Automated system for routing orders for financial instruments among permissioned users
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United States of America Patent
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Issued Date -
Nov 25, 2004
app pub date -
May 20, 2003
filing date -
May 20, 2003
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A system and method for routing orders for financial instruments among permissioned users is provided. Orders for financial instruments are monitored from a first user. Each order includes a first price per unit component, and a first unit quantity, and the orders comprise undisclosed liquidity. The first user has one or more permissioned users, and the system and method monitors reciprocal orders for financial instruments from each of the one or more permissioned users. Each reciprocal order includes a second price per unit component and a second unit quantity, the first and second price per unit components having overlapping values, and the reciprocal orders comprise undisclosed liquidity that has not been sent to any trade execution entity. For each reciprocal order, an execution message is sent to the corresponding permissioned user confirming trade execution if at least a portion of the first quantity has not previously been sent to any trade execution entity or previously executed to any permissioned user. For each execution message, the corresponding trade execution is reported in accordance with governmental trade reporting requirements.
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