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US Patent 5963923 - System and method for trading having a principal market maker

US Patent Issued on October 5, 1999
Estimated Patent Expiration Date: Icon_subject June 3, 2017Estimated 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.
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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

Inventor

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)

Field of Search

705/37, Trading, matching, or bidding705/35, Finance (e.g., banking, investment or credit)235/379, Banking systems235/380Credit or identification card systems

Examiners

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

Attorney, Agent or Firm

US Patent References

4674044, Automated securities trading system
Issued on: 06/16/1987
Inventor: Kalmus ,   et al.
4677552, International commodity trade exchange
Issued on: 06/30/1987
Inventor: Sibley, Jr.
4903201, Automated futures trading exchange
Issued on: 02/20/1990
Inventor: Wagner
4926368, Electronic apparatus with currency conversion function
Issued on: 05/15/1990
Inventor: Morita, et al.
4980826, Voice actuated automated futures trading exchange
Issued on: 12/25/1990
Inventor: Wagner
5003473, Trading ticket output system
Issued on: 03/26/1991
Inventor: Richards
5077665, Distributed matching system
Issued on: 12/31/1991
Inventor: Silverman, et al.
5101353, Automated system for providing liquidity to securities markets
Issued on: 03/31/1992
Inventor: Lupien, et al.
5168446, System for conducting and processing spot commodity transactions
Issued on: 12/01/1992
Inventor: Wiseman
5195031, Trading system for providing real time context sensitive trading messages based on conversation analysis
Issued on: 03/16/1993
Inventor: Ordish
5262942, Financial transaction network
Issued on: 11/16/1993
Inventor: Earle
5297031, Method and apparatus for order management by market brokers
Issued on: 03/22/1994
Inventor: Gutterman, et al.
5297032, Securities trading workstation
Issued on: 03/22/1994
Inventor: Trojan, et al.
5305200, Financial exchange system having automated recovery/rollback of unacknowledged orders
Issued on: 04/19/1994
Inventor: Hartheimer, et al.
5453601, Electronic-monetary system
Issued on: 09/26/1995
Inventor: Rosen
5455407, Electronic-monetary system
Issued on: 10/03/1995
Inventor: Rosen
5694552Financing method incorporating new use of trade acceptance drafts
Issued on: 12/02/1997
Inventor: Aharoni

Foreign Patent References

  • 0 388 162 A2 EP. 09/16/1990
  • 0 411 748 A2 EP. 02/16/1991
  • 0 434 224 A2 EP. 06/16/1991
  • 0 512 702 A2 EP. 11/16/1992
  • WO 94/18640 WO. 08/16/1994
  • WO 9605563A1 WO. 02/16/1996
  • WO 96/21903 WO. 07/16/1996

International Class

G06F 015/30

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