公开(公告)号：US08515853B2

公开(公告)日：2013-08-20

申请号：US10741874

申请日：2003-12-19

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/08

摘要： A dealer sells match insurance to participants in an order matching process. If a participant's order is not matched in the match process, then the participant can exercise the match insurance to obtain a contra-side order that matches. Purchasing match insurance is similar to purchasing an option with a floating strike price; with the strike price being determined by the match price. The match insurance itself may be tradeable. Matching orders are executed. A participant may cancel some or all of its match insurance before the match occurs and the dealer refunds the insurance premium less a cancellation fee. Traders not participating in the match may obtain an immediate execution guarantee from the dealer, at the next match price, by paying a fee.

摘要翻译： 经销商出售匹配保险给参与者的订单匹配过程。 如果参与者的订单在匹配过程中不匹配，则参与者可以行使匹配保险以获得匹配的对方订单。 购买比赛保险与购买浮动执行价格的期权类似; 行权价格由匹配价格决定。 比赛保险本身可能是可交易的。 执行匹配顺序。 参赛者可以在比赛发生之前取消其部分或全部比赛保险，并且经销商退还保险费减去取消费用。 不参加比赛的交易者可以通过支付费用在下一个比赛价格下获得经销商的即时执行担保。

公开(公告)号：US08249975B1

公开(公告)日：2012-08-21

申请号：US09802163

申请日：2001-03-08

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： Trading processes interact with each other through a market process. The trading processes and the market process all operate on a platform. When the market process determines that one of the trading processes is satisfying a condition, such as providing a best price for a side of the market, then the market process automatically notifies the trading process of a new contra-side best market price in advance of providing such notification to other trading processes.

摘要翻译： 交易过程通过市场流程互相交流。 交易流程和市场流程都在平台上运作。 当市场过程确定其中一个交易过程满足一个条件，例如为市场一侧提供最佳价格时，市场过程将自动通知交易过程中新的对方最佳市场价格 向其他交易流程提供此类通知。

公开(公告)号：US07783561B1

公开(公告)日：2010-08-24

申请号：US11515231

申请日：2006-08-31

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： An market process internal to a platform is configured to operate with a market external to the platform. Generally, the market process first attempts to reflect an order related action at the external market, and if successful, internally commits the order related action. In some situations, such as when trading becomes fast or when the external market expects to have control over all orders posted thereat, the market acts as a router for orders received from trading processing on the platform. When the external market elects to return to the try-commit operational protocol, the order file of the market process is resynchronized with the order file of the external market.

摘要翻译： 平台内部的市场流程配置为与平台外部的市场操作。 一般来说，市场流程首先试图在外部市场反映与订单相关的行为，如果成功，则在内部提交订单相关的行动。 在某些情况下，如交易变得快速或者当外部市场期望对其所在地的所有订单进行控制时，市场将作为从平台交易处理收到的订单的路由器。 当外部市场选择返回尝试提交操作协议时，市场流程的订单文件与外部市场的订单文件重新同步。

公开(公告)号：US07774246B1

公开(公告)日：2010-08-10

申请号：US09801490

申请日：2001-03-08

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/00 ,  G06Q40/04 ,  G06Q40/06

摘要： A market process collects orders from trading processes into a batch, the orders associated with respective liquidity curves. The market process uses the liquidity curve to determine a premium offered by or demanded for the order. The market process then pairs orders in the batch that have indicated willingness to bear the greatest amount of market risk, as demonstrated by their premiums. Greedy or risk averse orders, as indicated by their premiums, may not be paired during the batch.

摘要翻译： 市场过程从交易过程收集订单到一批，与各流动性曲线相关的订单。 市场流程使用流动性曲线来确定订单提供或要求的溢价。 市场流程然后对批次中的订单表示愿意承受最大的市场风险，如其保费所示。 瑕疵或风险厌恶的订单，如其保费所示，可能不会在批次中配对。

公开(公告)号：US20090183179A1

公开(公告)日：2009-07-16

申请号：US12319793

申请日：2009-01-12

申请人： Christopher Keith ,  Mark Kemna ,  Alexander Levin

发明人： Christopher Keith ,  Mark Kemna ,  Alexander Levin

IPC分类号： G06F9/54

CPC分类号： G06Q30/02

摘要： A platform enables a business to learn about a user based on characteristics of the user and without knowing the identity of the user. The business specifies characteristics of users of interest to the business. When a platform user begins a session, a process representing the platform user interacts with the business's specification so that the business obtains the characteristics of the user without knowing the identity of the user. If the user's characteristics match the business's specification, then the platform takes an action specified by the business, such as sending an offer or advertisement to the user.

摘要翻译： 平台使企业能够基于用户的特征了解用户，而不了解用户的身份。 业务指定业务感兴趣的用户的特征。 当平台用户开始会话时，表示平台用户的进程与业务规范进行交互，以便业务在不知道用户身份的情况下获得用户的特征。 如果用户的特征符合业务规范，则平台采取业务指定的动作，例如向用户发送报价或广告。

公开(公告)号：US20070208648A1

公开(公告)日：2007-09-06

申请号：US11469385

申请日：2006-08-31

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： Price setting for a security occurs by automatically engaging in a price discovery procedure before responding to a request for a current buy or sell price of the security to provide an automatically discovered price that is better than a book price. The book price is the best price in an order book including orders to buy or sell specified quantities of the security at respective prices, the lowest sell order price of the booked orders being the book sell price, the highest buy order price of the booked orders being the book buy order price. The price discovery procedure includes providing the book buy or sell price to at least one entity registered to participate in the price discovery procedure. The entity automatically provides an improved price relative to the book price based on a predetermined strategy that is determined independently of the strategies for other entities. The temporal duration of the price discovery procedure can be predetermined or based on an amount of activity occurring during the price discovery procedure.

摘要翻译： 安全性的价格设定是在自动参与价格发现程序之前进行的，然后才回应当前买入或卖出的安全价格的要求，以提供自动发现的价格比书价更好。 书价是订单中最好的价格，包括以各自的价格买卖指定数量的证券的订单，订单的最低卖单价格是图书销售价格，订单订单的最高买单价格 作为购买订单价格的书。 价格发现程序包括向至少一个注册参与价格发现程序的实体提供图书买卖价格。 该实体基于独立于其他实体的策略确定的预定策略，自动地提供相对于书价格的改进的价格。 价格发现过程的时间持续时间可以是预先确定的或者基于在价格发现过程期间发生的活动量。

公开(公告)号：US07908198B1

公开(公告)日：2011-03-15

申请号：US09802223

申请日：2001-03-08

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： A market process records trades between trading processes. A preference rating from each trading process to all other trading processes that it has traded with is updated based on the recorded trade, such as by comparing the recorded trade with a metric and determining whether or not the trading process profited from the trade. The metric may be a market price for the item traded at a time subsequent to or prior to the trade. The updating may be performed by the market process after each trade or at predetermined times, or the updating may be performed by a platform process. A trading process can designate itself as anonymous, maintaining its confidentiality but still being subject to contra-party preference rating. The market process may use the contra-party preference ratings to determine whether a trade may occur between two trading processes.

摘要翻译： 市场过程记录交易过程之间的交易。 根据所记录的交易，例如通过将记录的交易与衡量指标进行比较，并确定交易过程是否从交易中获利，从每个交易过程到其所交易的所有其他交易过程的优先评级更新。 该度量可能是在交易之后或之前交易的物品的市场价格。 更新可以在每个交易之后或在预定时间由市场处理执行，或者可以通过平台处理来执行更新。 交易过程可以自己指定为匿名，保持机密性，但仍然受到对方偏好评级。 市场流程可能会使用对方偏好评级来确定两个交易过程之间是否可能发生交易。

公开(公告)号：US07882007B2

公开(公告)日：2011-02-01

申请号：US09801848

申请日：2001-03-08

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/025 ,  G06Q40/06

摘要： A platform supports multiple processes, including market processes having respective market methodologies, trading processes having trading methodologies, platform processes providing services to the market processes and trading processes, and representation processes for coupling the market processes to external markets. The trading processes interact with each other and with external markets through the market processes.

摘要翻译： 平台支持多个流程，包括具有各自市场方法的市场流程，具有交易方法的交易流程，向市场流程和交易流程提供服务的平台流程以及将市场流程与外部市场相结合的表示流程。 交易过程通过市场流程与彼此和外部市场互动。

公开(公告)号：US07792733B1

公开(公告)日：2010-09-07

申请号：US09803615

申请日：2001-03-08

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： An market process internal to a platform is configured to operate with a market external to the platform. Generally, the market process first attempts to reflect an order related action at the external market, and if successful, internally commits the order related action. In some situations, such as when trading becomes fast or when the external market expects to have control over all orders posted thereat, the market process acts as a router for orders received from trading processes on the platform. When the external market elects to return to the try-commit operational protocol, the order file of the market process is resynchronized with the order file of the external market.

摘要翻译： 平台内部的市场流程配置为与平台外部的市场操作。 一般来说，市场过程首先试图在外部市场反映与订单相关的行动，如果成功，则在内部提交订单相关的行动。 在某些情况下，如交易变得快速或当外部市场期望对其上发布的所有订单进行控制时，市场流程将作为从平台上交易流程收到的订单的路由器。 当外部市场选择返回尝试提交操作协议时，市场流程的订单文件与外部市场的订单文件重新同步。

公开(公告)号：US07739174B1

公开(公告)日：2010-06-15

申请号：US11515362

申请日：2006-08-31

申请人： Christopher Keith

发明人： Christopher Keith

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： A trading process having a trading methodology selected by a user is operative to interact with market processes having respective market methodologies. The trading process and the market processes are supported on a platform that also supports platform processes for providing services to the trading processes and market processes. The trading processes interact with each other and with external markets through the market processes.

摘要翻译： 具有由用户选择的交易方法的交易过程可操作以与具有各自的市场方法的市场过程进行交互。 交易过程和市场流程得到支持，该平台还支持为交易流程和市场流程提供服务的平台流程。 交易过程通过市场流程与彼此和外部市场互动。