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WO2000026834A3 - Crossing network and method - Google Patents

Crossing network and method Download PDF

Info

Publication number
WO2000026834A3
WO2000026834A3 PCT/US1999/025369 US9925369W WO0026834A3 WO 2000026834 A3 WO2000026834 A3 WO 2000026834A3 US 9925369 W US9925369 W US 9925369W WO 0026834 A3 WO0026834 A3 WO 0026834A3
Authority
WO
WIPO (PCT)
Prior art keywords
satisfaction
trader
orders
controller computer
matching
Prior art date
Application number
PCT/US1999/025369
Other languages
French (fr)
Other versions
WO2000026834A2 (en
Inventor
John T Rickard
William A Lupien
Original Assignee
Optimark Tech Inc
John T Rickard
William A Lupien
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Optimark Tech Inc, John T Rickard, William A Lupien filed Critical Optimark Tech Inc
Priority to AU14558/00A priority Critical patent/AU1455800A/en
Priority to EP99971554A priority patent/EP1131764A2/en
Publication of WO2000026834A2 publication Critical patent/WO2000026834A2/en
Publication of WO2000026834A3 publication Critical patent/WO2000026834A3/en
Priority to GBGB0428305.7A priority patent/GB0428305D0/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Landscapes

  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Strategic Management (AREA)
  • Technology Law (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

A crossing network that matches buy and sell orders based upon a satisfaction and quantity profile is disclosed. The crossing network includes a number of trader terminals that can be used for entering orders. The orders are entered in the form of a satisfaction density profile that represents a degree of satisfaction to trade a particular instrument at various (price, quantity) combinations. Typically, each order is either a buy order or a sell order. The trader terminals are coupled to a matching controller computer. The matching controller computer can receive as input the satisfaction density profiles entered at each one of the trading terminals. The matching controller computer matches orders (as represented by each trader's satisfaction density profile) so that each trader is assured that the overall outcome of the process (in terms of average price and size of fill) has maximized the mutual satisfaction of all traders. Typically, the matching process is anonymous and confidential. The matching process can be continuous or performed on a batch basis.
PCT/US1999/025369 1998-10-30 1999-10-29 Crossing network and method WO2000026834A2 (en)

Priority Applications (3)

Application Number Priority Date Filing Date Title
AU14558/00A AU1455800A (en) 1998-10-30 1999-10-29 Crossing network and method
EP99971554A EP1131764A2 (en) 1998-10-30 1999-10-29 Crossing network and method
GBGB0428305.7A GB0428305D0 (en) 1998-10-30 2004-12-24 Crossing network and method

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US10626898P 1998-10-30 1998-10-30
US60/106,268 1998-10-30

Publications (2)

Publication Number Publication Date
WO2000026834A2 WO2000026834A2 (en) 2000-05-11
WO2000026834A3 true WO2000026834A3 (en) 2000-09-08

Family

ID=22310477

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US1999/025369 WO2000026834A2 (en) 1998-10-30 1999-10-29 Crossing network and method

Country Status (6)

Country Link
EP (1) EP1131764A2 (en)
AU (1) AU1455800A (en)
GB (1) GB0428305D0 (en)
PE (1) PE20001219A1 (en)
TW (1) TW495691B (en)
WO (1) WO2000026834A2 (en)

Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7835987B2 (en) 2004-01-29 2010-11-16 Bgc Partners, Inc. System and method for routing a trading order according to price
US8494951B2 (en) 2005-08-05 2013-07-23 Bgc Partners, Inc. Matching of trading orders based on priority
US8738498B2 (en) 2004-01-29 2014-05-27 Bgc Partners, Inc. System and method for routing a trading order

Families Citing this family (19)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
SG76649A1 (en) * 1999-03-15 2000-11-21 Gary Renner Virtual marketplace
US6882985B1 (en) 1999-04-08 2005-04-19 Alan F. Kay Marketplace system fees enhancing market share and participation
US7110975B2 (en) * 2000-01-27 2006-09-19 Marks De Chabris Gloriana Order matching system
US7720744B2 (en) 2000-12-07 2010-05-18 Bgc Partners, Inc. Systems and methods for shifting bids and offers in a trading interface
US7711627B2 (en) * 2002-01-07 2010-05-04 Bgc Partners, Inc. Methods and systems for providing crossing markets
US9311673B2 (en) 2002-06-05 2016-04-12 Nasdaq, Inc. Security transaction matching
GB2406923A (en) * 2003-10-09 2005-04-13 Duvacy Ltd Computer implemented trading system
US10304097B2 (en) 2004-01-29 2019-05-28 Bgc Partners, Inc. System and method for controlling the disclosure of a trading order
US7840477B2 (en) 2005-06-07 2010-11-23 Bgc Partners, Inc. System and method for routing a trading order based upon quantity
US7644031B2 (en) 2005-08-04 2010-01-05 Bgc Partners, Inc. System and method for replenishing quantities of trading orders
US8484122B2 (en) 2005-08-04 2013-07-09 Bgc Partners, Inc. System and method for apportioning trading orders based on size of displayed quantities
US7979339B2 (en) 2006-04-04 2011-07-12 Bgc Partners, Inc. System and method for optimizing execution of trading orders
US11017410B2 (en) 2006-12-30 2021-05-25 Cfph, Llc Methods and systems for managing and trading using a shared order book as internal exchange
US7716122B2 (en) 2008-04-21 2010-05-11 Bgc Partners, Inc. Apparatus and methods for managing trading orders with decaying reserves
US7747498B2 (en) 2008-04-21 2010-06-29 Bgc Partners, Inc. Trading orders with decaying reserves
US11288745B2 (en) 2008-04-21 2022-03-29 Bgc Partners, Inc. Trading orders with decaying reserves
US8335734B1 (en) 2009-07-20 2012-12-18 The Vanguard Group, Inc. Method of administering an investment company having a class of crossing shares
US10262365B2 (en) 2012-04-16 2019-04-16 Nasdaq Technology Ab Method and a computerized exchange system for processing trade orders
WO2020179070A1 (en) * 2019-03-07 2020-09-10 富士通株式会社 Transaction program, transaction method, and transaction device

Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP0512702A2 (en) * 1991-05-03 1992-11-11 Reuters Limited Automated currency trade matching system with integral credit checking
US5283731A (en) * 1992-01-19 1994-02-01 Ec Corporation Computer-based classified ad system and method
GB2275796A (en) * 1993-03-01 1994-09-07 Fujitsu Ltd A dealing system.
WO1996005563A1 (en) * 1994-08-17 1996-02-22 Reuters Transaction Services Limited Negotiated matching system

Patent Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP0512702A2 (en) * 1991-05-03 1992-11-11 Reuters Limited Automated currency trade matching system with integral credit checking
US5283731A (en) * 1992-01-19 1994-02-01 Ec Corporation Computer-based classified ad system and method
GB2275796A (en) * 1993-03-01 1994-09-07 Fujitsu Ltd A dealing system.
WO1996005563A1 (en) * 1994-08-17 1996-02-22 Reuters Transaction Services Limited Negotiated matching system

Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7835987B2 (en) 2004-01-29 2010-11-16 Bgc Partners, Inc. System and method for routing a trading order according to price
US8738498B2 (en) 2004-01-29 2014-05-27 Bgc Partners, Inc. System and method for routing a trading order
US8494951B2 (en) 2005-08-05 2013-07-23 Bgc Partners, Inc. Matching of trading orders based on priority

Also Published As

Publication number Publication date
WO2000026834A2 (en) 2000-05-11
GB0428305D0 (en) 2005-01-26
TW495691B (en) 2002-07-21
PE20001219A1 (en) 2000-11-06
AU1455800A (en) 2000-05-22
EP1131764A2 (en) 2001-09-12

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