U.S. patent application number 11/967392 was filed with the patent office on 2008-07-24 for customer relationship management methods and systems.
Invention is credited to Antonio Papageorgiou, David Weiss.
Application Number | 20080177637 11/967392 |
Document ID | / |
Family ID | 39589012 |
Filed Date | 2008-07-24 |
United States Patent
Application |
20080177637 |
Kind Code |
A1 |
Weiss; David ; et
al. |
July 24, 2008 |
CUSTOMER RELATIONSHIP MANAGEMENT METHODS AND SYSTEMS
Abstract
The present application provides computer implemented methods
and corresponding computer system that perform the methods that
include the step or steps of receiving a plurality of orders for an
item from each of a plurality of users. The orders include various
types of orders, including a first, second, and third type of
orders. Order queries are thereafter received and potential
counterparties are identified for the item that is the subject of
the query. Potential counterparties are preferably identified based
on the number of each of the various types of orders placed by the
plurality or users. A listing of the identified potential
counterparties may thereafter be communicated to the requesting
party.
Inventors: |
Weiss; David; (New York,
NY) ; Papageorgiou; Antonio; (New York, NY) |
Correspondence
Address: |
DEAN P. ALDERUCCI
CANTOR FITZGERALD, L.P., 110 EAST 59TH STREET (6TH FLOOR)
NEW YORK
NY
10022
US
|
Family ID: |
39589012 |
Appl. No.: |
11/967392 |
Filed: |
December 31, 2007 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
60882905 |
Dec 30, 2006 |
|
|
|
Current U.S.
Class: |
705/26.1 |
Current CPC
Class: |
G06Q 30/0601 20130101;
G06Q 40/04 20130101; G06Q 30/02 20130101; G06Q 40/12 20131203 |
Class at
Publication: |
705/26 |
International
Class: |
G06Q 30/00 20060101
G06Q030/00 |
Claims
1. A computer implemented method comprising: receiving a plurality
of orders for an item from a first user, wherein the plurality of
orders comprise a number of a first type of orders and a number of
a second type of orders; receiving a plurality of orders for the
item from a second user, wherein the plurality of orders comprises
a number of the first type of orders and a number of a second type
of orders, wherein the number of the first type of orders from the
first user exceeds the number of the first type of orders from the
second user; receiving from a workstations associated with a third
user a query for at least one potential counterparty for an order
for the item; determining in response to the query at least one
potential counterparty for the third party user's order for the
item, the at least one potential counterparty comprising at least
the first user, based at least on the number of the first type of
orders from the first user exceeding the number of the first type
of orders from the second user; and communicating a listing
comprising the at least one potential counterparty for the third
user order.
2. The method of claim 1, wherein the item comprises a financial
instrument.
3. The method of claim 1, comprising: storing information regarding
the first and second user in a first database; storing information
regarding orders for the item in a second database; and maintaining
a third database that crosses the first database and the second
database.
4. The method of claim 3, wherein the first database comprises a
user name or ID, and at least one communication address for each of
the first and second users, the second database comprises a user
name or ID, and historic interest data for each of the first and
the second users, and the third database comprises a user name or
ID, and a number of each of a plurality of order types derived from
the historic interest data.
5. The method of claim 1, comprising determining a number of the
first type of orders from the first user that have been executed
and determining a number of the first type of orders from the
second user that have been executed, wherein the at least one
potential counterparty for the third party user's order for the
item is further determined based on the numbers of the first type
of orders from each of the first user and the second user that have
been executed.
6. The method of claim 5, wherein the plurality of orders from the
first user comprise a number of a third type of orders and the
plurality of orders from the second user comprise a number of the
third type of orders, and wherein the at least one potential
counterparty for the third party user's order for the item is
further determined based on the numbers of the second and third
types of orders from each of the first user and the second
user.
7. The method of claim 6, comprising: determining a composite score
for the first user based on the number of the first, second, and
third types of orders from the first user; and determining a
composite score for the second user based on the number of the
first, second, and third types of orders from the second user,
wherein the at least one potential counterparty for the third party
user's order for the item is further determined based on the
composite score of each of the first user and the second user.
8. The method of claim 7, wherein the composite scores is further
determined based on the number of executed orders for the item.
9. The method of claim 7, wherein the first type of orders
comprises at least one of bids and offers for the item, the second
type of orders comprises at least one of requests for quotes and
quotes, and the third type of orders comprises indications of
interests.
10. The method of claim 8, wherein an indication of interest
comprises at least one trading variable less than necessary for an
actual order.
11. The method of claim 1, determining in response to the query at
least one potential counterparty for the third party user's order
for the item, the at least one potential counterparty comprising at
least a fourth user, based at least on position data for the item
of the fourth user.
12. The method of claim 1, comprising causing an interface screen
to be displayed at the workstation associated with the third user,
the interface screen comprising market data regarding the item the
listing comprising the at least one potential counterparty for the
third user order.
13. The method of claim 12, wherein the listing is displayed in an
order based on a level of interest in trading the item.
14. The method of claim 13, comprising limiting the listing to a
qualified number of potential counterparties.
15. The method of claim 12, the interface screen comprising at
least one form element for the third user to select each of the at
least one potential counterparties listed and at least one form
element for the third user to communicate a message to selected
counterparties when selected.
16. The method of claim 12, wherein the query is communicated with
the user selecting at least one item of market data displayed to
the third user and the query comprises the market data selected by
the third user.
17. A computer implemented method comprising: receiving a plurality
of orders for an item from a first user, wherein the plurality of
orders comprise a number of a first type of orders, a number of a
second type of orders, and a number of a third type of orders;
receiving a plurality of orders for the item from a second user,
wherein the plurality of orders comprises a number of the first
type of orders, a number of a second type of orders, and a third
type of orders; receiving from a workstations associated with a
third user a query for at least one potential counterparty for an
order for the item; determining in response to the query at least
one potential counterparty for the third party user's order for the
item, the at least one potential counterparty comprising at least
the first user, based on at least two of the number of the first
type of orders, the number of the second type of orders, and the
number of the third type of orders from the first user; and
communicating a listing comprising the at least one potential
counterparty for the third user order.
18. The method of claim 17, comprising determining a number of the
first type of orders from the first user that have been executed
and determining a number of the first type of orders from the
second user that have been executed, wherein the at least one
potential counterparty for the third party user's order for the
item is further determined based on the numbers of the first type
of orders from each of the first user and the second user.
19. The method of claim 17, comprising: determining a composite
score for the first user based on the number of the first, second,
and third types of orders from the first user; and determining a
composite score for the second user based on the number of the
first, second, and third types of orders from the second user,
wherein the at least one potential counterparty for the third party
user's order for the item is further determined based on the
composite score of each of the first user and the second user.
20. The method of claim 17, wherein the first type of orders
comprises at least one of bids and offers for the item, the second
type of orders comprises at least one of requests for quotes and
quotes, and the third type of orders comprises indications of
interests.
Description
[0001] This Application claims the benefit of U.S. Provisional
Application No. 60/882,905, filed Dec. 30, 2006, entitled "Methods
and Systems for Managing and Trading Using A Shared Order Book as
Internal Exchange", which is hereby incorporated by reference
herein in its entirety.
BRIEF DESCRIPTION OF THE FIGURES
[0002] FIG. 1 illustrates a system according to at least one
embodiment of the systems disclosed herein;
[0003] FIG. 2 illustrates a method according to at least one
embodiment of the methods disclosed herein; and
[0004] FIGS. 3-10 illustrate interface screens and tables for use
with at least one of the methods and systems disclosed herein.
DETAILED DESCRIPTION OF THE INVENTION
[0005] The following sections I-X provide a guide to interpreting
the present application.
I. Terms
[0006] The following sections I-X provide a guide to interpreting
the present application.
[0007] The term "product" means any machine, manufacture and/or
composition of matter, unless expressly specified otherwise.
[0008] The term "process" means any process, algorithm, method or
the like, unless expressly specified otherwise.
[0009] Each process (whether called a method, algorithm or
otherwise) inherently includes one or more steps, and therefore all
references to a "step" or "steps" of a process have an inherent
antecedent basis in the mere recitation of the term `process` or a
like term. Accordingly, any reference in a claim to a `step` or
`steps` of a process has sufficient antecedent basis.
[0010] The term "invention" and the like mean "the one or more
inventions disclosed in this application", unless expressly
specified otherwise.
[0011] The terms "an embodiment", "embodiment", "embodiments", "the
embodiment", "the embodiments", "one or more embodiments", "some
embodiments", "certain embodiments", "one embodiment", "another
embodiment" and the like mean "one or more (but not all)
embodiments of the disclosed invention(s)", unless expressly
specified otherwise.
[0012] The term "variation" of an invention means an embodiment of
the invention, unless expressly specified otherwise.
[0013] A reference to "another embodiment" in describing an
embodiment does not imply that the referenced embodiment is
mutually exclusive with another embodiment (e.g., an embodiment
described before the referenced embodiment), unless expressly
specified otherwise.
[0014] The terms "including", "comprising" and variations thereof
mean "including but not limited to", unless expressly specified
otherwise.
[0015] The terms "a", "an" and "the" mean "one or more", unless
expressly specified otherwise.
[0016] The term "plurality" means "two or more", unless expressly
specified otherwise.
[0017] The term "herein" means "in the present application,
including anything which may be incorporated by reference", unless
expressly specified otherwise.
[0018] The phrase "at least one of", when such phrase modifies a
plurality of things (such as an enumerated list of things) means
any combination of one or more of those things, unless expressly
specified otherwise. For example, the phrase "at least one of a
widget, a car and a wheel" means either (i) a widget, (ii) a car,
(iii) a wheel, (iv) a widget and a car, (v) a widget and a wheel,
(vi) a car and a wheel, or (vii) a widget, a car and a wheel. The
phrase "at least one of", when such phrase modifies a plurality of
things does not mean "one of each of" the plurality of things.
[0019] Numerical terms such as "one", "two", etc. when used as
cardinal numbers to indicate quantity of something (e.g., one
widget, two widgets), mean the quantity indicated by that numerical
term, but do not mean at least the quantity indicated by that
numerical term. For example, the phrase "one widget" does not mean
"at least one widget", and therefore the phrase "one widget" does
not cover, e.g., two widgets.
[0020] The phrase "based on" does not mean "based only on", unless
expressly specified otherwise. In other words, the phrase "based
on" describes both "based only on" and "based at least on". The
phrase "based at least on" is equivalent to the phrase "based at
least in part on".
[0021] The term "represent" and like terms are not exclusive,
unless expressly specified otherwise. For example, the term
"represents" do not mean "represents only", unless expressly
specified otherwise. In other words, the phrase "the data
represents a credit card number" describes both "the data
represents only a credit card number" and "the data represents a
credit card number and the data also represents something
else".
[0022] The term "whereby" is used herein only to precede a clause
or other set of words that express only the intended result,
objective or consequence of something that is previously and
explicitly recited. Thus, when the term "whereby" is used in a
claim, the clause or other words that the term "whereby" modifies
do not establish specific further limitations of the claim or
otherwise restricts the meaning or scope of the claim.
[0023] The term "e.g." and like terms mean "for example", and thus
does not limit the term or phrase it explains. For example, in the
sentence "the computer sends data (e.g., instructions, a data
structure) over the Internet", the term "e.g." explains that
"instructions" are an example of "data" that the computer may send
over the Internet, and also explains that "a data structure" is an
example of "data" that the computer may send over the Internet.
However, both "instructions" and "a data structure" are merely
examples of "data", and other things besides "instructions" and "a
data structure" can be "data".
[0024] The term "respective" and like terms mean "taken
individually". Thus if two or more things have "respective"
characteristics, then each such thing has its own characteristic,
and these characteristics can be different from each other but need
not be. For example, the phrase "each of two machines has a
respective function" means that the first such machine has a
function and the second such machine has a function as well. The
function of the first machine may or may not be the same as the
function of the second machine.
[0025] The term "i.e." and like terms mean "that is", and thus
limits the term or phrase it explains. For example, in the sentence
"the computer sends data (i.e., instructions) over the Internet",
the term "i.e." explains that "instructions" are the "data" that
the computer sends over the Internet.
[0026] Any given numerical range shall include whole and fractions
of numbers within the range. For example, the range "1 to 10" shall
be interpreted to specifically include whole numbers between 1 and
10 (e.g., 1, 2, 3, 4, . . . 9) and non-whole numbers (e.g., 1.1,
1.2, . . . 1.9).
[0027] Where two or more terms or phrases are synonymous (e.g.,
because of an explicit statement that the terms or phrases are
synonymous), instances of one such term/phrase does not mean
instances of another such term/phrase must have a different
meaning. For example, where a statement renders the meaning of
"including" to be synonymous with "including but not limited to",
the mere usage of the phrase "including but not limited to" does
not mean that the term "including" means something other than
"including but not limited to".
II. Determining
[0028] The term "determining" and grammatical variants thereof
(e.g., to determine a price, determining a value, determine an
object which meets a certain criterion) is used in an extremely
broad sense. The term "determining" encompasses a wide variety of
actions and therefore "determining" can include calculating,
computing, processing, deriving, investigating, looking up (e.g.,
looking up in a table, a database or another data structure),
ascertaining and the like. Also, "determining" can include
receiving (e.g., receiving information), accessing (e.g., accessing
data in a memory) and the like. Also, "determining" can include
resolving, selecting, choosing, establishing, and the like.
[0029] The term "determining" does not imply certainty or absolute
precision, and therefore "determining" can include estimating,
extrapolating, predicting, guessing and the like.
[0030] The term "determining" does not imply that mathematical
processing must be performed, and does not imply that numerical
methods must be used, and does not imply that an algorithm or
process is used.
[0031] The term "determining" does not imply that any particular
device must be used. For example, a computer need not necessarily
perform the determining.
III. Forms of Sentences
[0032] Where a limitation of a first claim would cover one of a
feature as well as more than one of a feature (e.g., a limitation
such as "at least one widget" covers one widget as well as more
than one widget), and where in a second claim that depends on the
first claim, the second claim uses a definite article "the" to
refer to the limitation (e.g., "the widget"), this does not imply
that the first claim covers only one of the feature, and this does
not imply that the second claim covers only one of the feature
(e.g., "the widget" can cover both one widget and more than one
widget).
[0033] When an ordinal number (such as "first", "second", "third"
and so on) is used as an adjective before a term, that ordinal
number is used (unless expressly specified otherwise) merely to
indicate a particular feature, such as to distinguish that
particular feature from another feature that is described by the
same term or by a similar term. For example, a "first widget" may
be so named merely to distinguish it from, e.g., a "second widget".
Thus, the mere usage of the ordinal numbers "first" and "second"
before the term "widget" does not indicate any other relationship
between the two widgets, and likewise does not indicate any other
characteristics of either or both widgets. For example, the mere
usage of the ordinal numbers "first" and "second" before the term
"widget" (1) does not indicate that either widget comes before or
after any other in order or location; (2) does not indicate that
either widget occurs or acts before or after any other in time; and
(3) does not indicate that either widget ranks above or below any
other, as in importance or quality. In addition, the mere usage of
ordinal numbers does not define a numerical limit to the features
identified with the ordinal numbers. For example, the mere usage of
the ordinal numbers "first" and "second" before the term "widget"
does not indicate that there must be no more than two widgets.
[0034] When a single device, article or other product is described
herein, more than one device/article (whether or not they
cooperate) may alternatively be used in place of the single
device/article that is described. Accordingly, the functionality
that is described as being possessed by a device may alternatively
be possessed by more than one device/article (whether or not they
cooperate).
[0035] Similarly, where more than one device, article or other
product is described herein (whether or not they cooperate), a
single device/article may alternatively be used in place of the
more than one device or article that is described. For example, a
plurality of computer-based devices may be substituted with a
single computer-based device. Accordingly, the various
functionality that is described as being possessed by more than one
device or article may alternatively be possessed by a single
device/article.
[0036] The functionality and/or the features of a single device
that is described may be alternatively embodied by one or more
other devices which are described but are not explicitly described
as having such functionality/features. Thus, other embodiments need
not include the described device itself, but rather can include the
one or more other devices which would, in those other embodiments,
have such functionality/features.
IV. Disclosed Examples and Terminology Are Not Limiting
[0037] Neither the Title (set forth at the beginning of the first
page of the present application) nor the Abstract (set forth at the
end of the present application) is to be taken as limiting in any
way as the scope of the disclosed invention(s). An Abstract has
been included in this application merely because an Abstract of not
more than 150 words is required under 37 C.F.R. .sctn. 1.72(b).
[0038] The title of the present application and headings of
sections provided in the present application are for convenience
only, and are not to be taken as limiting the disclosure in any
way.
[0039] Numerous embodiments are described in the present
application, and are presented for illustrative purposes only. The
described embodiments are not, and are not intended to be, limiting
in any sense. The presently disclosed invention(s) are widely
applicable to numerous embodiments, as is readily apparent from the
disclosure. One of ordinary skill in the art will recognize that
the disclosed invention(s) may be practiced with various
modifications and alterations, such as structural, logical,
software, and electrical modifications. Although particular
features of the disclosed invention(s) may be described with
reference to one or more particular embodiments and/or drawings, it
should be understood that such features are not limited to usage in
the one or more particular embodiments or drawings with reference
to which they are described, unless expressly specified
otherwise.
[0040] No embodiment of method steps or product elements described
in the present application constitutes the invention claimed
herein, or is essential to the invention claimed herein, or is
coextensive with the invention claimed herein, except where it is
either expressly stated to be so in this specification or expressly
recited in a claim.
[0041] The preambles of the claims that follow recite purposes,
benefits and possible uses of the claimed invention only and do not
limit the claimed invention.
[0042] The present disclosure is not a literal description of all
embodiments of the invention(s). Also, the present disclosure is
not a listing of features of the invention(s) which must be present
in all embodiments.
[0043] Devices that are described as in communication with each
other need not be in continuous communication with each other,
unless expressly specified otherwise. On the contrary, such devices
need only transmit to each other as necessary or desirable, and may
actually refrain from exchanging data most of the time. For
example, a machine in communication with another machine via the
Internet may not transmit data to the other machine for long period
of time (e.g. weeks at a time). In addition, devices that are in
communication with each other may communicate directly or
indirectly through one or more intermediaries.
[0044] A description of an embodiment with several components or
features does not imply that all or even any of such
components/features are required. On the contrary, a variety of
optional components are described to illustrate the wide variety of
possible embodiments of the present invention(s). Unless otherwise
specified explicitly, no component/feature is essential or
required.
[0045] Although process steps, algorithms or the like may be
described or claimed in a particular sequential order, such
processes may be configured to work in different orders. In other
words, any sequence or order of steps that may be explicitly
described or claimed does not necessarily indicate a requirement
that the steps be performed in that order. The steps of processes
described herein may be performed in any order possible. Further,
some steps may be performed simultaneously despite being described
or implied as occurring non-simultaneously (e.g., because one step
is described after the other step). Moreover, the illustration of a
process by its depiction in a drawing does not imply that the
illustrated process is exclusive of other variations and
modifications thereto, does not imply that the illustrated process
or any of its steps are necessary to the invention(s), and does not
imply that the illustrated process is preferred.
[0046] Although a process may be described as including a plurality
of steps, that does not imply that all or any of the steps are
preferred, essential or required. Various other embodiments within
the scope of the described invention(s) include other processes
that omit some or all of the described steps. Unless otherwise
specified explicitly, no step is essential or required.
[0047] Although a process may be described singly or without
reference to other products or methods, in an embodiment the
process may interact with other products or methods. For example,
such interaction may include linking one business model to another
business model. Such interaction may be provided to enhance the
flexibility or desirability of the process.
[0048] Although a product may be described as including a plurality
of components, aspects, qualities, characteristics and/or features,
that does not indicate that any or all of the plurality are
preferred, essential or required. Various other embodiments within
the scope of the described invention(s) include other products that
omit some or all of the described plurality.
[0049] An enumerated list of items (which may or may not be
numbered) does not imply that any or all of the items are mutually
exclusive, unless expressly specified otherwise. Likewise, an
enumerated list of items (which may or may not be numbered) does
not imply that any or all of the items are comprehensive of any
category, unless expressly specified otherwise. For example, the
enumerated list "a computer, a laptop, a PDA" does not imply that
any or all of the three items of that list are mutually exclusive
and does not imply that any or all of the three items of that list
are comprehensive of any category.
[0050] An enumerated list of items (which may or may not be
numbered) does not imply that any or all of the items are
equivalent to each other or readily substituted for each other.
[0051] All embodiments are illustrative, and do not imply that the
invention or any embodiments were made or performed, as the case
may be.
V. Computing
[0052] It will be readily apparent to one of ordinary skill in the
art that the various processes described herein may be implemented
by, e.g., appropriately programmed general purpose computers,
special purpose computers and computing devices. Typically a
processor (e.g., one or more microprocessors, one or more
microcontrollers, one or more digital signal processors) will
receive instructions (e.g., from a memory or like device), and
execute those instructions, thereby performing one or more
processes defined by those instructions. Instructions may be
embodied in, e.g., one or more computer programs, one or more
scripts.
[0053] A "processor" means one or more microprocessors, central
processing units (CPUs), computing devices, microcontrollers,
digital signal processors, or like devices or any combination
thereof, regardless of the architecture (e.g., chip-level
multiprocessing/multi-core, RISC, CISC, Microprocessor without
Interlocked Pipeline Stages, pipelining configuration, simultaneous
multithreading).
[0054] Thus a description of a process is likewise a description of
an apparatus for performing the process. The apparatus that
performs the process can include, e.g., a processor and those input
devices and output devices that are appropriate to perform the
process.
[0055] Further, programs that implement such methods (as well as
other types of data) may be stored and transmitted using a variety
of media (e.g., computer readable media) in a number of manners. In
some embodiments, hard-wired circuitry or custom hardware may be
used in place of, or in combination with, some or all of the
software instructions that can implement the processes of various
embodiments. Thus, various combinations of hardware and software
may be used instead of software only.
[0056] The term "computer-readable medium" refers to any medium, a
plurality of the same, or a combination of different media, that
participate in providing data (e.g., instructions, data structures)
which may be read by a computer, a processor or a like device. Such
a medium may take many forms, including but not limited to,
non-volatile media, volatile media, and transmission media.
Non-volatile media include, for example, optical or magnetic disks
and other persistent memory. Volatile media include dynamic random
access memory (DRAM), which typically constitutes the main memory.
Transmission media include coaxial cables, copper wire and fiber
optics, including the wires that comprise a system bus coupled to
the processor. Transmission media may include or convey acoustic
waves, light waves and electromagnetic emissions, such as those
generated during radio frequency (RF) and infrared (IR) data
communications. Common forms of computer-readable media include,
for example, a floppy disk, a flexible disk, hard disk, magnetic
tape, any other magnetic medium, a CD-ROM, DVD, any other optical
medium, punch cards, paper tape, any other physical medium with
patterns of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any
other memory chip or cartridge, a carrier wave as described
hereinafter, or any other medium from which a computer can
read.
[0057] Various forms of computer readable media may be involved in
carrying data (e.g. sequences of instructions) to a processor. For
example, data may be (i) delivered from RAM to a processor; (ii)
carried over a wireless transmission medium; (iii) formatted and/or
transmitted according to numerous formats, standards or protocols,
such as Ethernet (or IEEE 802.3), SAP, ATP, Bluetooth.TM., and
TCP/IP, TDMA, CDMA, and 3G; and/or (iv) encrypted to ensure privacy
or prevent fraud in any of a variety of ways well known in the
art.
[0058] Thus a description of a process is likewise a description of
a computer-readable medium storing a program for performing the
process. The computer-readable medium can store (in any appropriate
format) those program elements which are appropriate to perform the
method.
[0059] Just as the description of various steps in a process does
not indicate that all the described steps are required, embodiments
of an apparatus include a computer/computing device operable to
perform some (but not necessarily all) of the described
process.
[0060] Likewise, just as the description of various steps in a
process does not indicate that all the described steps are
required, embodiments of a computer-readable medium storing a
program or data structure include a computer-readable medium
storing a program that, when executed, can cause a processor to
perform some (but not necessarily all) of the described
process.
[0061] Where databases are described, it will be understood by one
of ordinary skill in the art that (i) alternative database
structures to those described may be readily employed, and (ii)
other memory structures besides databases may be readily employed.
Any illustrations or descriptions of any sample databases presented
herein are illustrative arrangements for stored representations of
information. Any number of other arrangements may be employed
besides those suggested by, e.g., tables illustrated in drawings or
elsewhere. Similarly, any illustrated entries of the databases
represent exemplary information only; one of ordinary skill in the
art will understand that the number and content of the entries can
be different from those described herein. Further, despite any
depiction of the databases as tables, other formats (including
relational databases, object-based models and/or distributed
databases) could be used to store and manipulate the data types
described herein. Likewise, object methods or behaviors of a
database can be used to implement various processes, such as the
described herein. In addition, the databases may, in a known
manner, be stored locally or remotely from a device which accesses
data in such a database.
[0062] Various embodiments can be configured to work in a network
environment including a computer that is in communication (e.g.,
via a communications network) with one or more devices. The
computer may communicate with the devices directly or indirectly,
via any wired or wireless medium (e.g. the Internet, LAN, WAN or
Ethernet, Token Ring, a telephone line, a cable line, a radio
channel, an optical communications line, commercial on-line service
providers, bulletin board systems, a satellite communications link,
a combination of any of the above). Each of the devices may
themselves comprise computers or other computing devices, such as
those based on the Intel.RTM. Pentium.RTM. or Centrino.TM.
processor, that are adapted to communicate with the computer. Any
number and type of devices may be in communication with the
computer
[0063] In an embodiment, a server computer or centralized authority
may not be necessary or desirable. For example, the present
invention may, in an embodiment, be practiced on one or more
devices without a central authority. In such an embodiment, any
functions described herein as performed by the server computer or
data described as stored on the server computer may instead be
performed by or stored on one or more such devices.
[0064] Where a process is described, in an embodiment the process
may operate without any user intervention. In another embodiment,
the process includes some human intervention (e.g., a step is
performed by or with the assistance of a human).
VI. Continuing Applications
[0065] The present disclosure provides, to one of ordinary skill in
the art, an enabling description of several embodiments and/or
inventions. Some of these embodiments and/or inventions may not be
claimed in the present application, but may nevertheless be claimed
in one or more continuing applications that claim the benefit of
priority of the present application.
[0066] Applicants intend to file additional applications to pursue
patents for subject matter that has been disclosed and enabled but
not claimed in the present application.
VII. 35 U.S.C. .sctn. 112, paragraph 6
[0067] In a claim, a limitation of the claim which includes the
phrase "means for" or the phrase "step for" means that 35 U.S.C.
.sctn. 112, paragraph 6, applies to that limitation.
[0068] In a claim, a limitation of the claim which does not include
the phrase "means for" or the phrase "step for" means that 35
U.S.C. .sctn. 112, paragraph 6 does not apply to that limitation,
regardless of whether that limitation recites a function without
recitation of structure, material or acts for performing that
function. For example, in a claim, the mere use of the phrase "step
of" or the phrase "steps of" in referring to one or more steps of
the claim or of another claim does not mean that 35 U.S.C. .sctn.
112, paragraph 6, applies to that step(s).
[0069] With respect to a means or a step for performing a specified
function in accordance with 35 U.S.C. .sctn. 112, paragraph 6, the
corresponding structure, material or acts described in the
specification, and equivalents thereof, may perform additional
functions as well as the specified function.
[0070] Computers, processors, computing devices and like products
are structures that can perform a wide variety of functions. Such
products can be operable to perform a specified function by
executing one or more programs, such as a program stored in a
memory device of that product or in a memory device which that
product accesses. Unless expressly specified otherwise, such a
program need not be based on any particular algorithm, such as any
particular algorithm that might be disclosed in the present
application. It is well known to one of ordinary skill in the art
that a specified function may be implemented via different
algorithms, and any of a number of different algorithms would be a
mere design choice for carrying out the specified function.
[0071] Therefore, with respect to a means or a step for performing
a specified function in accordance with 35 U.S.C. .sctn. 112,
paragraph 6, structure corresponding to a specified function
includes any product programmed to perform the specified function.
Such structure includes programmed products which perform the
function, regardless of whether such product is programmed with (i)
a disclosed algorithm for performing the function, (ii) an
algorithm that is similar to a disclosed algorithm, or (iii) a
different algorithm for performing the function.
[0072] Where there is recited a means for performing a function hat
is a method, one structure for performing this method includes a
computing device (e.g., a general purpose computer) that is
programmed and/or configured with appropriate hardware to perform
that function.
[0073] Also includes a computing device (e.g., a general purpose
computer) that is programmed and/or configured with appropriate
hardware to perform that function via other algorithms as would be
understood by one of ordinary skill in the art.
VIII. Disclaimer
[0074] Numerous references to a particular embodiment does not
indicate a disclaimer or disavowal of additional, different
embodiments, and similarly references to the description of
embodiments which all include a particular feature does not
indicate a disclaimer or disavowal of embodiments which do not
include that particular feature. A clear disclaimer or disavowal in
the present application shall be prefaced by the phrase "does not
include" or by the phrase "cannot perform".
IX. Incorporation By Reference
[0075] Any patent, patent application or other document referred to
herein is incorporated by reference into this patent application as
part of the present disclosure, but only for purposes of written
description in accordance with 35 U.S.C. .sctn. 112, paragraph 1
and enablement in accordance with 35 U.S.C. .sctn. 112, paragraph
1, and should in no way be used to limit, define, or otherwise
construe any term of the present application where the present
application, without such incorporation by reference, would not
have failed to provide an ascertainable meaning, but rather would
have allowed an ascertainable meaning for such term to be provided.
Thus, the person of ordinary skill in the art need not have been in
any way limited by any embodiments provided in the reference
[0076] Any incorporation by reference does not, in and of itself,
imply any endorsement of, ratification of or acquiescence in any
statements, opinions, arguments or characterizations contained in
any incorporated patent, patent application or other document,
unless explicitly specified otherwise in this patent
application.
X. Prosecution History
[0077] In interpreting the present application (which includes the
claims), one of ordinary skill in the art shall refer to the
prosecution history of the present application, but not to the
prosecution history of any other patent or patent application,
regardless of whether there are other patent applications that are
considered related to the present application, and regardless of
whether there are other patent applications that share a claim of
priority with the present application.
XI. Overview of Various Embodiments
[0078] Referring to FIG. 1, a system 100 according to at least one
embodiment of the systems disclosed herein includes at least one
computing device, such as a remote computer 106, 108, e.g., a
server computer, a client computer 102, 104, or a combination
thereof. The term remote in this context merely means that the
remote computer 106, 108 and at least one of the client computers
102, 104 are separate devices. Thus, the devices may be remote even
if they are located within the same room. In at least one
embodiment, the system includes at least one internal exchange
computer 106 that is connected over a communication network 110 to
one or a plurality of internal client computers 102 and at least
one external exchange computer 108. The external exchange computer
108 may further be connected to an external client computer 104.
One or more of the internal client computers 102 may be connected
to the internal exchange computer 106 through a firewall.
[0079] The system 100 may be implemented over any type of
communications network 110, such as a local area network (LAN), a
wide area network (WAN), the Internet, a telephone network (POTS),
a wireless network, including cellular, WiFi, and WiMax networks,
or a combination of wired and/or wireless networks. In certain
instances, the communications network 110 may be independent of the
Internet or limited with respect to the type of the information
transmitted over the Internet, such as to information that poses
little or no security risk if misappropriated or that has been
encrypted.
[0080] In the networked embodiment, internal client computers 102
are preferably configured or otherwise capable of transmitting
and/or receiving communications to and/or from the internal
exchange computer 106. This may be accomplished with a
communication element, such as a modem, an Ethernet interface, a
transmitter/receiver, etc., that enables communication with a
similarly equipped internal exchange computer 106, wirelessly,
wired, or a combination thereof. It is understood that the relative
functionality described herein may be provided by the exchange
computer 106, by the client computer 102, or both, and is thus not
limited to any particular one of the implementations discussed
herein. In at least one embodiment, the client computers 102 will
generally provide the front-end functionality and the internal
exchange computer 106 will provide the back-end functionality.
[0081] The term internal and external generally denote belonging to
one of two groups. One belongs to an internal group if one or more
criteria are satisfied that define the internal group. One belongs
to the external group if the one or more criteria are not
satisfied. Various types of criteria may define the internal group,
including memberships or affiliations. Grouping may also be
hardware specific as well as individual specific. For instance, the
internal group may include some or all employees of a company,
members of an organization, or members of any other collective.
Similarly, the internal group may include all individuals
authorized to access the functionality of the system 100 as
described herein. For example, the internal group may include all
equity derivative traders of a company or equity derivative traders
that subscribe to the trading services provided by the company.
Alternatively or additionally, the internal group may include all
equity derivative traders authorized to access the backend
functionality provided by the internal exchange computer 106.
Although various embodiments may be described herein in relation to
equity derivatives, it is understood that the methods and systems
disclosed herein are equally applicable to other types of financial
instruments as well as non-financial instrument items and is thus
not limited thereto. The term "financial instrument" denotes any
instrument, issued by a corporation, government, or any other
entity, that evinces dept or equity, and any derivative thereof,
including stocks, bonds, debentures, certificates of interest or
deposit, warrants, options, futures, forwards, swaps, or generally
any security. The methods and systems disclosed herein may be used,
for example, in a gaming environment for finding opposing parties
or teammates for game play in various networked or non-networked
casino and non-casino type games.
[0082] The computing device, e.g., the client computers 102, 104
and/or the remote computers 106, 108, generally include at least
one processor, and a memory, such as ROM, RAM, FLASH, etc., or any
computer readable medium, such as a hard drive, a flash-drive, an
optical or magnetic disk, etc. The memory or computer readable
medium preferably includes software stored thereon that when
executed performs one or more steps of the methods disclosed
herein, including communicating data and commands back and forth
between the computers, displaying interface screens, etc. The
computers may also be associated with or have access to one or more
databases 114, 116 for retrieving and/or storing the various types
of data discussed herein, including identity verification data,
such as an ID and password, biometric data, etc., internal and/or
external trade/order and market data, account data, communication
preferences, templates, professed interest, historic data, user
preferences, etc.
[0083] The client computers 102, 104 may include, without
limitation, a mobile phone, PDA, pocket PC, personal computer, as
well as any special or other general purpose computing device. As
such, the client computer 102, 104 preferably includes a processor,
a memory, a display, such as a CRT or an LCD monitor, for
displaying information and/or graphics associated with the
functionality provided by the system 100, and at least one input
device, such as a mouse, a touch-sensitive pad, a pointer, a
stylus, a trackball, a button or a plurality of buttons, e.g.,
alphanumeric, a scroll wheel, a touch-sensitive monitor, etc., or a
combination thereof, for users to enter commands and/or information
relevant to the system's functionality. With the general purpose
type of client computer 102, 104, such as the PC or PDA, users may
access the functionality provided by the system 100 with a browser
application or any other generic application, or with special
purpose software designed specifically for accessing the
functionality disclosed herein.
[0084] In at least one embodiment, the client computer 102, 104
includes or is otherwise associated with at least one biometric
sensor 118. The biometric sensor 118 is any device that is used to
determine directly from the user at least one item of biometric
data associated with a user, such as a fingerprint reader, an iris
scanner, a retinal scanner, a vascular pattern reader, a facial
recognition camera, etc. The biometric sensor 118 may be embodied
in hardware, software, or a combination thereof. The biometric
sensor 118 may further share resources with other components of the
client computer 102, 104, such as the processor, memory, a camera,
a microphone, a speaker, etc. A single biometric sensor 118 may be
used for reading more than one type of biometric data. For example,
a digital camera may be used to obtain an image of the user's eye
for iris scanning and an image of the user's face for facial
recognition. In this instance, a single image capture of the user's
face may provide the data for facial recognition as well as data
for iris or retinal comparisons.
[0085] The biometric data is generally obtained with the biometric
sensor 118 and used at least to authenticate the identity of the
user as a gateway for allowing the user to access the system's
functionality. In this regard, biometric data may be compared with
previously obtained/stored biometric data that has preferably been
verified as being associated with a particular user and access to
the system's functionality may be provided based on a positive
match thereof.
[0086] In at least one embodiment, the system 100 provides
functions relevant to trading financial instruments or other items
in one or a plurality of exchanges, such as an internal exchange,
e.g., an over the counter (OTC) exchange, and an external exchange,
e.g., a public exchange, an external (OTC) exchange, an electronic
communication network (ECN), etc. The internal exchange generally
includes or otherwise supports at least one or a plurality of the
internal markets. In this respect, the system 100 allows users,
such as traders, brokers, dealers, customers, market makers, etc.,
to access market data and submit orders to the internal and/or the
external exchange using at least one client computer 102, 104. The
term orders as used herein includes actual orders, such as bids,
offers, buys, sells, requests for quotes (RFQs), quotes, etc., and
indications of interest (IOIs), etc. It is understood that a user
may be acting in a principal or agency capacity. Therefore, the
acts disclosed herein as being performed by a user, include acts of
the principle and acts of the agent. For example, when referring to
a user submitting an IOI, this includes a broker submitting an IOI
for a customer as well as the customer submitting the IOI on his
own behalf.
[0087] An indication of interest (IOI) includes any expression
indicating that the submitting party or a customer thereof is
interested in an item, which generally includes any communication
relating to a traded item that is not a quote, a buy, sell, bid, or
offer. An IOI therefore specifies at least one trading variable,
such as the item name or symbol, whether a buy side or sell
interest, the size of the interest, the price, etc. IOIs differ
from actual orders in that the IOI is not a firm order, just an
indication of one. In certain instances, IOIs may be missing at
least one of the trading variables. For example, an IOI may specify
an item name, symbol, or description, e.g., IBM. In this instance,
the IOI indicates broadly that a user is interested in IBM without
any indication whether the user is interested in buying or selling,
the price, or the size of the interest. The IOI does not even need
to identify any specific item. Rather, the IOI may identify items
by type or any other common data item between the items. For
example, a user may submit an IOI that indicates an interest to buy
or sell derivatives on large cap underlyiers.
[0088] Referring to FIG. 2, in at least one embodiment, the system
100 generally receives orders (internal and/or external) at 210 and
stores the orders at 212 in one or more databases to provide a
shared order book. The system 100 may also receive and store at 214
external data related to orders, such as news regarding trading
activity for particular items. The system 100 may group orders for
particular items, e.g., financial instruments, to create a market
for each item that includes at least one order for the item. The
system may also cause an interface screen to be displayed, such as
the market display screen shown in FIG. 3, e.g. at the client
computer 102, with the relevant market data included therein. The
market for each item may be managed or worked by users on a manual,
a semi-automatic, or an automated exchange. That is, orders may be
executed with the system at 216, either automatically and/or
manually.
[0089] Data from steps 210-216 generally provide at least a portion
of the information for identifying potential counterparties for an
order for one or more items as discussed herein. Various types of
data may be maintained in this respect, such as the item name
and/or symbol, size, price, execution data and/or time, posting
date and/or time, buyer/seller name and/or identification number,
account numbers, order type, etc., for orders submitted to and for
trades executed with the system 100, and data derived therefrom.
This data, as well as other data that may be indicative of an
interest in trading particular items, may be used to identify
potential counterparties, preferably as orders are being entered
into the system or in response to a query for such
identification.
[0090] In at least one embodiment, the system maintains for each
user, e.g., trader, dealer, broker, etc., a record in at least one
database that includes at least one of: the user name, contact
information, a user ID, e.g., a dealer or trader ID, an internal
desk ID, and one or more communications addresses, e.g., voice,
fax, e-mail, instant message (IM), financial information eXchange
(FIX) protocol, execution management system (EMS), and associations
with other users, traders, and/or customers. In instances where the
user trades on behalf of a customer, each customer has a record in
at least one database that includes at least one of: the customer
name, contact information, a customer ID, and account details,
e.g., firm name, address, account #s, traders/dealers associated
with the customer, etc., and optionally additional records linked
to it as sub-accounts. One or more databases may also be maintained
that associates the users and/or customers with one or more groups
or sectors. The system 100 may further store user communication
preferences that specify the manner in which users are presented
with trading opportunities, such as by phone call, email, IM, fax,
etc. The system may also maintain at least one database with
order/trade history and position data stored therein for users
and/or their customers.
[0091] In one embodiment, internal traders, e.g., dealer/broker,
have a record in a Trader Master database with a unique trader ID,
internal desk ID, and communications addresses, such as voice, fax,
e-mail, IM, FIX, EMS, etc. addresses, specified, as shown in FIG.
6. Customers may also have a record in the Customer Master database
with unique customer ID and master account details, e.g., firm
name, address, account #s, and optionally additional records linked
to it as sub-accounts, as shown in FIG. 7. Traders associated with
customers may also have a record in the Trader Master database with
a unique trader ID, a customer ID, e.g., for the customer they
trade for, communications addresses and preferences, e.g., voice,
fax, e-mail, IM, FIX, EMS, etc., and one or more internal trader
IDs used to indicate the internal trader, e.g., dealer/broker, who
covers that trader associated with a customer. Customer records in
the Customer Master database may have one or more trader records in
the Trader Master linked by unique customer ID representing the
customer's traders. Every private/public exchange, montage, ECN,
and/or feed represented in the system may also have a record in the
Customer Master database with a unique customer ID and master
account details, and a record in the Trader Master database with a
unique trader ID, communications addresses, and preferences linked
by the unique customer ID to the Customer Master database/record in
order to represent the source of, e.g., an order, quote, price,
trades, or any other data, from a private/public exchange's,
montage's, ECN's, or feed's data.
[0092] An interest matrix may be derived that crosses the records
from the one or more of the databases discussed above. In one
embodiment, the interest matrix is maintained which crosses the
Customer Master and Trader Master databases. In another or the same
embodiment, the interest matrix crosses one or both the Customer
Master and Trader Master databases with a Security Master database,
which includes data such as sector and group classifications for
particular users and/or customers, professed interest in various
securities, security types, sectors, groups, trade/order history,
etc., as shown in FIG. 8. Thus, the system 100 can access data in
the interest matrix to determine or otherwise identify therefrom
potential counterparties for, e.g., targeted marketing, based on
the professed, historical, or implied interest for the item, e.g.,
the security, security type, sector, group, etc. For example, the
system 100 may identify for a user interested in selling an item a
plurality of other users or customers that may be interested in
buying the item, e.g., based on a professed interest, historical
interest, or on an implied interest from the other users' or
customer's order and/or trade history. The system 100 may present
to the selling user in this instance a list of the potential
counterparties identified. The selling user may thereafter contact
one or more of the identified potential counterparties in an effort
to sell the item. The system 100 may provide this service
anonymously where the identity of each potential counter party is
not revealed to other parties. In this instance, communications
between the parties may take place within the system 100 using a
generic ID for each party.
[0093] The databases may be maintained with manual entries of new
records and editing of existing records. That is, users, such as
dealers, brokers, and traders, may add customer and potential
counterparty records, which may include the customer's and
potential counterparty communications addresses. An indication may
be provided specifying which communications address the customer or
potential counterparty prefers to use. In one embodiment, users
also specify and associate individual securities, sectors, and/or
groups with the user based on the user's interest or coverage.
[0094] The interest matrix may also be maintained automatically
with regard to data derived from order history, trade history, and
user/customer positions. That is, the system 100 may capture
automatically indicative, actual, and risk interest data as a user
builds and/or works an order or orders. The system 100 may also
capture data from order and trade history, and user's position's
P&L/risk ratings system tables. Data capture may occur either
in real-time or with batch processing. This information may
similarly be maintained for any "customer" that is a private/public
exchange, montage, ECN, or feed based on its reported trade
activity. As each trader's orders and trades are captured in the
system this information will be entered automatically.
[0095] Therefore, the system 100 can use the interest matrix to
search or otherwise find liquidity for an order, and present a list
of one or more potential counterparties and private/public
exchanges, montages, ECNs, feeds, etc., either in full or limited
to an internal trader's coverage, based on their professed or
actual interest in that order's security, sector, or group, in
order of historical order or trading frequency, volume, or
notional. The user may thereafter contact the potential
counterparties, at the customer and trader level, or route orders
to the appropriate private/public exchange, montage, ECN, feed,
etc. The system 100 may also use the interest matrix and a user's
trading position to suggest positions for a trade based on that
position's P&L/risk rating.
[0096] Individual user sessions for access to the relevant
functionality of the system 100 may begin with a user logging into
the system at 218. That is, a user may login to place one or more
orders for execution, view or otherwise access market data for one
or more items, and/or query the system 100 for potential
counterparties for one or more orders. Login generally entails
receiving identification information from the user, such as a login
ID, password, biometric data, etc., and verifying therewith that
the user is authorized to access the relevant functionality of the
system 100.
[0097] In at least one embodiment, the system 100 thereafter causes
an interface screen to be displayed at 220, such as the interface
screens shown in FIGS. 4-5, which includes at least one form
element, such as an input field or text box, a drop down list, a
check box, a radio button, an action button, a clickable image, a
hyperlink, selectable text, etch, for the user to specify or
otherwise identify one or more terms of an order for at least one
item. The interface screen preferably includes a plurality of form
elements for the user to submit some or all of the terms for an
order, such as the item name, symbol, size, price, order type,
e.g., buy, sell, quote, IOI, etc., closing date, etc. The interface
screen may include at least one button or other element that when
selected allows the user to query and/or submit an order with the
specified term or terms to the system 100. The system 100 receives
at 222 the one or more terms for the query and/or the order, and
proceeds therefrom to determine if there are any potential
counterparties for the order at 224 based on the one or more terms
submitted and also based on the interest matrix data.
[0098] The system 100 generally identifies potential counterparties
from the set or a subset of system users and/or customers based on
the likelihood that the particular counterparty will be interested
in trading the item or items with the one or more specified terms.
That is, the system 100 may determine the likelihood of a
successful (e.g., executed) trade based on interest matrix data
associated with particular individuals. The interest matrix data
generally comprises one or a compilation of items of data
indicative of a user's interest in an item, which may include data
from a professed interest for an item and/or data from historical
interest for an item and/or data that implies an interest in an
item. In either event, interest matrix data may include items of
data derived from pending orders and non-pending orders.
[0099] Professed interest may be derived from an express indication
that a user and/or a customer are generally interested in trading
an item. For example, a user may indicate an interest in trading
derivatives on a particular underlying security, sector, or group.
In this instance, the system 100 may identify this individual as a
potential counter party for such derivatives. Professed interest
may be specified in any one of a variety of ways in addition to the
particular item or type of item, including price, strike price,
volatility, delta, gamma, sector, group, index, options, futures,
particular exchanges, coupon, interest or other rates, etc, or a
combination or range thereof. For example, a user may indicate
being interested in items priced between 100 and 105. Similarly,
the user may indicate being interested in options having prices
between 1 and 2 and strike prices between 100 and 105. Professed
interest may be stored in a database record that is accessed by the
system 100 for determining the user and/or customer's trading
interest.
[0100] Implied interest may be derived from order history, trade
history, and/or a positions, which may include pending orders
awaiting execution and non-pending orders that, e.g., expired,
executed, cancelled, etc. It is understood that implied interest
may be derived from any pattern of trading behavior that would
indicate whether the user has a propensity or interest to trade
certain items, e.g., securities, structures, sectors, indexes,
groups, options, futures, exchanges, etc.
[0101] A level of interest may also be derived from the order
history, trade history, and/or position data, including statistical
data derived therefrom, such as trading frequency, volume, an IOI
to completed trade ratio, notional, position profit and loss
(P&L)/risk or credit ratings, etc. The historical data may be
maintained item specific, item type specific, etc. Therefore, the
statistical data may be provided for comparing particular items or
types of items. For example, traders having a higher frequency of
trading a particular item may be deemed to have a higher level of
interest and thus a higher probability of trading the item than one
that trades less frequently or one that only professes an interest
to trade the item. Traders having a history of trading the
particular item may also be deemed to have a higher level of
interest than ones that have not traded that particular item but
have history of trading that type of item. Moreover, traders with
history with the party submitting an order may be deemed to have a
higher priority. Interest may also be implied based on a user
position's P&L and/or risk or credit rating. That is, a user's
position P&L/risk or credit rating for a particular item may
indicate wither or not the user may be interested or otherwise
capable of trading the particular item. For example, the system may
determine that a user holding an asset for greater than one year at
a profit may be much more willing to trade the asset than a user
that has been holding the asset for a lesser period of time.
[0102] Alternatively or in addition, interest maybe implied and a
level of interest derived therefrom from the quality or tradability
of individual orders/trades. Quality or tradability may generally
differ between different types of orders and at times between
orders of the same type. Generally, firm orders have a greater
tradability than non-firm orders. For example, bids and offers may
be deemed more tradable than IOIs. Similarly, firm bids or offers
that are not subject to cancellation may be deemed to have a
greater tradability than other bids and offers, and IOIs with more
trading variables specified may be deemed more tradable than IOIs
with less trading variables specified. Moreover, certain trading
variables may provide greater assurance as to tradability and thus
may distinguish IOIs based on the inclusion or exclusion thereof.
For example, IOIs with a price may be deemed to have greater
tradability than IOIs with a size specified. Tradability may also
be based on time or expiration time of the IOI. That is, newer
orders may be deemed to have a greater tradability than older
orders, and IOIs may be specified to expire after an elapsed time.
For example, IOIs placed later in the trading day may be deemed
more tradable than IOIs placed earlier. Tradability may be
represented on any scale, linear or otherwise. For example,
tradability may be represented on a numerical scale, e.g., 1 to 10,
with larger numbers indicating better quality or tradability than
smaller numbers. 0 may be used to indicate uninterested. A sample
tradability classification scheme is shown in Table A below. In
this respect, a higher tradeability generally implies a greater
interest in the subject item.
TABLE-US-00001 TABLE A Score Order 10 Firm Orders 9 Bids, Offers 8
Quotes/RFQs 7 IOIs w/Name, Side, and Size 6 IOIs w/1 Variable
Missing 5 IOI w/Name and Side 4 IOIs w/2 Variable Missing 3 IOIs
w/Name Only 2 IOIs w/3 Variable Missing 1 IOI w/No Variables
[0103] Tradability may also reflect historic data for the
particular user submitting the order. For example, bids and offers
from potential counterparties having a history of trading the
subject item at the size specified in the order may be elevated to
a higher level, e.g., from a 2 to one. Similarly, the lack of a
trading history and frequent cancellations may lower the
tradability score. It is understood that any classification scheme
may be implemented to indicate the quality or tradability of an
order and is thus not limited to any one particular scheme.
Additionally, factors may be applied to increase or decrease the
tradeability level. For instance, a time factor may be applied to
decrease the tradeability based on the timing of the order in
relation to the then present time. For example, the tradeability of
orders placed greater than a week ago may be reduced by a factor of
0.9, orders greater than two weeks by a factor of 0.8, etc.
Similarly, a user history factor may be applied to increase or
decrease the tradeability level, e.g., to reflect previous positive
and negative experiences between the requesting user and the
potential counterparty. For example, orders originating from
potential counterparties with successful trading history with the
requesting user may be increased by 10% whereas unsuccessful
trading history may result in a decrease of 10% or greater based on
the severity of the prior bad experience.
[0104] The tradeability level of a plurality of individual orders
may be used to compute a composite score to rate certain types of
orders. For example, a composite score, e.g., an average, weighted
average, etc., may be computed for all IOIs for an item in the past
year or year to date based on the tradeability of individual orders
within that time period. A composite score may also be computed for
individual potential counterparties for comparison against other
potential counterparties. In this respect, the composite score may
be based on a plurality of data types in the interest matrix. For
example, a composite score for a potential counterparty may be
computed based on the number of trades and the number of bids and
offers, or any other data types. Certain data types may have
greater weight than others, e.g., based on the tradeability of the
order types. For example, executed trades may have a greater weight
than offers. The composite score may also be factored as discussed
above.
[0105] The potential counterparties identified by the system 100
may be presented to the requesting user at 226, e.g., in an
interface screen, such as the interface screens shown in FIGS. 4-5,
preferably in an order indicative of the level of interest or
likelihood in trading the item. As can be appreciated, the
probability that a trade may result with the potential counterparty
may range from 0 to 100%. As can also be appreciated, the number of
user/customers populating the interest matrix may result in a
relatively large number of potential counterparties. Accordingly,
in at least one embodiment, the system 100 limits the number of
potential counterparties communicated to the requesting user to a
manageable level and/or one having a high probability of resulting
in a trade. That is, the system 100 may limit the list to a
predetermined number of counterparties, e.g., no more than 10.
Similarly, the system 100 may limit the number to those satisfying
certain criteria, such as having a greater than 90% probability of
being interested or otherwise resulting in a trade. The criteria
may further be specific with respect to any of the professed or
implied interest data or a combination thereof. For example, the
system 100 may limit the list to those that have actually traded
the desired item one or more times within a defined period of time.
The standard may be relaxed in that the list may be limited to
those that at a minimum traded a similar type of item one or more
times in the same or another defined period of time. The list may
be limited in this respect based on user specified criteria stored,
e.g., in a user profile. The user may similarly limit the list of
potential counterparties to those that have traded with the user in
the past.
[0106] In at least one embodiment, the user receiving the list of
identified potential counterparties may be provided with the
ability to select one or more of the potential counterparties for
targeted communication. For example, the potential counterparties
may be displayed in a list with checkboxes or other form elements
for the user to select one or more of the potential counterparties.
The system 100 may receive the selection at 228 and transmit the
communication at 230 to the selected potential counterparty in
accordance with the communication preferences of the particular
selected potential counterparty, e.g., by phone, email, IM, fax,
etc. That is, when searching for liquidity on an order, the system
can look up the potential counterparties and/or private/public
exchanges, montages, ECNs, feeds, etc. and use the trader's or
potential counterparties' communications preferences to, e.g.,
present information for voice calls or generate/transmit via fax,
e-mail, IM, FIX, or EMS pre-trade RFQ/IOI communications regarding
orders. The communication preferences may also be used for
post-trade Ad communications regarding trades. This may be done
manually for a single counterparty or batched for multiple
counterparties. In the case of a private/public exchange, montage,
ECN, feed, etc., the trading system can create and send via FIX or
other electronic means, as detailed in the parties communications
preferences, pre-trade RFCs, RFQs, IOIs, etc., and post-trade
Ads/ticket prints as that private/public exchange, montage, ECN,
feed, etc. supports.
[0107] The system 100 may receive responsive communications from
one or more of the potential counterparties at 232 and communicate
those to the original user. The responsive communication may be an
offer or quote in the event the initial communication was an IOI or
RFQ, respectively, or an acceptance in the event that the initial
communication was an actionable offer, e.g., a bid, offer, etc. The
original user may accept an offer or may send a counter offer.
Negotiations may continue back and forth until one of the parties
to the communication accepts or opts to drop out of the
negotiation.
[0108] As noted above, the system 100 may identify relevant
exchanges for the order. In this instance, the user may select the
desired exchange, montage, ECN, feed, etc., for the order. The
system 100 may then generate and send, via FIX or other electronic
means, as detailed in their communications preferences, pre-trade
RFCs, RFQs, IOIs, and post-trade Ads/ticket prints as that
private/public exchange, montage, ECN, feed, etc. supports.
[0109] In instances where the original communication results in
multiple responsive communications from a plurality of potential
counterparties, the system 100 may present all of the resulting
communications in an order, e.g., from best to worse.
Alternatively, the system 100 may present the resulting
communications successively in time order following the completion
of any previous communication or negotiation. That is, the system
may communicate a first of the plurality of the responsive
communications and hold responsive communications received after
the first in a queue until the negotiations between the original
user and the potential counterparty submitting the first responsive
order have ended. Communications resulting in a trade may be
executed at step 234 and the databases may be updated accordingly.
The system may repeat one or more of the steps recited therein for
the current user and for other users.
[0110] Referring to FIG. 3, the market interface screen 300
generally includes relevant market data for the item therein, such
as a symbol 304, best bid 306, best offer 308, best bid size 310,
best offer size 312, as well as prices and sizes for non-best bid
and non-best offer orders. IOI type orders may be displayed in the
interface screen in accordance with their relevance in the
hierarchy of the buy-side and offer-side of the stack relative to
the best bid and the best offer. That is, orders may be sorted
first based on price, followed by size and later tradeability.
Therefore, IOIs that specify a price may be sorted and may appear
in the stack mixed with non-IOI orders followed by IOIs that
specify a size and not a price then by IOIs that do not specify a
price or a size. Orders having a common price and/or size may be
sorted based on time received with priority going to the first in
time. Market data is preferably presented in real-time. That is,
the system 100 may update the order data to reflect real time
changes in the market for the item, which may include refreshing
the interface screen and/resorting the data therein periodically,
such as when orders are added or removed from the market for the
item as electronic feeds allow.
[0111] Individual items of order data in the order book may be
selectable for a user to initiation a trade. That is, users may
click, e.g., double click, on a price or size of their own order in
the order book or of the BBO to trade at the BBO if already there.
That is, clicking on their order converts the order to a market
order which may be executed at the BBO price. When a user clicks on
the BBO, the user is simply submitting a market order. When a user
selects the size, their order is modified to match the size of the
selected order. Users may also be able to click on another order
and execute a trade with the selected order.
[0112] In at least one embodiment, users may be able to grab their
order and place it in between any of the orders in the market or
drop the order into another order. When dropped between orders, the
price of the order will be converted to a price within the spread
between the two orders. The price may be, for example, one or more
ticks from the best price in the spread, an average between the
spread prices, etc. When the order is dropped into an order on the
same side, the order being dropped may be converted to match the
price and/or the size of the existing order that the order is being
dropped into. If the order is dropped into an order on the opposite
side, the order being dropped may be converted to match the price
and/or size of the existing order and execute a trade therewith.
Matching can be either automatic, manually prompted, subject to
confirmation, or a combination thereof.
[0113] Referring to FIG. 4, an interface screen for presenting
users with a list of potential counterparties according to one
embodiment includes therein at least one item of market data as
discussed above. The item of market data may then be used to query
the system 100 for potential counterparties for an order with the
selected market data as a term for the order. For example,
selecting the BP symbol may result in a list of all potential
counterparties to the BP item. The list may appear in a pop-up
window with form elements therein for selecting individual
potential counterparties for targeted communications. The display
may use formatting and/or highlighting to indicate whether there is
a buy side or a sell side propensity, e.g., bold for buy and
underline for sell. Alternatively, the list may be separated by buy
side and sell side potential counterparties. Other market data may
provide similar results. For example selecting a size, side, or
price, on the buy side of the market display may result in a list
of potential counterparties that may be interested in an order for
the selected size, side, or price, respectively, of the BP item.
The list may similarly identify buy vs. sell side propensity with
highlighting or only show one side, e.g., the opposite side to the
selected term. Multiple terms may be selected as shown. In one
embodiment, this is done by drawing a line connecting terms, such
as size and price. Particular users may also be selected in which
instance the system 100 may display a list of items that the
selected user may be interested in trading, similarly based on
professed and implied interests therein. In at least one
embodiment, the system 100 allows users to select one or a
plurality of the potential counterparties and display the interest
matrix associated with each of the selected users or a portion
thereof, e.g., the composite or an overall score.
[0114] Referring to FIG. 5, an interface screen for presenting
users with a list of potential counterparties according to one
embodiment includes therein at least one form element for the user
to specify at least one term of a query and/or order. The screen
may include an element for the user to specify a customer ID, the
name or symbol of the item or item type, the type of interest,
e.g., a buy, sell, bid, offer, IOI, etc., the price, size,
currency, etc. The system 100 preferably displays, e.g., in a
separate window, the list of potential counterparties essentially
immediately as the user inputs the data into the interface screen.
For example, a user may input the BP symbol in which instance the
list of potential counterparties to PB is shown in the separate
window. As the user inputs additional data, the system 100 may
further refine the list to account for the added data. Highlighting
may similarly be used to distinguish the buy side and sell side
propensity of the potential counterparties. The popup window and/or
interface screen may include a form element, such as a button, for
sending orders to the identified/selected potential
counterparties.
[0115] Referring to FIG. 9, a sample interest matrix for the BP
item is depicted. As noted above, the interest matrix may include
all types of data that may be indicative of an interest to trade a
particular item, including the number of actual trades, bids,
offers, RFQs, quotes, IOIs, etc. The interest matrix may also
include variables for whether or not the user has any previous
trading history with the potential counterparty, whether the
potential counterparty has professed an interest, etc. This type of
data may be in the form of a factor that is applied to one or more
of the order types. The interest matrix may also include a
composite or overall score for the item. This as well as other data
may be used to populate the list of potential counterparties as
discussed above.
[0116] Referring to FIG. 10, another sample matrix that is item
independent is depicted. That is, the matrix table may include
interest related data for multiple items, e.g., securities and/or
sectors. In this instance, the interest matrix is across of the
Customer and/or Trader Master database(s) with the Security Master
database. As can be seen, the interest matrix includes records with
trader/customer specific interest data for the specific securities
and/or sectors. The matrix may also include the scores discussed
above with respect to FIG. 9.
[0117] While the foregoing invention has been described in some
detail for purposes of clarity and understanding, it will be
appreciated by one skilled in the art, from a reading of the
disclosure, that various changes in form and detail can be made
without departing from the true scope of the invention.
* * * * *