EP1259909A2 - Method for performing at least one transaction to acquire and/or sell financial instruments and a computer system for carrying out said method - Google PatentsMethod for performing at least one transaction to acquire and/or sell financial instruments and a computer system for carrying out said method
- Publication number
- EP1259909A2 EP1259909A2 EP00926693A EP00926693A EP1259909A2 EP 1259909 A2 EP1259909 A2 EP 1259909A2 EP 00926693 A EP00926693 A EP 00926693A EP 00926693 A EP00926693 A EP 00926693A EP 1259909 A2 EP1259909 A2 EP 1259909A2
- European Patent Office
- Prior art keywords
- 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.)
- 230000000875 corresponding Effects 0 Claims Description 2
- 238000000034 methods Methods 0 Claims 1
- 230000000295 complement Effects 0 Description 1
- 230000000694 effects Effects 0 Description 1
- 238000005516 engineering processes Methods 0 Description 1
- 239000011133 lead Substances 0 Description 1
- 230000013016 learning Effects 0 Description 1
- 239000000047 products Substances 0 Description 1
- 230000001960 triggered Effects 0 Description 1
- G06—COMPUTING; CALCULATING; COUNTING
- G06Q—DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Exchange, e.g. stocks, commodities, derivatives or currency exchange
A method for performing at least one transaction to purchase and / or sell financial instruments and a computer system for implementing the method
The invention relates to a method for performing at least one transaction to purchase financial instruments between egg nera or more computer systems and a computer system for carrying out at least one transaction to purchase financial instruments.
Financial instruments, all types of securities, money market instruments, foreign exchange, unit of account and derivatives are to be understood.
Under the transaction, a method is to be understood in a purchase or sale of a financial instrument takes place.
Among financial institutions, people or computer systems are understood to be offering the financial instruments for purchase or sale.
Among interested people or computer systems should be understood to have the willingness to purchase financial instruments or sell. Under quote request the request of an interested to send a course to buy or sell a financial instrument is to be understood.
Under rate of sent price the vendor should be understood to purchase or sell any financial instruments.
State of the art
According to the prior art, it is very time consuming and costly to trade in financial instruments.
The interested party must request the current rates of the provider for the desired financial instrument at his local bank or via the Internet. He receives a temporally previous course regularly as a quota. The current price can not in principle be obtained.
Even at a bank there, the competent person must take the course in experience via a telephone or via a separate database query.
Regularly is also in the respective Kredi institute is not a terminal to query rates. Here, too, thus creating a zeiti- che delay.
In an online transaction of financial instruments, it is the rule that a quote request the desired financial instruments triggered by the interested parties in a first step. The quote request is answered by the financial services provider by a quota. The transmission takes place via a data line. the interested party to the now known to him conditions decides to make an offer, it may have changed by the data transmission time and the reflection of the interested party, the actual price of the tradable financial instrument now. for the financial services, this means an incalculable risk. A proposal for solving this problem is known from EP-A 0 762 304th Herein, a computer system is described in which an input unit a request for a financial instrument via a data line can be performed. Here, the data input is read by the interested parties. The financial services company says stand up for a defined period to trading of the financial instrument at the given terms. Takes place within the time period not to accept the offer, the transaction is not concluded. A trade then has not taken place.
The object of the invention is to provide a method for carrying out at least one transaction to purchase financial instruments and a computer system for implementing the method, in a simple way with high security, the corresponding transport can be carried out by means of the actions.
The principle of the solution of the problem consists in the fact that for carrying out a transaction to a financial instrument, a region (range) is set to the actual price of the financial service provider, in whose realm, the supply of the prospective independent of the time
must find component to allow a transaction to take effect. The object is to provide a method comprising the steps of:
a) transfer of the quota request to the financial service provider with determination of the essential conditions for the acquisition or sale of the financial instruments;
b) transfer of the quota for the respective financial instrument to the prospective customer;
c) evaluating the conditions communicated and possibly make an offer to the tax service;
d) acceptance of the offer with the proviso that the difference is zwischem the quota and a more instantaneous current exchange rate within a defined range, wherein the further course may have changed considerably due to external influences, and the time difference between odd and tender.
Further, a computer system is proposed as a solution to the problem, consisting of
a data processing system, an input device, at least one display means, - an interface for sending and receiving data,
a first display means having a window with a request for a first course,
another display means displays an additional window with information about the first course of the requested financial instruments
the data processing unit is designed such that the changed further course of the respective financial instrument itself is compared with a course during the execution of the request and the transaction is executed if the difference between the two courses are located within a defined range.
Advantages of the Invention
An essential advantage of the inventive method and the inventive device is that the transactions are completed within a preferably pre-defined for each financial instrument price range. Thus it is possible that transactions independently, ie automatically, can also be performed. For example, a quote request of the interested party a quota of a financial instrument transmitted at a price of 55 euros, the interested party can check the condition within an undefined period. He can then make an offer to 55 EURO to the financial nanzinstrument. The financial services company is now considering in turn, whether the offer is still within the defined area of it at the current price. the current price increases with a defined range of 50 cents to 46 EURO changed, the offer would no longer be within the defined ranges and re- jected be. If the actual price at the above
Range but have only developed to 55.40 euros, the offer of the interested parties would be adopted at a price of 55 euros. In particular, if the further course is higher than the initial price and the defined area is exceeded, no transaction takes place.
If the further course below the first rate, but is within the range, then the transaction can be performed with the first course.
In the event that the requested volume for a financial instrument outside a defined volume area is found, a manual tender can take place. Also, a manual acceptance to an offer is basically possible in spite of the befindli- chen outside the defined ranges offer.
Preferably, the encoded rates are kept in a database, together with an indication of the range. This approach makes it possible to automate transactions largely.
Further advantageous embodiments of the invention emerge from the following description, claims and the drawings. drawings
Fig. 1 is a flow diagram illustrating the inventive method;
Fig. 2 is a window for responding to a request;
3 shows a further window for displaying the courses according to a request.
Fig. 4 shows a third window for settlement of the transaction.
Description of an embodiment
In the example shown in FIG. 1, flow diagram is a graphical representation of an embodiment of the inventive method.
Of the odd request from a prospective is provided to a particular financial instrument in a given volume of the financial service provider. This quota request can by means of a computer system., N the financial services take place. The financial service provider shall, within its database to see if it has the appropriate financial instrument. Subsequently, it shall send a quota, whose contents he takes the database.
The interested checked now, in turn, whether he wants to make a trade at the specified rate. he decides to do so, he makes an offer at the given terms.
The financial service checks now the offer received in a financial instrument A. to the offered price A. As between the rate which the financial services provider has delivered to the interested parties and the offer of the interested parties of the transaction any length of time has passed, there is a possibility that the price offered has changed A. Therefore, the financial service provider will again query the current price data from its database. For course B he takes the database defined by him maximum deviation. If the difference between the price of the A and B now newly time course is smaller than a certain defined difference C, the transaction is performed. If this difference is greater then the possibility exists that the transaction is automatically terminated or the seller offers the opportunity to confirm the transaction manually.
The value of the difference C may be stored as the price data in a separate database. It is also possible that the value is formed in dependence on the particular financial instrument and the quantity ordered.
Because of this price difference, it is possible that not how it is in the prior art already known, transactions must be completed within a defined period of time, but especially at low speed data lines are opportunities to successfully carry out transactions, exchange rate risks by indicating the so-called Range can be minimized by the financial services provider.
Viewed from a legal perspective, the presented system inspired by the newly Distance Selling Directive. The interested party first requests the providers on by a quote request to submit the basic parameters of a trade in a financial instrument. The financial services company therefore sends an inventory Overendum in the legal sense, an invitation to purchase. This is exactly the situation of a client in front of a shop window, the there considered the products to the prices. Subsequently, the prospect makes an offer, after which the financial service providers in turn checks whether it wants to accept conditions given to the business. To ensure a quick trade, he takes DA to a current rate B, taking into account a defined range within which the offer of the interested party must move. The financial service provider is free to complement currently-depth courses for financial instruments from third party systems with up or knocking within the database.
ne possible volume limit further st provided in the database e, so that only a certain number of pieces St can be traded financial instruments. It is also possible de setting a volume limit beyond which a manual confirmation of Fmanzdienstlei- is sters necessary.
In FIG. 2 a window under Windows technology is illustrated by means of which is informed of the first course, the interested party. Be is a window that only appear for those interested when asked en course manually ng the window shown in Fig. 2.
The following conditions can lead to a manual price quotation:
The financial nstrumenteinstellung is preset to "manual"; - the global setting n the Excel sheet is "manual"; the requested volume is greater than the guaranteed minimum volume and larger than the volume currently AVAILABLE; the current price is not translated or equal 0th
In the illustrated in Fig. 3 window, there is a listing of financial instrument parameters, here security parameters that have been requested.
Name = Name of securities from the Excel sheet
Code = securities ennnummer Trade mode = setting for automatic, manual, or internal
CCY = Price preserving Code Range = Range within a transaction after changes in another course should still be traded even automatically compared to a rate Min volume = number for. A quota / transaction is performed automatically, even if no more volume is present Cell bit-trade offset = setting for the Excel sheet
Valuta days = number of working days for the value date of a transaction Trade time = time at which a new transaction is
In FIG. 4, a window is shown in which, in general, the transaction is confirmed. In the present case, the transaction by the party concerned has to be confirmed manually, as may the volume available for the automatic trade is too small.
With the present invention, a method has been created with the simple way a transaction, ie a purchase or sale of financial instruments can be carried out. DIE ses method can be fitted to existing methods. In addition, this method does not require special hardware configuration, can be so resorted also to existing devices.
Furthermore, known additional programs are used here, which are now to refer to computers as standard programs. Therefore, a simple operation without prior learning is possible.
Each transaction can log so that complete transparency is possible.
Priority Applications (3)
|Application Number||Priority Date||Filing Date||Title|
|PCT/DE2000/000971 WO2000062212A2 (en)||1999-04-07||2000-03-31||Method for performing at least one transaction to acquire and/or sell financial instruments and a computer system for carrying out said method|
|Publication Number||Publication Date|
|EP1259909A2 true EP1259909A2 (en)||2002-11-27|
Family Applications (1)
|Application Number||Title||Priority Date||Filing Date|
|EP00926693A Withdrawn EP1259909A2 (en)||1999-04-07||2000-03-31||Method for performing at least one transaction to acquire and/or sell financial instruments and a computer system for carrying out said method|
Country Status (2)
|EP (1)||EP1259909A2 (en)|
|WO (1)||WO2000062212A2 (en)|
Families Citing this family (3)
|Publication number||Priority date||Publication date||Assignee||Title|
|US7251629B1 (en)||1999-10-14||2007-07-31||Edge Capture, Llc||Automated trading system in an electronic trading exchange|
|US7177833B1 (en)||2000-07-18||2007-02-13||Edge Capture, Llc||Automated trading system in an electronic trading exchange|
|US7827093B1 (en)||2005-03-02||2010-11-02||Icap Services North America Llc||Call for quote/price system and methods for use in a wholesale financial market|
Non-Patent Citations (1)
|See references of WO0062212A2 *|
Also Published As
|Publication number||Publication date|
|US8738455B2 (en)||Systems and methods to determine a value relating to a post|
|US7340430B2 (en)||Real-time trading system|
|US8862507B2 (en)||System and method for conducting web-based financial transactions in capital markets|
|US7660761B2 (en)||System and method for automated trading|
|US7499886B2 (en)||Conducting commerce between individuals with integrated shipping|
|US7860796B2 (en)||Automated order protection trading system|
|US6954733B1 (en)||Internet based computer system and method for component exchange|
|US7386508B1 (en)||Method and apparatus for facilitating a transaction between a buyer and one seller|
|US7882019B2 (en)||Method and system for effecting straight-through-processing of trades of various financial instruments|
|AU2005201966B2 (en)||Network-based trading system and method|
|US8504483B2 (en)||Electronic trading system supporting anonymous negotiation and indications of interest|
|US7627516B2 (en)||Method and system for facilitating automated interaction of marketable retail orders and professional trading interest at passively determined prices|
|US9747645B2 (en)||System and method for capturing sales tax deduction information from monetary card transactions|
|US8311926B1 (en)||Montage for automated market system|
|US8160950B2 (en)||Method and apparatus for trading assets|
|US20110137751A1 (en)||Computerized system for facilitating transactions between parties on the internet using e-mail|
|US7299208B1 (en)||Apparatus and system for defining an automated spread trading parameter|
|US20120005065A1 (en)||Synthetic Funds Having Structured Notes|
|US6892184B1 (en)||System and method for multiple currency transactions|
|US5819238A (en)||Apparatus and accompanying methods for automatically modifying a financial portfolio through dynamic re-weighting based on a non-constant function of current capitalization weights|
|US7103570B1 (en)||Merchant account activation system|
|JP5579987B2 (en)||The method and system of the specified request for quote|
|US8326715B2 (en)||Method of creating and trading derivative investment products based on a statistical property reflecting the variance of an underlying asset|
|US20040088242A1 (en)||Liquidity Engine for futures trading exchange|
|US8341071B2 (en)||System and method for providing latency protection for trading orders|
|17P||Request for examination filed||
Effective date: 20011107
|AK||Designated contracting states:||
Kind code of ref document: A2
Designated state(s): AT BE CH CY DE DK ES FI FR GB GR IE IT LI LU MC NL PT SE
|RAP1||Transfer of rights of an ep published application||
Owner name: LANG & SCHWARZ WERTPAPIERHANDEL AG
Owner name: ELAXY BROKERAGE & TRADING GMBH & CO. KG
|RAP1||Transfer of rights of an ep published application||
Owner name: LANG & SCHWARZ WERTPAPIERHANDEL AG
Owner name: ELAXY BUSINESS SOLUTIONS & SERVICES GMBH &
|18D||Deemed to be withdrawn||
Effective date: 20060404