05950176 is referenced by 407 patents and cites 21 patents.

The present invention discloses a method, apparatus, and article of manufacture for a computer-implemented financial management system that permits the trading of securities via a network. A server computer receives buy and sell orders for derivative financial instruments from a plurality of client computers. The server computer matches the buy orders to the sell orders and then generates a market price through the use of a virtual specialist program executed by the server computer. The virtual specialist program responds to an imbalance in the matching of the buy and sell orders.

Title
Computer-implemented securities trading system with a virtual specialist function
Application Number
8/620906
Publication Number
5950176
Application Date
March 25, 1996
Publication Date
September 7, 1999
Inventor
Michael R Burns
Los Angeles
CA, US
Timothy Maxwell Keiser
Los Angeles
CA, US
Agent
Brown Raysman Millstein Felder & Steiner
Assignee
HSX
CA, US
IPC
G06F 17/60
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