Method for directing and executing certified trading interests

• US 20090018949A1
• Filed: 07/17/2008
• Published: 01/15/2009
• Est. Priority Date: 06/01/2000
• Status: Active Grant

• Current Assignee: Virtu ITG Software Solutions LLC
• Original Assignee: Aritas Group, Inc.
• Inventors: Federspiel, Fred J., Waelbroeck, Henri, Angel, James J.
• Granted Patent: US 7,865,425 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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 40/03 Credit; Loans; Processing thereof
• 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

Preferred embodiments of the subject invention comprise: (a) electronically receiving securities order-related data regarding a set of securities market participants; (b) electronically storing the received order-related data regarding the set of securities market participants; (c) electronically receiving a securities order-related query (or order parameters) from a first securities market participant; (d) based on the order-related query (or order parameters) received from the first securities market participant and on the securities order-related data regarding the set of securities market participants, computing a dissemination list of securities market participants based on ranking likely contras by probability of execution; and (e) transmitting that dissemination list to an entity who has been granted the privilege of receiving such lists in exchange for being contractually bound to respect confidentiality of the dissemination list and to use the list only for the purpose of sending securities-related information to members of the list.

Claims

1. A method of managing orders in a securities market, comprising the steps of:

(a) electronically receiving data comprising an order and conditions on said order from a first market participant;

(b) electronically storing said received data in a database;

(c) electronically receiving and storing in said database data comprising contra orders from other market participants;

(d) searching said database for contra orders that satisfy said conditions on said order from said first market participant;

(e) ranking contra orders that satisfy said conditions according to criteria comprising said conditions; and

(f) routing said order received from said first market participant or portions thereof to market participants from which said ranked contra orders were received, according to ranking.

2. A method according to claim 1, wherein said conditions comprise having a designated portion of said order sent out to third-party systems.

3. A method according to claim 2, wherein the aggregate size of portions of said order that are routed to third-party systems does not exceed the size of said order.

4. A method according to claim 1, wherein a count is maintained of the residual size that has not been routed to likely contras, and said count is decremented when routed-to contras decline to accept the order.

5. A method according to claim 4, wherein said residual size count is not permitted to become negative.

6. A method according to claim 2, wherein said conditions comprise a combination of possible third-party execution options.

7. A method according to claim 1, wherein said first market participant transmits said conditions by entering a script through a graphical user interface.

8. A method according to claim 7, wherein said script specifies a sequence of operations to be executed in the process of working said order.

9. A method according to claim 7, wherein said graphical user interface comprises a script-editing screen displaying a blank horizontal field with a downward-pointing arrow.

10. A method according to claim 9, wherein upon clicking on the downward-pointing arrow a drop list of order management options appears for the user to choose from.

11. A method according to claim 7, wherein said graphical user interface displays a list of order management options.

12. A method according to claim 11, wherein said list of order management options includes options to route parts of the order to third party systems.

13. A method according to claim 11, wherein said list of order management options includes an option of sending targeted notifications of the residual part of the order that was not routed to other parties in order to attract responsive orders.

14. A method according to claim 11, wherein, upon selecting an option from said list, a user enters a dialog to edit relevant dissemination parameters.

15. A method according to claim 7, wherein a user specifies a time to be allotted for each step of said script.