System and method for managing relationships between brokers and traders using a messaging format

  • US 8,027,902 B2
  • Filed: 11/18/2003
  • Issued: 09/27/2011
  • Est. Priority Date: 11/18/2003
  • Status: Active Grant
First Claim
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1. A method, comprising:

  • receiving by a computing server from a first broker via a first computing terminal a request by the first broker to manage trading orders, via a trading system, on behalf of a user,wherein to manage trading orders via the trading system includes at least;

    to submit, on behalf of the user, trading orders to the trading system,to modify, on behalf of the user, existing trading orders on the trading system, andto cancel, on behalf of the user, existing trading orders on the trading system, andwherein the computing server and the first computing terminal are communicatively coupled via a communications network;

    based at least in part on receiving the request from the first broker, storing by the computing server first data that indicates a relationship between the first broker and the user, wherein the relationship between the first broker and the user indicates that the first broker is authorized, via the trading system, to manage trading orders on behalf of the user;

    receiving by the computing server from a second broker via a second computing terminal a request by the second broker to manage trading orders, via the trading system, on behalf of the user, wherein the computing server and the second computing terminal are communicatively coupled via the communications network;

    based at least in part on receiving the request from the second broker, storing by the computing server second data that indicates a relationship between the second broker and the user, wherein the relationship between the second broker and the user indicates that the second broker is authorized, via the trading system, to manage trading orders on behalf of the user;

    receiving by the computing server from the first broker via the first computing terminal a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument;

    communicating by the computing server the trading order to the trading system;

    receiving by the computing server from the trading system a trading message that is directed to the user and is in response to the trading order;

    based at least in part on the trading message being directed to the user, identifying by the computing server, from at least the first and the second stored data, brokers having a relationship with the user, including identifying at least the first broker and the second broker;

    based at least in part on identifying the first broker, communicating by the computing server the trading message to the first broker via the first computing terminal; and

    based at least in part on identifying the second broker, communicating by the computing server the trading message to the second broker via the second computing terminal.

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