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 methodInfo
- 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
- price
- course
- computer system
- 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- Withdrawn
Links
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 invention relates to a method for carrying out at least one transaction for acquiring financial instruments between one or more computer systems and a computer system for carrying out at least one transaction for acquiring financial instruments.
- Financial instruments should be understood to mean all types of securities, money market instruments, foreign exchange, units of account and derivatives.
- a transaction is understood to be a procedure in which a financial instrument is bought or sold.
- Financial service providers are to be understood as people or computer systems that offer the financial instruments for purchase or sale.
- Quoterequest should be understood as the request of a prospect to send a course to buy or sell a financial instrument.
- Quote should be understood as the provider’s sent price to buy or sell a financial instrument.
- the interested party must inquire with the local bank or via the Internet about the current prices of the provider for the desired financial instrument. As a quota, he regularly receives a previous course. In principle, the current course cannot be requested.
- the object of the invention is to provide a method for carrying out at least one transaction for acquiring financial instruments and a computer system for carrying out the method, by means of which the corresponding transactions can be carried out in a simple manner with a high degree of security.
- a range is determined at the actual price of the financial service provider, in the realm of which the offer of the interested party is independent of the time
- a data processing system an input device, at least one display means, an interface for sending and receiving data,
- a first display means has a window with a request for a first course
- Another display means shows another window with information about the first rate of the requested financial instruments
- the data processing unit is designed in such a way that the further course of the corresponding financial instrument changed during the execution of the request is compared with a course and the transaction is carried out if the difference between the two courses is within a defined range.
- An essential advantage of the method according to the invention and the device according to the invention is that the transactions are concluded within a price range which has preferably been previously defined for each financial instrument. This makes it possible for transactions to be carried out independently, that is, automatically. If, for example, a quote of a financial instrument is transmitted at a rate of EUR 55 for a quote request from the interested party, the interested party can check the condition within an undefined period. He can then submit an offer for 55 euros to the financial instrument. The financial service provider now checks in turn whether the offer is still within the range defined by it at the current exchange rate. If the current rate increased with a defined range from 50 cents to 46 EURO, the offer would no longer be within the defined range and would be rejected. Should the actual course be at the above
- the coded courses are preferably held in a database, together with the specification of the area. This procedure enables transactions to be largely automated.
- Fig. 4 shows a third window for processing the transaction.
- FIG. 1 is a graphic representation of an exemplary embodiment of the method according to the invention.
- the quota request from a prospective buyer of a certain financial instrument in a certain volume is made to the financial service provider.
- This quota request can be made by means of a computer system to the financial service provider.
- the financial service provider checks in its database whether it has the appropriate financial instrument. He then sends a quota, the content of which he takes from the database.
- the interested party now checks in turn whether he would like to trade at the specified rate. If he decides to do so, he submits an offer at the specified conditions.
- the financial service provider now checks the offer received in a financial instrument A. at the offered price A. Since an arbitrary length of time has elapsed between the quota that the financial service provider has given to the prospect and the offer of the prospect of the possible transaction, that yourself course A has changed. Therefore, the financial service provider will query the current exchange rate data from its database again. For course B, he takes the maximum deviation he has defined from the database. If the difference between the course A and the course B now newly formed is smaller than a certain defined difference C, the transaction is carried out. If this difference is greater, there is the possibility that the transaction is ended automatically or the provider has the option of manually confirming the transaction.
- the value of the difference C can, like the course data, be stored in a separate database. It is also possible that the value is determined depending on the respective financial instrument and the ordered quantity.
- the system presented is based on the newly created distance selling directive.
- the interested party first requests the providers by means of a quota request to send the basic parameters of trading in a financial instrument.
- the financial service provider sends an inventory overendum, i.e. an invitation to buy. This corresponds exactly to the situation of a customer in front of a shop window, who looks at the products there at the stated prices.
- the interested party then submits an offer, on which the financial service provider in turn checks whether he would like to accept the transaction on the specified terms.
- he takes a current price B and takes into account a defined range within which the offer of the interested party has to move.
- the financial service provider is free to add current or lower prices for financial instruments from third-party systems within the database.
- a possible volume limit is also provided in the database so that only a certain number of financial instruments can be traded. It is also possible to set a volume limit beyond which a manual confirmation by the financial service provider is necessary.
- FIG. 2 shows a window under Windows technology, by means of which the interested party is informed about the first course.
- the window shown in FIG. 2 is a window that only appears to the interested party if a course has been set manually.
- the financial instrument setting is preset to "manual”; - the global setting in the Excel sheet is set to “manual”; the requested volume is larger than the guaranteed minimum volume and larger than the currently available volume; the current course is not available or is 0.
- the window shown in FIG. 3 is a list of the financial instrument parameters, here securities parameters, which have been requested.
- Volume number of pieces for which a quote / transaction is carried out automatically, even if there is no more volume.
- Cell bit-trade offset setting for the Excel sheet
- Value days number of working days for the value date of a transaction
- Trade time time from which a new transaction applies
- FIG. 4 shows a window in which the transaction is generally confirmed.
- the transaction has to be manually confirmed by the prospect, since the available volume may be too small for automatic trading.
- Every transaction can be logged so that complete transparency is possible.
Abstract
Description
Claims
Applications Claiming Priority (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)
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 |
-
2000
- 2000-03-31 WO PCT/DE2000/000971 patent/WO2000062212A2/en not_active Application Discontinuation
- 2000-03-31 EP EP00926693A patent/EP1259909A2/en not_active Withdrawn
Non-Patent Citations (1)
Title |
---|
See references of WO0062212A2 * |
Also Published As
Publication number | Publication date |
---|---|
WO2000062212A8 (en) | 2002-09-19 |
WO2000062212A2 (en) | 2000-10-19 |
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Legal Events
Date | Code | Title | Description |
---|---|---|---|
PUAI | Public reference made under article 153(3) epc to a published international application that has entered the european phase |
Free format text: ORIGINAL CODE: 0009012 |
|
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 | Party data changed (applicant data changed or rights of an application transferred) |
Owner name: LANG & SCHWARZ WERTPAPIERHANDEL AG Owner name: ELAXY BROKERAGE & TRADING GMBH & CO. KG |
|
RAP1 | Party data changed (applicant data changed or rights of an application transferred) |
Owner name: LANG & SCHWARZ WERTPAPIERHANDEL AG Owner name: ELAXY BUSINESS SOLUTIONS & SERVICES GMBH & |
|
STAA | Information on the status of an ep patent application or granted ep patent |
Free format text: STATUS: THE APPLICATION IS DEEMED TO BE WITHDRAWN |
|
18D | Application deemed to be withdrawn |
Effective date: 20060404 |