公开(公告)号：US20120191592A1

公开(公告)日：2012-07-26

申请号：US13437833

申请日：2012-04-02

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

IPC: G06Q40/04

CPC classification number: G06Q30/0207 ,  G06Q30/02 ,  G06Q40/00 ,  G06Q40/04 ,  G06Q40/06

Abstract: An automated marketplace is separated into tiers, with behavioral requirements for each tier. Tier eligibility is a “structural incentive” for market participants to exhibit desirable behavior and eschew undesirable behavior. Tiered eligibility also reflects the natural imbalance of liquidity in the market and the need to preserve the identity of a class of liquidity providers, which further leads to a structure that can preserve the integrity of person-to-person trading relationships even in an automated environment. Within each tier, participant behavior leads to a ranking for that participant. When specific events occur, these events are allocated based on participant ranking. Participant ranking is an “activity incentive” that influences the behavior of market participants. Certain events are defined as desirable or undesirable, and when performed by a market participant, lead to positive incentives or negative incentives, of structural and/or monetary type.

Abstract translation: 自动化市场被分为层次，每层的行为要求。 层级资格是市场参与者展现理想行为和避免不良行为的“结构性激励”。 分层资格也反映了市场流动性自然的不平衡，以及需要保留一类流动性提供者的身份，这进一步导致了即使在自动化环境中也能保持个人对个人交易关系的完整性的结构 。 在每个层次中，参与者行为导致该参与者的排名。 当发生特定事件时，这些事件将根据参与者排名进行分配。 参与者排名是影响市场参与者行为的“活动激励”。 某些事件被定义为理想的或不合需要的，当由市场参与者执行时，会导致结构和/或货币类型的积极的激励或负面激励。

公开(公告)号：US20100004985A1

公开(公告)日：2010-01-07

申请号：US12217456

申请日：2008-07-02

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

IPC: G06Q30/00

CPC classification number: G06Q30/0207 ,  G06Q30/02 ,  G06Q40/00 ,  G06Q40/04 ,  G06Q40/06

Abstract: An automated marketplace is separated into tiers, with behavioral requirements for each tier. Tier eligibility is a “structural incentive” for market participants to exhibit desirable behavior and eschew undesirable behavior. Tiered eligibility also reflects the natural imbalance of liquidity in the market and the need to preserve the identity of a class of liquidity providers, which further leads to a structure that can preserve the integrity of person-to-person trading relationships even in an automated environment. Within each tier, participant behavior leads to a ranking for that participant. When specific events occur, these events are allocated based on participant ranking. Participant ranking is an “activity incentive” that influences the behavior of market participants. Certain events are defined as desirable or undesirable, and when performed by a market participant, lead to positive incentives or negative incentives, of structural and/or monetary type.

Abstract translation: 自动化市场被分为层次，每层的行为要求。 层级资格是市场参与者展现理想行为和避免不良行为的“结构性激励”。 分层资格也反映了市场流动性自然的不平衡，以及需要保留一类流动性提供者的身份，这进一步导致了即使在自动化环境中也能保持个人对个人交易关系的完整性的结构 。 在每个层次中，参与者行为导致该参与者的排名。 当发生特定事件时，这些事件将根据参与者排名进行分配。 参与者排名是影响市场参与者行为的“活动激励”。 某些事件被定义为理想的或不合需要的，当由市场参与者执行时，会导致结构和/或货币类型的积极的激励或负面激励。

公开(公告)号：US20120150711A1

公开(公告)日：2012-06-14

申请号：US12963840

申请日：2010-12-09

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker ,  Thomas Walter Little, JR. ,  Sergei Poliakoff

IPC: G06Q40/00

CPC classification number: G06Q40/04

Abstract: A stock loan system receives a sell short order for a financial instrument such as a stock, and determines whether it can provide a locate for the sell short order. If so, then the stock loan system sends sell short order and the locate to a marketplace for execution. In some cases, the sell short order is required to have a stock loan, not merely a locate, to be eligible for execution, and the stock loan system provides the loan, then sends the sell short order with notice of the loan to a marketplace for execution. In some embodiments, an order execution marketplace receives a sell short order for a financial instrument, and, if it can provide a locate, the marketplace provides the locate and executes the sell short order. In some cases, the sell short order is required to have a stock loan, not merely a locate, to be eligible for execution, and the marketplace obtains a stock loan from a stock loan system then executes the sell short order.

Abstract translation: 股票贷款制度收到诸如股票等金融工具的卖空短仓，并确定是否可以提供卖空短仓的定位。 如果是这样，那么股票贷款系统就会把卖空的订单和定位到市场进行执行。 在某些情况下，出售短仓需要有股票贷款，而不仅仅是定位，才有资格执行，股票贷款系统提供贷款，然后将卖空通知发送到市场 执行。 在一些实施例中，订单执行市场接收金融工具的卖空订单，并且如果可以提供定位，则市场提供定位并执行卖空短仓。 在某些情况下，卖空短仓需要有股票贷款，而不仅仅是定位，才有资格执行，市场从股票贷款系统获得股票贷款，然后执行卖空。

公开(公告)号：US20100005022A1

公开(公告)日：2010-01-07

申请号：US12321602

申请日：2009-01-22

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker

IPC: G06Q40/00

CPC classification number: G06Q40/04

Abstract: For a trade between a buyer and a seller, wherein at least one of the buyer and the seller is a non-clearing member that is not a member of a clearing entity, an identification of a clearing member associated with the non-clearing member is obtained, the clearing member being a member of the clearing entity. A software program appends the identification of the clearing member to a trade report for the received trade, and sends the trade report including the identification of the clearing member to the clearing entity. The software program obtains permission for the trade by consulting a predetermined permission list, or by sending a request for permission to the clearing member. The clearing entity clears the trade based on the account of the clearing member appended to the trade report.

Abstract translation: 对于买方和卖方之间的交易，其中买方和卖方中的至少一个是不是清算实体的成员的非结算成员，与非结算成员相关联的结算成员的标识是 清算会员是清算实体的成员。 软件程序将结算会员的身份附加到接收到的交易的交易报告中，并将包括结算会员身份的交易报告发送到结算实体。 软件程序通过咨询预定的许可列表或通过向清算会员发送许可请求获得交易的许可。 结算实体根据交易报告附带的结算会员的账户清算交易。

公开(公告)号：US20100005030A1

公开(公告)日：2010-01-07

申请号：US12321601

申请日：2009-01-22

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker

IPC: G06Q40/00

CPC classification number: G06Q40/00 ,  G06Q50/188

Abstract: A computer program provides a screen-based interface enabling anonymous negotiation between a buyer and a seller. Parties wishing to trade enter values into fields of a screen-based interface, thereby creating a trading interest, and may select from terms associated with each of the fields to augment the trading interest. The parties may also specify counter-party filtering criteria in the trading interest. The computer program then displays to the creator of the trading interest any previously entered trading interests that might result in a trade, and that satisfy the counter-party filtering criteria, if any. The computer program also displays the new trading interest to the creators of the previously entered trading interests. Two of the parties may agree to negotiate using structured messages that maintain their anonymity. The identities of the counter-parties need not be known to each other as, after a trade agreement is reached, a central clearing party becomes the counter-party to each of the parties via a novation.

Abstract translation: 计算机程序提供基于屏幕的界面，使得买方和卖方之间进行匿名协商。 希望交易的各方将价值纳入基于屏幕的界面的领域，从而创造交易利益，并且可以从与每个领域相关联的条款中选择以增加交易利益。 双方还可以在交易利益中规定反向过滤标准。 然后，计算机程序向交易利益的创建者显示可能导致交易的先前输入的交易利益，并且满足对方过滤标准（如果有的话）。 计算机程序还向先前输入的交易利益的创造者显示新的交易利益。 两方当事人可能同意使用结构化信息进行谈判，这些信息保持匿名。 双方的身份不一定相互知晓，因为在达成贸易协议后，中央结算机构通过宣称成为每一方的对方。

公开(公告)号：US20100004999A1

公开(公告)日：2010-01-07

申请号：US12321600

申请日：2009-01-22

Applicant: Gregory Wayne DePetris ,  Martin Rein Hakker

Inventor： Gregory Wayne DePetris ,  Martin Rein Hakker

IPC: G06Q40/00

CPC classification number: G06Q40/04 ,  G06Q30/0275 ,  G06Q40/00 ,  G06Q40/06

Abstract: A stock loan contract is anonymously formed through a software program and sent to a central clearing party that performs a novation in which first and second contracts are substituted for the stock loan contract, the first contract being between the borrower and the central clearing party, the second contract being between the lender and the central clearing party. The central clearing party guarantees the delivery of the stock and the cash for the stock loan contract, so the parties for the contract can be anonymous to each other. The software program may provide price discovery via a batch auction, in which the software program determines an equilibrium price for the batch auction, the equilibrium price being selected to maximize the number of shares loaned in the auction. A list of orders available for loan formation is available to a user of the software program prior to the occurrence of the batch auction, and one of these orders can be selected by the user for formation of a stock loan prior to the batch auction. Alternatively, the price discovery can occur in negotiated trading occurring entirely by structured messages having values for predefined fields and associated terms selected from a predefined set of terms.

Abstract translation: 股票贷款合同是通过软件程序匿名形成的，并发送给中央结算机构，其中第一和第二份合同取代了股票贷款合同，第一份合同是借款人与中央结算机构之间的合同， 第二份合同是贷方与中央结算机构之间的合同。 中央结算机构保证股票和股票贷款合同的现金交割，合同各方可以互匿匿名。 软件程序可以通过批量拍卖提供价格发现，其中软件程序确定批量拍卖的均衡价格，选择均衡价格以最大化在拍卖中借出的股份数量。 可以在批次拍卖发生之前向软件程序的用户提供可用于贷款形成的订单的列表，并且可以由用户选择其中一个订单，以便在批量拍卖之前形成股票贷款。 或者，价格发现可以发生在协商交易中，完全由具有从预定义项集合中选择的预定义字段和相关联词语的值的结构化消息发生。