EP0434224A2
Expired / Lapsed
EP
⏱️ 0.0 years remaining
Integrated trading
Assignee: Refinitiv Ltd
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Filing: 1990-11-22
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Granted: —
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Expires: 2010-11-22
Abstract
Abstract Integrated trading provides both automatic matching trades for trading instruments between potential counterparties and video conversational negotiated trades for trading instruments between potential counterparties using integrated keystations (202, 204, 206, 208) which are selectively connectable together. Each of the keystations (202, 204, 206, 208) includes a data input device, such as a keyboard (240) and a mouse (242), and an integrated screen display (238), with the keyboard (240) and the display (238) being shared for both the automatic matching trades effectuated by the keystation (202, 204, 206, 208) through a matching network (220) and the video conversational negotiated trades keystation (202, 204, 206, 208) through a separate conversation network (218). An integrated terminal controller (214, 216) is provided as a common interface between the keystations (202, 204, 206, 208) and the separate networks (218, 220). Transaction data is provided between given keystations (202, 204, 206, 208) in the system (200) relating to both automatic matching transactions and video conversational negotiated trading transactions through the common integrated terminal controller (214, 216) which interfaces with the separate communication paths associated with the automatic matching trades (220) and the video conversational negotiated trades (218) effectuated by the keystation (202, 204, 206, 208). The integrated terminal controller(214, 216) comprises a conversation server (252), a concentrator computer (254), the terminal computers (250) associated with the various keystations (202, 204, 206, 208) it serves, and a local area network (256) tieing them together. Initial access to both types of trades can be obtained at log on. A common ticket generation scheme for both types of trades is used so that trading tickets may be collected and communicated to a remote back office data base through the integrated terminal controller (214, 216), via the conversation server (252), irrespective of the type of trade completed.
Inventors
- 👤 Christopher J. Ordish
- 👤 John M. Richards
Bibliographic Details
Application Number
—
Jurisdiction
EP
Data Source
google_patents
Last Synchronized
2026-10-28 02:16
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/04
Claims Analysis
Total Claims: 14
Claim 1
Independent Claim
480 words
An integrated trading system capable of providing both automatic matching trades for trading instruments between potential counterparties at different locations and video conversational negotiated trades for trading instruments between potential counterparties at different locations over a first communication means, said automatic matching trades comprising trades in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given instruments, said video conversational negotiated trades comprising trades in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for enabling discretionary conversational messages to be exchanged between said potential counterparties in order to negotiably completed said video conversational negotiated trades, said integrated trading system comprising a first plurality of keystation means; and a second communication means, said first plurality of keystation means being selectively connectable to said first communication means through said second communication means for enabling said first plurality of keystation means to selectively communicate with a second plurality of keystation means at said different locations to effectuate said matching trades and said video conversational negotiated trades, at least a first one of said keystation means in said first plurality being capable of effectuating at least said automatic matching trades and at least a second one of said keystation means in said first plurality being capable of effectuating at least said video conversational negotiated trades, said first one of said keystation means in said first plurality comprising video display means capable of displaying at least said bids and said offers associated with said matching transactions and a data input means for selectively inputting said bids and said offers to said first communication means through said second communication means for effectuating said automatically provided matching transactions, said second one of said keystation means in said first plurality comprising video display means capable of displaying said video conversational textual data messages associated with said negotiated trades and a data input means for selectively inputting said video conversational textual data messages to said first communication means through said second communication means for effectuating said video conversational negotiated trades, said second communication means comprising interface means connectably disposed between said first one of said keystation means in said first plurality and said first communication means and said second one of said keystation means in said first plurality and said first communication means for selectively interfacing said first one of said keystation means in said first plurality and said second one of said keystation means in said first plurality with said keystation means in said second plurality through said interface means and said first communication means; whereby both automatically matched trades for said trading instruments and video conversational negotiated trades for said trading instruments may be conducted through said integrated trading system.
Claim 2
Dependent Claim
480 words
An integrated trading system capable of providing both automatic matching trades for trading instruments between potential counterparties at different locations and video conversational negotiated trades for trading instruments between potential counterparties at different locations over a first communication means, said automatic matching trades comprising trades in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given instruments, said video conversational negotiated trades comprising trades in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for enabling discretionary conversational messages to be exchanged between said potential counterparties in order to negotiably completed said video conversational negotiated trades, said integrated trading system comprising a first plurality of keystation means; and a second communication means, said first plurality of keystation means being selectively connectable to said first communication means through said second communication means for enabling said first plurality of keystation means to selectively communicate with a second plurality of keystation means at said different locations to effectuate said matching trades and said video conversational negotiated trades, at least a first one of said keystation means in said first plurality being capable of effectuating at least said automatic matching trades and at least a second one of said keystation means in said first plurality being capable of effectuating at least said video conversational negotiated trades, said first one of said keystation means in said first plurality comprising video display means capable of displaying at least said bids and said offers associated with said matching transactions and a data input means for selectively inputting said bids and said offers to said first communication means through said second communication means for effectuating said automatically provided matching transactions, said second one of said keystation means in said first plurality comprising video display means capable of displaying said video conversational textual data messages associated with said negotiated trades and a data input means for selectively inputting said video conversational textual data messages to said first communication means through said second communication means for effectuating said video conversational negotiated trades, said second communication means comprising interface means connectably disposed between said first one of said keystation means in said first plurality and said first communication means and said second one of said keystation means in said first plurality and said first communication means for selectively interfacing said first one of said keystation means in said first plurality and said second one of said keystation means in said first plurality with said keystation means in said second plurality through said interface means and said first communication means; whereby both automatically matched trades for said trading instruments and video conversational negotiated trades for said trading instruments may be conducted through said integrated trading system.
Claim 3
Dependent Claim
28 words
An integrated trading system in accordance with claim 1 wherein said first communication means comprises separate communication paths for said matching trades and said video conversational negotiated trades.
Claim 4
Dependent Claim
29 words
An integrated trading system in accordance with claim 1 wherein said second communication means comprises a common communication path for said matching trades and said video conversational negotiated trades.
Claim 5
Dependent Claim
23 words
An integrated trading system in accordance with claim 3 wherein said second communication means common communication path comprises a local area network means.
Claim 6
Dependent Claim
50 words
An integrated trading system in accordance with claim 1 wherein at least said video display means for said first one of said keystation means in said first plurality further comprises means capable of displaying said video conversational textual data messages associated with said negotiated trades for effectuating said matching trades.
Claim 7
Dependent Claim
28 words
An integrated trading system in accordance with claim 5 wherein said first communication means comprises separate communication paths for said matching trades and said video conversational negotiated trades.
Claim 8
Dependent Claim
84 words
An integrated trading system in accordance with claim 5 wherein at least said data input means for said first one of said keystation means in said first plurality comprises a common data input means for selectively inputting both said video conversational textual data messages to said first communication means through said second communication means for effectuating said video conversational negotiated trades and said bids and said offers to said first communication means through said second communication means for effectuating said automatically provided matching transactions.
Claim 9
Dependent Claim
328 words
An integrated trading system capable of selectively providing both automatic matching trades for trading instruments between potential counterparties and video conversational negotiated trades for trading instruments between potential counterparties over a data communication network, said automatic matching trades comprising trades in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given instruments, said video conversational negotiated trades comprising trades in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for enabling discretionary conversational messages to be exchanged between said potential counterparties in order to negotiably complete said video conversational negotiated trades, said integrated trading system comprising at least a first keystation means selectively connectable to a plurality of other keystation means through said data communication network for enabling said first keystation means to selectively communicate with said other keystation means to effectuate said matching trades and said video conversational negotiated trades; and integrated terminal controller means connectably disposed between said first keystation means and said data communication network for selectively interfacing said first keystation means with said data communication network, said first keystation means comprising a common video display means capable of displaying both said bids and said offers associated with said matching transactions and said video conversational textual data messages associated with said negotiated trades, and a common data input means for selectively inputting both said video conversational textual data messages to said data communication network through said integrated terminal controller means for effectuating said video conversational negotiated trades and said bids and said offers to said data communication network through said integrated terminal controller means for effectuating said automatically provided matching transactions; whereby both automatically provided matched trades for said trading instruments and video conversational negotiated trades for said trading instruments may be selectively conducted over said integrated trading system.
Claim 10
Dependent Claim
328 words
An integrated trading system capable of selectively providing both automatic matching trades for trading instruments between potential counterparties and video conversational negotiated trades for trading instruments between potential counterparties over a data communication network, said automatic matching trades comprising trades in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given instruments, said video conversational negotiated trades comprising trades in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for enabling discretionary conversational messages to be exchanged between said potential counterparties in order to negotiably complete said video conversational negotiated trades, said integrated trading system comprising at least a first keystation means selectively connectable to a plurality of other keystation means through said data communication network for enabling said first keystation means to selectively communicate with said other keystation means to effectuate said matching trades and said video conversational negotiated trades; and integrated terminal controller means connectably disposed between said first keystation means and said data communication network for selectively interfacing said first keystation means with said data communication network, said first keystation means comprising a common video display means capable of displaying both said bids and said offers associated with said matching transactions and said video conversational textual data messages associated with said negotiated trades, and a common data input means for selectively inputting both said video conversational textual data messages to said data communication network through said integrated terminal controller means for effectuating said video conversational negotiated trades and said bids and said offers to said data communication network through said integrated terminal controller means for effectuating said automatically provided matching transactions; whereby both automatically provided matched trades for said trading instruments and video conversational negotiated trades for said trading instruments may be selectively conducted over said integrated trading system.
Claim 11
Dependent Claim
271 words
An integrated trading system method for providing both automatic matching trades for trading instruments between potential counterparties and video conversational negotiated trades for trading instruments between potential counterparties over separate networks relating to said automatic matching trades and said video conversational negotiated trades, each of said networks comprising a plurality of keystation means selectively connectable to each other through said separate network, said keystation means comprising data input means and video display means; said method comprising the steps of sharing use of said video display means for a given keystation means for enabling said given keystation means to transact both said automatic matching trades, in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given trading instruments, and said video conversational negotiated trades, in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for exchanging discretionary conversational messages between said potential counterparties for negotiably completing said video conversational negotiated trades; and selectively interfacing said given keystation means with both of said separate networks for selectively connecting said given keystation means to keystation means in both of said separate networks for enabling said given keystation means to selectively transact both said automatic matching trades and said video conversational negotiated trades through said separate networks; whereby both said automatically provided matching trades and said video conversational negotiated trades may be conducted at said given keystation means for trading desired trading instruments irrespective of the type of trade.
Claim 12
Dependent Claim
271 words
An integrated trading system method for providing both automatic matching trades for trading instruments between potential counterparties and video conversational negotiated trades for trading instruments between potential counterparties over separate networks relating to said automatic matching trades and said video conversational negotiated trades, each of said networks comprising a plurality of keystation means selectively connectable to each other through said separate network, said keystation means comprising data input means and video display means; said method comprising the steps of sharing use of said video display means for a given keystation means for enabling said given keystation means to transact both said automatic matching trades, in which bids from potential counterparties are automatically matched against offers from potential counterparties for given trading instruments for automatically providing matching transactions in order to complete said automatic matching trades for said given trading instruments, and said video conversational negotiated trades, in which video conversational textual data messages are selectively routed between potential counterparties with respect to bids and offers for given trading instruments for exchanging discretionary conversational messages between said potential counterparties for negotiably completing said video conversational negotiated trades; and selectively interfacing said given keystation means with both of said separate networks for selectively connecting said given keystation means to keystation means in both of said separate networks for enabling said given keystation means to selectively transact both said automatic matching trades and said video conversational negotiated trades through said separate networks; whereby both said automatically provided matching trades and said video conversational negotiated trades may be conducted at said given keystation means for trading desired trading instruments irrespective of the type of trade.
Claim 13
Dependent Claim
192 words
An integrated trading system method for providing both automatic matching trades for trading instruments between potential counterparties over a first data communication network to a plurality of keystation means selectively connectable to each other through said first data communication network and video conversational negotiated trades for trading instruments between potential counterparties over a second data communication network to a plurality of keystation means selectively connectable to each other through said second data communication network, said keystation means comprising data input means and video display means, said keystation means being selectively connectable to both said first and second data communication networks through interface means for selectively interfacing said keystation means with each other through said first and second data communication networks, said method comprising the step of providing transactional data between said keystation means and said potential counterparties relating to both said automatic matching transactions and said video conversational negotiated trades through a common integrated terminal controller means for enabling a given keystation means to selectively effectuate both said automatic matching transactions and said video conversational negotiated trades through said common integrated terminal controller to said first and second data communication networks, respectively.
Claim 14
Dependent Claim
192 words
An integrated trading system method for providing both automatic matching trades for trading instruments between potential counterparties over a first data communication network to a plurality of keystation means selectively connectable to each other through said first data communication network and video conversational negotiated trades for trading instruments between potential counterparties over a second data communication network to a plurality of keystation means selectively connectable to each other through said second data communication network, said keystation means comprising data input means and video display means, said keystation means being selectively connectable to both said first and second data communication networks through interface means for selectively interfacing said keystation means with each other through said first and second data communication networks, said method comprising the step of providing transactional data between said keystation means and said potential counterparties relating to both said automatic matching transactions and said video conversational negotiated trades through a common integrated terminal controller means for enabling a given keystation means to selectively effectuate both said automatic matching transactions and said video conversational negotiated trades through said common integrated terminal controller to said first and second data communication networks, respectively.
References Cited (Backward Citations)
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