Method for directing and executing certified trading interests

• US 7,908,206 B2
• Filed: 07/17/2008
• Issued: 03/15/2011
• 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:
  US12/219,164
• Publication Number:
  US 20090018950A1
• Time in Patent Office: 971 Days
• Field of Search: 705/35, 705/37
• 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 managing market information, comprising the steps of:

(a) electronically receiving data from a first market participant, said data comprising a first order to buy or sell market securities and data specifying order-handling rules that specify that said first order should be exposed to randomly-scheduled match-check events;

(b) electronically storing said data received from said first market participant;

(c) electronically receiving information from a second market participant, said information including a second order to trade said market securities;

(d) electronically scheduling with a processing unit a match-check event that is scheduled to take place after said first and second orders have been received; and

(e) electronically triggering with said processing unit execution of auctions with orders for said market securities received at the time of said scheduled match-check event, including said first and second orders,

wherein said processing unit comprises one or more processors.

2. A method as in claim 1, wherein orders received from market participants are checked for possible immediate matching against previously-entered orders.

3. A method as in claim 1, wherein said data from said first market participant includes a more aggressive price that will be effective only during said match-check event.

4. A method as in claim 3, wherein said more aggressive price is displayed to a marketplace.