United States Patent
US Patent 6278982: Securities trading system for consolidation of…
US 6278982 · granted 2001-08-21
Abstract
A securities trading consolidation system where each customer uses a single trader terminal to view, and analyze security market information from and to conduct security transactions with two or more ECNs, or other comparable ATSs, alone or in combination with one or more electronic exchanges. A consolidating computer system supplies the market information and processes the transactions. The consolidating computer system aggregates order book information from each participating ECN order book computer including security, order identification, and bid/ask prices information. Bid and ask prices for participating electronic exchanges may be integrated into the display. The combined information is displayed to a customer by security and by bids and offers, and then sorted by price, volume and other available attributes as desired by the customer. The consolidating computer system forwards to each trading terminal information from only those market maker ECNs and electronic exchanges that the customer is an ECN member or electronic exchange user and thus entitled to receive.
| Patent Number | 6278982 |
|---|---|
| Title | Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges |
| Filed | 1999-04-21 |
| Granted | 2001-08-21 |
| Inventor(s) | Chutjian; Keith P., Korhammer; Richard A., Rafieyan; Kamran L. |
| Assignee | Lava Trading Inc. |
| CPC Classification | G06F 13/00 |
| Number of Claims | 89 |
Abstract
A securities trading consolidation system where each customer uses a single trader terminal to view, and analyze security market information from and to conduct security transactions with two or more ECNs, or other comparable ATSs, alone or in combination with one or more electronic exchanges. A consolidating computer system supplies the market information and processes the transactions. The consolidating computer system aggregates order book information from each participating ECN order book computer including security, order identification, and bid/ask prices information. Bid and ask prices for participating electronic exchanges may be integrated into the display. The combined information is displayed to a customer by security and by bids and offers, and then sorted by price, volume and other available attributes as desired by the customer. The consolidating computer system forwards to each trading terminal information from only those market maker ECNs and electronic exchanges that the customer is an ECN member or electronic exchange user and thus entitled to receive.
Claim 1
A financial data processing system for securities or commodities for traders which integrates order book information from two or more alternative trading systems comprising: at least two alternative trading systems having different order book information protocols; data communication means to receive information from each participating alternative trading system to allow receipt of their order book information in their native order book information protocols; converter means to convert order book information of each alternative trading system into a common system order book information protocol; integration means for combining the order book information from each alternative trading system data communications means into a single order book; means for distributing the resulting combined order book to traders in the common order book information protocol; and display means for displaying said order book to traders.
Claims
89 totalA financial data processing system for securities or commodities for traders which integrates order book information from two or more alternative trading systems comprising: at least two alternative trading systems having different order book information protocols; data communication means to receive information from each participating alternative trading system to allow receipt of their order book information in their native order book information protocols; converter means to convert order book information of each alternative trading system into a common system order book information protocol; integration means for combining the order book information from each alternative trading system data communications means into a single order book; means for distributing the resulting combined order book to traders in the common order book information protocol; and display means for displaying said order book to traders.