| 序号 | 专利名 | 申请号 | 申请日 | 公开（公告）号 | 公开（公告）日 | 发明人 |
|---|---|---|---|---|---|---|
| 101 | 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. | ||||||
| 102 | 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. | ||||||
| 103 | Method and system for providing option spread indicative quotes | US13646133 | 2012-10-05 | US08494947B2 | 2013-07-23 | Neal Brady; Tom Paronis; Christopher S. Whittington; Paul A. Schmid; Jon Dahl |
| A computer network and method for electronically trading combinations of derivatives. One preferred method of trading includes providing quotes information to a central server, and determining indicative quotes for combination trades, and providing the non-binding, indicative quotes to market participants (which typically includes subscribers, but may also include market makers). A participant may then submit an e-RFQ, which is a request for a binding quote for the combination of derivatives. Market Makers may then elect to submit a binding quote for the corresponding derivative combination. Market participants may then elect to enter a binding order. | ||||||
| 104 | Method and System for Providing Option Spread Indicative Quotes | US13646133 | 2012-10-05 | US20130030980A1 | 2013-01-31 | Neal Brady; Tom Paronis; Christopher S. Whittington; Paul A. Schmid; Jon Dahl |
| A computer network and method for electronically trading combinations of derivatives. One preferred method of trading includes providing quotes information to a central server, and determining indicative quotes for combination trades, and providing the non-binding, indicative quotes to market participants (which typically includes subscribers, but may also include market makers). A participant may then submit an e-RFQ, which is a request for a binding quote for the combination of derivatives. Market Makers may then elect to submit a binding quote for the corresponding derivative combination. Market participants may then elect to enter a binding order. | ||||||
| 105 | 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. | ||||||
| 106 | 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. | ||||||
| 107 | Market participant issue selection system and method | US11102490 | 2005-04-07 | US20060229968A1 | 2006-10-12 | Daniel Hustad; Larry Pfaffenbach; John Smollen |
| A system and method of allocating rights for quoting issues on a trading facility such as an exchange is described. The method may include providing market participants such as remote market makers with a listing of issues available for remote quote streaming where the available issues are ranked according to predetermined trading parameters. A market participant requests allocations of rights to certain issues and the request is filtered according to a value associated with the ranking of the selected issues. The system includes an issue selection database having a listing of issues available for trading where each issue is ranked based on a trading parameter. An issue selection communication module communicates with the issue selection database and is configured to list available issues and rankings. An issue allocation filter receives a market participant request and compares the selected issues in that request to one or more exchange-based rules. | ||||||
| 108 | 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. | ||||||
| 109 | Automated market system with selectable match-off of order flow | US10040912 | 2002-01-07 | US20030130925A1 | 2003-07-10 | John F. Malitzis |
| 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. | ||||||
| 110 | 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. | ||||||
| 111 | Order processing for automated market system | US09903388 | 2001-07-09 | US20030009412A1 | 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. | ||||||
| 112 | SYSTEM AND METHOD FOR ENABLING SERVICE PROVIDERS TO CREATE REAL-TIME REVERSE AUCTIONS FOR LOCATION BASED SERVICES | PCT/US2008/000691 | 2008-01-18 | WO2008091545A2 | 2008-07-31 | FAMOLARI, David; LOEB, Shoshana, K. |
A system and method facilitates the matching of service providers based on certain criteria such as, but not limited to, location of the provider in relation to a customer location, customer requests based on the location of the customer, the type of service requested and other possible attributes such as customer profile, customer past behavior and preferences and service price and quality. Service providers create real¬ time reverse auctions by using advanced data collection, filtering and disseminating algorithms. In addition, market-makers can provide value-added services, such as realtime traffic conditions and route planning, to their local affiliates. Such a scheme can allow market-makers to economically service customer requests by leveraging the real¬ time conditions and circumstances of their vast network of local service affiliates. Open competition will drive down prices for these services and increase revenues for the market-makers who will be able to service customer requests at the best prices available. This system will also benefit local service affiliates by notifying them and allowing them to compete for a broader number of service requests. A feedback mechanism will also encourage superior customer service since affiliates will want to ensure that they are considered for more jobs. |
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| 113 | SECURITIES MARKET AND MARKET MAKER ACTIVITY TRACKING SYSTEM AND METHOD | PCT/US2002/023403 | 2002-07-23 | WO2003010629A2 | 2003-02-06 | CUTLER, Stephen |
A method, system and computer program to monitor securities market activity to seek out imbalances in market activity that could lead to a price change in a particular security. Level 1 and/or level 2 data is analyzed to track the activity of market makers and to derive indicators of momentary upward or downward price pressure. The indicators associated with each selected security can be displayed to a user. |
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| 114 | DISPLAYED AND DARK EQUITY OPTIONS ELECTRONIC ORDER BOOK WITH MARKET MAKER PARTICIPATION | PCT/US2007/016572 | 2007-07-24 | WO2008013776A2 | 2008-01-31 | ARMSTRONG, Pete; FARNSTROM, Amy; WERTS, Jon |
An enhanced system and method for executing options trades are disclosed. The lead market maker entitlements are integrated with sophisticated order types, including dark order types, so that the lead marker maker is guaranteed an allocation of the trade if the lead market maker is at the NBBO when an order priced at or better than the NBBO is received. The lead market maker is not provided an opportunity to price improve to execute with a specific incoming order. Additionally, market makers who are not the lead market maker in an option series may be granted the privileges of a lead market maker for the purpose of executing with a specific incoming directed order if the designated market maker is at the NBBO when a directed order priced at or better than the NBBO is received. The system and method disclosed encourages market makers to quote the best price possible, which in turn has the effect of narrowing spreads. Furthermore, as only displayed orders at the NBBO are eligible to execute ahead of market makers quoting at the NBBO, the system and method encourages users to display their best prices and sizes to the marketplace. |
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| 115 | SECURITIES MARKET AND MARKET MAKER ACTIVITY TRACKING SYSTEM AND METHOD | PCT/US0223403 | 2002-07-23 | WO03010629A3 | 2003-08-14 | CUTLER STEPHEN |
| A method, system and computer program to monitor securities market activity. Level 1 and/or level 2 data is analyzed to track the activity of market makers and to derive indicators of momentary upward or downward price pressure. As items of information relating to level 2 data are received, processing block (218) will pass these items to the level 2 data subprocess (238). In processing block (240) the level 2 data subprocess (238) will determine if each incoming level 2 data value corresponds to an item contained within the user's database, including securities contained within the watch list and alerts. If not, the level 2 data item will be discarded in processing block (242). Otherwise, the level 2 data item will be passed to processing block (244). Any changes to the user's database since loading of the information contained within the user's database in processing block (212) will be considered by processing block (240). Those updates will also be considered for each of the processing blocks (244) through (256). | ||||||
| 116 | SYSTEM AND METHOD FOR PROTECTING POSITIONS IN VOLATILE MARKETS | PCT/US2001/031399 | 2001-10-05 | WO02029982A2 | 2002-04-11 | |
| This invention relates to novel options-based financial instruments, and a related system and method that automates market trading of the novel instruments. The invention protects positions against short-term market movements by inducing users on the opposite sides of a transaction to trade in equal or near equal dollar volumes. The system includes an automated price quotation capability for the instruments, that operates at computer seeds, without human intervention-specialists and market makers are not necessary. Through the use of feedback techniques, the system induces traders on the opposite sides of a transaction to trade in near equal numbers of round lots, minimizing the system's financial exposure from unbalanced trading. The system also fully automates the trading of the financial instruments themselves, plus the attendant functions (inventory control, billing, reporting, etc.), so that users may interact with the system on-line, without human intervention. The novel financial instruments have the characteristic that they allow trading directly in the price movement of the underlying security (stock, bond, currency, etc.), while providing superior financial leverage as compared to investing directly in the underlying security. | ||||||
| 117 | METHOD AND APPARATUS FOR AUTOMATED OPENING OF OPTIONS EXCHANGE | PCT/US1997015665 | 1997-09-08 | WO1998012659A1 | 1998-03-26 | OPTIMARK TECHNOLOGIES, INC.; RICKARD, John, T.; LUPIEN, William, A. |
| 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 volatilities (prices) for each options series that will maximize a weighted volume of trades across all options series at the opening. Contra orders 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-counter market in options. | ||||||
| 118 | System and Method for Configuring Trade Order Parameters | US15801038 | 2017-11-01 | US20180068388A1 | 2018-03-08 | Steven J. Carroll; Stephen P. Decker; Bharat Mittal |
| The example methods and systems described herein provide for configuration of one or more trade order parameters to associate with one or more trade orders, where the trade orders may be submitted to one or more electronic exchanges. According to an example embodiment, rather than having the trader manually configure each individual parameter associated with each trade order, a trader can pre-configure customer and order parameters. A user, for example a trader, broker, or market maker, can configure trade order parameters to associate with one or more customers, one or more order types, and/or internal messages to associate with any of the configured customers or orders. Based on the selected customer and tradeable object, the trading system evaluates the pre-configured customer and associated order parameters and determines which trade order parameters best match. The trading system then dynamically populates the order entry window with the specific trade order parameters associated with the best match. | ||||||
| 119 | Automated trading exchange system having integrated quote risk monitoring and integrated quote modification services | US14066184 | 2013-10-29 | US09727916B1 | 2017-08-08 | Anthony Montesano; Ross G. Kaminsky; Richard A. Angell; Gordon D. Evora |
| An automated trading exchange having integrated quote risk monitoring and quote modification services is disclosed. The automated trading exchange is configured to receive orders and quotes, and have associated trading parameters such as a risk threshold. The automated trading exchange typically generates a trade by matching the received orders and quotes, where quotes belong to an overall quote group, to previously received orders and quotes. The automated trading exchange otherwise stores each of the received orders and quotes if a trade is not generated. The automated trading exchange then determines whether a quote has been filled as a result of the generated trade, and if so, determines a risk level and an aggregate risk level associated with said trade. The computer compares the aggregate risk level with the market-maker's risk threshold, and if the threshold is exceeded, automatically modifies at least one of the remaining quotes in the quote group. | ||||||
| 120 | Registry for trading partners using documents for commerce in trading partner networks | US12646119 | 2009-12-23 | US08375116B2 | 2013-02-12 | Bart Alan Meltzer; Terry Allen; Matthew Daniel Fuchs; Robert John Glushko; Murray Maloney |
| A market making node in a network routes machine readable documents to connect businesses with customers, suppliers and trading partners. The self defining electronic documents, such as XML based documents, can be easily understood amongst the partners. Definitions of these electronic business documents, called business interface definitions, are posted on the Internet, or otherwise communicated to members of the network. The business interface definitions tell potential trading partners the services the company offers and the documents to use when communicating with such services. Thus, a typical business interface definition allows a customer to place an order by submitting a purchase order or a supplier checks availability by downloading an inventory status report. Also, the registration at a market maker node of a specification of the input and output documents, coupled with interpretation information in a common business library, enables participants in a trading partner network to execute the transaction in a way which closely parallels the way in which paper based businesses operate. | ||||||
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