Method and system for facilitating foreign currency exchange transactions over a network
First Claim
1. A method facilitated by a computer network to accomplish a foreign currency exchange transaction between business entities, comprising the acts of:
- providing a central server system having a communication channel for electronically communicating with the business entities, whereby a representative of a first business entity that is registered is allowed access to the central server system;
allowing the representative to select a currency pair to be transacted;
displaying at least one rate for the selected currency pair posted by a representative from a second business entity which is registered with the central server system, the second business entity having established a mutual credit line with the first business entity; and
allowing the representative of the first business entity to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a trade, and a non-match resulting in a posting of the order.
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Accused Products
Abstract
A method facilitated by a computer network to accomplish a foreign currency exchange transaction between business entities includes providing a central server system having a communication channel for electronically communicating with the business entities, whereby a representative of a first business entity that is registered is allowed access to the central server system. The representative is then allowed to select a currency pair to be transacted. The system then displays at least one rate for the selected currency pair posted by a representative from a second business entity which is registered with the central server system, the second business entity having established a mutual credit line with the first business entity. Lastly, representative of the first business entity is allowed to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a trade, and a non-match resulting in a posting of the order.
105 Citations
66 Claims
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1. A method facilitated by a computer network to accomplish a foreign currency exchange transaction between business entities, comprising the acts of:
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providing a central server system having a communication channel for electronically communicating with the business entities, whereby a representative of a first business entity that is registered is allowed access to the central server system;
allowing the representative to select a currency pair to be transacted;
displaying at least one rate for the selected currency pair posted by a representative from a second business entity which is registered with the central server system, the second business entity having established a mutual credit line with the first business entity; and
allowing the representative of the first business entity to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a trade, and a non-match resulting in a posting of the order. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52)
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27. A method facilitated by a computer network to accomplish a foreign currency exchange transaction between business entities, comprising the acts of:
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providing a central server system having a communication channel for electronically communicating with the business entities;
registering a first business entity whereby a representative is assigned a role of administrator, credit officer, and a trader, each role requiring a proper login ID and a password to access the central server system;
allowing the trader to select a currency pair to be transacted;
displaying at least one rate for the selected currency pair posted by a trader from a second business entity which is registered with the central server system, the second business entity having established a mutual credit line with the first business entity; and
allowing the trader of the first business entity to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a fulfillment of the order, and a non-match resulting in a posting of the order.
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53. A method facilitated by a computer network to accomplish a foreign currency exchange transaction between clients having an account with a business entity, comprising the acts of:
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providing a business entity'"'"'s system having a communication channel for electronically communicating with the clients;
registering the clients with the business entity'"'"'s system whereby the registered clients are allowed access to the business entity'"'"'s system and whereby the registered clients place a collateral with the business entity;
allowing the clients to select a currency pair to be transacted;
displaying at least one rate for the selected currency pair posted by a registered client;
allowing the registered clients to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a trade, and a non-match resulting in a posting of the order;
and settling the trade. - View Dependent Claims (54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66)
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Specification