Method and system for computer-implemented trading of secondary market debt securities

An apparatus for providing computer-implemented trading for debt securities, comprising:

• computer means for generating respective interfaces for a plurality of dealers and a plurality of investors;
• wherein:
• a network enables messages to be exchanged between the dealer interfaces and the investor interfaces;
• the dealers are enabled to communicate an inventory of debt security issues to the investors via the investor interfaces;
• at least a particular investor is enabled to submit an inquiry, via the respective investor interface, for trading a particular one of the debt security issues to multiple ones of the dealers;
• and
• the dealers are enabled to provide respective offers and/or bids, via their respective dealer interfaces, in response to the inquiry submitted thereto;
• and
• means for temporarily storing the offers and/or bids provided by the dealers, and releasing the offers and/or bids to the particular investor concurrently for consideration thereby.

A computer program product, comprising:

• a computer usable medium having computer readable program code means embodied therein for providing computer-implemented trading for debt securities;
• the computer readable program code means comprising means for executing instructions for:
• generating interfaces for a plurality of dealers and a plurality of investors;
• wherein a network enables messages to be exchanged between the dealer interfaces and the investor interfaces;
• enabling the dealers to communicate an inventory of debt security issues to the investors via the investor interfaces;
• enabling at least a particular investor to submit an inquiry, via the respective investor interface, for trading a particular one of the debt security issues to multiple ones of the dealers;
• enabling the dealers to provide respective offers and/or bids, via their respective dealer interfaces, in response to the inquiry submitted thereto;
• temporarily storing the offers and/or bids provided by the dealers;
• and releasing the offers and/or bids to the particular investor concurrently for consideration thereby.

A method for providing computer-implemented trading for debt securities, comprising:

• providing respective computer-generated interfaces for a plurality of dealers and a plurality of investors;
• wherein a network enables messages to be exchanged between the dealer interfaces and the investor interfaces;
• enabling the dealers to communicate an inventory of most actively traded debt security issues, and bid and/or offer terms thereof, to the investors via the investor interfaces;
• wherein the most actively traded debt security issues are determined from a larger inventory of debt security issues which are traded via the network;
• enabling at least a particular investor to submit an order, via the respective investor interface, and based on the inventory, for trading a particular one of the most active debt security issues to at least one of the dealers;
• and
• enabling the at least one dealer to communicate a message to the particular investor indicating whether it accepts or rejects the offer, via its respective dealer interface, in response to the inquiry submitted thereto.

An apparatus for providing computer-implemented trading for debt securities, comprising:

• computer means for generating interfaces for a plurality of dealers and a plurality of investors;
• wherein:
• a network enables messages to be exchanged between the dealer interfaces and the investor interfaces;
• the dealers are enabled to communicate an inventory of most actively traded debt security issues, and bid and/or offer terms thereof, to the investors via the investor interfaces;
• the most actively traded debt security issues are determined from a larger inventory of debt security issues which are traded via the network;
• at least a particular investor is enabled to submit an order, via the respective investor interface, and based on the inventory, for trading a particular one of the most active debt security issues to at least one of the dealers;
• and
• the at least one dealer is enabled to communicate a message to the particular investor indicating whether it accepts or rejects the offer, via its respective dealer interface, in response to the inquiry submitted thereto.

A computer program product, comprising:

• a computer usable medium having computer readable program code means embodied therein for providing computer-implemented trading for debt securities;
• the computer readable program code means comprising means for executing instructions for:
• generating interfaces for a plurality of dealers and a plurality of investors;
• wherein a network enables messages to be exchanged between the dealer interfaces and the investor interfaces;
• the dealers are enabled to communicate an inventory of most actively traded debt security issues, and bid and/or offer terms thereof, to the investors via the investor interfaces;
• the most actively traded debt security issues are determined from a larger inventory of debt security issues which are traded via the network;
• at least a particular investor is enabled to submit an order, via the respective investor interface, and based on the inventory, for trading a particular one of the most active debt security issues to at least one of the dealers;
• and the at least one dealer is enabled to communicate a message to the particular investor indicating whether it accepts or rejects the offer, via its respective dealer interface, in response to the inquiry submitted thereto.