Electronic securities marketplace having integration with order management systems

• US 8,055,576 B2
• Filed: 11/04/2010
• Issued: 11/08/2011
• Est. Priority Date: 10/19/2000
• Status: Expired due to Term

• Current Assignee: Liquidnet Holdings Incorporated (Liquidnet Incorporated)
• Original Assignee: Liquidnet Holdings Incorporated (Liquidnet Incorporated)
• Inventors: Kosofsky, Demian, Lupowitz, Kevin, Halloran, John, Merrin, Seth I.
• Primary Examiner(s): Kalinowski; Alexander
• Assistant Examiner(s): Vyas; Abhishek
• Application Number:
  US12/939,484
• Publication Number:
  US 20110047068A1
• Time in Patent Office: 369 Days
• Field of Search: 705 36- 37
• US Class Current: 705/37
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS'"'"'s) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

Claims

1. A computer-implemented method, comprising:

(i) automatically obtaining, without manual intervention, data from a plurality of data fields concerning all records of open orders for a plurality of securities from a data storage associated with an order management system, wherein;

a. the records of open orders satisfy predetermined filtering criteria;

b. the data storage is associated with a trading firm;

c. the order management system is coupled to at least one workstation utilized by the trading firm;

d. the records of open orders include at least the following fields;

(1) security name, symbol or identifier, (2) transaction type, and (3) at least one quantity; and

e. the data is obtained by a computer with one or more processors and a memory;

(ii) automatically converting, without manual intervention, the data from the plurality of data fields into non-binding indications of trading interest by a data integration module associated with or having access to at least one electronic marketplace, each non-binding indication comprising at least a security name, symbol or identifier, and a transaction type, wherein the non-binding indications require at least one further manual affirmative action prior to any trade execution and wherein the data integration module comprising a computer with one or more processors and a memory;

(iii) automatically, periodically obtaining, without manual intervention, updated data from at least one data field for at least one record of order that has changed since previously obtained from the data storage associated with the order management system, wherein the updated data is obtained by a computer with one or more processors and a memory; and

(iv) for the at least one record of order that has changed since previously obtained from the data storage, automatically updating by the data integration module, with the updated data, without manual intervention, the non-binding indication of trading interest associated with that record of order.

2. The method of claim 1, wherein the non-binding indications of trading interest further comprise at least an available quantity, such available quantity being determined from the obtained data fields.

3. The method of claim 1, further comprising automatically matching at least one non-binding indication with a contra interest and providing an indication of the match to a workstation utilized by the trading firm.

4. The method of claim 3, further comprising executing a trade based upon the match of the non-binding indication and the contra interest.

5. The method of claim 1, wherein the further manual affirmative action is a negotiation between parties, or agents of parties, to a potential transaction.

6. The method of claim 1, further comprising converting, in response to an instruction received at the data integration module, a non-binding indication of trading interest into an executable order to trade securities.

7. The method of claim 6, further comprising executing a trade based upon the match of the executable order with a contra interest.

8. The method of claim 1, wherein the further manual affirmative action is an instruction from a party, or an agent for a party, to convert a non-binding indication of trading interest into an executable order to trade securities.

9. The method of claim 1, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the type of security.

10. The method of claim 1, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the quantity of security to be traded.

11. The method of claim 1, wherein the predetermined filtering criteria applied to the records of open orders are established before entry of the records of open orders in the order management system.

12. The method of claim 1, wherein the predetermined filtering criteria applied to the records of open orders are established after entry of the records of open orders in the order management system.

13. The method of claim 1, wherein in step (iv) the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

14. The method of claim 11, wherein in step (iv) the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

15. A computer-implemented method, comprising:

(i) automatically obtaining, without manual intervention, data from a plurality of data fields concerning all records of open orders for a plurality of securities from a data storage associated with an order management system, wherein;

a. the records of open orders satisfy predetermined filtering criteria;

b. the data storage is associated with a trading firm and the order management system is coupled to at least one workstation utilized by the trading firm;

c. the records of open orders include at least the following fields;

(1) security name, symbol or identifier, (2) transaction type, and (3) at least one quantity;

d. the data from a plurality of data fields are received as non-binding indications of trading interest by a data integration module associated with or having access to at least one electronic marketplace, and each non-binding indication comprises at least a security name, symbol or identifier, and a transaction type;

e. the non-binding indications require at least one further manual affirmative action prior to any trade execution; and

f. the data integration module comprising a computer with one or more processors and a memory;

(ii) automatically, periodically obtaining, without manual intervention, updated data from at least one data field for at least one record of order that has changed since previously obtained from the data storage associated with the order management system, wherein the updated data is obtained by a computer with one or more processors and a memory; and

(iii) for the at least one record of order that has changed since previously obtained from the data storage, automatically updating by the data integration module, with the updated data, without manual intervention, the non-binding indication of trading interest associated with that record of order.

16. The method of claim 15, wherein the non-binding indications of trading interest further comprise at least an available quantity, such available quantity being determined from the obtained data fields.

17. The method of claim 15, further comprising automatically matching at least one non-binding indication with a contra interest and providing an indication of the match to a workstation utilized by the trading firm.

18. The method of claim 17, further comprising executing a trade based upon the match of the non-binding indication and the contra interest.

19. The method of claim 15, wherein the further manual affirmative action is a negotiation between parties, or agents of parties, to a potential transaction.

20. The method of claim 15, further comprising converting, in response to an instruction received at the data integration module, a non-binding indication of trading interest into an executable order to trade securities.

21. The method of claim 20, further comprising executing a trade based upon the match of the executable order with a contra interest.

22. The method of claim 15, wherein the further manual affirmative action is an instruction from a party, or an agent for a party, to convert a non-binding indication of trading interest into an executable order to trade securities.

23. The method of claim 15, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the type of security.

24. The method of claim 15, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the quantity of security to be traded.

25. The method of claim 15, wherein the predetermined filtering criteria applied to the records of open orders are established before entry of the records of open orders in the order management system.

26. The method of claim 15, wherein the predetermined filtering criteria applied to the records of open orders are established after entry of the records of open orders in the order management system.

27. The method of claim 15, wherein in step (iii) the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

28. The method of claim 25, wherein in step (iii) the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

29. A programmed computer system, comprising:

a memory having at least one region for storing computer executable program code; and

a processor for executing the program code stored in the memory, wherein the program code comprises;

(i) code to automatically obtain, without manual intervention, data from a plurality of data fields concerning all records of open orders for a plurality of securities from a data storage associated with an order management system, wherein;

a. the records of open orders satisfy predetermined filtering criteria;

b. the data storage is associated with a trading firm;

c. the order management system is coupled to at least one workstation utilized by the trading firm; and

d. the records of open orders include at least the following fields;

(1) security name, symbol or identifier, (2) transaction type, and (3) at least one quantity;

(ii) code to automatically convert, without manual intervention, data from the plurality of data fields into non-binding indications of trading interest by a data integration module associated with or having access to at least one electronic marketplace, each non-binding indication comprising at least a security name, symbol or identifier, and a transaction type, wherein the non-binding indications require at least one further manual affirmative action prior to any trade execution;

(iii) code to automatically, periodically obtain, without manual intervention, updated data from at least one data field for at least one record of order that has changed since previously obtained from the data storage associated with the order management system; and

(iv) for the at least one record of order that has changed since previously obtained from the data storage, code to automatically update by the data integration module, with the updated data, without manual intervention, the non-binding indication of trading interest associated with that record of order.

30. The programmed computer system of claim 29, wherein the non-binding indications of trading interest further comprise at least an available quantity, such available quantity being determined from the obtained data fields.

31. The programmed computer system of claim 29, wherein the program code further comprises code to automatically match at least one non-binding indication with a contra interest and providing an indication of the match to a workstation utilized by the trading firm.

32. The programmed computer system of claim 31, wherein the program code further comprises code to execute a trade based upon the match of the non-binding indication and the contra interest.

33. The programmed computer system of claim 29, wherein the further manual affirmative action is a negotiation between parties, or agents of parties, to a potential transaction.

34. The programmed computer system of claim 29, wherein the program code further comprises code to convert, in response to an instruction received at the data integration module, a non-binding indication of trading interest into an executable order to trade securities.

35. The programmed computer system of claim 34, wherein the program code further comprises code to execute a trade based upon the match of the executable order with a contra interest.

36. The programmed computer system of claim 29, wherein the further manual affirmative action is an instruction from a party, or an agent for a party, to convert a non-binding indication of trading interest into an executable order to trade securities.

37. The programmed computer system of claim 29, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the type of security.

38. The programmed computer system of claim 29, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the quantity of security to be traded.

39. The programmed computer system of claim 29, wherein the predetermined filtering applied to the records of open orders are established before entry of the records of open orders in the order management system.

40. The programmed computer system of claim 29, wherein the predetermined filtering applied to the records of open orders are established after entry of the records of open orders in the order management system.

41. The programmed computer system of claim 29, wherein the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

42. The programmed computer system of claim 39, wherein in the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

43. A programmed computer system, comprising:

a memory having at least one region for storing computer executable program code; and

a processor for executing the program code stored in the memory, wherein the program code comprises;

(i) code to automatically obtain, without manual intervention, data from a plurality of data fields concerning all records of open orders for a plurality of securities from a data storage associated with an order management system, wherein;

a. the records of open orders satisfy predetermined filtering criteria;

b. the data storage is associated with a trading firm and the order management system is coupled to at least one workstation utilized by the trading firm;

c. the records of open orders include at least the following fields;

(a) security name, symbol or identifier, (b) transaction type, and (c) at least one quantity;

d. the data from the plurality of data fields are received as non-binding indications of trading interest at a data integration module associated with or having access to at least one electronic marketplace, and each non-binding indication comprises at least a security name, symbol or identifier, and a transaction type; and

e. the non-binding indications require at least one further manual affirmative action prior to any trade execution;

(ii) code to automatically, periodically obtain, without manual intervention, updated data from at least one data field for at least one record of order that has changed since previously obtained from the data storage associated with the order management system; and

(iii) for the at least one record of order that has changed since previously obtained from the data storage, code to automatically update by the data integration module, with the updated data, without manual intervention, the non-binding indication of trading interest associated with that record of order.

44. The programmed computer system of claim 43, wherein the non-binding indications of trading interest further comprise at least an available quantity, such available quantity being determined from the obtained data fields.

45. The programmed computer system of claim 43, wherein the program code further comprises code to automatically match at least one non-binding indication with a contra interest and providing an indication of the match to a workstation utilized by the trading firm.

46. The programmed computer system of claim 45, wherein the program code further comprises code to execute a trade based upon the match of the non-binding indication and the contra interest.

47. The programmed computer system of claim 43, wherein the further manual affirmative action is a negotiation between parties, or agents of parties, to a potential transaction.

48. The programmed computer system of claim 43, wherein the program code further comprises code to convert, in response to an instruction received at the data integration module, a non-binding indication of trading interest into an executable order to trade securities.

49. The programmed computer system of claim 48, wherein the program code further comprises code to execute a trade based upon the match of the executable order with a contra interest.

50. The programmed computer system of claim 43, wherein the further manual affirmative action is an instruction from a party, or an agent for a party, to convert a non-binding indication of trading interest into an executable order to trade securities.

51. The programmed computer system of claim 43, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the type of security.

52. The programmed computer system of claim 43, wherein at least some of the predetermined filtering criteria applied to the records of open orders are based upon the quantity of security to be traded.

53. The programmed computer system of claim 43, wherein the predetermined filtering criteria applied to the records of open orders are established before entry of the records of open orders in the order management system.

54. The programmed computer system of claim 43, wherein the predetermined filtering criteria applied to the records of open orders are established after entry of the records of open orders in the order management system.

55. The programmed computer system of claim 43, wherein the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.

56. The programmed computer system of claim 53, wherein in the non-binding indication of interest is updated only upon satisfaction of updating criteria determined prior to entry of the at least one record of order in the order management system.