System and method for facilitating trading of financial instruments
First Claim
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1. A computer-implemented method for facilitating trading of financial instruments, comprising:
- receiving by a computer an order to trade a financial instrument by a first party, the order specifying a price and a side of trade;
calculating by the computer a distance and a direction of the price in relationship to an inside quote of the financial instrument;
generating by the computer a reflected dummy order to trade the financial instrument on an opposite side of trade, wherein the reflected dummy order is an inversed replica of the order on an opposite side of trade and a price inversed from the inside quote of the financial instrument at an inversed calculated distance and an inversed calculated direction from the inside quote; and
displaying by the computer the first party'"'"'s order and the reflected dummy order to a second party, wherein the computer does not identify either order as a dummy order.
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Abstract
A system and method for facilitating trading of financial instruments. According to one embodiment, an application receives an indication of interest to trade a financial instrument by a first party, provides the indication of interest to other parties without disclosing a side of trade, receives an offer to trade the financial instrument by a second party based on the provided indication of interest, a side of trade being associated with the offer by the second party but not disclosed to the first party, and receives either a rejection or an acceptance of the second party'"'"'s offer by the first party.
52 Citations
17 Claims
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1. A computer-implemented method for facilitating trading of financial instruments, comprising:
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receiving by a computer an order to trade a financial instrument by a first party, the order specifying a price and a side of trade; calculating by the computer a distance and a direction of the price in relationship to an inside quote of the financial instrument; generating by the computer a reflected dummy order to trade the financial instrument on an opposite side of trade, wherein the reflected dummy order is an inversed replica of the order on an opposite side of trade and a price inversed from the inside quote of the financial instrument at an inversed calculated distance and an inversed calculated direction from the inside quote; and displaying by the computer the first party'"'"'s order and the reflected dummy order to a second party, wherein the computer does not identify either order as a dummy order. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented method for trading financial instruments, comprising:
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receiving by a computer from a first party a sell order to trade a financial instrument, the order specifying a price; calculating by the computer a distance and a direction of the price in relationship to an inside quote of the financial instrument; generating by the computer a reflected dummy buy order to trade the financial instrument on an opposite side of trade, wherein the reflected dummy buy order is an inversed replica of the sell order on the opposite side of trade with a price inversed from the inside quote of the financial instrument at an inversed calculated distance and an inversed calculated direction from the best market price of the inside quote; displaying by the computer the sell order and the reflected dummy buy order via a user interface, wherein the computer does not identify either order as a dummy order; receiving by the computer an order by a second party; matching the first party'"'"'s order with the second party'"'"'s order; and completing by the computer the order only if the second party'"'"'s order is a buy order. - View Dependent Claims (13, 14)
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15. A computer-implemented method for trading financial instruments, comprising:
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receiving by a computer from a first party a buy order to trade a financial instrument, the order specifying a price; calculating by the computer a distance and a direction of the price in relationship to an inside quote of the financial instrument; generating by the computer a reflected dummy sell order to trade the financial instrument on an opposite side of trade, wherein the reflected dummy sell order is an inversed replica of the buy order on the opposite side of trade with a price inversed from the inside quote of the financial instrument at an inversed calculated distance and an inversed calculated direction from the best market price of the inside quote; displaying by the computer the buy order and the reflected dummy sell order via a user interface, wherein the computer does not identify either order as a dummy order; receiving by the computer an order by a second party; matching the first party'"'"'s order with the second party'"'"'s order; and completing by the computer the order only if the second party'"'"'s order is a sell order. - View Dependent Claims (16, 17)
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Specification