Automated price improvement protocol processor
AssigneesCantor Fitzgerald, L.P., Ceph, LLC
InventorsHoward Lutnick, Stuart Fraser, Bijoy Paul
Life of this patent
Estimating the term…
Abstract
Data processing systems and methods for managing transactions in auction-based trading of specialized items such as fixed income instruments are presented. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly configured program-controlled workstations. The protocol and its program-controlling logic improves trading efficiency, rewards market Makers, and fairly distributes market opportunity to system users.
Claims20
A method of electronic interactive buying and selling of items via a data processing system comprising a server and a plurality of workstations in communication with said server, said workstations used by Participants for entering prices and transaction orders, said server receiving said prices and transaction orders, said method comprising:
- receiving a first price and a first volume for an item;
- receiving a transaction order at a second price and a second volume for said item, said second volume larger than said first volume;
- and
- automatically calculating a transaction price between said first and second prices at which said transaction order for the difference between said first and second volumes can be completed.
A method of electronic interactive buying and selling of items via a data processing system comprising a server and a plurality of workstations in communication with said server, said workstations used by Participants for entering prices and transaction orders, said server receiving said prices and transaction orders, said method comprising:
- receiving a first price for an item;
- receiving a second price for said item;
- receiving a transaction order at a third price for said item;
- and
- setting a transaction price between said third price and one of said first and second prices at which at least a portion of said transaction order can be completed.
Dependencies are inferred from the claim text.