Methods and systems for retrieving data stored in a database

• US 8,554,661 B2
• Filed: 02/26/2007
• Issued: 10/08/2013
• Est. Priority Date: 11/21/1994
• Status: Expired due to Fees

• Current Assignee: BGC Partners LP (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Lawrence, David
• Primary Examiner(s): Borlinghaus, Jason M
• Application Number:
  US11/678,841
• Publication Number:
  US 20070118469A1
• Time in Patent Office: 2,416 Days
• Field of Search: 705/35, 705/37, 340/3.7, 340/825.26
• US Class Current: 705/37
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation
• CPC Class Codes: H04L 67/04 specially adapted for terminals or networks with limited capabilities; specially adapted for terminal portability
• CPC Class Codes: H04W 4/02 Services making use of location information
• CPC Class Codes: Y10S 707/99934 Query formulation, input preparation, or translation
• CPC Class Codes: Y10S 707/99952 Coherency, e.g. same view to multiple users

Abstract

A computer-implemented, transaction-making, municipal bond trading system having a capability to conduct a private electronic auction of bid wanteds between a central brokers'"'"' broker and multiple prospective remote bidders and to maintain a reference database of accurate individual bond lot descriptions and identifications, including CUSIP (trademark) numbers.

Claims

1. A method comprising:

receiving by at least one computing system from a selling trader via a selling trader computer in use by the selling trader a command to access a database of bond lots, wherein the computing system is communicatively coupled to the selling trader computer via a communications network;

in response to receiving the command, transmitting by the computing system to the selling trader computer a plurality of bond lots from the database of bond lots;

receiving by the computing system from the selling trader via the selling trader computer a selection of at least one bond lot from the transmitted plurality of bond lots, wherein the selected bond lot is received from the selling trader in connection with the selling trader wanting to include the selected bond lot in a bid wanted;

receiving by the computing system from the selling trader via the selling trader computer a request to solicit bids for at least the selected bond lot;

incorporating by the computing system into a bid wanted for at least the selected bond lot at least one item of data associated with the selected bond lot;

based at least in part on receiving the request to solicit bids, transmitting by the computing system to a plurality of bidding traders via respective bidding trader computers in use by the plurality of bidding traders the bid wanted, wherein the computing system and the bidding trader computers are communicatively coupled via the communications network;

in response to transmitting the bid wanted, receiving by the computing system from at least a portion of the plurality of bidding traders via respective bidding trader computers bids on at least the selected bond lot; and

transmitting by the computing system to the selling trader via the selling trader computer at least a portion of the bids received from the bidding traders.

2. The method of claim 1, wherein the at least one item of data comprises data that identifies the selected bond lot.

3. The method of claim 1, wherein the at least one item of data comprises a unique issue identifier for the bond associated with the selected bond lot.

4. The method of claim 1, wherein the at least one item of data comprises at least one of:

(i) a description of the selected bond lot;

(ii) a unique issue identifier for the bond associated with selected bond lot;

(iii) a maturity date of the bond associated with the selected bond lot;

(iv) a coupon value of the bond associated with the selected bond lot;

(v) an issuer of the bond associated with the selected bond lot; and

(vi) a value of the selected bond lot at par.

5. The method of claim 1, wherein the at least one item of data comprises a yield associated with the selected bond lot.

6. The method of claim 1, wherein the at least one item of data comprises a settlement date.

7. The method of claim 1,

wherein at least another item of data associated with the selected bond lot is received by the computing system from the selling trader computer;

and

wherein the method further comprises determining by the computing system the at least one item of data based at least in part on the at least another item of data received from the selling trader computer.

8. The method of claim 7, wherein the at least one item of data comprises a unique issue identifier for the bond associated with the selected bond lot.

9. The method of claim 7, wherein the at least another item of data associated with the selected bond lot is received by the computing system from the selling trader computer with the selection of the at least one bond lot from the transmitted plurality of bond lots.

10. The method of claim 1, wherein at least one of the bond lots of the transmitted plurality of bond lots comprises a bond lot being offered for sale and that has not yet traded.

11. The method of claim 1, wherein the bids transmitted to the selling trader are sorted by at least one of yield and price.

24. The method of claim 1,

wherein the selling trader is able to accept at least one of the received bids;

and

wherein an acceptance by the selling trader of a received bid on the selected bond lot results in a trade of the selected bond lot between the selling trader and at least the bidding trader that submitted the accepted bid.

25. The method of claim 1,

wherein the method further comprises receiving by the computing system from the selling trader via the selling trader computer an acceptance of a received bid on the selected bond lot;

and

wherein the acceptance results in a trade of the selected bond lot between the selling trader and at least the bidding trader that submitted the accepted bid.

26. The method of claim 1, wherein transmitting the plurality of bond lots comprises displaying by the computing system to the selling trader at the selling trader computer the plurality of bond lots.

27. The method of claim 1, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot;

(ii) a rating agency that made the rating;

(iii) an indication of whether the bond associated with the selected bond lot is callable by an issuer of the bond; and

(iv) an indication of whether the bond associated with the selected bond lot has been called by the issuer of the bond.

28. The method of claim 1, wherein the transmitted plurality of bond lots only comprises bond lots that are being offered for sale by the selling trader through the computing system and that have not yet traded.

29. The method of claim 1,

wherein the method further comprises accessing by the computing system a predetermined list that specifies bidding traders that are to receive the bid wanted, wherein the predetermined list includes the plurality of bidding traders;

and

wherein transmitting the bid wanted to the plurality of bidding traders comprises transmitting the bid wanted to each of the plurality of bidding traders based at least in part on the respective bidding trader being on the predetermined list.

30. The method of claim 1,

wherein the at least one item of data associated with the selected bond lot is received by the computing system from the selling trader computer;

wherein the method further comprises;

accessing by the computing system at least one database to obtain a version of the at least one item of data received from the selling trader computer; and

determining by the computing system that the at least one item of data received from the selling trader computer does not match the version of the at least one item of data obtained from the at least one database; and

wherein incorporating into the bid wanted the at least one item of data comprises incorporating into the bid wanted the version of the at least one item of data obtained from the at least one database based at least in part on determining that the at least one item of data received from the selling trader computer does not match the version of the at least one item of data obtained from the at least one database.

31. The method of claim 1,

wherein the bid wanted includes a deadline;

wherein bidding traders must submit bids on at least the selected bond lot prior to the deadline for such bids to be considered; and

wherein the method further comprises;

prior to an expiration of the deadline, the computing system displaying to at least one of the plurality of bidding traders at the bidding trader computer in use by the at least one bidding trader at least one message, wherein the at least one message comprises an alert to the at least one bidding trader of the approaching deadline.

32. The method of claim 1,

wherein the method further comprises receiving by the computing system a plurality of bond offerings offering to sell respective bond lots;

wherein the database of bond lots comprises the bond lots associated with the plurality of bond offerings; and

wherein transmitting the plurality of bond lots comprises;

in response to receiving the command, transmitting to the selling trader computer at least a portion of the bond lots associated with the plurality of bond offerings.

33. The method of claim 32, wherein the transmitted plurality of bond lots only comprises bond lots, associated with the plurality of bond offerings, that are being offered for sale by the selling trader.

34. The method of claim 1,

wherein the command comprises a query that includes at least one search criteria;

wherein the method further comprises;

in response to receiving the query, searching by the computing system the database of bond lots based on the at least one search criteria; and

wherein transmitting the plurality of bond lots comprises transmitting to the selling trader computer the bond lots that match the at least one search criteria.

35. The method of claim 34,

wherein the database of bond lots comprises bond lots being offered for sale through the computing system;

and

wherein the at least one search criteria includes a criteria to obtain from the database of bond lots only those bond lots being offered for sale by the selling trader.

36. The method of claim 7, wherein the at least another item of data received from the selling trader computer comprises at least one of:

(i) a unique issue identifier for the bond associated with selected bond lot;

(ii) a maturity date of the bond associated with the selected bond lot;

(iii) a coupon value of the bond associated with the selected bond lot;

(iv) an issuer of the bond associated with the selected bond lot; and

(v) a value of the selected bond lot at par.

37. The method of claim 36, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot;

(ii) a rating agency that made the rating;

(iii) an indication of whether the bond associated with the selected bond lot is callable by the issuer of the bond; and

(iv) an indication of whether the bond associated with the selected bond lot has been called.

38. The method of claim 37, further comprising:

in addition to incorporating into the bid wanted the at least one item of data, incorporating by the computing system into the bid wanted the at least another item of data received from the selling trader computer.

39. The method of claim 7, further comprising:

in addition to incorporating into the bid wanted the at least one item of data, incorporating by the computing system into the bid wanted the at least another item of data received from the selling trader computer.

40. The method of claim 7, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot; and

(ii) a rating agency that made the rating.

41. The method of claim 7, wherein the at least one item of data comprises at least one of:

(i) an indication of whether the bond associated with the selected bond lot is callable by an issuer of the bond; and

(ii) an indication of whether the bond associated with the selected bond lot has been called by the issuer of the bond.

66. The method of claim 1,

wherein the command comprises a query that includes at least one search criteria;

wherein the method further comprises;

in response to receiving the query, searching by the computing system the database of bond lots based on the at least one search criteria; and

wherein transmitting the plurality of bond lots comprises transmitting to the selling trader computer the bond lots that match the at least one search criteria.

67. The method of claim 66,

wherein the database of bond lots comprises bond lots being offered for sale through the computing system;

and

wherein the at least one search criteria includes a criteria to obtain from the database of bond lots only those bond lots being offered for sale by the selling trader.

68. The method of claim 34, wherein the search criteria comprises at least one of an issuer, a maturity, a yield, and a coupon.

12. An apparatus comprising:

at least one processor; and

a memory electronically coupled to the at least one processor, wherein the memory stores software that when executed by the at least one processor, directs the at least one processor to;

receive from a selling trader via a selling trader computer in use by the selling trader a command to access a database of bond lots, wherein the apparatus is operable to communicate with the selling trader computer via a communications network;

in response to receiving the command, transmit to the selling trader computer a plurality of bond lots from the database of bond lots;

receive from the selling trader via the selling trader computer a selection of at least one bond lot from the transmitted plurality of bond lots, wherein the selected bond lot is received from the selling trader in connection with the selling trader wanting to include the selected bond lot in a bid wanted;

receive from the selling trader via the selling trader computer a request to solicit bids for at least the selected bond lot;

incorporate into a bid wanted for at least the selected bond lot at least one item of data associated with the selected bond lot;

based at least in part on receiving the request to solicit bids, transmit to a plurality of bidding traders via respective bidding trader computers in use by the plurality of bidding traders the bid wanted, wherein the apparatus is further operable to communicate with the bidding trader computers via the communications network;

in response to transmitting the bid wanted, receive from at least a portion of the plurality of bidding traders via respective bidding trader computers bids on at least the selected bond lot; and

transmit to the selling trader via the selling trader computer at least a portion of the bids received from the bidding traders.

13. The apparatus of claim 12, wherein the at least one item of data comprises data that identifies the selected bond lot.

14. The apparatus of claim 12, wherein the at least one item of data comprises a unique issue identifier for the bond associated with the selected bond lot.

15. The apparatus of claim 12, wherein the at least one item of data comprises at least one of:

(i) a description of the selected bond lot;

(ii) a unique issue identifier for the bond associated with selected bond lot;

(iii) a maturity date of the bond associated with the selected bond lot;

(iv) a coupon value of the bond associated with the selected bond lot;

(v) an issuer of the bond associated with the selected bond lot; and

(vi) a value of the selected bond lot at par.

16. The apparatus of claim 12, wherein the at least one item of data comprises a yield associated with the selected bond lot.

17. The apparatus of claim 12, wherein the at least one item of data comprises a settlement date.

18. The apparatus of claim 12,

wherein at least another item of data associated with the selected bond lot is received by the apparatus from the selling trader computer;

and

wherein the software, when executed by the at least one processor, further directs the at least one processor to determine the at least one item of data based at least in part on the at least another item of data received from the selling trader computer.

19. The apparatus of claim 18, wherein the at least one item of data comprises a unique issue identifier for the bond associated with the selected bond lot.

20. The apparatus of claim 18, wherein the at least another item of data associated with the selected bond lot is received by the apparatus from the selling trader computer with the selection of the at least one bond lot from the transmitted plurality of bond lots.

21. The apparatus of claim 12, wherein at least one of the bond lots of the transmitted plurality of bond lots comprises a bond lot being offered for sale that has not yet traded.

22. The apparatus of claim 12, wherein the bids transmitted to the selling trader are sorted by at least one of yield and price.

42. The apparatus of claim 12,

wherein the selling trader is able to accept at least one of the received bids;

and

wherein an acceptance by the selling trader of a received bid on the selected bond lot results in a trade of the selected bond lot between the selling trader and at least the bidding trader that submitted the accepted bid.

43. The apparatus of claim 12,

wherein the software, when executed by the at least one processor, further directs the at least one processor to receive from the selling trader via the selling trader computer an acceptance of a received bid on the selected bond lot;

and

wherein the acceptance results in a trade of the selected bond lot between the selling trader and at least the bidding trader that submitted the accepted bid.

44. The apparatus of claim 12, wherein to transmit the plurality of bond lots comprises to display to the selling trader at the selling trader computer the plurality of bond lots.

45. The apparatus of claim 12, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot;

(ii) a rating agency that made the rating;

(iii) an indication of whether the bond associated with the selected bond lot is callable by an issuer of the bond; and

(iv) an indication of whether the bond associated with the selected bond lot has been called by the issuer of the bond.

46. The apparatus of claim 12, wherein the transmitted plurality of bond lots only comprises bond lots that are being offered for sale by the selling trader through the apparatus and that have not yet traded.

47. The apparatus of claim 12,

wherein the software, when executed by the at least one processor, further directs the at least one processor to access a predetermined list that specifies bidding traders that are to receive the bid wanted, wherein the predetermined list includes the plurality of bidding traders;

and

wherein to transmit the bid wanted to the plurality of bidding traders comprises to transmit the bid wanted to each of the plurality of bidding traders based at least in part on the respective bidding trader being on the predetermined list.

48. The apparatus of claim 12,

wherein the at least one item of data associated with the selected bond lot is received by the apparatus from the selling trader computer;

wherein the software, when executed by the at least one processor, further directs the at least one processor to;

access at least one database to obtain a version of the at least one item of data received from the selling trader computer; and

determine that the at least one item of data received from the selling trader computer does not match the version of the at least one item of data obtained from the at least one database; and

wherein to incorporate into the bid wanted the at least one item of data comprises to incorporate into the bid wanted the version of the at least one item of data obtained from the at least one database based at least in part on determining that the at least one item of data received from the selling trader computer does not match the version of the at least one item of data obtained from the at least one database.

49. The apparatus of claim 12,

wherein the bid wanted includes a deadline;

wherein bidding traders must submit bids on at least the selected bond lot prior to the deadline for such bids to be considered; and

wherein the software, when executed by the at least one processor, further directs the at least one processor to;

prior to an expiration of the deadline, display to at least one of the plurality of bidding traders at the bidding trader computer in use by the at least one bidding trader at least one message, wherein the at least one message comprises an alert to the at least one bidding trader of the approaching deadline.

50. The apparatus of claim 12,

wherein the software, when executed by the at least one processor, further directs the at least one processor to receive a plurality of bond offerings offering to sell respective bond lots;

wherein the database of bond lots comprises the bond lots associated with the plurality of bond offerings; and

wherein to transmit the plurality of bond lots comprises to;

in response to receiving the command, transmit to the selling trader computer at least a portion of the bond lots associated with the plurality of bond offerings.

51. The apparatus of claim 50, wherein the transmitted plurality of bond lots only comprises bond lots, associated with the plurality of bond offerings, that are being offered for sale by the selling trader.

52. The apparatus of claim 12,

wherein the command comprises a query that includes at least one search criteria;

wherein the software, when executed by the at least one processor, further directs the at least one processor to;

in response to receiving the query, search the database of bond lots based on the at least one search criteria; and

wherein to transmit the plurality of bond lots comprises to transmit to the selling trader computer the bond lots that match the at least one search criteria.

53. The apparatus of claim 52,

wherein the database of bond lots comprises bond lots being offered for sale through the apparatus;

and

wherein the at least one search criteria includes a criteria to obtain from the database of bond lots only those bond lots being offered for sale by the selling trader.

54. The apparatus of claim 18, wherein the at least another item of data received from the selling trader computer comprises at least one of:

(i) a unique issue identifier for the bond associated with selected bond lot;

(ii) a maturity date of the bond associated with the selected bond lot;

(iii) a coupon value of the bond associated with the selected bond lot;

(iv) an issuer of the bond associated with the selected bond lot; and

(v) a value of the selected bond lot at par.

55. The apparatus of claim 54, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot;

(ii) a rating agency that made the rating;

(iii) an indication of whether the bond associated with the selected bond lot is callable by the issuer of the bond; and

(iv) an indication of whether the bond associated with the selected bond lot has been called.

56. The apparatus of claim 55, wherein the software, when executed by the at least one processor, further directs the at least one processor to:

in addition to incorporating into the bid wanted the at least one item of data, incorporate into the bid wanted the at least another item of data received from the selling trader computer.

57. The apparatus of claim 18, wherein the software, when executed by the at least one processor, further directs the at least one processor to:

in addition to incorporating into the bid wanted the at least one item of data, incorporate into the bid wanted the at least another item of data received from the selling trader computer.

58. The apparatus of claim 18, wherein the at least one item of data comprises at least one of:

(i) a rating of the bond associated with the selected bond lot; and

(ii) a rating agency that made the rating.

59. The apparatus of claim 18, wherein the at least one item of data comprises at least one of:

(i) an indication of whether the bond associated with the selected bond lot is callable by an issuer of the bond; and

(ii) an indication of whether the bond associated with the selected bond lot has been called by the issuer of the bond.

69. The apparatus of claim 52, wherein the search criteria comprises at least one of an issuer, a maturity, a yield, and a coupon.

23. A method comprising:

receiving by at least one computing system from a selling trader via a selling trader computer in use by the selling trader a command to access a database of bond lots, wherein the computing system is communicatively coupled to the selling trader computer via a communications network;

in response to receiving the command, transmitting by the computing system to the selling trader computer a plurality of bond lots from the database of bond lots;

receiving by the computing system from the selling trader via the selling trader computer a selection of at least one bond lot from the transmitted plurality of bond lots, wherein the selected bond lot is received from the selling trader in connection with the selling trader wanting to include the selected bond lot in a bid wanted;

receiving by the computing system from the selling trader via the selling trader computer a request to solicit bids for at least the selected bond lot;

incorporating by the computing system into a bid wanted for at least the selected bond lot a unique issue identifier for the bond associated with the selected bond lot;

based at least in part on receiving the request to solicit bids, transmitting by the computing system to a plurality of bidding traders via respective bidding trader computers in use by the plurality of bidding traders the bid wanted, wherein the computing system and the bidding trader computers are communicatively coupled via the communications network;

in response to transmitting the bid wanted, receiving by the computing system from at least a portion of the plurality of bidding traders via respective bidding trader computers bids on at least the selected bond lot; and

transmitting by computing system to the selling trader via the selling trader computer at least a portion of the bids received from the bidding traders;

wherein the selling trader is able to accept at least one of the received bids; and

wherein an acceptance by the selling trader of a received bid on the selected bond lot results in a trade of the selected bond lot between the selling trader and at least the bidding trader that submitted the accepted bid.

60. The method of claim 23, wherein the unique issue identifier is received by the computing system from the selling trader computer with the selection of the at least one bond lot from the transmitted plurality of bond lots.

61. The method of claim 23,

wherein at least item of data associated with the selected bond lot is received by the computing system from the selling trader computer;

and

wherein the method further comprises determining by the computing system the unique issue identifier based at least in part on the at least one item of data received from the selling trader computer.

62. The method of claim 61, wherein the at least one item of data received from the selling trader computer comprises at least one of:

(i) a unique issue identifier for the bond associated with selected bond lot;

(ii) a maturity date of the bond associated with the selected bond lot;

(iii) a coupon value of the bond associated with the selected bond lot;

(iv) an issuer of the bond associated with the selected bond lot; and

(v) a value of the selected bond lot at par.

63. The method of claim 23, wherein the transmitted plurality of bond lots only comprises bond lots that are being offered for sale by the selling trader through the computing system and that have not yet traded.

64. The method of claim 23,

wherein the method further comprises receiving by the computing system a plurality of bond offerings offering to sell respective bond lots;

wherein the database of bond lots comprises the bond lots associated with the plurality of bond offerings; and

wherein transmitting the plurality of bond lots comprises;

in response to receiving the command, transmitting to the selling trader computer at least a portion of the bond lots associated with the plurality of bond offerings.

65. The method of claim 64, wherein the transmitted plurality of bond lots only comprises bond lots, associated with the plurality of bond offerings, that are being offered for sale by the selling trader.