公开(公告)号：US07801795B2

公开(公告)日：2010-09-21

申请号：US10274287

申请日：2002-10-18

申请人： Adam Nunes ,  Daniel F. Moore ,  Mark Denat ,  John Malitzis ,  Karen Peterson ,  Anna Ewing ,  Steven J. Randich ,  Richard G. Ketchum ,  Dean Furbush ,  Christopher Folkemer

发明人： Adam Nunes ,  Daniel F. Moore ,  Mark Denat ,  John Malitzis ,  Karen Peterson ,  Anna Ewing ,  Steven J. Randich ,  Richard G. Ketchum ,  Dean Furbush ,  Christopher Folkemer

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0627 ,  G06Q30/0641 ,  G06Q40/00 ,  G06Q40/06

摘要： A method for trading a security in an electronic market includes entering an order at a client station for executing against any market participant that can at least in part satisfy the order, and matching the entered order at a server system against interest in the market based on how the market participant participates in the market with a portion of the interest in the market being prioritized according to price priority among displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges, and subsequently by displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged.

摘要翻译： 一种用于交易电子市场中的证券的方法包括：在客户端进行订单，以针对至少部分满足订单的任何市场参与者执行，并且根据服务器系统的输入订单与市场中的利益进行匹配，基于 市场参与者如何参与市场，市场利益的一部分按照优先考虑的价格优先于市场制造商的显示报价/订单，不收取单独报价的ECN和非归属代理订单 的UTP交易所，随后通过显示收取单独报价访问费的ECN的报价/订单，ECN的报价/订单收取单独的报价访问费，按照收取的报价访问费的金额排序 。

公开(公告)号：US08301539B2

公开(公告)日：2012-10-30

申请号：US09903388

申请日：2001-07-09

申请人： Dean Furbush ,  Richard G. Ketchum ,  Daniel B. Franks ,  John Malitzis ,  Thomas P. Moran ,  Peter Martyn

发明人： Dean Furbush ,  Richard G. Ketchum ,  Daniel B. Franks ,  John Malitzis ,  Thomas P. Moran ,  Peter Martyn

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个用于输入证券报价的客户站，以及从客户接收报价的服务器进程，汇总报价，并导致将所有汇总报价的总计显示在多个价格水平上 客户端系统。 市场使用图形用户，其在聚合窗口中描绘在市场上交易的产品的多个价格水平的汇总报价。 市场还包括处理锁定/交叉市场状况的流程，订单流动的匹配，并提供了一个中央报价/订单收集器，与不同的订单交付系统相互接触，以最大限度地减少做市商的双重责任。

公开(公告)号：US08296216B2

公开(公告)日：2012-10-23

申请号：US09903390

申请日：2001-07-09

申请人： Dean Furbush ,  Richard G. Ketchum ,  Daniel B. Franks ,  John Malitzis ,  Thomas P. Moran ,  Peter Martyn

发明人： Dean Furbush ,  Richard G. Ketchum ,  Daniel B. Franks ,  John Malitzis ,  Thomas P. Moran ,  Peter Martyn

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个用于输入证券报价的客户站，以及从客户接收报价的服务器进程，汇总报价，并导致将所有汇总报价的总计显示在多个价格水平上 客户端系统。 市场使用图形用户，其在聚合窗口中描绘在市场上交易的产品的多个价格水平的汇总报价。 市场还包括处理锁定/交叉市场状况的流程，订单流动的匹配，并提供了一个中央报价/订单收集器，与不同的订单交付系统相互接触，以最大限度地减少做市商的双重责任。

公开(公告)号：US07209896B1

公开(公告)日：2007-04-24

申请号：US09401892

申请日：1999-09-23

申请人： Stuart Serkin ,  John Malitzis ,  Richard G. Ketchum ,  Peter Marytn

发明人： Stuart Serkin ,  John Malitzis ,  Richard G. Ketchum ,  Peter Marytn

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00

摘要： A system for handling quotes in an electronic market is described. The system includes a lock/cross quote detector which determines whether a quote which is entered into the market system would lock or cross other quotes in the market system and a quote formatter that receives quotes that, if entered, would lock or cross the market and reformats the quotes as marketable liability orders. The system includes a routing process that routes reformatted quotes as marketable liability orders to a market participant whose quote was locked or crossed.

摘要翻译： 描述了在电子市场中处理报价的系统。 该系统包括锁/交叉报价检测器，其确定输入市场系统的报价是否锁定或交叉市场系统中的其他报价;以及报价格式化器，其接收报价，如果输入将锁定或跨越市场， 将报价重新列为可销售责任令。 该系统包括一个路由过程，将重新格式化的报价作为可销售责任订单发送给报价被锁定或交叉的市场参与者。

公开(公告)号：US07181424B1

公开(公告)日：2007-02-20

申请号：US09401872

申请日：1999-09-23

申请人： Richard G. Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

发明人： Richard G. Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0627 ,  G06Q30/0641 ,  G06Q40/00 ,  G06Q40/06

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个用于输入证券报价的客户站，以及从客户接收报价的服务器进程，汇总报价，并导致将所有汇总报价的总计显示在多个价格水平上 客户端系统。 市场使用图形用户，其在聚合窗口中描绘在市场上交易的产品的多个价格水平的汇总报价。 市场还包括处理锁定/交叉市场状况的流程，订单流动的匹配，并提供了一个中央报价/订单收集器，与不同的订单交付系统相互接触，以最大限度地减少做市商的双重责任。

公开(公告)号：US07870056B2

公开(公告)日：2011-01-11

申请号：US11625127

申请日：2007-01-19

申请人： Richard G. Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

发明人： Richard G. Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0627 ,  G06Q30/0641 ,  G06Q40/00 ,  G06Q40/06

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个用于输入证券报价的客户站，以及从客户接收报价的服务器进程，汇总报价，并导致将所有汇总报价的总计显示在多个价格水平上 客户端系统。 市场使用图形用户，其在聚合窗口中描绘在市场上交易的产品的多个价格水平的汇总报价。 市场还包括处理锁定/交叉市场状况的流程，订单流动的匹配，并提供了一个中央报价/订单收集器，与不同的订单交付系统相互接触，以最大限度地减少做市商的双重责任。

公开(公告)号：US08239303B2

公开(公告)日：2012-08-07

申请号：US09404518

申请日：1999-09-23

申请人： Peter Martyn ,  Stuart Serkin ,  John Malitzis

发明人： Peter Martyn ,  Stuart Serkin ,  John Malitzis

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04

摘要： A market system that includes an internal execution process is described. The system includes an order execution process that receives orders and matches orders against quotes posted in the system on a time priority basis and an order match-off process that checks if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer price in the system.

摘要翻译： 描述了包括内部执行过程的市场系统。 该系统包括订单执行过程，其接收与时间优先基础上发布在系统中的报价的订单和订单，以及订单匹配过程，其检查与所接收的订单相关联的市场参与者标识是否与表示 在系统中报价是系统中最佳出价或最佳报价。

公开(公告)号：US20070136182A1

公开(公告)日：2007-06-14

申请号：US11625127

申请日：2007-01-19

申请人： Richard Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

发明人： Richard Ketchum ,  Stuart Serkin ,  John Malitzis ,  Peter Martyn ,  Debra Peter ,  Patti Dizenhaus ,  Doug Brown

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0627 ,  G06Q30/0641 ,  G06Q40/00 ,  G06Q40/06

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个用于输入证券报价的客户站，以及从客户接收报价的服务器进程，汇总报价，并导致将所有汇总报价的总计显示在多个价格水平上 客户端系统。 市场使用图形用户，其在聚合窗口中描绘在市场上交易的产品的多个价格水平的汇总报价。 市场还包括处理锁定/交叉市场状况的流程，订单流动的匹配，并提供了一个中央报价/订单收集器，与不同的订单交付系统相互接触，以最大限度地减少做市商的双重责任。

公开(公告)号：US07359877B2

公开(公告)日：2008-04-15

申请号：US09812225

申请日：2001-03-19

申请人： John Malitzis ,  Peter Martyn ,  Daniel Franks ,  Debra Peter ,  Patricia Dizenhaus ,  Thomas Moran ,  Gene Lopez

发明人： John Malitzis ,  Peter Martyn ,  Daniel Franks ,  Debra Peter ,  Patricia Dizenhaus ,  Thomas Moran ,  Gene Lopez

IPC分类号： G06Q40/00

CPC分类号： G06Q20/102 ,  G06Q40/00 ,  G06Q40/025 ,  G06Q40/04

摘要： An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process. The market has a facility, which receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window, and a plurality of price levels of a product traded in the market. The market also includes processes to handle odd-lot processing and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

摘要翻译： 证券交易的电子市场包括多个客户站，用于输入证券报价和服务器流程。 市场有一个设施，从客户端收到报价，汇总报价，并导致在客户端系统上显示多个价格水平的所有汇总报价。 市场使用图形用户来描绘聚合窗口中的汇总报价，以及在市场上交易的产品的多个价格水平。 市场还包括处理奇数批处理的流程，并提供了一个中央报价/订单收集器，可与不同的订单交付系统进行接口，以最大限度地降低市场制造商的双重责任。