公开(公告)号：US20070156567A1

公开(公告)日：2007-07-05

申请号：US11324791

申请日：2006-01-03

Applicant: Peter Odintsov ,  James Soderborg

Inventor： Peter Odintsov ,  James Soderborg

IPC: G06Q40/00

CPC classification number: G06Q40/04 ,  G06Q30/08 ,  G06Q40/06

Abstract: An automated method and system achieves higher than currently possible leverage in trading synthetic positions (e.g., Asset Packages) consisting of cash equivalent and its derivative. The derivative leg of the Asset Package is used as collateral for the whole package to the extent that it hedges the market risk of the synthetic position. The Asset Package Market Maker assembles (quotes) synthetic positions based on the underlying markets' quotes, which includes a discount (embedded margin). The amount of the discount is based on the value of package collateral, such as the put strike in case of a synthetic call position. The discounted synthetic position is then traded in the virtual asset package market, established and made by such a market maker on a real-time basis. The method and system are applicable to various assets and related derivatives. The method and system herein can be used for trading any asset, right or liability not just securities, equities, derivatives or other like instruments.

Abstract translation: 自动化方法和系统在交易现金等价物及其衍生产品的合成仓位（例如资产包）方面实现了高于目前可能的杠杆。 资产套餐的衍生工具用作整套包装的抵押品，只要它对冲合成仓位的市场风险。 资产包市场制造商根据基本市场报价汇总（报价）综合仓位，其中包括折扣（嵌入利润）。 折扣金额是根据包裹抵押品的价值计算的，例如在合成通话单位的情况下的罢工。 然后，打折的综合位置在虚拟资产包市场上进行交易，由这样的制造商实时建立和制造。 该方法和系统适用于各种资产和相关衍生工具。 本文的方法和系统可用于交易任何资产，权利或责任，不仅仅是证券，股票，衍生工具或其他类似工具。

公开(公告)号：US20050160024A1

公开(公告)日：2005-07-21

申请号：US10457792

申请日：2003-06-09

Applicant: James Soderborg ,  Chris Dobosz ,  Gary Schick ,  John Katovich ,  Cathy Fabiszak

Inventor： James Soderborg ,  Chris Dobosz ,  Gary Schick ,  John Katovich ,  Cathy Fabiszak

IPC: G06Q40/00 ,  G06F17/60

CPC classification number: G06Q40/04

Abstract: An electronic system for aggregated pricing of linked multi-leg (e.g., equity/option and option/option) asset packages with an additional link to an automated broker system for trading the linked asset packages are disclosed. The invention provides methodology and apparatus to electronically produce aggregated price quotes for packages of instruments designed to represent traditional trading strategies involving cash and their derivatives (e.g., stock and equity options). The system develops packages according to specified strategies, and prices the packages based on the national best bid and offer (NBBO) or direct input from participating market makers and investors. The packages are designed for easy understanding by traditional investors and designed for trading through a single order. These packages are desirable over separately trading the asset and its derivative (e.g., equity and option) instruments because they transfer market volatility risk from the investor to the institution by requiring market makers to agree to the aggregated price of the package prior to executing any trades. Certain linked packages, such as most stocks and options, cannot be traded together on a single floor of an exchange due to restrictions by the Securities and Exchange Commission (SEC) regarding side-by-side trading and integrated market making of most stocks and options. This invention provides an electronic process for synthetic side-by-side trading across separate trading locations (e.g., equity and option exchanges and within the existing rules of the SEC). The electronic process follows traditional rules regarding the manual handling of combination orders involving multiple asset types. The process significantly improves efficiency over manual handling resulting in a system that is scalable to high trade volumes.

Abstract translation: 公开了一种用于链接的多支路（例如，权益/期权和期权/期权）资产包的综合定价的电子系统以及用于交易所链接资产包的自动交易系统的附加链接。 本发明提供了方法和装置，用于电子地产生旨在表示涉及现金及其衍生品（例如股票和权益期权）的传统交易策略的一揽子工具的汇总报价。 该系统根据具体策略开发包装，并根据国家最佳竞标和报价（NBBO）或参与市场的投资者和投资者的直接投入，对套餐进行价格定价。 这些包装是为传统投资者的易于理解而设计的，旨在通过单一订单进行交易。 这些包裹对于资产及其衍生工具（例如权益和期权）手段进行单独交易是理想的，因为它们将市场波动风险从投资者转移到机构，要求市场做市商在执行任何交易之前同意包裹的总价格 。 由于美国证券交易委员会（SEC）对大多数股票和期权的并行交易和综合市场制作的限制，某些联系方式（例如大多数股票和期权）不能在交易所的一层交易在一起。 。 本发明提供了一种用于在单独的交易地点（例如，股票和期权交易所以及SEC现有规则内）进行合并并行交易的电子流程。 电子流程遵循关于涉及多种资产类型的组合订单的手动处理的传统规则。 该过程显着提高了手动处理的效率，导致可扩展到高交易量的系统。