WO2000070518A2 - Procede et systeme d'appariement anonyme et confidentiel de contreparties pour une transaction debouchant sur une rencontre pour negocier les conditions definitives de la transaction - Google Patents

Procede et systeme d'appariement anonyme et confidentiel de contreparties pour une transaction debouchant sur une rencontre pour negocier les conditions definitives de la transaction Download PDF

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Publication number
WO2000070518A2
WO2000070518A2 PCT/US2000/013069 US0013069W WO0070518A2 WO 2000070518 A2 WO2000070518 A2 WO 2000070518A2 US 0013069 W US0013069 W US 0013069W WO 0070518 A2 WO0070518 A2 WO 0070518A2
Authority
WO
WIPO (PCT)
Prior art keywords
potential
interest
transaction
contraparties
match
Prior art date
Application number
PCT/US2000/013069
Other languages
English (en)
Other versions
WO2000070518A8 (fr
Inventor
John C. Shaw
Richard A. Holway
Mike N. Alex
James D. Nikolai
Thomas P. Joyce
Saul D. Hilsenrath
Daniel E. Speers
Original Assignee
Jefferies & Company, Inc.
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 Jefferies & Company, Inc. filed Critical Jefferies & Company, Inc.
Priority to AU50090/00A priority Critical patent/AU5009000A/en
Publication of WO2000070518A2 publication Critical patent/WO2000070518A2/fr
Publication of WO2000070518A8 publication Critical patent/WO2000070518A8/fr

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 present invention relates to an anonymous matching system wherein
  • transactions are automatically executed when a match occurs. While this
  • Lupien et al. (the OptiMark System), referred to in the foregoing discussion, allows traders to anonymously input a satisfaction density profile and maximum size limit
  • Patent No. 5,794,207 to Walker et al. involves a method and apparatus for conducting
  • processing system to determine whether a match has occurred; identifying
  • the transaction including means for receiving indications of interest from potential
  • Fig. 1 is a block diagram of the information management system of a first
  • Fig. 2 is a flow diagram of the method of the first embodiment of the instant
  • Fig. 3 is an illustration of a main summary screen of the first embodiment of
  • Fig. 4 is an illustration of a screen used by a party to add their indications to
  • Fig. 5 is an illustration of a screen used by a party to upload their indications
  • Fig. 6 is an illustration of a status screen for informing the party whether their
  • Fig. 7 is an illustration of an edit screen for allowing the party to edit their
  • Fig. 8 is an illustration of an alert screen for alerting an account executive of a match.
  • Fig. 9 is an illustration of a change settings screen allowing a party to change
  • Fig. 1 illustrates a block diagram of the information management system of the
  • This database 100 also referred to as the "vault”. This database 100 is preferably a secure,
  • This security may be provided through the
  • firewalls use of firewalls, secure socket layers, or weapons grade encryption techniques, for
  • the central database 100 is coupled to each remote station 10 via the
  • the remote stations 10 are used by potential buyers and sellers to enter their
  • Fig. 2 shows a flow diagram of the method of an embodiment of the instant
  • each party enters their respective transactional interest
  • step S2 the information management system
  • step SI If it is determined in step S3 that a synapse has occurred between any of the
  • contraparty is provided the contact information of the other contra-party' s broker in
  • step S4 If it is determined in step S3 that no synapse has yet occurred between any of
  • negotiation may
  • step S8 commences in step S8.
  • step S5 determines whether
  • Respective account executives and/or agents are notified that a contra party exists
  • This alert provides the account executive with their customer's
  • a party enters a secure web site
  • This screen is also referred to as the system blotter screen.
  • FIG. 3 is directed to a system for trading equity securities. This
  • MIN purchase
  • TRR ticker symbol
  • SECURITY company name
  • PRX MTR acceptable price range
  • cancel time the time that the indication of
  • EXPIRES interest will expire
  • TSTAMP time stamp
  • the individual indications can be entered from a standard web based front-
  • This standard web application can also be used to load lists of
  • the indication is provided. To make the system as easy as possible to use, the indication
  • iequirements of the system may be directly integrated with one or more of any of the
  • the party can request any financial Group's Preditor System, the Landmark's Longview System, and the Merrin Financial Group's Windows and Order Management Systems.
  • the party can request any financial Group's Windows and Order Management Systems.
  • F.I.X. protocol. This F.I.X. protocol is an industry standard protocol being used for
  • This screen includes the following headers: Side, Security, Prx Mtr, and TIF.
  • the party is only required to fill in their side and security indications. However, the
  • the party may also enter a time-in-force restriction (TIF). This is the time that their
  • the party selects a SUBMIT button displayed on the screen to enter the indications
  • the party selects the UPLOAD button of the web application.
  • screen allows the party to input a list of securities for entry into the system database 100.
  • the party can specify a file name and path for automatic upload
  • the party can also CUT data from any available sources.
  • ticker symbols will display the screen shown in Fig. 6 if an invalid ticker symbol
  • the summary screen now displays the minimum size required for submission.
  • the party may now select any of their stored indications that they wish to activate and
  • the information management system searches other stored indication information in the database 100 for contra matches of order requests. For example,
  • the database searches for a buyer's indication information that will match the
  • M MONITOR
  • Fig. 9 shows an optional screen for the information management system that
  • the screen also allows a party to change their password used to
  • the system of the instant invention identifies the contra parties to a
  • the secure central database station compares the entries to find a
  • the station may also look to
  • a pre-qualification step may be added that requires all parties to
  • each contra party is a natural contra party to the transaction to be negotiated.
  • the communications link can be of any variety that

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)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

La présente invention concerne un procédé et un système d'appariement anonyme et confidentiel d'indications recherchées émanant d'acheteurs et de vendeurs potentiels permettant l'intervention humaine des parties appariées pour négocier la transaction finale. Les acheteurs et les vendeurs potentiels introduisent de manière indépendante et confidentielle les indications recherchées dans un système de traitement central contenant des informations spécifiques sur la sécurité, le prix, le type d'ordre, la durée et d'autres informations afférentes encore. Les indications recherchées sont ensuite comparées à celles qui se trouvent déjà dans le système pour déterminer si les ordres du côté acheteur et du côté vendeur sont assez similaires pour créer un appariement. Lorsqu'un appariement se produit, chaque partie et/ou son représentant autorisé reçoit des informations de contact pour l'autre partie et/ou son représentant autorisé pour leur permettre de se rencontrer et de négocier la transaction finale.
PCT/US2000/013069 1999-05-14 2000-05-12 Procede et systeme d'appariement anonyme et confidentiel de contreparties pour une transaction debouchant sur une rencontre pour negocier les conditions definitives de la transaction WO2000070518A2 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU50090/00A AU5009000A (en) 1999-05-14 2000-05-12 Method and system for anonymously and confidentially matching contraparties to a transaction which results in human negotiation of the final terms of a transaction

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US13420799P 1999-05-14 1999-05-14
US60/134,207 1999-05-14

Publications (2)

Publication Number Publication Date
WO2000070518A2 true WO2000070518A2 (fr) 2000-11-23
WO2000070518A8 WO2000070518A8 (fr) 2001-10-25

Family

ID=22462248

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2000/013069 WO2000070518A2 (fr) 1999-05-14 2000-05-12 Procede et systeme d'appariement anonyme et confidentiel de contreparties pour une transaction debouchant sur une rencontre pour negocier les conditions definitives de la transaction

Country Status (2)

Country Link
AU (1) AU5009000A (fr)
WO (1) WO2000070518A2 (fr)

Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP1805656A4 (fr) * 2004-10-27 2009-07-08 Itg Software Solutions Inc Systeme et procede de generation de liquidites
US8117105B2 (en) 2007-04-18 2012-02-14 Pulse Trading, Inc. Systems and methods for facilitating electronic securities transactions
US8521627B2 (en) 2007-04-18 2013-08-27 Blockross Holdings, LLC Systems and methods for facilitating electronic securities transactions

Families Citing this family (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7136834B1 (en) 2000-10-19 2006-11-14 Liquidnet, Inc. Electronic securities marketplace having integration with order management systems

Non-Patent Citations (1)

* Cited by examiner, † Cited by third party
Title
No Search *

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP1805656A4 (fr) * 2004-10-27 2009-07-08 Itg Software Solutions Inc Systeme et procede de generation de liquidites
US8577772B2 (en) 2004-10-27 2013-11-05 Itg Software Solutions, Inc. System and method for generating liquidity
US8117105B2 (en) 2007-04-18 2012-02-14 Pulse Trading, Inc. Systems and methods for facilitating electronic securities transactions
US8521627B2 (en) 2007-04-18 2013-08-27 Blockross Holdings, LLC Systems and methods for facilitating electronic securities transactions
US8583544B2 (en) 2007-04-18 2013-11-12 State Street Global Markets, Llc Systems and methods for facilitating electronic securities transactions

Also Published As

Publication number Publication date
AU5009000A (en) 2000-12-05
WO2000070518A8 (fr) 2001-10-25

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