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Systems and methods for providing anonymous requests for quotes for financial instruments

A quotation request and anonymity technology, applied in finance, data processing applications, instruments, etc., can solve the problems of not being able to review multiple quotations and decisions, etc.

Inactive Publication Date: 2009-06-03
PIPELINE FINANCIAL GROUP
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

[0012] While Keith's system does provide traders with more control over the disclosure of information related to their orders, it is not a request for quote system: CPs can submit trading algorithms, but cannot decide through instance libraries (based on order information or risk rating systems) Whether to respond to RFQ
Likewise, market participants cannot review multiple offers and decide to consider their own strategic interests, whether to execute the CP's offer

Method used

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  • Systems and methods for providing anonymous requests for quotes for financial instruments
  • Systems and methods for providing anonymous requests for quotes for financial instruments
  • Systems and methods for providing anonymous requests for quotes for financial instruments

Examples

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Embodiment Construction

[0026] The following is a functional description of preferred and alternative embodiments of the invention. A preferred system embodiment of the invention includes a trading system capable of receiving and executing customer orders, reporting completed trades to clearing firms and back office operations of market participants (MPs) and capital providers (CPs), and providing The necessary user interface and desktop help interface are known in the art. Preferably, the system facilitates capital provision transactions through the following steps (e.g. figure 1 ):

[0027] In step 100, a market participant enters an RFQ into the system. The RPQ is preferably entered through a graphical user interface (GUI) or electronic interface conforming to the Financial Information Exchange (FIX) protocol. figure 2 An embodiment of a graphical user interface for order entry is shown that supports the selection fields that will be described in this application. The order entry can include,...

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Abstract

Embodiments of the invention provide an anonymous RFQ system for financial instruments that resolves the inherent conflict between a capital provider's need for information and a market participant's need for confidentiality by creating an environment where market participants and capital providers can realize the benefits of sharing confidential trading interest (CTI) information without sacrificing anonymity or enabling information leakage. This secure environment preferably is created within an electronic matching book that distills all CTI information related to each Request for Quote (RFQ) into a risk class that is sent to capital providers in lieu of order-identifying or trader-identifying information. These risk classes give capital providers enough information to offer customized, risk-adjusted quotes without requiring the market participant to reveal confidential information about herself or her order.

Description

Background technique [0001] When market participants in public securities markets (or any financial market) need to execute a large number of (bulk) orders, they face a significant challenge: completing economically efficient transactions in a timely manner. As used herein, the term "market participant" means a person or firm having the ability to trade securities; examples of market participants include: agent-dealers, public institutions, hedge funds, statistical arbitrage and other proprietary trading operations, and Private investors trading on Electronic Communication Networks (ECN). Fulfilling large orders in a timely and efficient manner is a unique challenge for many reasons. First, the tenfold increase associated with the dramatically increasing number of trade locations has reduced the average trade size from 1,187 in December 2000 to 393 in December 2004 (NYSE Fact Book online). Therefore, high volume trades are abnormal and tend to result in unfavorable quoting b...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/00
CPCG06Q40/025G06Q40/00G06Q40/06G06Q40/04G06Q40/03
Inventor 亨利·威尔布罗艾克布伦特·甘姆瑟佛瑞德·菲德斯比尔
Owner PIPELINE FINANCIAL GROUP
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