| 序号 | 专利名 | 申请号 | 申请日 | 公开（公告）号 | 公开（公告）日 | 发明人 |
|---|---|---|---|---|---|---|
| 61 | System and method for managing the execution of trades between market makers | JP2011093145 | 2011-04-19 | JP2011141903A | 2011-07-21 | RENTON NIGEL J; SWEETING MICHAEL |
| <P>PROBLEM TO BE SOLVED: To provide a system and method for managing the execution of trades between market makers on a trading market. <P>SOLUTION: According to one embodiment, a method of managing trading is provided. A first bid for a first instrument is received from a first market maker at a first bid price. A first offer for the first instrument is received from a second market maker at a first offer price, the first offer price being lower than the first bid price. As a result of a decrease in the first offer price below the first bid price, the first bid price is automatically decreased to match the first offer price, so that a first timer having a predetermined duration is started. If the first timer expires and both the first bid and the first offer exist at the first offer price when the first timer expires, a trade between the first bid and the first offer is automatically executed. <P>COPYRIGHT: (C)2011,JPO&INPIT | ||||||
| 62 | Bourse exchange margin transaction system and conversion method for foreign currency-based settlement profit and loss | JP2008269088 | 2008-10-17 | JP2010097503A | 2010-04-30 | SAITO JIRO |
| <P>PROBLEM TO BE SOLVED: To reduce a burden on a transaction participant in an inter-foreign-currency transaction. <P>SOLUTION: A bourse exchange margin transaction system for executing an exchange margin transaction through a bourse includes: a storage part storing first currency-based margin deposit information and foreign currency-based margin deposit information except first currency of a market maker, and first currency-based margin deposit information of an orderer; and a conversion processing part netting a foreign currency-based settlement profit and loss in the inter-foreign-currency exchange transaction based on order information and bid/offer information with foreign currency-based margin of the market maker, and executing conversion processing of transferring first currency-based settlement profit and loss corresponding to the netted foreign currency-based settlement profit and loss between first currency-based margin of the market maker and first currency-based margin of the orderer. <P>COPYRIGHT: (C)2010,JPO&INPIT | ||||||
| 63 | 옵션 거래소의 자동화된 개장을 위한 방법 및 장치 | KR1019997002301 | 1997-09-08 | KR1020000036229A | 2000-06-26 | 리카르드존티; 루피엔윌리암에이 |
| PURPOSE: A device is provided to open option series when the transactions are opened at option exchange, and to improve the distribution of unbance which is public order in market maker. CONSTITUTION: A computer based system for determining a set of opening prices for a number of series of options traded on an options exchange and for allocating public order imbalances at the opening of trading. Market makers input a current position, a desired target position and market maker orders (104) for options series from market maker terminals. An order entry system receives public orders (102) for options series. A controller (2) determines a set of implied volatilizes (prices) for each options series that will maximize a weighted volume of trades across all options series at the opening. Contraorders than can be matched at the opening price are then executed. If there is a residual imbalance of non executed public orders, the residual imbalance of non executed public orders is assigned to individual ones of the plurality of market makers so as to minimize a cumulative measure of deviation between the desired target position and the current position of each market maker. The system is applicable to an options exchange, this term including any facility operating an over the market in options | ||||||
| 64 | Directed order processing for automated market system | US09903390 | 2001-07-09 | US08296216B2 | 2012-10-23 | Dean Furbush; Richard G. Ketchum; Daniel B. Franks; John Malitzis; Thomas P. Moran; Peter Martyn |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 65 | Derivative Securities And System For Trading Same | US12147972 | 2008-06-27 | US20080256001A1 | 2008-10-16 | Bradley J. McGill |
| The present invention provides a derivative security whose value is determined by whether an underlying instrument will trade above or below a given price at or by a given time. The price of the underlying instrument in the inventive instrument must move a certain amount in a certain direction in a limited amount of time. If it does, that trade yields a fixed amount of money for the acceptor of the contract. If it does not, that acceptor loses the premium he paid for the contract.The inventive derivative securities may have a short-term expiry. The underlying instrument of the inventive derivative may be a stock or other security, or an index or interest rate.The present invention also provides for a system to trade the inventive security that allows any participant to post offers or fill orders from posted offers, with order flow coming from individual investors, institutions, specialists and market makers. | ||||||
| 66 | Network and method for trading derivatives by providing enhanced RFQ visibility | US11646863 | 2006-12-28 | US07272580B2 | 2007-09-18 | Neal Brady; Noah Carey; William R. Erwin; John Gilmore; Michael Quattrocki; Frank Stone; Mark Thornburgh |
| A computer network and method for electronically trading derivatives. One preferred method of trading includes providing indicative quotes to market participants (which typically includes subscribers, but may also include market makers) to provide a non-binding indication of how the market makers are likely to price the particular derivative. A participant may then submit an RFQ, which is a request for a binding quote for the derivative. The RFQ preferably causes the current order book to be displayed on all subscribers' terminals, typically in the form of a row indicating the derivative of interest along with the current binding bid and binding ask prices. The indicative bid and ask prices may also be displayed, as well as the quantity (if any) requested in the RFQ. Market participants may then elect to submit an order for the corresponding derivative. Typically, the market participants will await an indication that a market maker has submitted a binding quote. | ||||||
| 67 | Montage for automated market system | US09401872 | 1999-09-23 | US07181424B1 | 2007-02-20 | Richard G. Ketchum; Stuart Serkin; John Malitzis; Peter Martyn; Debra Peter; Patti Dizenhaus; Doug Brown |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 68 | Method for monitoring and trading stocks via the internet displaying bid/ask trade bars | US09246304 | 1999-02-08 | US06272474B1 | 2001-08-07 | Crisostomo B. Garcia |
| A method for providing stock information to traders. Stock information is received that includes bid offers, ask offers, the size of the bid offers and the size of the ask offers and the identity of the market makers making each offer. In addition, trade information is received that includes the volume of each trade, the time of each trade, and the price of each trade. The stock information and trade information are displayed on a display screen. The display screen includes a display of bid/ask trade bars for a stock or each of selected number of stocks in which percentage of sales at bid prices and percentage of sales at ask prices are depicted. By considering the display screen, traders are better able to determine trading patterns of the market makers in those selected stocks and increase their probability of buying low and selling high. In a preferred embodiment, the bid/ask trade bars include the following information: the percentage of trades at the ask prices, the percentage of trades at the bid prices, the percentage of trades between the ask and the bid, the bid-to-ask ratio, the volume of trades over a given interval. In a preferred embodiment, the bid/ask bar information can be filtered to represent the trading activity of all of the agents or a specified group of market makers or ECNs. Also, in a preferred embodiment, the stock information and trade information are received at a web site, and the traders who view the display screen are online traders having access to the Internet. | ||||||
| 69 | BINARY OPTION STRUCTURE WITH PERFORMANCE RANKING WITHOUT MARKET MAKER | PCT/IB2011/050773 | 2011-02-24 | WO2011107906A1 | 2011-09-09 | GREATZ, Yochai |
In a binary option structure, trades of buyers do not having counterpart trades of a market maker. Instead, for each order in a series, a digital processor assigns a zero value to orders whose barrier was not hit and for buyers whose barrier was hit calculates a distance between an entry price and the barrier, the digital processor ranking the distances of buyers associated with each order in the series. Upon expiration of the touch option, the digital processor divides the ranking into a winning part and a losing part and calculates payouts to buyers in the winning part by dividing the total investment series, less any commissions, among buyers in the winning part of the ranking. A display structure seen by participants shows current ranking. In response, buyers can move their barrier after placing the order, provided the barrier was not been hit, and without crossing the entry price. |
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| 70 | INTELLECTUAL PROPERTY TRADING EXCHANGE | PCT/US2011026077 | 2011-02-24 | WO2011126616A3 | 2011-12-15 | MALACKOWSKI JAMES E |
| A computerized intellectual property trading exchange is disclosed for facilitating the trading of license contracts relating to intellectual property rights or pools of intellectual property rights. The exchange includes at least one intellectual property license contract relating to intellectual property rights or pools of intellectual property rights and a computer-accessible forum configured to allow a plurality of participants to trade the license contract. The plurality of participants includes at least one seller, which may be the owner, having the license contract and desiring to trade the license contract. The plurality of participants also includes at least one buyer desiring to obtain the license contract. The buyer may be an investor, speculator, market maker, or arbitrageur, who purchases the license contract to achieve appreciation. The buyer also may be a licensee, who purchases the license contract to practice the intellectual property rights. | ||||||
| 71 | METHOD AND APPARATUS FOR MANAGING FINANCIAL TRANSACTIONS INVOLVING MULTIPLE COUNTERPARTIES AND PROCESSING DATA PERTAINING THERETO | PCT/US0318948 | 2003-06-18 | WO2004001533A3 | 2004-07-15 | PENNEY NEILL; WRIGHT DAVID; HASENFUS PAUL |
| Method and apparatus for managing financial transactions for multiple counter parties that allows traders, market makers, dealers, and prime brokers to negotiate with multiple liquidity providers simultaneously, and to receive and respond to transaction processing directives and settlement instructions in real time (100). The invention, which may be accessed over an interconnected data communications network (160), such as the Internet, using a standard Web browser, as well as via a proprietary user interface, automatically provides customers, traders, executing banks, funding banks, prime brokers and liquidity providers with up-to-date settlement and allocation details for previously-executed financial transactions as they are received (110). | ||||||
| 72 | Methodology and System For Creating And Trading A Non-DIsclosed Active Exchange Traded Fund | US14946970 | 2015-11-20 | US20160180462A1 | 2016-06-23 | Robert S. Tull, JR. |
| Methodologies and systems for creating and trading non-disclosed exchange traded funds (“NDETFs”) that provide a means for market makers to monitor trading prices on public exchanges and to create a hedge on the non-disclosed securities that relate to a difference in value of two portfolio composition files (“PCF”), is disclosed. In one embodiment, the NDETF creates a standard PCF used to calculate an indicative intraday value, IIV1, of the ETF. A second PCF, being a pro-rata portion of the holdings of the NDETF at trade date minus one, is formed to calculate a second indicative intraday value, IIV2. The methodology determines the difference between IIV1 and IIV2 which is then used by market makers to create competitive bid/offer spreads on the NDETF and to create a hedge to manage intraday risk between the two IIVs. The final value of NDETF creation and redemption unit is determined after market close. | ||||||
| 73 | System and method for the creation and rebalancing of beneficial interests in tracking investment vehicles over multiple market | US13350012 | 2012-01-13 | US08630935B1 | 2014-01-14 | Jack Fonss |
| A computer implemented process and system is disclosed that relates to methods and systems for creating, tracking, and adjusting beneficial interests of collective investment vehicles on a real-time basis based on exogenous market price movement and transaction activity on the beneficial interests. The disclosed technology encompasses systems and methods of communication with securities exchanges, market makers, brokerage firms, custodians, investors, and the administrator of the investment vehicle. Such communications enable the market value of the interests to accurately track an underlying reference index, over time horizons equal to or longer than one trading day. Such accurate tracking occurs even in a collective investment vehicle relating to leveraged or inverse returns. | ||||||
| 74 | BINARY OPTION STRUCTURE WITH PERFORMANCE RANKING WITHOUT MARKET MAKER | US13492941 | 2012-06-11 | US20130275287A1 | 2013-10-17 | Yochai GRAETZ |
| In a binary option structure, trades of buyers do not having counterpart trades of a market maker. Instead, for each order in a series, a digital processor assigns a zero value to orders whose barrier was not hit and for buyers whose barrier was hit calculates a distance between an entry price and the barrier, the digital processor ranking the distances of buyers associated with each order in the series. Upon expiration of the touch option, the digital processor divides the ranking into a winning part and a losing part and calculates payouts to buyers in the winning part by dividing the total investment series, less any commissions, among buyers in the winning part of the ranking. A display structure seen by participants shows current ranking. In response, buyers can move their barrier after placing the order, provided the barrier was not been hit, and without crossing the entry price. | ||||||
| 75 | Order processing for automated market system | US09903388 | 2001-07-09 | US08301539B2 | 2012-10-30 | Dean Furbush; Richard G. Ketchum; Daniel B. Franks; John Malitzis; Thomas P. Moran; Peter Martyn |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 76 | Montage for automated market system | US11625127 | 2007-01-19 | US07870056B2 | 2011-01-11 | Richard G. Ketchum; Stuart Serkin; John Malitzis; Peter Martyn; Debra Peter; Patti Dizenhaus; Doug Brown |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 77 | Order processing for automated market system | US10040941 | 2002-01-07 | US20030130926A1 | 2003-07-10 | Daniel F. Moore; John Hughes |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 78 | Directed order processing for automated market system | US09903390 | 2001-07-09 | US20030009414A1 | 2003-01-09 | Dean Furbush; Richard G. Ketchum; Daniel B. Franks; John Malitzis; Thomas P. Moran; Peter Martyn |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
| 79 | Trading game simulation method | US12259278 | 2008-10-27 | US08043151B2 | 2011-10-25 | Charles Pickelhaupt |
| A trading simulation game that emulates the roles of market makers and traders involved in the securities market. The simulation allows for random market activity by specifying a starting market price and employing a subset of a pool of market-affecting items to modify the starting price and determine the final game price. Items in the subset are incrementally revealed to simulation participants during play, and designated participants may make the first offer to trade. All participants simultaneously make and accept offers to buy and sell the simulated security without restriction, based on the public and private information they have and their dynamic estimates of the final game price. Trades are tracked, and they are settled at the final game price when all items are revealed. The use of a subset of a pool of market-affecting items allows for probability-based strategy similar to popular card games like blackjack and poker. | ||||||
| 80 | Montage for Automated Market System | US11625127 | 2007-01-19 | US20070136182A1 | 2007-06-14 | Richard Ketchum; Stuart Serkin; John Malitzis; Peter Martyn; Debra Peter; Patti Dizenhaus; Doug Brown |
| An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers. | ||||||
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