configured to use said holder account to trade directly with both said internal account and said external provider, and builds an external order based on said holder account trading requirement; an order executor processor which transmits a set of price quotes for said external order to said customer and, responsive to said customer'"'"'s selection of a winning price quote from said external provider, causes said external order to be filled; and an order completer processor which records two executed deals comprising; a first executed deal between said holder account and said external provider, said first executed deal corresponding to said filled external order, and a second executed deal between said holder account and said internal account. - 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)
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37. An order management system for executing trades, comprising:
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A database comprising records representing a set of one or more internal accounts for settling funds associated with internal trades, and a set of one or more holder accounts for settling funds associated with internal trades and external trades; an order generator processor which receives from a customer an internal account trading requirement for an internal account, wherein the order management system does not permit direct trades between said internal account and a provider external to the customer, translates said internal account trading requirement into a holder account trading requirement for a holder account by creating a trading requirement for the holder account that is equivalent to the trading requirement for the internal account, wherein the order management system is configured to use said holder account to trade directly with both said internal account and said external provider, and builds an external order based on said holder account trading requirement; an order executor processor which automatically selects a winning price quote from said external provider for said external order and causes said external order to be filled by an asset trading execution system; and an order completer processor which records two executed deals comprising; a first executed deal between said holder account and said external provider, said first executed deal corresponding to said filled external order, and a second executed deal between said holder account and said internal account.
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38. In an order management system comprising a set of one or more internal accounts for settling funds associated with internal trades, a set of one or more holder accounts for settling funds associated with internal trades and external trades, an order generator, an order executor, an order completer and an interface to a customer trading system, a computer-implemented method for processing trade requests, comprising:
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receiving, via the interface to the customer trading system, an internal account trading requirement for an internal account, wherein the order management system does not permit direct trades between said internal account and a provider external to the customer; using the order generator to translate said internal account trading requirement into a holder account trading requirement for a holder account, and to build an external order based on said holder account trading requirement, wherein, the translation includes creating a trading requirement for the holder account that is equivalent to the trading requirement for the internal account, and the order management system is configured to use said holder account to trade directly with both said internal account and said external provider; using the order executor to transmit a set of price quotes for said external order to said customer trading system and to fill said external order responsive to receiving from said customer trading system a selection of a winning price quote from said external provider; and using the order completer to record two executed deals comprising a first executed deal between said holder account and said external provider, said first executed deal corresponding to said filled external order, and a second executed deal between said holder account and said internal account; wherein all of the steps above are performed by a programmed computer. - View Dependent Claims (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