Method for directing and executing certified trading interests

• US 7,814,000 B2
• Filed: 07/17/2008
• Issued: 10/12/2010
• Est. Priority Date: 06/01/2000
• Status: Expired due to Fees

• Current Assignee: Virtu ITG Software Solutions LLC
• Original Assignee: Aritas Group, Inc.
• Inventors: Federspiel, Fred J., Waelbroeck, Henri, Angel, James J.
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US12/219,156
• Publication Number:
  US 20090018946A1
• Time in Patent Office: 817 Days
• Field of Search: 705/37, 705/26
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Preferred embodiments of the subject invention comprise: (a) electronically receiving securities order-related data regarding a set of securities market participants; (b) electronically storing the received order-related data regarding the set of securities market participants; (c) electronically receiving a securities order-related query (or order parameters) from a first securities market participant; (d) based on the order-related query (or order parameters) received from the first securities market participant and on the securities order-related data regarding the set of securities market participants, computing a dissemination list of securities market participants based on ranking likely contras by probability of execution; and (e) transmitting that dissemination list to an entity who has been granted the privilege of receiving such lists in exchange for being contractually bound to respect confidentiality of the dissemination list and to use the list only for the purpose of sending securities-related information to members of the list.

Claims

1. A method of effecting a targeted auction on a computing system, comprising the steps of:

(a) electronically receiving, into said computing system, data including confidential information regarding market participants;

(b) electronically storing, in said computing system, said received data regarding market participants;

(c) electronically receiving, into said computing system, information including a first order from a first market participant computer;

(d) electronically storing, in said computing system. said information received from said first market participant computer;

(e) producing, in said computing system, a targeted dissemination list of market participants comprising a second market participant and a third market participant, based on said stored data regarding market participants and said information received from said first market participant computer;

(f) electronically transmitting, from said computing system to the market participants on said targeted dissemination list, data based on said information received from said first market participant computer;

(g) electronically receiving, into said computing system, an order from said second market participant;

(h) checking, in said computing system, order parameters for possible matching and execution of said second market participant'"'"'s order against said first order;

(i) electronically receiving, into said computing system, an order from a third market participant in response to said transmitted data;

(j) checking, in said computing system, order parameters for possible matching and execution of said third market participant'"'"'s order against said first order;

(k) conducting, in said computing system, an electronic auction among orders including said orders received in response to said transmitted data; and

(l) electronically transmitting the status of orders from said computing system to the respective market participants who initiated them.

2. A system for effecting a targeted auction, the system comprising:

a communication component for communicating with market participants; and

a processing component, in communication with said communication component, said processing component being configured for;

(a) electronically receiving data including confidential information regarding market participants;

(b) electronically storing said received data regarding market participants;

(c) electronically receiving information including a first order from a first market participant computer;

(d) electronically storing said information received from said first market participant computer;

(e) producing a targeted dissemination list of market participants comprising a second market participant and a third market participant, based on said stored data regarding market participants and said information received from said first market participant computer;

(f) electronically transmitting to the market participants on said targeted dissemination list data based on said information received from said first market participant computer;

(g) electronically receiving an order from said second market participant;

(h) checking order parameters for possible matching and execution of said second market participant'"'"'s order against said first order;

(i) electronically receiving an order from a third market participant in response to said transmitted data;

(j) checking order parameters for possible matching and execution of said third market participant'"'"'s order against said first order;

(k) conducting an electronic auction among orders including said orders received in response to said transmitted data; and

(l) electronically transmitting the status of orders to the respective market participants who initiated them.

3. An article of manufacture for effecting a targeted auction on a computing system, the article of manufacture comprising:

a computer-readable storage medium; and

code stored on said computer-readable storage medium, said code, when executed on said computing system, controlling said computing system for;

(a) electronically receiving data including confidential information regarding market participants;

(b) electronically storing said received data regarding market participants;

(c) electronically receiving information including a first order from a first market participant computer;

(d) electronically storing said information received from said first market participant computer;

(e) producing a targeted dissemination list of market participants comprising a second market participant and a third market participant, based on said stored data regarding market participants and said information received from said first market participant computer;

(f) electronically transmitting to the market participants on said targeted dissemination list data based on said information received from said first market participant computer;

(g) electronically receiving an order from said second market participant;

(h) checking order parameters for possible matching and execution of said second market participant'"'"'s order against said first order;

(i) electronically receiving an order from a third market participant in response to said transmitted data;

(j) checking order parameters for possible matching and execution of said third market participant'"'"'s order against said first order;

(k) conducting an electronic auction among orders including said orders received in response to said transmitted data; and

(l) electronically transmitting the status of orders to the respective market participants who initiated them.