# US 2014/0195407 A1 · Confidential block trading system and method

> Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt

- Number: US 2014/0195407 A1
- Document ID: US20140195407A1
- Status: Published application
- Kind: A1
- Application number: 14/160,252
- Filed: 2014-01-21
- Published: 2014-07-10
- Earliest claimed: 2000-06-01
- Assignees: ITG Software Solutions, Inc.
- Applicants: ITG Software Solutions, Inc.
- Inventors: Henri WAELBROECK; Fred J. Federspiel; John Lopez
- Web page: https://patentgrep.com/patent/US20140195407A1

## CPC

- G06Q 40/00: Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
- G06Q 40/06: Asset management; Financial planning or analysis
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## Abstract

Methods and systems for facilitating trading of securities, preferred methods comprising receiving a first buy or sell order from a first user; calculating a block price range; determining that said first order is reasonably priced; transmitting to a second user a notification that a reasonably priced order is present, but without notifying said second user of the side; receiving a second order from said second user, wherein said second order is a contra to said first order and nearly matches but does not cross said first order; transmitting a contra order notification to said second user after said second order is received, said contra order notification indicating that a nearly matching contra order is active; receiving a third order from said second user, said third order being a contra to said first order and crossing said first order; and executing a trade comprising said first order and said third order.

## Claims

### Claim at position 1

1-14. (canceled)

### Claim 15

A method for facilitating trading of securities over a computer system, comprising the steps of:
at one or more computers, electronically receiving a first buy or sell order for a security from a first trader computer;
by said on or more computers, calculating a block price range for said security, said block price range having an upper end and a lower end;
by said on or more computers, determining that said first order has a price that is reasonably priced, said price comprising: for a sell order, said price is equal to or lower that said upper end of said block price range, or for a buy order, said price is equal to or higher than said lower end of said block price range;
by said on or more computers, transmitting to a second trader computer an electronic notification that a reasonably priced order for said security is present, but without a notification of the side of the order;
at said on or more computers, receiving a second order from said second trader computer, wherein said second order is a contra to said first order and said second order nearly matches but does not cross said first order;
by said on or more computers, transmitting an electronic contra order notification to said second trader computer after said second order is received, said contra order notification indicating that a nearly matching contra order is active within the system;
at said on or more computers, receiving a third order from said second trader computer, said third order being a contra to said first order and crossing said first order; and
by said on or more computers, executing a trade comprising said first order and said third order.

### Claim 16 (depends on 15)

A method as in claim 15, wherein said second trader computer receives said contra order notification only after a predetermined time period has lapsed after said second order is received.

### Claim 17 (depends on 15)

A method as in claim 15, wherein said second trader computer receives said contra order notification immediately after said second order is received.

### Claim 18 (depends on 15)

A method as in claim 15, wherein said step of calculating a block price range is based on recent or current market prices.

### Claim 19 (depends on 15)

A method as in claim 15, wherein said step of calculating a block price range is based on recent volatility in said security.

### Claim 20 (depends on 15)

A method as in claim 15, wherein said step of calculating a block price range comprises predicting a price range likely to occur within a first predetermined time period.

### Claim 21 (depends on 15)

A method as in claim 15, wherein said block price range is recalculated at intervals of time approximately equal to said first predetermined time period.