System, medium and method for trading fixed income securities

A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:

• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade when purchase offer criteria are satisfied;
• and
• c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.

A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:

• a recording medium readable by the computer;
• and
• the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including:
• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade when purchase offer criteria are satisfied;
• and
• c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.

A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:

• a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities for sale and/or purchase, and that enable users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• and
• b) a computer system receiving the purchase offers and that:
• (i) searches sale offers for securities satisfying purchase offer criteria and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• (ii) precludes or temporarily and/or permanently removes a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.

A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:

• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.

A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:

• a recording medium readable by the computer;
• and
• the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including:
• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities for offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• c) precluding or temporarily and/or permanently removing a purchase offer and/or sale offer from trade eligibility as determined by at least one of the purchase offer criteria and sale offer criteria.

A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:

• a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• and;
• b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied;
• and
• c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade.

A method of trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said method comprising the steps of:

• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• c) recording at least a portion of the transaction data associated with executing and clearing a trade.

A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:

• a recording medium readable by the computer;
• and
• the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including:
• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• c) recording at least a portion of the transaction data associated with executing and clearing a trade.

A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:

• a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• and;
• b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied;
• and
• c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.

A computer-implemented fixed income security trading system that allows users to view, search, purchase and/or sell fixed income securities, comprising:

• a) a plurality of trading entities that receive live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, and that enable users, without revealing their actual identity, to i) search for securities in accordance with user specified search criteria, and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer having sale offer criteria associated therewith for at least one security;
• and/or iv) purchase and or sell a security based upon at least one purchase offer and one sale offer;
• b) a computer system receiving the purchase offers and that searches sale offers for securities satisfying purchase offer criteria and executes a trade when purchase offer criteria are satisfied;
• and
• c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.

A computer program medium storing computer instructions therein for instructing a computer to perform a computer-implemented and user assisted process for trading fixed income securities that allows users to view, search, purchase and/or sell fixed income securities, said program medium comprising:

• a recording medium readable by the computer;
• and
• the computer instructions stored on said recording medium instructing the computer to perform the computer-implemented and user assisted process, the instructions including:
• a) receiving at a plurality of trading entities live market financial data pertaining to a plurality of fixed income securities offered for sale and/or purchase, the trading entities enabling users to i) search for securities in accordance with user specified search criteria and/or ii) formulate at least one purchase offer for at least one of the securities, and/or iii) formulate a sale offer for at least one security;
• b) searching sale offers for securities satisfying purchase offer criteria, and executes a trade without revealing the actual identity of at least one of the purchaser and seller when purchase offer criteria are satisfied;
• and
• c) a clearing module that records at least a portion of the transaction data associated with executing and clearing a trade, and transmits at least a portion of the transaction data to at least one of a trading entity and a financial institution that performs a clearing operation associated with the trade.