System for conducting and processing spot commodity transactions

Patent 5168446 Issued on December 1, 1992. Estimated Expiration Date:

December 1, 2009. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

2159107

3310782

3500336

3573747

3587053

3618035

3623067

3656148

3716835

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Inventor

Wiseman, James W.

Assignee

Telerate Systems Incorporated

Application

No. 356449 filed on 05/23/1989

US Classes:

705/37, Trading, matching, or bidding340/825.26, Stock quotation379/142.01, RECEPTION OF CALLING INFORMATION AT SUBSTATION IN WIRELINE COMMUNICATIONS SYSTEM379/309Call distribution or queuing

Examiners

Primary: Weinhardt, Robert A.
Assistant: Brutman, Laura

Attorney, Agent or Firm

Godziela; Christopher P., Smith; Charles B.

Foreign Patent References

2139041 GB. 10/13/1984
2139042 GB. 10/13/1984
2139043 GB. 10/13/1984

International Classes

G06F 015/20
G06G 007/52

Abstract

A system is provided for processing spot trades in selected commodities among a group of trading stations in a communication network through a series of structured stages. Each trading station is capable of initiating a transaction with any other trading station in the network by transmitting a request for a quotation on a selected commodity. The receiving, or counterparty, trading station responds by transmitting a quotation back to the initiating trader, and the trader transmits a proposal based on this quotation. The counterparty then transmits an acceptance of the proposal and upon receipt of this acceptance by the initiating trader, a confirmation signal is automatically transmitted back to the counterparty and the deal is automatically logged at both sites. Alterations of transmitted quotations and proposals and extensive negotiation are also possible. At each stage of a transaction, the responses available to the initiating trader or counterparty are limited or structured such that only certain responses are transmitted so that trades progress within the structure of the invention. The structure of the invention greatly improves operator ability to transact numerous trades accurately and quickly in a format that is readily processed by digital computers.

Other References

"The Reuter Money Dealing Service," published by Reuters Limited, 1978
"New Electronic Trading Service Will Revolutionize" Trading, Update, No. 3, Winter 1987, p. 1
"The Trading Service™," published by Telerate, Inc., 1988
"Conversation Protocols," The Coordinator, Version II, User's Guide, Appendix G, pp. 393-402, Action Technologies, Inc., 1984, 1988
"What is the Coordinator?," The Coordinator, Version II, Introduction and Overview, pp. 3-5, Action Technologies, Inc., 1984, 1988
"Reuters, Telerate Go Head to Head at Forex '88; Dealing 2000 to Offer Electronic Brokerage," Trading Systems Technology, vol. 1, No. 25, Jun. 6, 198