WO2000021013A1 - Procede et appareil de vente aux encheres avec mise en correspondance automatique - Google Patents

Procede et appareil de vente aux encheres avec mise en correspondance automatique Download PDF

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Publication number
WO2000021013A1
WO2000021013A1 PCT/US1999/023260 US9923260W WO0021013A1 WO 2000021013 A1 WO2000021013 A1 WO 2000021013A1 US 9923260 W US9923260 W US 9923260W WO 0021013 A1 WO0021013 A1 WO 0021013A1
Authority
WO
WIPO (PCT)
Prior art keywords
order
trader
orders
electronic trading
trading system
Prior art date
Application number
PCT/US1999/023260
Other languages
English (en)
Inventor
Andrew Lustig
Jeffrey Isaac
Original Assignee
Andrew Lustig
Jeffrey Isaac
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
Application filed by Andrew Lustig, Jeffrey Isaac filed Critical Andrew Lustig
Priority to AU64168/99A priority Critical patent/AU6416899A/en
Publication of WO2000021013A1 publication Critical patent/WO2000021013A1/fr

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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
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/08—Auctions

Definitions

  • Account y shows the cross-exchange capability of accounts since this account has orders which trader X has placed on Exchange 2 (order 2,x 2 ) and Exchange n (order n,1). Like all orders placed by trader X, order n,x n is assigned to an account of trader X, but that account is not shown.
  • an electronic trading system comprising one or more electronic trading exchanges, automatic matching and at least a first setting by which a first trader can select variable methods the first trader finds acceptable for payment of trades into which the first trader may enter into on the trading system.
  • Figures 4A to 4B depict the Account settings for the ETS system
  • Figures 5A to 5D depict the order entry settings for the ETS system
  • Figures 6A to 6M depict trade notification reports for the ETS system
  • ETS integrates exchanges (and markets) for all types of products (both tangible and intangible) by processing all orders and trades through a common automatic order-matching engine.
  • ETS provides its Global Settings System, a set of tools that can be applied across exchange boundaries, enabling cross-exchange integration.
  • ETS provides its Account Settings System, which also provides a trader with a set of tools that can be applied across exchange boundaries.
  • Such cross-exchange tools allow traders to be more efficient and competitive when simultaneously pursuing opportunities in multiple exchanges.
  • the differential is +100K$. If the owner of the 300K$ house wants 310K$, the 200K$ house is effectively not available to other buyers at anything less than 210K$. In this way, the system can effectively generate bilateral and multilateral barter transactions.
  • ETS may be implemented on the Internet or through any other suitable means of communication.
  • An overview of how ETS functions is as follows.
  • a Glossary is provided in Appendix 1 of this document. Certain terms in the following discussion are surrounded by quotes to emphasize the fact that they may be found in the Glossary. Alternatively, a term may be surrounded by double quotes to indicate its definition at that particular point in the description, rather than through a Glossary entry.
  • the automatic matching process examines many possibilities in the attempt to maximize the satisfaction to the test order, including various terms and methods of payment and delivery, "aggregation" of orders, and utilization of "arbitrageurs.”
  • test trader may be matched against his own test and/or book orders.
  • the arbitrageur cannot buy on deferred delivery and sell for deferred delivery unless the arbitrageur's credit hold on the seller will be removed on or before the date on which the buyer is obligated to remit payment.
  • the e-mail message will advise the trader that he must review the Trade Report via the server side mailbox. In a preferred embodiment, he will be suspended on an system-wide basis if: 25 (i) He does not acknowledge a purchase report (for which he has been sent an e-mail trade notification) by the end of the nth day following the day on which payment is to be mailed.
  • Figure 21 depicts "Payment Expenses" settings.
  • the trader may define the fixed, variable and minimum expenses to be automatically assigned to each trade.
  • FIG. 3B shows the "Handling Fees” settings, which operate as follows.
  • the trader may set the various (shipping and) handling fees for sales and for purchases. Note that some fees are not applicable when material is being drop shipped between two other traders.
  • Sally decides to sell a coin.
  • Sally Seller creates an ask with the displayed price of $120 and a hidden price of $100, and submits the order to ETS.
  • Al can earn his required arbitrage spread, and at the same time provide Bill with greater net price improvement, the orders will be matched through Al. Because Al's credit risk and slow-pay factors for Bill are both set at 0%, he can provide additional net price improvement to Bill. Al is able to buy Sally's coin at her hidden ask, plus her handling fee, for a total of $108. Al's arbitrage markup is 1 %, so he is able to simultaneously buy the coin from Sally at $108 and sell it to Bill at $109.08. Because Bill received price improvement, he will owe ETS a price improvement fee of $0.27 (i.e., 109.08 * 0.25%), thereby making his total cost $109.35.
  • $0.27 i.e., 109.08 * 0.25%
  • Order Book The database that includes all displayed and hidden orders, as well as arbitrage orders. Bids and asks are ranked (separately), the top rankings going to the highest bid and lowest ask.

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  • Business, Economics & Management (AREA)
  • Finance (AREA)
  • Accounting & Taxation (AREA)
  • Marketing (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Entrepreneurship & Innovation (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Engineering & Computer Science (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

La présente invention concerne un système de commerce électronique, ci-après dénommé ETS (100). Le système ETS permet aux négociateurs d'effectuer des transactions commerciales entre eux. Le système ETS permet à ces négociateurs de réaliser des transactions sur un nombre illimité et croissant de bourses interconnectées. Chaque négociateur passe ses propres ordres sur une place boursière. Le système ETS permet également aux négociateurs de créer un nombre illimité et croissant de comptes grâce auxquels le négociateur organise et contrôle les ordres qu'il a passés. Généralement, un négociateur passe des ordres du type: offre d'achat, ordre de vente, corrélation, anticorrélation et arbitrage. Pour chaque ordre soumis par un négociateur au système ETS, le négociateur peut faire son choix parmi les quatre types de stratégies de négociation suivants: offre publique, offre secrète, offre du type «now or never» et offre périodique. Cette approche en quatre volets permet aux négociateurs de conduire des négociations automatisées de manière simultanée.
PCT/US1999/023260 1998-10-06 1999-10-06 Procede et appareil de vente aux encheres avec mise en correspondance automatique WO2000021013A1 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU64168/99A AU6416899A (en) 1998-10-06 1999-10-06 Method and apparatus for auctions with automatic matching

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US10327698P 1998-10-06 1998-10-06
US60/103,276 1998-10-06

Publications (1)

Publication Number Publication Date
WO2000021013A1 true WO2000021013A1 (fr) 2000-04-13

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Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US1999/023260 WO2000021013A1 (fr) 1998-10-06 1999-10-06 Procede et appareil de vente aux encheres avec mise en correspondance automatique

Country Status (2)

Country Link
AU (1) AU6416899A (fr)
WO (1) WO2000021013A1 (fr)

Cited By (19)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
FR2808355A1 (fr) * 2000-04-28 2001-11-02 Jean Gatty Procede et dispositif pour l'allocation d'une quantite d'objets identiques a plusieurs acheteurs
GB2366637A (en) * 2000-01-27 2002-03-13 Chabris Gloriana Marks De Computer based order matching system
EP1290611A1 (fr) * 2000-06-13 2003-03-12 Frank Wieczorek Matrice de support d'une communication et procede destine a exploiter une place commerciale a l'aide de cette matrice
US6704716B1 (en) 2000-09-08 2004-03-09 Mindepper, Llc Method and system for conducting an online transaction that allows the seller and bidder to negotiate
US7155410B1 (en) 1999-08-03 2006-12-26 Woodmansey Robert J Systems and methods for linking orders in electronic trading systems
US7233923B1 (en) 2000-01-14 2007-06-19 Espeed, Inc. Systems and methods for matching desired purchases and sales of mis-matched items
US7401044B1 (en) 1999-06-15 2008-07-15 Cfph, L.L.C. Systems and methods for electronic trading that provide incentives and linked auctions
US7711644B2 (en) 2005-12-20 2010-05-04 Bgc Partners, Inc. Apparatus and methods for processing composite trading orders
US7711640B2 (en) 2005-12-20 2010-05-04 Bgc Partners, Inc. Methods and apparatus for composite trading order processing
US7716113B2 (en) 2003-05-15 2010-05-11 Cantor Index, Llc System and method for providing an intermediary for a transaction
AU2008200003B2 (en) * 2007-01-16 2010-07-15 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
US7835974B2 (en) * 2003-05-15 2010-11-16 Cantor Index, LLC. System and method for managing risk associated with product transactions
US7996297B2 (en) 2003-05-15 2011-08-09 Cantor Index, Llc System and method for providing access to and managing account activity for an online account
AU2004241555B2 (en) * 2003-05-15 2011-09-29 Cantor Index Llc System and method for establishing and providing access to an online account
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
US9928550B2 (en) 1999-12-30 2018-03-27 Cboe Exchange, Inc. Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services
US9996261B2 (en) 1999-12-22 2018-06-12 Chart Trading Development, Llc Systems and methods for providing a trading interface
US10354322B2 (en) 2001-10-18 2019-07-16 Bgc Partners, Inc. Two sided trading orders
US20220309582A1 (en) * 2005-06-30 2022-09-29 Trading Technologies International, Inc. System and method for regulating order entry in an electronic trading environment

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Cited By (33)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8498922B2 (en) 1999-06-15 2013-07-30 Cfph, Llc System and method that provide incentives to qualified users of an electronic trading system
US7797227B2 (en) * 1999-06-15 2010-09-14 Cfph, Llc Systems and methods for electronic trading that provide incentives and linked auctions
US7401044B1 (en) 1999-06-15 2008-07-15 Cfph, L.L.C. Systems and methods for electronic trading that provide incentives and linked auctions
US7155410B1 (en) 1999-08-03 2006-12-26 Woodmansey Robert J Systems and methods for linking orders in electronic trading systems
US10055787B2 (en) 1999-08-03 2018-08-21 Bgc Partners, Inc. Systems and methods for linking orders in electronic trading systems
US9996261B2 (en) 1999-12-22 2018-06-12 Chart Trading Development, Llc Systems and methods for providing a trading interface
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
US9928550B2 (en) 1999-12-30 2018-03-27 Cboe Exchange, Inc. Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services
US7233923B1 (en) 2000-01-14 2007-06-19 Espeed, Inc. Systems and methods for matching desired purchases and sales of mis-matched items
US7110975B2 (en) 2000-01-27 2006-09-19 Marks De Chabris Gloriana Order matching system
US8108294B2 (en) 2000-01-27 2012-01-31 Intellectual Ventures Fund 67 Llc Order matching system
GB2366637A (en) * 2000-01-27 2002-03-13 Chabris Gloriana Marks De Computer based order matching system
FR2808355A1 (fr) * 2000-04-28 2001-11-02 Jean Gatty Procede et dispositif pour l'allocation d'une quantite d'objets identiques a plusieurs acheteurs
EP1290611A1 (fr) * 2000-06-13 2003-03-12 Frank Wieczorek Matrice de support d'une communication et procede destine a exploiter une place commerciale a l'aide de cette matrice
US6704716B1 (en) 2000-09-08 2004-03-09 Mindepper, Llc Method and system for conducting an online transaction that allows the seller and bidder to negotiate
US10354322B2 (en) 2001-10-18 2019-07-16 Bgc Partners, Inc. Two sided trading orders
US7835974B2 (en) * 2003-05-15 2010-11-16 Cantor Index, LLC. System and method for managing risk associated with product transactions
US7716113B2 (en) 2003-05-15 2010-05-11 Cantor Index, Llc System and method for providing an intermediary for a transaction
US7996297B2 (en) 2003-05-15 2011-08-09 Cantor Index, Llc System and method for providing access to and managing account activity for an online account
AU2004241555B2 (en) * 2003-05-15 2011-09-29 Cantor Index Llc System and method for establishing and providing access to an online account
US20220309582A1 (en) * 2005-06-30 2022-09-29 Trading Technologies International, Inc. System and method for regulating order entry in an electronic trading environment
US7711644B2 (en) 2005-12-20 2010-05-04 Bgc Partners, Inc. Apparatus and methods for processing composite trading orders
US8494952B2 (en) 2005-12-20 2013-07-23 Bgc Partners, Inc. System and method for processing composite trading orders
US7921056B2 (en) 2005-12-20 2011-04-05 Bgc Partners, Inc. Processing composite trading orders
US7873565B2 (en) 2005-12-20 2011-01-18 Bgc Partners, Inc. Composite trading order processing
US10692142B2 (en) 2005-12-20 2020-06-23 Bgc Partners, Inc. System and method for processing composite trading orders
US7711640B2 (en) 2005-12-20 2010-05-04 Bgc Partners, Inc. Methods and apparatus for composite trading order processing
AU2008200003B8 (en) * 2007-01-16 2010-12-16 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
AU2008200003A8 (en) * 2007-01-16 2010-12-16 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
US10185995B2 (en) 2007-01-16 2019-01-22 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
AU2008200003B2 (en) * 2007-01-16 2010-07-15 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
US10776875B2 (en) 2007-01-16 2020-09-15 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system
US11605132B2 (en) 2007-01-16 2023-03-14 Bgc Partners, L.P. System and method for managing display of market data in an electronic trading system

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