SYSTEMS AND METHODS FOR MATCHING DESIRED PRICES OF MIS-MATCHED ITEMS

• US 20070208655A1
• Filed: 05/07/2007
• Published: 09/06/2007
• Est. Priority Date: 01/14/2000
• Status: Active Grant

• Current Assignee: BGC Partners LP (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Gilbert, Andrew, Wang, Weibin, Wallace, Roy, Jones, Timothy
• Granted Patent: US 7,546,269 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• 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

The present invention is systems and methods for matching desired purchases and sales of mis-matched items. These systems and methods compare the requirements of potential buyers and sellers of items against those of sets of other potential buyers and sellers of items to construct transaction sets that will enable an optimal transaction or set of transactions for the parties involved. The present invention may be used to match purchases and sales of any items, such as goods, services, financial instruments, and property interests (e.g., ownership and/or possessory interests in real property, personal property, etc.).

Claims

1. A method comprising:

receiving a first and a second of one of buy side orders and sell side orders for an item, each of the first and the second orders specifying a plurality of terms comprising a near date and a far date, wherein at least one of the near date of the first order and the near date of the second order are mis-matched, and the far date or the first order and the far date of the second order are mis-matched;

receiving a query for one of buy side orders and sell side orders, the query specifying a plurality of terms comprising a near date and a far date;

identifying automatically in response to the query a set of orders comprising at least the first and second orders based on the near date of the first order occurring within a period of time from the near date of the query and the far date of the second order occurring within a period of time from the far date of the query, wherein the first and second orders are contra-side orders to the query and wherein at least one of the near date of the second order is mis-matched with the near date of the query and the far date of the first order is mis-matched with the far date of the query.

2. The method of claim 1, wherein the first and the second orders are for Forward Rate Agreements.

3. The method of claim 1, wherein the first and the second orders are for Non-Deliverable Forward Spreads.

4. The method of claim 1, wherein the far date of the first order and the near date of the second order occurs within a period of time from each other.

5. The method of claim 1, comprising identifying a third order for the item contra-side to the query, the third order specifying a plurality of terms comprising a near date and a far date, wherein the near date of the third order occurs within a period of time from the far date of the first order.

6. The method of claim 5, wherein the near date of the third order does not match the near date of the query.

7. The method of claim 6, wherein the far date of the third order does not match the far date of the query.

8. The method of claim 5, wherein the far date of the third order occurs within a period of time from the near date of the second order.

9. The method of claim 1, wherein the query is received from a user, the method comprising communicating a list comprising the first and the second orders to the user.

10. The method of claim 1, wherein the query is received from a user, the method comprising causing an interface screen to be displayed comprising the first and the second orders for the user.

11. The method of claim 1, wherein the set of orders is selected from a plurality of sets of orders based on the set of orders satisfying at least one of a maximum amount rule, a maximum fills rule, and a largest commission rule.

12. The method of claim 1, comprising receiving a filter parameter comprising a match price tolerance and wherein the first and second orders comprise a price within the price tolerance.

13. The method of claim 1, comprising identifying a second set of orders comprising at least a fourth and a fifth orders, each of the fourth and fifth orders specifying a plurality of terms comprising a near date and a far date, the second set of order identified based on the near date of the fourth order occurring within a period of time from the near date of the query and the far date of the fifth order occurring within a period of time from the far date of the query, wherein the fourth and fifth orders are contra-side to the query and at least one of the near date of the fifth order is mis-matched with the near date of the query, and far date of the fourth order is mis-matched with the far date of the query.

14. The method of claim 1, wherein the query is received as an order.

15. The method of claim 14, comprising executing the query order against the first and the second orders.

16. The method of claim 1, wherein the near date of the first order occurs on a same date as the near date of the query and the far date of the second order occurs on a same date as the far date of the query.

17. The method of claim 1, wherein a number of contra-side orders in the set are limited by a set amount.

18. The method of claim 1, wherein the query specifies a price and wherein a price associated with the first order and a price associated with the second order do not match the price of the query.

19. The method of claim 18, wherein the price of the first order and the price of the second order collectively satisfy the price of the query.

20. A system comprising a first computer coupled over a network with at least one other computer, the at least one other computer operable to perform a method comprising:

receiving a first and a second of one of buy side orders and sell side orders for an item, each of the first and the second orders specifying a plurality of terms comprising a near date and a far date, wherein at least one of the near date of the first order and the near date of the second order are mis-matched, and the far date or the first order and the far date of the second order are mis-matched;

receiving a query for one of buy side orders and sell side orders, the query specifying a plurality of terms comprising a near date and a far date;

identifying automatically in response to the query a set of orders comprising at least the first and second orders based on the near date of the first order occurring within a period of time from the near date of the query and the far date of the second order occurring within a period of time from the far date of the query, wherein the first and second orders are contra-side orders to the query and wherein at least one of the near date of the second order is mis-matched with the near date of the query and the far date of the first order is mis-matched with the far date of the query.

21. The system of claim 20, wherein the first and the second orders are for Forward Rate Agreements.

22. The system of claim 20, wherein the first and the second orders are for Non-Deliverable Forward Spreads.

23. The system of claim 20, wherein the far date of the first order and the near date of the second order occurs within a period of time from each other.

24. The system of claim 20, the method comprising identifying a third order for the item contra-side to the query, the third order specifying a plurality of terms comprising a near date and a far date, wherein the near date of the third order occurs within a period of time from the far date of the first order.

25. The system of claim 24, wherein the near date of the third order does not match the near date of the query.

26. The system of claim 25, wherein the far date of the third order does not match the far date of the query.

27. The system of claim 24, wherein the far date of the third order occurs within a period of time from the near date of the second order.

28. The system of claim 20, wherein the query is received from a user, the method comprising communicating a list comprising the first and the second orders to the user.

29. The system of claim 20, wherein the query is received from a user, the method comprising causing an interface screen to be displayed comprising the first and the second orders for the user.

30. The system of claim 20, wherein the set of orders is selected from a plurality of sets of orders based on the set of orders satisfying at least one of a maximum amount rule, a maximum fills rule, and a largest commission rule.

31. The system of claim 20, the method comprising receiving a filter parameter comprising a match price tolerance and wherein the first and second orders comprise a price within the price tolerance.

32. The system of claim 20, the method comprising identifying a second set of orders comprising at least a fourth and a fifth orders, each of the fourth and fifth orders specifying a plurality of terms comprising a near date and a far date, the second set of order identified based on the near date of the fourth order occurring within a period of time from the near date of the query and the far date of the fifth order occurring within a period of time from the far date of the query, wherein the fourth and fifth orders are contra-side to the query and at least one of the near date of the fifth order is mis-matched with the near date of the query, and far date of the fourth order is mis-matched with the far date of the query.

33. The method of claim 20, wherein the query is received as an order.

34. The system of claim 33, the method comprising executing the query order against the first and the second orders.

35. The system of claim 20, wherein the near date of the first order occurs on a same date as the near date of the query and the far date of the second order occurs on a same date as the far date of the query.

36. The system of claim 20, wherein a number of contra-side orders in the set are limited by a set amount.

37. The system of claim 20, wherein the query specifies a price and wherein a price associated with the first order and a price associated with the second order do not match the price of the query.

38. The system of claim 37, wherein the price of the first order and the price of the second order collectively satisfy the price of the query.

39. A system comprising a first computer coupled over a network with at least one other computer, the at least one other computer operable to perform a method comprising:

receiving a first, a second, and a third of one of buy side orders and sell side orders for an item, each of the first, the second, and the third orders specifying a plurality of terms comprising a near date and a far date, wherein at least one of the near dates of the first, the second, and the third orders are mis-matched, and the far dates of the first. The second, and the third orders mis-matched;

receiving a query for one of buy side orders and sell side orders, the query specifying a plurality of terms comprising a near date and a far date;

identifying automatically in response to the query a set of orders comprising at least the first, the second, and the third orders based on the near date of the first order occurring within a period of time from the near date of the query and the far date of the second order occurring within a period of time from the far date of the query, and at least one of the near date of the third order occurs within a period of time from the far date of the first order and the far date of the third order occurs within a period of time from the near date of the second order, wherein the first, the second, and the third orders are contra-side orders to the query and wherein at least one of the near dates of the second and third orders are mis-matched with the near date of the query and the far dates of the first and third orders are mis-matched with the far date of the query.

40. The system of claim 39, wherein the query specifies a price and wherein a price associated with at least two of the first order, the second order, and the third order does not match the price of the query.