Thomas M Joyce

US Patent:

20030004859, Jan 2, 2003

Filed:

Jan 2, 2002

Appl. No.:

10/032535

Inventors:

John Shaw - Westport CT, US
Richard Holway - Winchester CT, US
Mike Alex - Wyckoff NJ, US
James Nikolai - Great Neck NY, US
Thomas Joyce - Port Washington NY, US
Saul Hilsenrath - Chatham NJ, US
Daniel Speers - Morristown NJ, US

International Classification:

G06F017/60

US Classification:

705/037000

Abstract:

A secure, computer based method and system for anonymously and confidentially matching indications of interest from potential buyers and sellers is disclosed which facilitates human intervention for negotiating a final transaction between matched parties. Potential buyers and sellers independently enter indications of interest into a central processing system which operates on a network containing a secure station and a plurality of remote user terminals linked to the secure station. The indications identify a security (such as a trading equity), price, type of order, duration, and other related information. A memory at the secure station stores user data and multiple prospective transaction entries received from the user terminals. Indications of interest are compared against those already in the system to determine whether buy side and sell side orders are sufficiently similar to generate a match. When a match occurs, each party and/or its authorized representative is given contact information for the other party and/or its authorized representative to facilitate negotiation of a final transaction. Transacting parties remain anonymous, and transaction information remains confidential, until a match occurs. Transacting parties have an option of adding conditions such as acceptable price, amount and time limits, to their prospective transaction entries. Other options enable parties to place such entries in a pending mode in which the entry is not compared with other entries, and later change the mode form pending to active.