EP1121648A1 - Netzwerkbasiertes handelssystem und verfahren - Google Patents
Netzwerkbasiertes handelssystem und verfahrenInfo
- Publication number
- EP1121648A1 EP1121648A1 EP00918234A EP00918234A EP1121648A1 EP 1121648 A1 EP1121648 A1 EP 1121648A1 EP 00918234 A EP00918234 A EP 00918234A EP 00918234 A EP00918234 A EP 00918234A EP 1121648 A1 EP1121648 A1 EP 1121648A1
- Authority
- EP
- European Patent Office
- Prior art keywords
- customer
- trade
- risk rating
- computer
- team
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Ceased
Links
- 238000000034 method Methods 0.000 title claims abstract description 60
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- 238000012790 confirmation Methods 0.000 description 11
- 238000010586 diagram Methods 0.000 description 11
- 230000004044 response Effects 0.000 description 11
- 238000013439 planning Methods 0.000 description 9
- 238000004458 analytical method Methods 0.000 description 8
- 238000013459 approach Methods 0.000 description 6
- 230000008901 benefit Effects 0.000 description 5
- 238000013479 data entry Methods 0.000 description 4
- 230000000694 effects Effects 0.000 description 3
- 239000007788 liquid Substances 0.000 description 3
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Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
Definitions
- the present invention relates to an improved system and method for trading
- ROI return-on-investment
- time for execution ranges on the order of days rather than seconds as
- the bond market is an illiquid market in that even if an investor is able to purchase a small number of bonds, or a fractional share of a bond.
- Another object of the present invention is to provide a securities trading system
- Another object of the present invention is to provide a securities trading system
- a further object of the present invention is to provide a securities trading system
- Still another object of the present invention is to provide a securities trading
- Yet a further object of the present invention is to provide a securities trading
- Still a further object of the present invention is to provide a securities trading
- Still another object of the present invention is to provide a securities trading
- Yet another object of the present invention is to provide a securities trading
- C2C customer-to-customer
- the invention provides a method for approving a proposed
- account information for the customer who submitted the electronic form including
- the risk rating may be updated to reflect
- the rule base may also use the account information of the customer in determining the suitability of the proposed trade Once the proposed trade is
- approved the system may automatically generate a confirmation notice of the
- Another aspect of the invention provides a method for aggregating the
- each team member's account is credited with
- the invention provides a method for directly trading a
- This method leverages the Internet by bringing a seller together with a prospective
- the method includes the step of
- customers are customers of the system When the customers have agreed upon a
- this customer-to-customer trading method includes the
- customer trading method utilizes the automated trade approval methodology
- the present invention also relates to trading systems which are accessible
- invention is configured as a programmed computer or server which implements the
- the computer or server includes a processor which is programmed as by a
- customer data including account balance information and current holdings
- Fig. 1 illustrates a hardware arrangement that may be used to implement a
- FIG. 2 is a block diagram of an automated risk assessment and trade approval portion of the system of FIG 1
- Fig. 3 is a block diagram of a team trading portion of the system of FIG 1
- Fig. 4 is a block diagram of a customer to customer trading portion of the
- Fig. 5 is a flow diagram of a main or home page provided by the system of
- FIG 1
- Fig. 6 is a flow diagram of a customer enrollment process provided by the
- Fig. 7 is a flow diagram of customer login and services pages provided by
- Fig. 8 is a flow diagram for trading pages including street trades provided by
- Fig. 9 is a flow diagram of team trading pages that are provided by the
- Fig. 10 is a flow diagram of customer-to-customer trading pages that are
- Fig. 11 is a flow diagram of negotiation pages that may be used by
- Fig. 12 is a flow diagram for automated trade approval of trades of financial
- Fig. 13 illustrates transaction details of a completed trade wherein a
- Fig. 14 illustrates a team investing web page which identifies the team web
- Fig. 15 illustrates a form for starting a new team web page
- Fig. 16 illustrates a bonds-for-sale web page
- Fig. 17 illustrates a bonds-wanted web page
- Fig. 18 illustrates a bonds-for-sale data entry form
- Fig. 19 illustrates a bonds-wanted data entry form
- Fig. 20 illustrates an order form that may be used to submit a purchase or
- a server 100 which is configured to
- FIG 1 An illustration of implement the system and method of the invention is illustrated in FIG 1 FIG 1
- FIG. 1 shows a hardware arrangement 102 including an automated trading/clearing server
- server communicates with plural customers 106 using remote stations or personal
- the server 100 also communicates with Sponsoring Broker
- SBD Dealers
- customers 106 at widely dispersed geographic locations can communicate with the
- Each SBD has a number of its own customers 116 that access the
- connection 117 connections to the Internet 104 by way of connection 117
- routine 120 of the system is shown When a customer 106 logs onto the system for
- the first time customer 106 transmits customer information 122 to server 100
- information includes information concerning such matters as the customer s financial
- CRM customer risk rating
- the CRR reflects the customer's financial resources (such as net worth, annual
- the CRR is determined automatically
- the server 100 obtains the
- TRR trade risk rating
- TRR After the TRR is determined it is compared to the customer s CRR that is,
- the TRR is gauged to the risk rating that was assigned to the particular customer
- the gauge is preferably whether CRR is
- Trade confirmation notices 132 are provided to the buyer, seller, and their SBDs
- the warning 134 can advise the customer 106 of the potentially high
- the suitability of the proposed trade is rated for both the buyer and
- each party is not made aware of any unsuitability
- team trading in accordance with an aspect of the present invention, permits individual investors to aggregate their respective buy or
- system server 100 enables this by bringing together investors with
- a user 106 must first decide whether to start a new team or review existing
- a team creator 140 starts a team
- team information specifies, generally, the investment goal that the team creator 140
- the credit quality e g AAA or AA
- the maturity e g , 1 or 5 years
- the team trading routine 138 examines the team pages database 143 to
- team creator 140 essentially becomes a potential team member 144
- 144 can review a list of existing teams to find one of interest, or can perform a
- a potential team member 144 may then send a request to join the
- team or if already a member, may send a team page update request 148 to
- team members 144 may exchange ideas, discuss important topics and
- commitments 152 by posting that commitment 152 to the system Once commitments 152 are necessary.
- C2C customer-to-customer
- the C2C trading routine 154 receives from a selier 156 an
- the C2C trading routine 154 also receives from a buyer 160 an
- the indications 158, 162 may be in the form of 'bonds for
- buyer 160, the seller 156 and buyer 160 qualifications for negotiating the trade are venfied Specifically the C2C trading routine 154 confirms that the buyer 160 has
- the C2C trading routine 154 also confirms that the seller 156 has the bond
- trading routine 154 generates and transmits to the seller 156 and the buyer 160 a
- the seller 156 is able to send/receive messages 166
- the C2C trading routine 154 also determines the fair market value 170 of the
- the Internet 104 first accesses the server at step 200 Preferably, access is
- the customer 106 116 communicates with the server 100 using
- any conventional electronic data communication link such as a modem
- a main page 212 is displayed at step
- buttons or links the person accessing the server 100 is queried at step 204 to input
- the server restricts that user's access, at step 210, to only the
- application and review process comprises one or more secure pages within the
- the conditions for opening an account with the firm may include the
- communications may include account balances, relationships with other firms, and
- step 310 the customer is presented with a page
- page may itself include full copies of the disclosure documents or may include links
- the page (or frame) containing the application form is conveyed to the
- the information includes the customer's name, address, information concerning the trading experience of the customer, and the like As each form is
- the information in that form may be saved in a database
- an embedded script or server-side program can be used at step 316 to
- the "sigNETure” includes specific
- social security number and perhaps further information to identify the customer.
- the digital signature is obtained at step 320 and signifies that the customer has
- an account number is generated and sent to the customer's
- a customer risk rating (“CRR") is assigned to the new customer and the new account
- the CRR is determined automatically for each customer in
- the risk assignment routine parses the contents of the submitted
- the risk rating for each customer preferably comprises a code consisting of
- the customer is advised of this
- the customer is advised as to how to fund the account, including
- the application may be canceled and an email notice may be sent to the
- Certain documents may require a manual signature for example a request to
- Any customer already enrolled in the trading system 100 can access the
- step 400 of FIG 7 the customer enters his or her identification at a
- the person is given at least one more chance at step 405 to enter the
- the customer selects from a variety of services including
- investment objectives data includes an investment goal such as preservation of
- the investment objective data may further include
- a potential investment strategy determination is made at step 412 The determination may be based upon further information such as the risk level assigned to the
- step 406 back to step 406 through a suitable link from the display strategy page
- the customer can execute one or more electronic trades which implement the
- the bond/security trading pages are accessed at step 422 From the trading pages,
- the customer can execute a street trade a customer-to-customer trade, a team trade
- the transaction details include all of the
- the trade ticket identifies
- step 456 The suitability of the proposed trade is rated at step 456 for both the buyer and seller Whether a trade is suitable or not is rated by applying a series of
- first analysis is a qualitative judgment as to whether the type of trade or investment
- VAR Value-At-Risk
- the customer VAR is the potential loss that might occur after the trade is settled if
- TRR can be refined to take into account other relevant
- the gauge is
- the warning can advise the customer of the potentially high market risk potential impact on the
- the customer's ability to withstand risk is greater than the risk associated with the
- the customer enters a response to the unsuitability warning
- chat/communication link is terminated, and the trade is canceled
- the customer is
- Trade settlement includes an
- step 474 to display on the customer's web
- step 500 displayed at the main trading page menu, step 500.
- the links are provided to the customer after a selection
- transaction details are extractable (that is, can be obtained) from the trade ticket
- the system 100 reviews the
- trade may be automatically approved if it is 'suitable ' for the customer or may
- the team trade trading pages may be
- An investment package' may include one or more financial
- the team trading pages constitute a number of pages, and the customer is
- a customer starts a team by entering a start-team command at step 604 and
- the team-start form specifies,
- the credit quality e g , AAA or AA
- the maturity e g., 1 or 5 years
- the purpose of the investment e g , college
- the system operator will establish a team page using the information if there is
- the system processes the information in the team-start form in view of current market conditions and posts on the team
- the investment goals are determined
- the customer can request such guidance by selecting such a
- the suitability test may be as at step 458 of FIG. 12. if the customer is not suitable for the new team, the customer is so advised at step 622
- the system may eliminate the newly created team or
- the system determines at step 628 whether the goals of
- the team will be met.
- the goal may include trading by a particular date
- the target can be raised to accommodate
- a team trade being executed at step 640 is on the order of one or two days up
- This command displays at the customer's web browser a list of existing teams at step 652
- the customer may enter a search query to search for a
- step 654 whether the customer is a member of the team already, and, if so, the
- the customer can also select customer-to-
- the system 100 directs the customer to the C2C trading pages at step 544
- one customer trades directly with another for the instrument that he or
- customers can be individuals, institutions, and others.
- the C2C trading pages of FIG 10 include “bonds for sale” lists and “bonds
- the "bonds for sale” list includes a list of those bonds that are held by
- wanted" list includes those bonds, or types of bonds, that particular customers are
- a customer elects to either buy or sell a bond.
- step 704 if the customer has elected to buy a bond.
- the customer either purchases a bond selected from the "bonds for sale” list, or
- the system 100 confirms that the buy-side customer has sufficient funds
- step 712 by examining the customer's account to determine how much cash is
- the system also confirms that the purchase is suitable for that customer at
- step 714 by examining the customer's ability to withstand the potential loss of
- negotiation pages are called up at step 716.
- wanted list complements the bonds-for-sale list and creates demand for such bonds
- the server 100 updates the "bonds wanted” web page using the
- the customer can elect to sell a bond at step 702. In this
- step 740 Otherwise, the seller identifies a bond in his portfolio at step 748 and the
- her portfolio This may occur automatically or in response to a user request.
- the prospective seller can add a bond from his or her portfolio to
- step 764 is displayed to prospective purchasers who elect to "buy" bonds at step 764.
- step 702. the seller is assigned an ID at step 766 which is associated with the newly listed bond Thereafter the customer is returned to the command prompt at step 406 of FIG 7
- the identities of listing customer on the one hand and the
- the system 100 establishes a communication link (including an exchange of
- the ID is assigned to the prospective buyer (the 'buy-side customer " ) and, if the customer is responding to a "bonds wanted” listing,
- the ID is assigned to the prospective seller (the "sell-side customer") At step
- the fair value of the bond is determined by the system 100 using an online
- step 846 the system 100 ensures that customer-to-customer trades are made at a "fair" price which is
- a price is fair at step 846 relies upon data from one or more information sources 848
- step 850 the buyer and seller are notified that the trade can be executed and
- the system obtains the confirmation from both that the trade is to be executed in
- execution and trade settlement may include the automated trade approval routine of
- step 406 such as bond calculators and IRA analyzers
- FIGS 13 through 20 With reference first to FIG 13 the transaction details of a completed trade
- the buying customer s account number 1004 the status of the trade 1006
- time limits the time of the order 1026, the trade date 1028, the settlement date
- FIG 14 an exemplary ' team investing ' web page 1100 is displayed, such as is displayed at step 600 A selection of teams are available in an active teams list
- the active teams list in FIG 14 includes one
- teams list includes data fields which identify for each team the team's investment
- step 606 is displayed at the customer's computer, that is in his or her
- FIG 15 provides various fields in which customers name the proposed team
- start form 1200 can be cleared using button 1214 or submitted using button 1216
- step 704 may comprise a display such as the web page 1300
- One or more bonds for sale are listed in a table which identifies, among other
- hypertext 1318 may be posted by clicking a button or hypertext-link such as the hypertext 1318
- the amount 1404 the amount 1404, a rating range 1406, a coupon range 1408, a maturity range
- identifier 1416 known only to the system operator A customer interested in selling a
- bonds for sale notice can be
- hypertext-link such as the hypertext 1418
- FIG 18 illustrates an exemplary bonds for sale form 1500 which includes
- field 1516 obtains the selling customer s name, account number and e-mail address
- a seller-ID is assigned and included in the seller-ID field
- for-sale form 1500 is submitted using a post form button 1520
- FIG 19 illustrates an exemplary 'bonds wanted" form 1600 which includes
- field 1616 obtains the buying customer's name account number and e-mail address
- a buyer-ID is assigned and included in the buyer-ID field
- wanted form 1600 is submitted using a post form button 1620
- FIG 20 illustrates an order form by which the customer enters information to
- a trade for example, a street trade, a customer to customer trade, or a team trade For C2C and team trades, the customer is assigned a coded identifier, as
- the form 1700 may include one or more of the following fields, which
Landscapes
- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Finance (AREA)
- Engineering & Computer Science (AREA)
- Development Economics (AREA)
- Economics (AREA)
- Marketing (AREA)
- Strategic Management (AREA)
- Technology Law (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Theoretical Computer Science (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Applications Claiming Priority (3)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US13495699P | 1999-05-19 | 1999-05-19 | |
US134956P | 1999-05-19 | ||
PCT/US2000/007561 WO2000070506A1 (en) | 1999-05-19 | 2000-03-22 | Network-based trading system and method |
Publications (2)
Publication Number | Publication Date |
---|---|
EP1121648A1 true EP1121648A1 (de) | 2001-08-08 |
EP1121648A4 EP1121648A4 (de) | 2002-07-17 |
Family
ID=22465789
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
EP00918234A Ceased EP1121648A4 (de) | 1999-05-19 | 2000-03-22 | Netzwerkbasiertes handelssystem und verfahren |
Country Status (2)
Country | Link |
---|---|
EP (1) | EP1121648A4 (de) |
WO (1) | WO2000070506A1 (de) |
Families Citing this family (15)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US7177831B1 (en) | 1999-07-23 | 2007-02-13 | The Globe Resources Group, Inc. | System and method for selecting and purchasing stocks via a global computer network |
US6484151B1 (en) * | 1999-07-23 | 2002-11-19 | Netfolio, Inc. | System and method for selecting and purchasing stocks via a global computer network |
US7356498B2 (en) | 1999-12-30 | 2008-04-08 | Chicago Board Options Exchange, Incorporated | Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services |
US9727916B1 (en) | 1999-12-30 | 2017-08-08 | Chicago Board Options Exchange, Incorporated | Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services |
JP2002366757A (ja) * | 2001-06-06 | 2002-12-20 | Nikko Cordial Securities Inc | 文書データの配信システム及びその方法、有価証券の新規募集/売り出し/買い付けシステム及びその方法 |
US7653584B2 (en) | 2001-06-29 | 2010-01-26 | Chicago Board Options Exchange, Incorporated | Automated execution system having participation |
US7613650B2 (en) | 2003-04-24 | 2009-11-03 | Chicago Board Options Exchange, Incorporated | Hybrid trading system for concurrently trading securities or derivatives through both electronic and open-outcry trading mechanisms |
US7676421B2 (en) | 2003-04-24 | 2010-03-09 | Chicago Board Options Exchange, Incorporated | Method and system for providing an automated auction for internalization and complex orders in a hybrid trading system |
US8219487B2 (en) * | 2003-10-15 | 2012-07-10 | Blackrock, Inc. | System and method for managing credit risk for investment portfolios |
US8249972B2 (en) | 2007-11-09 | 2012-08-21 | Chicago Board Options Exchange, Incorporated | Method and system for creating a volatility benchmark index |
US8321322B2 (en) | 2009-09-28 | 2012-11-27 | Chicago Board Options Exchange, Incorporated | Method and system for creating a spot price tracker index |
US10262368B2 (en) | 2014-09-01 | 2019-04-16 | Huddlestock Capital AS | Apparatus, data base system and computer program product for trading financial instruments |
ZA201507862B (en) * | 2014-10-27 | 2017-03-29 | First World Trader (Pty) Ltd | Method for the purchase and sale of a traded security and a fractional right based thereon |
CN111679967B (zh) * | 2020-04-27 | 2023-04-21 | 贝壳技术有限公司 | 用于测试的交易单的展示方法及装置 |
US20230153904A1 (en) * | 2020-05-15 | 2023-05-18 | Gabrienne Trading Systems (Pty) Ltd | Systems and processes for peer-to-peer financial instrument transactions |
Citations (2)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US5809483A (en) * | 1994-05-13 | 1998-09-15 | Broka; S. William | Online transaction processing system for bond trading |
US6014643A (en) * | 1996-06-28 | 2000-01-11 | Minton; Vernon F. | Interactive securities trading system |
Family Cites Families (8)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US4903201A (en) * | 1983-11-03 | 1990-02-20 | World Energy Exchange Corporation | Automated futures trading exchange |
US4933842A (en) * | 1988-02-29 | 1990-06-12 | Tesseract Corporation | Automated investment fund accounting system |
US5136501A (en) * | 1989-05-26 | 1992-08-04 | Reuters Limited | Anonymous matching system |
CA2090744A1 (en) * | 1992-04-13 | 1993-10-14 | Dale B. Finfrock | Method and apparatus for pooling and distributing bond dividends |
US5563783A (en) * | 1992-05-13 | 1996-10-08 | The Trustees Of Columbia University In The City Of New York | Method and system for securities pool allocation |
US5497317A (en) * | 1993-12-28 | 1996-03-05 | Thomson Trading Services, Inc. | Device and method for improving the speed and reliability of security trade settlements |
US5592375A (en) * | 1994-03-11 | 1997-01-07 | Eagleview, Inc. | Computer-assisted system for interactively brokering goods or services between buyers and sellers |
US5806047A (en) * | 1995-09-25 | 1998-09-08 | Metlife Life Insurance Company | System for combined pool portfolio |
-
2000
- 2000-03-22 EP EP00918234A patent/EP1121648A4/de not_active Ceased
- 2000-03-22 WO PCT/US2000/007561 patent/WO2000070506A1/en active IP Right Grant
Patent Citations (2)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US5809483A (en) * | 1994-05-13 | 1998-09-15 | Broka; S. William | Online transaction processing system for bond trading |
US6014643A (en) * | 1996-06-28 | 2000-01-11 | Minton; Vernon F. | Interactive securities trading system |
Non-Patent Citations (2)
Title |
---|
No Search * |
See also references of WO0070506A1 * |
Also Published As
Publication number | Publication date |
---|---|
EP1121648A4 (de) | 2002-07-17 |
WO2000070506A1 (en) | 2000-11-23 |
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