Electronic securities marketplace having integration with order management systems

• US 7,831,507 B2
• Filed: 06/10/2010
• Issued: 11/09/2010
• Est. Priority Date: 10/19/2000
• Status: Active Grant

• Current Assignee: Liquidnet Holdings Incorporated (Liquidnet Incorporated)
• Original Assignee: Liquidnet Holdings Incorporated (Liquidnet Incorporated)
• Inventors: Kosofsky, Demian, Lupowitz, Kevin, Halloran, John, Merrin, Seth I.
• Primary Examiner(s): Kalinowski; Alexander
• Assistant Examiner(s): Vyas; Abhishek
• Application Number:
  US12/797,882
• Publication Number:
  US 20100250429A1
• Time in Patent Office: 152 Days
• Field of Search: 705 36- 37
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS'"'"'s) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

Claims

1. A programmed computer system, comprising:

a memory having at least one region for storing computer executable program code; and

a processor for executing the program code stored in the memory, wherein the program code comprises;

i) code to obtain all records of open orders from a database of an order management system that meet pre-determined filtering criteria previously input into the computer, wherein the order management system database is associated with a trading firm and wherein the order management system is coupled to at least one workstation utilized by the trading firm and wherein the order management system database comprises at least the following fields;

(a) security name, symbol or identifier, (b) transaction type, and (c) a quantity;

ii) code to generate non-binding indications for at least one security from the obtained records of orders that are suitable for transmission to a data integration module associated with or having access to at least one electronic marketplace, each non-binding indication comprising security name, symbol or identifier, the transaction type, and an available quantity, such available quantity being determined from the obtained records;

iii) code to send the suitable non-binding indications to the data integration module associated with or having access to the at least one electronic marketplace;

(iv) code to periodically determine if at least one record of order of the order management system database meeting the pre-determined filtering criteria has changed and, if such record of the order management system database has changed, then subsequently generate, for the changed record of order, at least one updated non-binding indication; and

(v) code, if updated, subsequently send the updated non-binding indication to the data integration module associated with or having access to the at least one electronic marketplace.

2. The programmed computer system of claim 1, wherein the program code further comprises code to match at least one non-binding indication sent to the data integration module associated with or having access to the electronic marketplace with a contra interest and code to provide an indication of the match.

3. The programmed computer system of claim 1, wherein the program code further comprises code to execute a trade based upon the match of the non-binding indication and the contra interest.

4. The programmed computer system of claim 1, wherein the program code further comprises code to receive the pre-determined filtering criteria from the electronic marketplace.