Offer matching system having timed match acknowledgment
Patent 5727165 Issued on March 10, 1998. Estimated Expiration Date: March 10, 2015. 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.
An improved matching system for trading instruments in which the occurrence of automatically confirmed trades is dependent on receipt of match acknowledgement messages by the host computer (200) from all counterparties (KS A, KS B) to the matching trade. The host computer (200) matches like bids and offers provided thereto by the various keystations (KS A, KS B) in accordance with a predetermined matching criteria. Each of the keystations (KS A, KS B) includes a trade status timer (300, 302) and a display (310, 312) for timing receipt of a confirmed trade and/or ticket generation message from the host (200) after the keystation (KS A, KS B) has sent a match acknowledgement message and for displaying an "unconfirmed trade" status message awaiting receipt of the "confirmed trade" indication from the host (200). An alarm and a display message is provided at the keystation (KS A, KS B) when the "confirmed trade" indication is not timely received. The host (200) receives match acknowledgement messages from all of the counterparties (KS A, KS B) to the match before confirming a trade. A ticket is not generated at the keystation (KS A, KS B) until the trade has been confirmed by the host (200).
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March 10, 2015. 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.
