公开(公告)号：US08380610B1

公开(公告)日：2013-02-19

申请号：US12509937

申请日：2009-07-27

申请人： Robert T. Nagle ,  Daniel Abbatemarco ,  Christopher Ferreri ,  Richard Raymond May

发明人： Robert T. Nagle ,  Daniel Abbatemarco ,  Christopher Ferreri ,  Richard Raymond May

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A data processing system for implementing transaction management of auction-based trading is disclosed. The disclosed data processing system provides a structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a matching engine and a plurality of workstations. The protocol and its programmed controlling logic enhances trading efficiency, rewards market makers, and fairly distributes market opportunity to system users. In some preferred embodiments, the structured trading protocol permits traders to enter hidden bids or offers during a clearing period that may be converted to transactable bids and offers when the clearing period terminates. In addition, in some preferred embodiments, the structured protocol permits traders to enter orders that specify an initial price and a better, hidden price. The system is programmed to improve the price of a trader's order within the cap established by the hidden price in particular circumstances in order to permit the trader to maintain priority in the order book when a better-priced order enters the market.

摘要翻译： 披露了实施拍卖交易管理的数据处理系统。 所披露的数据处理系统提供通过一系列交易范例实现的结构化交易协议。 该系统采用将匹配引擎和多个工作站连接在一起的分布式计算机处理网络。 该协议及其编程控制逻辑提高了交易效率，奖励市场人员，并向市场机会公平分配市场机会。 在一些优选实施例中，结构化交易协议允许交易者在结算期间输入隐藏的出价或报价，当清算期终止时，可以转换为可交易的出价和报价。 此外，在一些优选实施例中，结构化协议允许交易者输入指定初始价格和更好的隐藏价格的订单。 该系统被编程为提高在特定情况下由隐藏价格确定的上限内的交易者订单的价格，以便在更好的订单进入市场时允许交易者保持订单的优先级。

公开(公告)号：US08374950B1

公开(公告)日：2013-02-12

申请号：US12364091

申请日：2009-02-02

申请人： Richard Raymond May

发明人： Richard Raymond May

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A plurality of user interfaces for facilitating efficient order management and post-trade processing in an electronic trading system are disclosed. A first user interface comprises a plurality of client buttons and a broker button. Selection of a client button shifts the user interface to a client-perspective mode in which all actions and views are from the selected client's point of view. Selection of the broker button shifts the user interface to a client-neutral mode in which the broker may enter orders in the market without specifying any particular client. An analogous user interface for use by a trader is also described. A second user interface, referred to as a blotter, is also provided that comprises four distinct views for displaying “pending,” “completed,” “all,” and “annulled” trades. Preferred embodiments for utilizing the disclosed user interfaces to process different classes of pending trades are also described.

摘要翻译： 公开了用于促进电子交易系统中的有效订单管理和交易后处理的多个用户界面。 第一用户界面包括多个客户端按钮和代理按钮。 选择客户端按钮将用户界面转移到客户端透视模式，其中所有操作和视图都来自所选客户端的观点。 代理按钮的选择将用户界面转移到客户中立模式，其中经纪人可以在市场中输入订单而不指定任何特定的客户端。 还描述了由交易者使用的类似用户界面。 还提供了称为吸墨纸的第二用户界面，其包括用于显示未决，完成，全部和废止交易的四个不同视图。 还描述了利用公开的用户界面来处理不同类别的未决交易的优选实施例。

公开(公告)号：US08364574B1

公开(公告)日：2013-01-29

申请号：US12782213

申请日：2010-05-18

申请人： Richard Raymond May

发明人： Richard Raymond May

IPC分类号： G06Q40/00

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

摘要： An electronic trading system and associated methods that provide for anonymous pricing data while ensuring the integrity of the system by preventing it from being used for price discovery information only. Methods are included to police the dealers requesting price information and clear rules are implemented to reward the dealer offering the best price. Dealers request price information by submitting an open (not anonymous) request to a broker for a price on an amount of a security or financial instrument, referred to herein as a “Price-For-Call,” which results in an anonymous RFQ being sent to a group of other dealers. If more than one dealer in the group responds with a price, only the best price (bid or offer or both) is returned to the requesting dealer and only the dealer offering the best price is rewarded with knowledge of the price information by virtue of the fact that his price traded.

摘要翻译： 一种电子交易系统和相关方法，通过防止仅将其用于价格发现信息来确保系统的完整性，从而提供匿名定价数据。 包括方法来警告经销商要求价格信息，并执行明确的规则来奖励经销商提供最优惠的价格。 经销商通过向证券交易所提交公开（不是匿名）请求，以安全性或金融工具的金额（这里称为价格收购）的价格提交价格信息，这导致匿名询价发送到 集团其他经销商。 如果集团内的多个经销商以价格作出回应，则只有最优惠的价格（出价或报价或两者都）退回给要求的交易商，只有提供最优惠价格的经销商凭借价格信息的知识才能得到奖励 事实上他的价格交易了。

公开(公告)号：US08255315B1

公开(公告)日：2012-08-28

申请号：US11291465

申请日：2005-11-30

申请人： Richard Raymond May

发明人： Richard Raymond May

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A plurality of user interfaces for facilitating efficient order management and post-trade processing in an electronic trading system are disclosed. A first user interface comprises a plurality of client buttons and a broker button. Selection of a client button shifts the user interface to a client-perspective mode in which all actions and views are from the selected client's point of view. Selection of the broker button shifts the user interface to a client-neutral mode in which the broker may enter orders in the market without specifying any particular client. An analogous user interface for use by a trader is also described. A second user interface, referred to as a blotter, is also provided that comprises four distinct views for displaying “pending,” “completed,” “all,” and “annulled” trades. Preferred embodiments for utilizing the disclosed user interfaces to process different classes of pending trades are also described.

摘要翻译： 公开了用于促进电子交易系统中的有效订单管理和交易后处理的多个用户界面。 第一用户界面包括多个客户端按钮和代理按钮。 选择客户端按钮将用户界面转移到客户端透视模式，其中所有操作和视图都来自所选客户端的观点。 代理按钮的选择将用户界面转移到客户中立模式，其中经纪人可以在市场中输入订单而不指定任何特定的客户端。 还描述了由交易者使用的类似用户界面。 还提供了称为吸墨纸的第二用户界面，其包括用于显示“待定”，“完成”，“全部”和“废止”交易的四个不同视图。 还描述了利用公开的用户界面来处理不同类别的未决交易的优选实施例。

公开(公告)号：US08005745B1

公开(公告)日：2011-08-23

申请号：US11475975

申请日：2006-06-28

申请人： Daniel Cleaves ,  Arthur Robert D'Arcy

发明人： Daniel Cleaves ,  Arthur Robert D'Arcy

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00

摘要： A system and method are provided that preserve many of the advantages of traditional workups, including the ability to create a single deal extended in time, while avoiding aspects of prior art workup protocols that can be disadvantageous in particular trading environments and, particularly, avoiding the trading delays sometimes created by providing certain traders with exclusive trading privileges in highly-liquid, fast-moving trading environments. In a preferred embodiment, the present system comprises a distributed computer processing system programmed to provide a structured trading protocol that enhances trading efficiency and fairly distributes market opportunity to system users. More specifically, in a preferred embodiment, the present system is adapted to provide a plurality of workup phases each of which is designated a “public” phase and during which all trading is conducted on a first-come-first-served basis.

摘要翻译： 提供了一种系统和方法，其保留了传统后处理的许多优点，包括能够在时间上扩展单个交易的能力，同时避免可能在特定交易环境中不利的现有技术的处理协议的方面，并且特别地避免 有时通过向某些交易者提供高流动性，快速交易环境中的独家交易特权而造成的交易延迟。 在优选实施例中，本系统包括分布式计算机处理系统，其被编程为提供结构化交易协议，其提高交易效率并向市场机会公平分配市场机会。 更具体地，在优选实施例中，本系统适于提供多个处理阶段，每个阶段被指定为“公共”阶段，并且在此期间所有交易以先到先得的方式进行。

公开(公告)号：US20140195410A1

公开(公告)日：2014-07-10

申请号：US14204418

申请日：2014-03-11

申请人： ICAP Services North America LLC

发明人： Umesh S. Patel

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04

摘要： A bond matching system receives positions from dealers identifying bonds to be matched and including the price value per basis point (PVPB) of the bonds and an indication of a percentage deviation from PVBP that the dealer is willing to accept in a matching bond. A matching engine performs a matching optimization during a run to match as many positions as possible and then calculates a series of hedge trades for each dealer to reduce the curve risk generated by matching with bonds having different maturity dates. The hedge trades are executed in a liquid external market such as a futures exchange.

摘要翻译： 债券匹配系统从经销商处获得要匹配的债券的位置，包括债券的每个基点的价格价值（PVPB），以及经销商愿意在匹配债券中接受的PVBP的百分比偏差的指示。 匹配引擎在运行期间执行匹配优化以匹配尽可能多的位置，然后计算每个经销商的一系列对冲交易以减少与具有不同到期日的债券匹配产生的曲线风险。 对冲交易是在一个流动的外部市场如期货交易所执行。

公开(公告)号：US08249979B2

公开(公告)日：2012-08-21

申请号：US12708006

申请日：2010-02-18

申请人： Deborah Kessler ,  Daniel Cleaves

发明人： Deborah Kessler ,  Daniel Cleaves

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A multi-protocol trading system in which traders preferring different trading protocols may coexist within the same system, and access the same liquidity pool, while maintaining their trading rule preferences. The system supports two protocol preferences: a workup preference and a FIFO preference, and includes a single integrated order book that stores orders received from both workup and FIFO traders. Received orders are matched against orders in the order book in accordance with a FIFO and/or workup protocol, as a function of preferences selected by the traders and/or the system operator. Alternatively, the system includes a pair of order books, a workup order book and a FIFO order book. Customers submit linked orders having a workup leg and a FIFO leg which may be matched against the workup and/or FIFO order books, as a function of preferences selected by the traders and/or the system operator.

摘要翻译： 一种多协议交易系统，其中交易者喜欢不同的交易协议可以在同一系统内共存，并且访问相同的流动性池，同时保持其交易规则偏好。 该系统支持两种协议优先级：一种处理优先级和一种FIFO优先级，并且包括一个单一的集成订单簿，其中存储从处理和FIFO交易者接收的订单。 根据由交易者和/或系统操作者选择的偏好的函数，接收到的订单根据FIFO和/或处理协议与订单簿中的订单进行匹配。 或者，系统包括一对订单，一个订单簿和一个FIFO订单簿。 客户根据交易者和/或系统操作者选择的优先级，提交具有后备支线和FIFO支线的链接订单，其可以与后备和/或FIFO订单簿相匹配。

公开(公告)号：US20120109812A1

公开(公告)日：2012-05-03

申请号：US13345179

申请日：2012-01-06

申请人： Hal Hinkle ,  R. Raymond May

发明人： Hal Hinkle ,  R. Raymond May

IPC分类号： G06Q40/04

CPC分类号： G06Q40/04 ,  G06Q20/40 ,  G06Q30/0225 ,  G06Q40/00 ,  G06Q40/06 ,  G06Q40/12

摘要： A data processing system that records detailed market information for one or more financial markets to facilitate the audit of executed trades for time, quantity, and price as being reasonable. The system receives and records data from financial markets, including the date and time trades are executed and the prices at which the financial instruments traded. The system provides users the ability to compare a particular transaction for a financial instrument to transaction data for the same and/or related financial instruments at around the same time, to determine whether the price paid for the financial instrument is reasonable for the time the trade was executed. A trade confirmation service is also provided to permit traders to verify the parameters of executed transactions.

摘要翻译： 一个数据处理系统，记录一个或多个金融市场的详细市场信息，方便对执行交易的时间，数量和价格的审计合理。 系统接收和记录金融市场的数据，包括执行日期和时间以及金融工具交易的价格。 该系统为用户提供了在同一时间将金融工具的特定交易与相同和/或相关金融工具的交易数据进行比较的能力，以确定在交易时间内为金融工具支付的价格是否合理 被执行 还提供贸易确认服务，以允许交易者验证已执行交易的参数。

公开(公告)号：US20110029425A1

公开(公告)日：2011-02-03

申请号：US12903021

申请日：2010-10-12

申请人： Ronald A. Purpora ,  Daniel O. Cleaves

发明人： Ronald A. Purpora ,  Daniel O. Cleaves

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： The present invention generally relates to brokerage systems and methods, and more particularly, to a multi-tiered trading system and corresponding methods which allow multiple customers and multiple dealers to transact on a single platform while maintaining the distinction of an inter-dealer system and a dealer-customer relationship.

摘要翻译： 本发明一般涉及经纪人系统和方法，更具体地说，涉及一种多层交易系统和相应的方法，其允许多个客户和多个经销商在单个平台上进行交易，同时保持代理间系统和 经销商 - 客户关系。

公开(公告)号：US20100312685A1

公开(公告)日：2010-12-09

申请号：US12814700

申请日：2010-06-14

申请人： Deborah Kessler ,  Daniel Cleaves

发明人： Deborah Kessler ,  Daniel Cleaves

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/06

摘要： A multi-protocol trading system in which traders preferring different trading protocols may coexist within the same system, and access the same liquidity pool, while maintaining their trading rule preferences. The system supports two protocol preferences: a workup preference and a FIFO preference, and includes a single integrated order book that stores orders received from both workup and FIFO traders. Received orders are matched against orders in the order book in accordance with a FIFO and/or workup protocol, as a function of preferences selected by the traders and/or the system operator. Alternatively, the system includes a pair of order books, a workup order book and a FIFO order book. Customers submit linked orders having a workup leg and a FIFO leg which may be matched against the workup and/or FIFO order books, as a function of preferences selected by the traders and/or the system operator.

摘要翻译： 一种多协议交易系统，其中交易者喜欢不同的交易协议可以在同一系统内共存，并且访问相同的流动性池，同时保持其交易规则偏好。 该系统支持两种协议优先级：一种处理优先级和一种FIFO优先级，并且包括一个单一的集成订单簿，其中存储从处理和FIFO交易者接收的订单。 根据由交易者和/或系统操作者选择的偏好的函数，接收到的订单根据FIFO和/或处理协议与订单簿中的订单进行匹配。 或者，系统包括一对订单，一个订单簿和一个FIFO订单簿。 客户根据交易者和/或系统操作者选择的优先级，提交具有后备支线和FIFO支线的链接订单，该支票可以与后备和/或FIFO订单簿相匹配。