Crossing network utilizing optimal mutual satisfaction density profile

Patent 5950177 Issued on September 7, 1999. Estimated Expiration Date:

July 15, 2017. 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

3573747

3581072

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Inventors

Assignee

Optimark Technologies, Inc.

Application

No. 892598 filed on 07/15/1997

US Classes:

705/37, Trading, matching, or bidding705/35Finance (e.g., banking, investment or credit)

Examiners

Primary: Voeltz, Emanuel T.
Assistant: Civan, Ethan D.

Foreign Patent References

WO95/06918 WO. 03/13/1995

International Class

G06F 017/60

Abstract

A crossing network that matches buy and sell orders based upon a satisfaction and quantity profile is disclosed. The crossing network includes a number of trader terminals that can be used for entering orders. The orders are entered in the form of a satisfaction density profile that represents a degree of satisfaction to trade a particular instrument at various (price, quantity) combinations. Typically, each order is either a buy order or a sell order. The trader terminals are coupled to a matching controller computer. The matching controller computer can receive as input the satisfaction density profiles entered at each one of the trading terminals. The matching controller computer matches orders (as represented by each trader's satisfaction density profile) so that each trader is assured that the overall outcome of the process (in terms of average price and size of fill) has maximized the mutual satisfaction of all traders. Typically, the matching process is anonymous. The matching process can be continuous or performed on a batch basis.