Computer trading of financial interests
Methods, systems, and apparatus for improved trading of financial interests via a computer network are disclosed. Improvements include crossing or commingling of auction and non-auction transaction proposals; disclosure of high bids and of identify of high bidders and offerors during the auction process; presentation of reference benchmark prices and benchmark-derived price references; immediate rescission of multiple proposed transactions in case of emergency; time-limited passwords; assignment of user access level classes; keyword tagging or identification of offers or bids; the use of multiple data sets or trading channels to enable separation of accounting and to accommodate training and familiarization efforts; enabling the creation of data sets in outside programs and subsequent and optionally repeated uploading or importation of data to the auction system; and staging of transactions for supervisory review. The invention includes methods and processes as well as suitable computer programs and data processing systems.
1. A method of facilitating trading of financial interests over a network using a system comprising a plurality of user computers and at least one other computer, the method comprising:
the plurality of user computers receiving from the at least one computer over the network (a) terms for a proposed auction in at least one financial interest and an associated deadline for deciding the proposed auction and (b) terms for at least one proposed non-auction transaction in the at least one financial interest which is identified in memory accessible by the at least one computer as an entry in the proposed auction but is not disclosed to the plurality of user computers as an entry in the proposed auction prior to the deadline; and
after the deadline, the at least one computer deciding the proposed auction with the proposed non-auction transaction as an entry if the proposed non-auction item remains an entry in the proposed auction after the deadline.
2. The method of claim 1 , wherein the at least one financial interest comprises at least one fixed-income security.
3. The method of claim 2 , wherein the at least one fixed-income security comprises at least one corporate bond.
4. A computer program product, comprising a computer program stored on a computer readable medium or media that causes a computer system comprising a plurality of user computers and at least one other computer to perform a method, comprising:
providing over the network to the plurality of user computers from the at least one computer (a) terms for a proposed auction in at least one financial interest and an associated deadline for deciding the proposed auction, and (b) terms for at least one proposed non-auction transaction in the at least one financial interest which is identified in memory accessible by the at least one computer as an entry in the proposed auction but is not disclosed to the plurality of user computers as an entry in the proposed auction prior to the deadline; and
after the deadline, deciding the proposed auction with the non-auction transaction if the non-auction transaction remains as an entry in the proposed auction after the deadline.
5. The product of claim 4 , wherein the at least one financial interest comprises at least one fixed-income security.
6. The product of claim 4 , wherein the at least one fixed-income security comprises at least one corporate bond.
7. A computerized system that facilitates trading of financial interests over a network, the system comprising a plurality of user computers, at least one other computer and a computer readable medium or media that stores a computer program that causes the computer system to:
provide over the network to the plurality of user computers from the at least one computer (a) terms for a proposed auction in at least one financial interest and an associated deadline for deciding the proposed auction, and (b) terms for at least one proposed non-auction transaction in the at least one financial interest which is identified in memory accessible by the at least one computer as an entry in the proposed auction but is not disclosed to the plurality of user computers as an entry in the proposed auction prior to the deadline; and
after the deadline, decide the proposed auction with the non-auction transaction if the non-auction transaction remains as an entry in the proposed auction after the deadline.
8. The system of claim 7 , wherein the at least one financial interest comprises at least one fixed-income security.
9. The system of claim 8 , wherein the at least one fixed-income security comprises at least one corporate bond.