System and method for generating liquidity
First Claim
1. A computerized system for generating executable trade orders, comprising:
- a computerized non-executable indication of interest matching system coupled with a plurality of client trading computers, each said client trading computer including a trading desktop configured to monitor trades for execution and store unexecuted trading positions to trade a given amount of a tradable asset, and configured to receive from said plurality of client trading computers a plurality of non-executable indications of interest based on the unexecuted trading positions stored by respective trading desktops, to identify as a match one or more first non-executable indications of interest from said plurality of non-executable indications of interest which fulfill one or more second non-executable indications of interest from said plurality of non-executable indications of interest, and, for the identified matches, to provide a trading opportunity notification to said client trading computers from which said matched first and second non-executable indications of interest originated;
a computerized executable trade order generation systems coupled with each of said plurality of client trading computers and configured to receive instructions to convert the non-executable indication of interest associated with the trading opportunity notification into a binding, executable trade order from said client trading computers that received said trading opportunity notifications, based on said instructions, and to send said binding, executable trade orders to a computerized executable order matching and execution system that is distinct from said computerized non-executable indication of interest matching system,wherein said instructions indicate sides and symbols of said executable trade orders to be generated and said sides and symbols are the same as sides and symbols of said matched first and second non-executable indications of interest; and
wherein said trading opportunity notification expires within a predetermined period of time and includes an indication of said predetermined period of time.
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Accused Products
Abstract
A system for generating liquidity includes a plurality of client user interfaces and a matching system. Each client user interface includes a trading desktop which stores unexecuted trading positions. The matching system is coupled with the plurality of client user interfaces and configured to receive information about the unexecuted trading positions. The system can identify as a match one or more first indications of interest which can fulfill one or more second indications of interest, based upon the information about the unexecuted trading positions. For the identified matches, the system can provide a notification of the match and an invitation to execute the match to corresponding client user interfaces. When an invitation is accepted, the system forwards an order to an order execution system for execution.
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Citations
17 Claims
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1. A computerized system for generating executable trade orders, comprising:
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a computerized non-executable indication of interest matching system coupled with a plurality of client trading computers, each said client trading computer including a trading desktop configured to monitor trades for execution and store unexecuted trading positions to trade a given amount of a tradable asset, and configured to receive from said plurality of client trading computers a plurality of non-executable indications of interest based on the unexecuted trading positions stored by respective trading desktops, to identify as a match one or more first non-executable indications of interest from said plurality of non-executable indications of interest which fulfill one or more second non-executable indications of interest from said plurality of non-executable indications of interest, and, for the identified matches, to provide a trading opportunity notification to said client trading computers from which said matched first and second non-executable indications of interest originated; a computerized executable trade order generation systems coupled with each of said plurality of client trading computers and configured to receive instructions to convert the non-executable indication of interest associated with the trading opportunity notification into a binding, executable trade order from said client trading computers that received said trading opportunity notifications, based on said instructions, and to send said binding, executable trade orders to a computerized executable order matching and execution system that is distinct from said computerized non-executable indication of interest matching system, wherein said instructions indicate sides and symbols of said executable trade orders to be generated and said sides and symbols are the same as sides and symbols of said matched first and second non-executable indications of interest; and wherein said trading opportunity notification expires within a predetermined period of time and includes an indication of said predetermined period of time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented method for generating executable trade orders, comprising the steps of:
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at a computerized non-executable indication of interest matching system, receiving, via an electronic data network, a plurality of non-executable indications of interest to trade an amount of a tradable asset, each non-executable indication of interest being associated with a trader; at the computerized non-executable indication of interest matching system, identifying as a match, one or more first non-executable indications of interest from said plurality of non-executable indications of interest which fulfill one or more second non-executable indications of interest from said plurality of non-executable indications of interest;
for said match, providing via said electronic data network, a trading opportunity notification to each party corresponding to the one or more first non-executable indications of interest and one or more second non-executable indications of interest, wherein the trading opportunity notification maintains anonymity and confidentiality of the associated trader of the associated non-executable indications of interest;at a computerized executable trade order generation system, receiving, via said electronic data network, executable trade order generation instructions from one or more of said parties receiving said trading opportunity notification to convert the non-executable indication associated with the executable trade order generation instructions to a binding, executable trade order, based on said instructions; and electronically sending said binding, executable trade orders to a computerized executable order matching and execution system that is separate from said computerized non-executable indication of interest matching system; wherein said instructions indicate sides and symbols of said binding, executable trade orders to be generated and said sides and symbols are the same as sides and symbols of said matched first and second non-executable indications of interest; and wherein said trading opportunity notification expires within a predetermined period of time and includes an indication of said predetermined period of time. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17)
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Specification