Method and apparatus for enabling individual or smaller investors or others to create and manage a portfolio of securities or other assets or liabilities on a cost effective basis

  • US 7,685,046 B2
  • Filed: 07/28/2003
  • Issued: 03/23/2010
  • Est. Priority Date: 03/11/1998
  • Status: Active Grant
First Claim
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1. A computer implemented method for managing an investment account for a customer associated with a sponsoring organization comprising:

  • interacting using a graphical user interface with the customer over a computer network to create a portfolio of investments that satisfy a plurality of restrictions on investment activity of the customer while meeting pre-defined investment needs of the customer;

    establishing with a computer an aggregate portfolio of investments from the customer and from a plurality of other customers of the sponsoring organization, wherein said aggregating includes combining orders for investments from the customer and the plurality of other customers into a single order for each investment, including combining at least one economically unviable order for an investment, wherein said economically unviable order includes at least one trading order for a fractional share of one investment, and wherein said single order for each investment is specified as a whole number of shares of said each investment;

    transmitting a portfolio of desired investments over the computer network for execution;

    allocating by a computer all fractional shares of said at least one investment to all customers that ordered a fractional share of said at least one investment;

    andmaintaining in a separate account up to one single share of each investment in which there was at least one trading order for a fractional share of said each investment, wherein said maintaining includes holding any remaining fractional shares of said at least one investment after said allocating for subsequent trading.

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