Method and system for facilitating international securities trading
AssigneeInstinet, Inc.
InventorsJames S. PAK, Matthew N. TRUDEAU
Life of this patent
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Abstract
A method and a system for facilitating international securities trading include receiving market data specified in the local currency of a market center. The system includes a central platform that provides foreign executable currency quotes, which can be used to convert the market center's central limit order book into multiple foreign currencies. Orders specified in a foreign currency are converted to the local currency and placed with the market center. When two orders are matched, the system handles execution of a foreign exchange (FX) portion of the order based on the best FX quote provided by an FX liquidity provider, locked in at the time of receipt of the order.
Claims26
A computer-implemented method for facilitating securities trading, comprising:
- at least one computer processor performing the following:
- receiving market data from a local market center, the market data including a bid price and an offer price from an order at the local market center, the prices being specified using a local currency;
- receiving at least one foreign exchange (FX) quote from at least one FX liquidity provider (LP), each FX quote having at least one of a buy rate and a sell rate for converting between the local currency and a foreign currency;
- generating a synthetic order book by converting the bid prices into the foreign currency using a best available buy rate and converting the offer prices into the foreign currency using a best available sell rate;
- and
- transmitting a synthetic quote to a foreign investor, the synthetic quote including price information for a best priced order of the synthetic order book.
A system for facilitating securities trading, comprising:
- a central computer configured to:
- receive market data from a local market center, the market data including a bid price and an offer price from an order at the local market center, the prices being specified using a local currency;
- receive at least one foreign exchange (FX) quote from at least one FX liquidity provider (LP), each FX quote having a buy rate and a sell rate for converting between the local currency and a foreign currency;
- generate a synthetic order book by converting the bid prices into the foreign currency using a best available buy rate and converting the offer prices into the foreign currency using a best available sell rate;
- and
- transmit a synthetic quote to a foreign investor, the synthetic quote including price information for a best priced order of the synthetic order book.
A hardware-implemented computer-readable storage medium having stored thereon a series of instructions executable by a processor of a security transaction-assisting machine, the instructions which, when executed, cause the processor to perform a method, the method comprising:
- receiving market data from a local market center, the market data including a bid price and an offer price from an order at the local market center, the prices being specified using a local currency;
- receiving at least one foreign exchange (FX) quote from at least one FX liquidity provider (LP), each FX quote having a buy rate and a sell rate for converting between the local currency and a foreign currency;
- generating a synthetic order book by converting the bid prices into the foreign currency using a best available buy rate and converting the offer prices into the foreign currency using a best available sell rate;
- and
- transmitting a synthetic quote to a foreign investor, the synthetic quote including price information for a best priced order of the synthetic order book.
A computer-implemented method for facilitating securities trading, comprising:
- one or more computer processors performing the following:
- obtaining market data including at least one price quote expressed according to a first currency;
- obtaining an exchange rate quote for converting a number of units of the first currency into a number of units of a second currency;
- based on the exchange rate quote, modifying the price quote for expression according to the second currency;
- and
- transmitting the modified price quote for output at an investor device.
A computer-implemented method for facilitating securities trading, comprising:
- one or more computer processor performing the following:
- receiving an exchange rate quote for converting a number of units of a first currency into a number of units of a second currency;
- while the received exchange rate quote is open, receiving an order specifying value units expressed according to one of the first and second currencies;
- and
- responsive to receipt of the order:
- locking in the exchange rate quote for the pendency of the order;
- converting the received order into a modified order specifying value units expressed according to the other of the first and second currencies;
- and
- transmitting the modified order for execution.
A computer-implemented method for facilitating securities trading, comprising:
- one or more computer processors performing the following:
- obtaining one or more market quotes regarding an asset, each specifying (a) a respective price expressed according to a first currency and (b) a respective number of shares;
- obtaining an order regarding the asset specifying a number of units of a second currency;
- obtaining an exchange rate quote for converting a number of units of the first currency into a number of units of the second currency;
- based on the one or more market quotes and the exchange rate quote, determining whether there are available a sufficient quantity of the asset for a position opposite to that of the order to execute the order at the specified number of second currency units;
- and
- executing the order responsive to a positive result of the determining step.
Dependencies are inferred from the claim text.