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 Patents

Method for performing at least one transaction to acquire and/or sell financial instruments and a computer system for carrying out said method

Info

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
Authority
EP
European Patent Office
Prior art keywords
financial
transaction
course
characterized
method
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.)
Withdrawn
Application number
EP00926693A
Other languages
German (de)
French (fr)
Inventor
Franke Kotschenreuter
Klaus Martin
Joerg Schwarz
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
ELAXY BUSINESS SOLUTIONS & SERVICES GMBH &
LANG & SCHWARZ WERTPAPIERHANDEL AG
Original Assignee
FINEC GmbH
Lang & Schwarz Wertpapierhande
Lang & Schwarz Wertpapierhandel AG
Priority date (The priority date 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 date listed.)
Filing date
Publication date
Priority to DE19915477 priority Critical
Priority to DE19915477 priority
Application filed by FINEC GmbH, Lang & Schwarz Wertpapierhande, Lang & Schwarz Wertpapierhandel AG filed Critical FINEC GmbH
Priority to PCT/DE2000/000971 priority patent/WO2000062212A2/en
Publication of EP1259909A2 publication Critical patent/EP1259909A2/en
Application status is Withdrawn legal-status Critical

Links

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA 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
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The invention relates to a computer system and a method for carrying out at least one transaction, in order to acquire financial instruments (securities, money market instruments, foreign currency, accounting units and derivatives thereof). Said computer system comprises a data processing device, an input unit, at least one display element and an interface for transmitting and receiving data. To carry out a transaction, namely the purchase or sale of a financial instrument, an interested party first requests the market value. The market value is subsequently transmitted and evaluated. The interested party decides whether to accept or refuse said market value. If the transaction is approved, a new, current market value is requested and verified by the financial service provider. If the difference lies within a predefined area (range), the transaction is performed.

Description

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.

definitions

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,

in which

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

and

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

Show it:

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.

mean while

Name = Name of securities from the Excel sheet

Code = securities ennnummer Trade mode = setting for automatic, manual, or internal

price quotation

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.

Claims

1. A method for performing at least one transaction to purchase financial instruments between a financial service and an interested party, being effected by the interested party of a quote request to query the conditions of a possible acquiring or possible sale of financial instruments, characterized by the following further method steps:
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 levy egg nes offer to the tax service;
d) acceptance of the offer with the proviso that the difference is betwee 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.
2. The method according to claim 1, characterized in that the financial service provider is a computer system.
3. The method according to claim 1, characterized in that the interested party is a computer system.
4. The method according to claim 1, characterized in that the transfer of at least one course of the financial instrument from an Excel sheet takes place.
5. The method of claim 1 or 2, characterized in that the currently current price of financial instrument is automatically updated.
6. The method of claim 1 or 2, characterized in that the currently current price of financial instrument is updated manually.
7. The method according to at least one of the preceding claims, characterized in that the transaction process is logged.
8. The method according to at least one of the preceding claims, characterized in that a manual acknowledgment of the course of the financial instrument to the prospective customer when a angeforder- tes volume of financial instruments is greater than the volume defined tradable before the transaction.
10.A method according to at least one of the preceding claims, characterized in that a manual transfer of the course of the financial instrument to which a computer system is carried out when a current rate is not available.
11. The method according to at least one of the preceding claims, characterized in that a manual transfer of the course of the financial instrument to the prospective customer when the price of the relevant financial instrument is set an indication of manual answer in a data pool with the information on the financial instruments.
12. A computer system for performing at least one transaction to purchase financial instruments consisting of
a data processing system, an input device, at least one display means, and an interface for sending and receiving data,
in which
a first display means having a window with a request for a first course,
- another indicator means another window with information about the course of the requested Finanzinεtrumente, and
the data processing unit is designed such that the changed further course of the corresponding financial instruments will compare with a course during execution of the request and the transaction is executed if the difference between the two rates is within the defined range.
EP00926693A 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 Withdrawn EP1259909A2 (en)

Priority Applications (3)

Application Number Priority Date Filing Date Title
DE19915477 1999-04-07
DE19915477 1999-04-07
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

Publications (1)

Publication Number Publication Date
EP1259909A2 true EP1259909A2 (en) 2002-11-27

Family

ID=7903652

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)

Country Link
EP (1) EP1259909A2 (en)
WO (1) WO2000062212A2 (en)

Families Citing this family (3)

* Cited by examiner, † Cited by third party
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)

* Cited by examiner, † Cited by third party
Title
See references of WO0062212A2 *

Also Published As

Publication number Publication date
WO2000062212A2 (en) 2000-10-19
WO2000062212A8 (en) 2002-09-19

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Effective date: 20011107

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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 &

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Effective date: 20060404