04674044 is referenced by 1090 patents and cites 10 patents.

Data processing based apparatus makes an automated trading market for one or more securities. The system retrieves the best obtaining bid and asked prices from a remote data base, covering the ensemble of institutions or others making a market for the relevant securities. Data characterizing each securities buy/sell order requested by a customer is supplied to the system. The order is qualified for execution by comparing its specifics against predetermined stored parameters. The stored parameters include the operative bid and asked prices, the amount of stock available for customer purchase or sale, and maximum single order size.

Once qualified, the order is executed and the appropriate parameters are updated. The system provides inventory (position) control and profit accounting for the market maker. Finally, the system reports the executed trade details to the customer, and to national stock price reporting systems. Upon a change in the quoted price for a security, the system updates all relevant qualification parameters.

Title
Automated securities trading system
Application Number
6/696407
Publication Number
4674044
Application Date
January 30, 1985
Publication Date
June 16, 1987
Inventor
John Strampfer
Greenlawn
NY, US
Bradley Mott
Douglaston
NY, US
Donald R Trojan
Stamford
CT, US
Leslie P Kalmus
New York
NY, US
Agent
William L Botjer
Assignee
Merrill Lynch Pierce Fenner & Smith
NY, US
IPC
G06F 15/30
G06F 15/20
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