Dual quote market system
AssigneeThe NASDAQ OMX Group, Inc.
InventorsRichard G. Ketchum, Alfred R. Berkeley, III, Joseph Della Rosa
Life of this patent
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Abstract
A system for securities quotes is described. The system and allows posting of a bid and offer price for a security for a proprietary account. The system use a unique market maker identifier for a market maker proprietary account. In response to a customer order, a bid and/or offer price of the customer is posted for the security for an agency account, using a unique market maker agency identifier for an agency account. The quotes are sent to a server that disseminates the proprietary and agency quotes with other quotes for the same security from other market makers.
Claims26
A computer implemented method for quoting securities in a market maker quotation system, executed over a networked computer system, the method comprising:
- receiving by a computer system for display in the market, at least one quote reflecting at least one of a bid and offer price for a security to reflect a proprietary position of a market maker type of participant;
- and
- receiving by the computer system for display in the market, using a separate quote reflecting at least one of a bid and/or offer price for the security to reflect a customer order or interest.
A method for quoting securities executed over a networked computer system, the method comprising:
- receiving by a computer system, for display on a display device a bid and offer proprietary quotes of a market maker for a security using a unique market maker identifier corresponding to the market maker that is different from market maker identifiers for other market makers;
- and in response to a customer order,
- by the computer system, for display on the display device a bid and/or offer, as a separate quote, reflecting a order for a customer, using the unique market maker identifier and an additional symbol that indicates the separate quote is an agency quote for a customer of the market maker;
- and
- sending the agency quote to a server that disseminates that agency quote with other quotes for the same security from the market makers.
A quotation system for entering quotes for securities by a market maker, the system comprising:
- a computer, comprising
- a processor;
- and
- a computer readable medium storing a computer program product for executing a process to cause the quotation system to:
- post a bid and offer quote for a security for a proprietary account of a market maker;
- and to reflect a customer order or interest,
- post a separate bid and/or offer quote of the customer for the security to reflect to the market customer interest separate from proprietary interest in the security.
A client system to enter quotes for securities to reflect a customer order or interest comprises:
- a computer executing a process to:
- enter an agency quote for a bid and/or offer for an agency account into a quote system;
- and
- send the agency quote identified with a unique market maker agency identifier to a server that disseminates for display to the market that agency quote with other quotes for the same security from other market makers.
A computer program product residing on a computer readable medium for providing quotations for securities, the computer program product comprising computer executable instructions for causing a computer to:
- post, for display to the market a bid and offer quote for a security for a proprietary account;
- and to reflect a customer order or interest,
- post, for display to the market a separate bid and/or offer quote of the customer for the security.
Dependencies are inferred from the claim text.