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Method for managing distributed trading data

  • US 7,778,919 B2
  • Filed: 05/11/2009
  • Issued: 08/17/2010
  • Est. Priority Date: 12/05/2001
  • Status: Expired due to Fees
First Claim
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1. A computer-implemented method of managing securities market information across a network of securities market data providers, comprising the steps of:

  • (a) electronically receiving, from a first securities market participant over a computer network, first data including an electronically executable order and order display attributes and targeting parameters in a first securities market system that protects said first data behind a firewall, said first securities market system comprising at least one of an auction server and a matching engine for initiating searches for contra-side trading interests and enabling executions between said first market participant and qualified contra parties;

    (b) electronically receiving, from a second securities market participant, second data including confidential information regarding said second securities market participant in a second securities market system that protects said-second data behind a firewall, said second securities market system comprising at least one of a routing engine and an interface to a remote database for the purpose of evaluating whether said second participant is qualified to receive information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order, said second system not informing said second participant of said first participant'"'"'s order unless said second participant is determined to be qualified to receive said information about said first participant'"'"'s order;

    (c) electronically issuing, over said computer network, an advertisement request message from said first system to said second system, said advertisement message comprising said order display attributes and said targeting parameters of said first data from said first system;

    (d) electronically prompting said second system via the advertisement request message to use said first data from said first securities market system and said second data from said second securities market system and one or more rules to check whether said second securities market participant has in a system for managing orders an order on the contra side of said first participant'"'"'s order, and based at least in part on a result of said check, determining whether said second securities market participant is qualified to receive information about the first participant'"'"'s order as instructed by the order display attributes attached to said first participant'"'"'s order; and

    (e) displaying on said second system said information about said first participant'"'"'s order as instructed by said order display attributes attached to said first participant'"'"'s order based on said qualification from step (d).

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