Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2004-03-11
2011-11-29
Ebersman, Bruce I (Department: 3691)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
Reexamination Certificate
active
08069106
ABSTRACT:
The present invention comprises systems and methods for facilitation of electronic securities trading. A preferred system embodiment comprises a trade facilitation computer system comprising a facilitator module, a financial information exchange server, a transactional database, and an analytics server operative to calculate reference prices for securities. A preferred method embodiment comprises the steps of receiving market data for a security; calculating a reference price for the security; receiving a first order comprising a first price limit and a first quantity limit; receiving a second order contra to the first order and comprising a second price limit and a second quantity limit; and executing a trade comprising the first order and the second order at a price whose difference from the reference price is minimized, wherein the trade complies with the first and second price and first and second quantity limits.
REFERENCES:
patent: 3648270 (1972-03-01), Metz et al.
patent: 5136501 (1992-08-01), Silverman et al.
patent: 5689652 (1997-11-01), Lupien et al.
patent: 5717989 (1998-02-01), Tozzoli et al.
patent: 5724524 (1998-03-01), Hunt et al.
patent: 5794207 (1998-08-01), Walker et al.
patent: 5806044 (1998-09-01), Powell
patent: 5812988 (1998-09-01), Sandretto
patent: 5842178 (1998-11-01), Giovannoli
patent: 5845266 (1998-12-01), Lupien et al.
patent: 5873071 (1999-02-01), Ferstenberg et al.
patent: 5924082 (1999-07-01), Silverman et al.
patent: 5950177 (1999-09-01), Lupien et al.
patent: 6211880 (2001-04-01), Impink, Jr.
patent: 6236979 (2001-05-01), Kawabata
patent: 6260025 (2001-07-01), Silverman et al.
patent: 6285983 (2001-09-01), Jenkins
patent: 6304858 (2001-10-01), Mosler et al.
patent: 6317728 (2001-11-01), Kane
patent: 6321205 (2001-11-01), Eder
patent: 6321212 (2001-11-01), Lange
patent: 6408282 (2002-06-01), Buist
patent: 6421653 (2002-07-01), May
patent: 6578014 (2003-06-01), Murcko, Jr.
patent: 6912510 (2005-06-01), Shepherd
patent: 6985883 (2006-01-01), Togher et al.
patent: 7003486 (2006-02-01), Condamoor et al.
patent: 7035819 (2006-04-01), Gianakouros et al.
patent: 7099839 (2006-08-01), Madoff et al.
patent: 7110974 (2006-09-01), Rust
patent: 7130823 (2006-10-01), Rayner et al.
patent: 7136834 (2006-11-01), Merrin et al.
patent: 7162447 (2007-01-01), Cushing
patent: 7430533 (2008-09-01), Cushing
patent: 7565313 (2009-07-01), Waelbroeck et al.
patent: 7617144 (2009-11-01), Madoff et al.
patent: 2001/0044767 (2001-11-01), Madoff et al.
patent: 2002/0019795 (2002-02-01), Madoff et al.
patent: 2002/0035534 (2002-03-01), Buist et al.
patent: 2002/0052827 (2002-05-01), Waelbroeck
patent: 2002/0082967 (2002-06-01), Kaminsky et al.
patent: 2003/0004859 (2003-01-01), Shaw et al.
patent: 2003/0009411 (2003-01-01), Ram
patent: 2003/0083973 (2003-05-01), Horsfall
patent: 2003/0093343 (2003-05-01), Huttenlocher et al.
patent: 2005/0075963 (2005-04-01), Balabon
patent: 2002-049759 (2002-02-01), None
patent: WO 02/097589 (2002-12-01), None
Price impacts of Block Trading on the NY Stock Exchange, Alan Kraus and Hans R Stoll, Journal of Finance, vol. 27, No. 3. Jun. 1972, pp. 569-588.
Comments about block trading (20 pages, Webarchive.org Feb. 23, 1998).
WO 02/097589 to Neubert Cleary, May 2002 priority May 30, 2001 (furnished by applicant into records).
“The Journal of Portfolio Management, Structural Changes in Trading Stocks” by Bartley J. Madden, 1993.
Volatility and Liquidity in futures markets by Peter R. Locke and Asani Sakar, Federal Reserve Bank of NY, Research Paper 9612, 1996.
A Taxonomy of automated Trade Execution systems by Ian Domowitz, Journal of International Money and Finance, 1993, 12, pp. 607-631.
PCT/ISA/210 for PCT/US04/19706 dated Dec. 20, 2005.
PCT/ISA/210 for PCT/US05/07463 dated May 11, 2007.
PCT/ISA/210 or PCT/US07/08745 dated Oct. 18, 2007.
EP Appln. No. 05729202 Supplementary European Search Report, Feb. 5, 2008.
Domowitz I: “A Taxonomy of Automated Trade Execution Systems”, Journal of International Money and Finance of Butterworth Scientific, Guildford, GB, vol. 12, 1993, pp. 607-632.
Hendershott T: “Electronic Trading in Financial Markets”, IT Pro, Jul./Aug. 2003, pp. 10-14.
Madden, Bartley J.;Structural Changes in Trading Stocks; The Journal of Portfolio Management; 1993, No. 10093; pp. 19-27.
Mar. 22, 2011 Japanese Office Action, that issued in Japanese Patent Application No. 2007-502909 and an English Translation of the Office Action is attached.
Federspiel Fred J.
Lopez John E.
Waelbroeck Henri
Cowan Liebowitz & Latman
Ebersman Bruce I
Pipeline Financial Group, Inc.
Underwood Steven D.
LandOfFree
Block trading system and method providing price improvement... does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Block trading system and method providing price improvement..., we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Block trading system and method providing price improvement... will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-4278773