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

A system for negotiating a price of a traded security, the system comprising:

• a database;
• a computing device configured to:
• transmit, to an investor, a security, and a bid or offer terms, from at least one dealer;
• receive, from the investor, an indication of interest in purchasing the security and transmitting the indication of interest to a plurality of dealers including the at least one dealer;
• receive, from more than one of the plurality of dealers, a first bid in response to the indication of interest;
• store the first bid from each of the dealers that responded to the indication of interest for at least one period of time in the database;
• in the event that at least two of the stored bids from the dealers that responded to the indication of interest are tied for best:
• transmit a tie-breaking request to each of the tied-for-best dealers;
• update the stored bid for one or more of the tied-for-best dealers with a second bid received from one or more of the tied-for-best dealers in response to the tie-breaking request;
• transmit the stored bid from each of the tied-for-best dealers to the investor;
• and
• receive, from the investor, an acceptance, a rejection, or a counter-offer to at least one of the stored bids.

A computer program product, tangibly embodied in a computer readable storage device, for negotiating a price of a traded security, the computer program product including instructions operable to cause a data processing apparatus to:

• transmit, to an investor, a security, and a bid or offer terms, from at least one dealer;
• receive, from the investor, an indication of interest in purchasing the security and transmitting the indication of interest to a plurality of dealers including the at least one dealer;
• receive, from more than one of the plurality of dealers, a first bid in response to the indication of interest;
• store the first bid from each of the dealers that responded to the indication of interest for at least one period of time in a database;
• in the event that at least two of the stored bids from the dealers that responded to the indication of interest are tied for best:
• transmit a tie-breaking request to each of the tied-for-best dealers;
• update the stored bid for one or more of the tied-for-best dealers with a second bid received from one or more of the tied-for-best dealers in response to the tie-breaking request;
• transmit the stored bid from each of the tied-for-best dealers to the investor;
• and
• receive, from the investor, an acceptance, a rejection, or a counter-offer to at least one of the stored bids.

A system for negotiating a price of a traded security, the system comprising:

• means for transmitting, to an investor, a security, and a bid or offer terms, from at least one dealer;
• means for receiving, from the investor, an indication of interest in purchasing the security and transmitting the indication of interest to a plurality of dealers including the at least one dealer;
• means for receiving, from more than one of the plurality of dealers, a first bid in response to the indication of interest;
• means for storing the first bid from each of the dealers that responded to the indication of interest for at least one period of time in the database;
• in the event that at least two of the stored bids from the dealers that responded to the indication of interest are tied for best:
• means for transmitting a tie-breaking request to each of the tied-for-best dealers;
• means for updating the stored bid for one or more of the tied-for-best dealers with a second bid received from one or more of the tied-for-best dealers in response to the tie-breaking request;
• means for transmitting the stored bid from each of the tied-for-best dealers to the investor;
• and
• means for receiving, from the investor, an acceptance, a rejection, or a counter-offer to at least one of the stored bids.