System and method for trading having a principal market maker

Patent 5963923 Issued on October 5, 1999. Estimated Expiration Date:

June 3, 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

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Inventor

Garber, Howard B.

Application

No. 868200 filed on 06/03/1997

US Classes:

705/37, Trading, matching, or bidding235/379, Banking systems235/380, Credit or identification card systems705/35Finance (e.g., banking, investment or credit)

Examiners

Primary: MacDonald, Allen R.
Assistant: Patel, Jagdish

Attorney, Agent or Firm

Brinks Hofer Gilson & Lione

Foreign Patent References

0 388 162 A2 EP. 09/12/1990
0 411 748 A2 EP. 02/12/1991
0 434 224 A2 EP. 06/12/1991
0 512 702 A2 EP. 11/12/1992
WO 94/18640 WO. 08/12/1994
WO 9605563A1 WO. 02/12/1996
WO 96/21903 WO. 07/12/1996

International Class

G06F 015/30

Abstract

A system and method is provided for linking a Rolling Spot Currency contract with a Principle Market Maker program. In one aspect of the invention, the system includes an electronic brokerage and trading network having at least one computer coupled to receive and transmit bids and offers for international currency trading; a display terminal and input; and a principal market maker computer coupled to the electronic brokerage and trading network wherein the principal market maker computer is operative to receive and transmit the bids and offers and execute international currency trades by maintaining a market for such currencies. In another aspect of the invention, the method includes the steps of receiving and transmitting bids and offers for publicly traded currencies; storing the received bids and offers in a memory; identifying and executing the matching bids and offers; and identifying unmatched bids and offers and providing a complementary trade to maintain a market for such currencies.

Other References

Hakansson et al.; "On the Feasibility of Automated Market Making by a Programmed Specialist", The Journal of Finance, vol. XL, No. 1, Mar. 1985
Howard Barbara; The Trade: Technology aims to take the Final Step. (Automation of Stck Exchanges), Institutional Investor, v25, No. 1, P. S15(2), Sep. 1984
Freund, William C.; "Trading stock around the Clock: the Future Growth of Global Electronic Markets", California Management Review, v34, N1, p. 87 (16), Fall 199