System and method for implementing push technology in a wireless financial transaction

• US 7,860,778 B2
• Filed: 11/08/2004
• Issued: 12/28/2010
• Est. Priority Date: 11/08/2004
• Status: Expired due to Fees

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Amaitis, Lee M., Mylet, Darrin Michael
• Primary Examiner(s): Hamilton; Lalita M
• Assistant Examiner(s): Chang; Edward
• Application Number:
  US10/984,300
• Publication Number:
  US 20060100951A1
• Time in Patent Office: 2,241 Days
• Field of Search: 705/42, 705/37, 705/35, 705/36.R
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for executing a trade is provided that includes communicating financial information to a handheld device via a network, the financial information being associated with a trade that can be initiated by the handheld device. The handheld device is connected to the network via a Push to Trade™ protocol. The method also includes executing the trade on behalf of the end user.

Claims

1. An apparatus, comprising:

at least one processor; and

at least one memory device electronically coupled to the at least one processor, in which the memory device stores instructions which, when executed by the at least one processor, direct the at least one processor to at least;

present to a user, via a mobile device, a financial environment;

wherein the financial environment comprises financial information from at least one financial market;

present to the user, via the mobile device, at least a first query and a second query;

wherein the first query is for the user to execute broker-assisted trades, and

wherein the second query is for the user to execute electronic trades without broker assistance;

responsive to a selection by the user of a button on the mobile device, the button being associated with the user wanting to execute broker-assisted trades;

provide a connection between a live broker and the user, via the mobile device, wherein the connection comprises a direct connection that does not require dialing by the user and/or automated dialing to be established; and

responsive to the user wanting to execute electronic trades without broker-assistance;

receive from the user, via the mobile device, a selection of one of a plurality of options, the selected option including a trading order for a financial instrument; and

post the trading order on an electronic exchange without broker assistance;

wherein the user is authorized to execute trades via the mobile device when the mobile device is used by the user within at least a first zone;

wherein the user is not authorized to execute trades via the mobile device when the mobile device is used by the user within at least a second zone; and

wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least;

before allowing the user to execute trades;

determine that a location of the mobile device is within the first zone, wherein to determine that the location of the mobile device is within the first zone comprises a use of at least one of;

geo-fencing, global positioning satellite technology, triangulation, a geographic map, and an RFID sensor; and

based at least in part on determining that the location of the mobile device is within the first zone, allow the user to execute trades; and

wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least;

determine that a location of the mobile device has changed from within the first zone to within the second zone; and

based at least in part on determining that the location of the mobile device has changed from within the first zone to within the second zone, not allow the user to execute trades.

2. The apparatus of claim 1, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least:

in response to a command from an administrator, send a kill message to the mobile device, wherein the kill message causes the mobile device to be disabled.

3. The apparatus of claim 2, wherein the kill message causes the mobile device to remove at least a portion of financial-related data being stored on and/or displayed by the mobile device.

4. The apparatus of claim 1, wherein the at least one memory device stores a profile associated with the user of the mobile device.

5. The apparatus of claim 4, wherein the profile includes at least one of:

account information associated with the user, a voice pattern associated with the user, an asset position associated with the user, and personal identification information associated with the user.

6. The apparatus of claim 1, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least:

before allowing the user to execute trades;

verify an identity of the user based on at least one of;

a) an ID associated with and received from the mobile device;

b) a password ID received from the user via the mobile device;

c) a picture ID received from the user via the mobile device; and

d) at least one biometric parameter received from the user via the mobile device; and

based at least in part on verifying the identity of the user, authorize the user to execute trades.

7. The apparatus of claim 1, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least:

before allowing the user to execute trades;

verify an identity of the user based on at least one of voice recognition data and voice patterns; and

based at least in part on verifying the identity of the user, authorize the user to execute trades.

8. The apparatus of claim 1,

wherein the trading order received from the user is in a form of a data command;

and

wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least record the data command, thereby creating a data log.

9. The apparatus of claim 8, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to at least electronically send the data log to the user.

10. The apparatus of claim 1, wherein the trading order comprises at least one of:

a bid for the financial instrument,

an offer for the financial instrument,

a request to purchase the financial instrument, and

a request to sell the financial instrument.

11. A method, comprising the steps of:

presenting, by at least one processor, to a user via a mobile device a financial environment;

wherein the financial environment comprises financial information from at least one financial market, and

wherein the at least one processor and the mobile device are communicatively coupled via a communications network;

presenting, by the at least one processor, to the user via the mobile device at least a first query and a second query;

wherein the first query is for the user to execute broker-assisted trades, and

wherein the second query is for the user to execute electronic trades without broker assistance; and

responsive to a selection by the user of a button on the mobile device, the button being associated with the user wanting to execute broker-assisted trades;

providing, by the at least one processor, a connection between a live broker and the user, via the mobile device, wherein the connection comprises a direct connection that does not require dialing by the user and/or automated dialing to be established;

wherein the user is authorized to execute trades via the mobile device when the mobile device is used by the user within at least a first zone;

wherein the user is not authorized to execute trades via the mobile device when the mobile device is used by the user within at least a second zone; and

wherein the method further comprises the steps of;

before allowing the user to execute trades;

determining, by the at least one processor, that a location of the mobile device is within the first zone, wherein determining that the location of the mobile device is within the first zone comprises a use of at least one of;

geo-fencing, global positioning satellite technology, triangulation, a geographic map, and an RFID sensor; and

based at least in part on determining that the location of the mobile device is within the first zone, allowing, by the at least one processor, the user to execute trades; and

wherein the method further comprises the steps of;

determining, by the at least one processor, that a location of the mobile device has changed from within the first zone to within the second zone; and

based at least in part on determining that the location of the mobile device has changed from within the first zone to within the second zone, not allowing, by the at least one processor, the user to execute trades.

12. The method of claim 11, further comprising the step of:

in response to a command from an administrator, sending, by the at least one processor, a kill message to the mobile device, wherein the kill message causes the mobile device to be disabled.

13. The method of claim 12, wherein the kill message causes the mobile device to remove at least a portion of financial-related data being stored on and/or displayed by the mobile device.

14. The method of claim 11, further comprising the steps of:

before allowing the user to execute trades;

verifying, by the at least one processor, an identity of the user based on at least one of voice patterns and voice recognition data; and

based at least in part on verifying the identity of the user, authorizing, by the at least one processor, the user to execute trades.

15. The method of claim 11, further comprising the steps of:

before allowing the user to execute trades;

verifying, by the at least one processor, an identity of the user based on at least one of;

a) an ID associated with and received from the mobile device;

b) a password ID received from the user via the mobile device;

c) a picture ID received from the user via the mobile device; and

d) at least one biometric parameter received from the user via the mobile device; and

based at least in part on verifying the identity of the user, authorizing, by the at least one processor, the user to execute trades.