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US 8,285,633 B2Granted
System and method for direct client access for management of securities transactions
OwnerMaier J. Tarlowinventor
Life of this patent
Estimating the term…
Abstract
A computer implemented system and method provides for transmission of a parent shell order of which no portion is placed for execution until a respective child order is obtained. The shell order can be received from a device of an exchange member on behalf of a member's customer and the child orders can be received directly from a device operated by the customer.
Claims14
A computer-implemented method, comprising:
- storing a predefined algorithm;
- obtaining, by a computer processor of a first device and in a first communication session that is associated with a customer trading representative and that is usable for entering orders for a plurality of customers throughout a trading day, a parent order identifying the predefined algorithm;
- responsive to the parent order, in accordance with the stored predefined algorithm, recording, by the processor, the parent order without placing the parent order for execution;
- obtaining, by the processor and in a second communication session that is exclusively associated with a particular customer, a child order which is a child of the parent order and identifies the parent order for instructing an execution of a first portion of the parent order for the customer;
- responsive to the child order, placing, by the processor, the first portion of the parent order for execution;
- upon execution of the child order, transmitting, by the processor and to a device in a communication session that is exclusively associated with a particular customer, a report of the execution of the child order;
- wherein:
- the second communication session is usable for entering only child orders of parent orders previously placed in a customer-trading-representative associated communication session;
- and
- in accordance with the stored predefined algorithm, all portions of the parent order that do not correspond to any order that is a child of, and that identifies, the parent order remain unexecuted.
7 more elements
A computer-implemented method, comprising:
- storing a predefined algorithm;
- obtaining, by a computer processor of a first device, in a first communication session usable for entering orders for a plurality of customers throughout a trading day, and from a second device associated with and operated by a customer trading representative, a parent order identifying the predefined algorithm;
- responsive to the parent order, in accordance with the stored predefined algorithm, recording, by the processor, the parent order without placing the parent order for execution;
- obtaining, by the processor, in a second communication session, and from a third device associated with and operated by a customer, a child order which is a child of the parent order and which identifies the parent order for instructing an execution of a first portion of the parent order for the customer;
- responsive to the child order, placing, by the processor, the first portion of the parent order for execution;
- upon execution of the child order, transmitting, by the processor and to the third device, a report of the execution of the child order;
- wherein:
- the second communication session is usable for entering only child orders of parent orders previously placed by one or more customer trading representative devices;
- and
- in accordance with the stored predefined algorithm, all portions of the parent order that do not correspond to any order that is a child of, and that identifies, the parent order remain unexecuted.
7 more elements
Dependencies are inferred from the claim text.