Method for directing and executing certified trading interests

• US 8,041,628 B2
• Filed: 07/17/2008
• Issued: 10/18/2011
• Est. Priority Date: 06/01/2000
• Status: Expired due to Fees

• Current Assignee: Virtu ITG Software Solutions LLC
• Original Assignee: Aritas Group, Inc.
• Inventors: Waelbroeck, Henri, Federspiel, Fred J., Angel, James J.
• Primary Examiner(s): Patel; Jagdish
• Application Number:
  US12/219,161
• Publication Number:
  US 20090018973A1
• Time in Patent Office: 1,188 Days
• Field of Search: 705/37, 705/38
• 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 securities market information, comprising the steps of:

(a) electronically receiving over a computer network data including confidential trading interest information of securities market participants;

(b) electronically storing said received data including confidential trading interest information of securities market participants;

(c) electronically receiving information from a first securities market participant'"'"'s computer;

(d) electronically storing said information received from said first securities market participant'"'"'s computer;

(e) producing with a processor a targeted dissemination list of securities market participants based on said confidential trading interest information of securities market participants and said information received from said first securities market participant'"'"'s computer; and

(f) electronically transmitting, only to the securities market participants on said targeted dissemination list, data based on said information received from said first securities market participant'"'"'s computer.

2. The method of claim 1 wherein said information received from said first securities market participant'"'"'s computer includes specific dissemination parameters.

3. The method of claim 1 wherein said data including confidential trading interest information of securities market participants is not disseminated to any market participant upon receipt or at any future time.

4. The method of claim 1 wherein said data including confidential trading interest information of securities market participants comprises data whose dissemination could affect the price or availability of a security.

5. The method of claim 1 wherein said targeted dissemination list excludes one or more market participants identified as unlikely to take the contra side to a specified trade.

6. The method of claim 1 wherein said first securities market participant'"'"'s computer does not receive said confidential trading interest information of said securities market participants.

7. The method of claim 1 wherein said first securities market participant'"'"'s computer does not receive information about size or composition of said targeted dissemination list.

8. The method of claim 1 wherein said targeted dissemination list comprises likely contra parties for said confidential trading interest.

9. The method of claim 1 wherein said targeted dissemination list excludes contra parties likely to misuse knowledge of said confidential trading interest.

10. The method of claim 1 further comprising the steps of:

electronically receiving data from securities market participants on said targeted dissemination list;

electronically storing said received data from securities market participants on said targeted dissemination list; and

electronically transmitting information back to the first securities market participant'"'"'s computer based on said stored data received from securities market participants on said targeted dissemination list.

11. The method of claim 10 further comprising the step of electronically transmitting information based on said stored data received from securities market participants on said targeted dissemination list to one or more other securities market participants.

12. The method of claim 10 wherein said information transmitted back to the first securities market participant'"'"'s computer includes information indicating an interest in negotiation.

13. The method of claim 10, wherein said information electronically transmitted back to the first securities market participant'"'"'s computer comprises an order.

14. A method of managing securities market information, comprising the steps of:

(a) electronically receiving over a computer network data including confidential trading interest information of securities market participants;

(b) electronically storing said received data including confidential trading interest information of securities market participants;

(c) electronically receiving information from a first securities market participant'"'"'s computer;

(d) electronically storing said information received from said first securities market participant'"'"'s computer; and

(e) producing with a processor a targeted dissemination list of securities market participants based on said confidential trading interest information of securities market participants and said information received from said first securities market participant'"'"'s computer,

wherein data based on said information received from said first securities market participant'"'"'s computer is electronically transmitted only to securities market participants on said targeted dissemination list.

15. The method of claim 14 wherein said information received from said first securities market participant'"'"'s computer includes specific dissemination parameters.

16. The method of claim 14 wherein said data including confidential trading interest information of securities market participants is not disseminated to any market participant upon receipt or at any future time.

17. The method of claim 14 wherein said data including confidential trading interest information of securities market participants comprises data whose dissemination could affect the price or availability of a security.

18. The method of claim 14 wherein said targeted dissemination list excludes one or more market participants identified as unlikely to take the contra side to a specified trade.

19. The method of claim 14 wherein said first securities market participant'"'"'s computer does not receive said confidential trading interest information of said securities market participants.

20. The method of claim 14 wherein said first securities market participant'"'"'s computer does not receive information about size or composition of said targeted dissemination list.

21. The method of claim 14 further comprising the steps of:

electronically receiving data from securities market participants on said targeted dissemination list;

electronically storing said received data from securities market participants on said targeted dissemination list; and

electronically transmitting information back to the first securities market participant'"'"'s computer based on said stored data received from securities market participants on said targeted dissemination list.

22. The method of claim 16, wherein information based on said stored data received from securities market participants on said targeted dissemination list is electronically transmitted to one or more other securities market participants.

23. The method of claim 16 wherein said information transmitted back to the first securities market participant'"'"'s computer includes information indicating an interest in negotiation.

24. The method of claim 16, wherein said information electronically transmitted back to the first securities market participant'"'"'s computer comprises an order.

25. The method of claim 14 wherein said targeted dissemination list comprises likely contra parties for said confidential trading interest.

26. The method of claim 14 wherein said targeted dissemination list excludes contra parties likely to misuse knowledge of said confidential trading interest.