FIXED INCOME SECURITIES MARKET MODEL
Methods, systems, and apparatus, including computer programs encoded on a computer storage medium, for facilitating financial interactions relating to fixed income securities. In one aspect, a computer-based method for facilitating a transfer of a fixed income security includes receiving an indication from a computer-based interface device that a initiating party seeks a counterparty for a financial transaction involving the transfer of the fixed income security, accessing data in an electronic database relating to a plurality of potential counterparties for the financial transaction and assigning to one or more of the plurality of potential counterparties an indication as to likelihood that the potential counterparty will engage in the financial transaction. The indication of likelihood that the potential counterparty will engage in the financial transaction is based on the data in the electronic database.
1 . A computer-based method for processing offers received from a plurality of potential counterparties to engage in a proposed financial transaction involving a transfer of a fixed income security,
wherein the plurality of potential counterparties comprises one or more potential counterparties specifically identified by an initiating party as a potential counterparty to the financial transaction and one or more potential counterparties selected by a computer-based matching engine as likely being interested in the proposed financial transaction,
the computer-based method comprising:
receiving one or more offers from the potential counterparties specifically identified by the initiating party;
receiving one or more offers from the potential counterparties selected by the computer-based matching engine; and
identifying, among the received offers, one or more of the received offers that alone or collectively provide the initiating party a best price for a quantity of the fixed income security that satisfies requirements of the proposed financial transaction.
2 . The computer-based method of claim 1 further comprising:
enabling the initiating party to access information about the one or more received offers that alone or collectively provide the initiating party the best price for the quantity of the fixed income security that satisfies requirements of the proposed financial transaction.
3 . The computer-based method of claim 2 wherein more than one of the received offers is combined to collectively satisfy the requirements of the proposed financial transaction.
4 . The computer-based method of claim 3 wherein at least one of the more than one received offers combined to satisfy the requirements of the proposed financial transaction has an associated duration, after which the at least one offer will expire, and
wherein the information about the received offers that the initiating party can access is updated upon expiration of the associated duration to reflect a new best price for the quantity of the fixed income security that satisfies requirements of the proposed financial transaction.
5 . The computer-based method of claim 4 further comprising:
receiving an indication of the associated duration along with an associated one of the received offers from one of the potential counterparties being combined to satisfy the requirements of the proposed financial transaction.