System and method for implementing financial transaction

• US 8,175,959 B2
• Filed: 12/21/2010
• Issued: 05/08/2012
• Est. Priority Date: 11/08/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Mylet, Darrin Michael, Amaitis, Lee M.
• Primary Examiner(s): Kalinowski, Alexander
• Assistant Examiner(s): Chang, Edward
• Application Number:
  US12/974,012
• Publication Number:
  US 20110087587A1
• Time in Patent Office: 504 Days
• Field of Search: 705/42, 705/35, 705/37
• 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:

a handheld device that includes at least one processor and at least one memory device electronically coupled to the at least one processor, in which the memory device stores software that when executed by the at least one processor directs the at least one processor to;

establish a connection between a live broker and a user of the handheld device in response to a selection of a button on the handheld device by the user, wherein the connection is established without requiring dialing by the user,

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

a financial service provider element that includes at least one processor, and at least one memory device electronically coupled to the at least one processor, in which the memory device stores software that when executed by at least one processor directs the at least one processor to;

communicate financial information to the handheld device, the financial information comprising market data on at least one financial instrument; and

before allowing the user to execute trades via the handheld device;

determine whether a location of the handheld device is within the at least first zone or within the at least second zone;

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

based at least in part on determining that the location of the handheld device is within the at least second zone, not permit the user to execute trades via the handheld device;

wherein determining whether the location of the handheld device is within the at least first zone or within the at least second zone comprises using at least one of geo-fencing, global positioning satellite technology, triangulation, a geographic map, and a sensor positioned on the handheld device.

2. The apparatus of claim 1,

wherein the sensor is operable to detect movement of the handheld device to a position external to the at least first zone.

3. The apparatus of claim 2, wherein the sensor is a radio frequency identification sensor.

4. The apparatus of claim 1, wherein the handheld device software, when executed by the at least one processor of the handheld device, further directs the at least one processor of the handheld device to record key strokes entered by the user of the handheld device.

5. The apparatus of claim 1, wherein the handheld device software, when executed by the at least one processor of the handheld device, further directs the at least one processor of the handheld device to record voice data entered by the user of the handheld device.

6. The apparatus of claim 1, wherein the handheld device software, when executed by the at least one processor of the handheld device, further directs the at least one processor of the handheld device to record direct messaging data entered by the user of the handheld device.

7. The apparatus of claim 1, wherein the handheld device is a selected one of a personal data assistant, a laptop, a mobile station, a walkie-talkie, a personal computer (PC), and a table PC.

8. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to:

in response to a command from an administrator, send a kill message to the handheld device, wherein the kill message disables the handheld device.

9. The apparatus of claim 8, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

10. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to receive from the handheld device information related to a location of the handheld device;

and

wherein determining whether the location of the handheld device is within the at least first zone or within the at least second zone comprises making the determination based at least in part on the information received from the handheld device.

11. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to store a user profile associated with the user of the handheld device.

12. The apparatus of claim 11, wherein the user 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.

13. The apparatus of claim 1, wherein communicating the market data on the at least one financial instrument to the handheld device comprises communicating real-time market data on the at least one financial instrument to the handheld device.

14. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to:

before allowing the user to execute trades via the handheld device, authorize the user using at least one of a group of elements, the group including;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) biometrics.

15. The apparatus of claim 14, wherein one or more of the elements correspond to one or more levels of security.

16. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to authorize the user of the handheld device using voice recognition or voice patterns before allowing the user to execute trades via the handheld device.

17. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to record voice data entered by the user of the handheld device.

18. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to record direct messaging data entered by the user of the handheld device.

27. The apparatus of claim 1, wherein the financial service provider element software, when executed by the at least one processor of the financial service provider element, further directs the at least one processor of the financial service provider element to record keystrokes entered by the user of the handheld device.

19. A method for executing a trade, comprising:

configuring a handheld device such that in response to a selection of a button on the handheld device by a user of the handheld device, a connection is established between a live broker and the user, wherein the connection is established without requiring dialing by the user,

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

communicating by at least one processor of a financial service provider element financial information to the handheld device via a network, the financial information comprising market data on at least one financial instrument; and

before allowing the user to execute trades via the handheld device;

determining by the at least one processor of the financial service provider element whether a location of the handheld device is within the at least first zone or within the at least second zone; and

based at least in part on determining that the location of the handheld device is within the at least first zone, permitting by the at least one processor of the financial service provider element the user to execute trades via the handheld device;

wherein determining whether the location of the handheld device is within the at least first zone or within the at least second zone comprises using at least one of geo-fencing, global positioning satellite technology, triangulation, a geographic map, and a sensor positioned on the handheld device.

20. The method of claim 19, further comprising:

in response to a command from an administrator, sending a kill message to the handheld device, wherein the kill message disables the handheld device.

21. The method of claim 20, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

22. The method of claim 19, further comprising:

authorizing the user of the handheld device using voice patterns or voice recognition before allowing the user to execute trades via the handheld device.

23. The method of claim 19, further comprising storing voice data entered by the user of the handheld device.

24. The method of claim 19, further comprising storing a user profile associated with the user of the handheld device.

25. The method of claim 19, wherein communicating the market data on the at least one financial instrument to the handheld device comprises communicating real-time market data on the at least one financial instrument to the handheld device.

26. The method of claim 19, further comprising:

before allowing the user to execute trades via the handheld device, authorizing the user using at least one of a group of elements, the group including;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) biometrics.

28. The method of claim 19, further comprising receiving from the handheld device information related to a location of the handheld device;

and

wherein determining whether the location of the mobile device is within the at least first zone or within the at least second zone comprises making the determination based at least in part on the information received from the handheld device.

29. The method of claim 19, further comprising storing direct messaging data entered by the user of the handheld device.

30. The method of claim 19, further comprising recording keystrokes entered by the user of the handheld device.

31. The method of claim 19, wherein the handheld device is a selected one of a personal data assistant, a laptop, a mobile station, a walkie-talkie, a personal computer (PC), and a table PC.

32. The method of claim 19,

wherein the sensor is operable to detect movement of the handheld device to a position external to the at least first zone.

33. The method of claim 32, wherein the sensor is a radio frequency identification sensor.

34. The method of claim 24, wherein the user 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.

35. The method of claim 26, wherein one or more of the elements correspond to one or more levels of security.