Method and apparatus relating to conducting trading transactions with portable trading stations

• US 5,038,284 A
• Filed: 02/17/1988
• Issued: 08/06/1991
• Est. Priority Date: 02/17/1988
• Status: Expired due to Term

• Current Assignee: Robert M. Kramer
• Original Assignee: Robert M. Kramer
• Inventors: Kramer, Robert M.
• Primary Examiner(s): NOT, DEFINED
• Application Number:
  US07/157,963
• Time in Patent Office: 1,266 Days
• Field of Search: 364/408, 364/401, 340/825.27, 340/825.26, 340/825.25
• US Class Current: 705/37
• 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: H04L 12/1804 for stock exchange and similar applications

Abstract

A central computer equipped with communications hardware and specially designed software receives transaction data from personal transaction stations operated by traders, sends back verification information to the traders, reconciles all trades, informs traders when an error occurs, generates complete records of all transactions, reports price and volume data to quote vendors, provides numerous reports which analyze trading activity to detect potential regulatory violations, creates a complete real-time backup copy of all data, and provides intraday profit, loss, risk, and margin information to exchange and Futures Commission Merchant personnel.

Claims

1. A system for processing open outcry transactions between opposing traders, said system comprising a plurality of portable transaction station means for converting manually entered data relating to said open outcry transactions into first transmissible signals and transmitting said first signals, and for receiving second signals and converting the said second signals into visually perceptible displays, utilization means for producing information relating to said transactions, and host means for receiving and processing said first signals and for transmitting said second signals, said host means including processing means for reconciling first signals representing agreed buy and sell transaction data entered by traders with first signals representing agreed buy and sell transaction data entered by opposing traders and for determining correspondence between the agreed buy and sell transaction data entered by traders with agreed buy and sell transaction data entered by opposing traders, said host means including means for transmitting second signals relating to said correspondence to said portable transaction station means, said host means further including means for transmitting data relating to said transactions to said utilization means in at least substantially real time, said first signals respectively including portions identifying traders and opposing traders in agreed transactions, said second signals including portions identifying traders and opposing traders to whom the second signals are transmitted to indicate reconciliation or lack of the same.

2. A system as claimed in claim 1, wherein said utilization means comprises futures commission merchant means and quote vendor means, said host means including means for transmitting data relating to said transactions to said futures commission merchant means and said quote vendor means.

3. A system as claimed in claim 1 wherein said portable transaction station means and host means include radio transmission and reception means to transmit and receive said signals.

4. A system as claimed in claim 1 wherein said portable transaction station means include means for detachable connection to the traders.

5. A system as claimed in claim 4 wherein the means for detachable connections includes a wrist strap on each said portable transaction station means.

6. A system as claimed in claim 4 wherein said portable transaction station means include programmable means for the updating of the portable transaction station means.

7. A system as claimed in claim 1 wherein said portable transaction station means include portable casings, key means on said casings for the manual entry of data relating to transactions, and activating means for selectively activating and deactivating the related portable transaction stations means.

8. A system as claimed in claim 7 wherein the activity means is recessed to prevent accidental activating and deactivating of the portable transaction station means.

9. A system as claimed in claim 7 wherein said key means include bid and asked key means for reporting quotes in addition to transactions.

10. A system as claimed in claim 7 wherein said key means include means for entering data relating to identification of the identity of the enterer of the data, identity of the item which is the subject of the transaction, and whether the transaction is buy or sell, volume, price, time, date, FCM identity, contra, transaction number and whether the transaction was done as principal or agent.

11. A system as claimed in claim 7 wherein said portable transaction station means include detachable printing means for selectively printing data entered into and received by the related portable transaction station means, and activating means for selectively activating and deactivating the printing means.

12. A system as claimed in claim 7 wherein said portable transaction station means include respective transaction display screens for displaying visually perceptible data relating to transactions.

13. A system as claimed in claim 12 wherein said portable transaction station means include respective position display screens for displaying visually perceptible data relating to positions.

14. A system as claimed in claim 12 wherein the portable transaction stations means are adapted to work according to selected plurality of means, said portable transaction station means including menu storage means and means for selectively calling up menus from said storage means.

15. A system as claimed in claim 7 wherein said portable transaction station means include respective position display screens for displaying visually perceptible data relating to positions.

16. A system as claimed in claim 7 wherein the key means include means to control scrolling speed.

17. A system as claimed in claim 7 wherein the key means include clear-last-digit keys, handle-up and handle-down keys, and tick-up and tick-down keys.

18. A system as claimed in claim 7 wherein said portable transaction station means include means for the automatic entry of transaction numbers.

19. A system as claimed in claim 7 wherein the key means includes means for automatically negating a transaction and for automatically voiding a transaction.

20. A system as claimed in claim 7 wherein said portable transaction station means include means for the printing out of data relating to transactions, positions, average cost and profit/loss.

21. A system as claimed in claim 7 wherein said portable transaction station means include means for the dating of the transactions.

22. A system as claimed in claim 21 wherein said host means includes means for the automatic time stamping of the transaction.

23. A system as claimed in claim 7 wherein said portable transaction station means include means for the computation of net position, average cost, realized profit/loss, unrealized profit/loss, and total profit/loss for all positions.

24. A system as claimed in claim 1 wherein said portable transaction station means include opposite sides and data entry control means on the fronts and sides of the portable transaction station means.

25. A system as claimed in claim 1 wherein said host means includes means for the automatic time stamping of the transaction.

26. A system as claimed in claim 1 wherein said host means includes security means for preventing the unauthorized use of any of said portable transaction station means.

27. A system as claimed in claim 1 wherein said host means includes communication control means for identifying which portable transaction station means is sending data and to which portable transaction station means the host means should transmit responses.

28. A system as claimed in claim 1 wherein said host means includes storage means for storing all trades, reconciled trades and unreconciled trades.

29. A system as claimed in claim 1 wherein said host means includes means for the storage and continual monitoring of trader accounts.

30. A system as claimed in claim 1 wherein said host means includes means for the analysis of unusual trading patterns.

31. A system as claimed in claim 1 wherein said host means includes means for generating graphical analysis of stored data.

32. A system as claimed in claim 1 wherein said host means includes means for broadcasting news items.