3573747 is referenced by 797 patents and cites 8 patents.

This disclosure is directed to an apparatus and method of automatically, anonymously and equitably buying and selling fungible properties between subscribers. The specific embodiment described in the disclosure relates to the buying and selling of securities wherein a communication system pursuant to this invention is described which permits institutional investors to communicate anonymously with each other for the purpose of arranging block trades of listed and over-the-counter securities. Said system comprises a centralized data storage unit, a digital computer, a plurality of subscriber terminals and a plurality of communication links established therebetween. The method of the system comprises the steps of (1) booking unfilled buy offers including associated price and quantity parameters on a buy offer list in a priority sequence according to a first predetermined program, (2) booking unfilled sell offers including associated price and quantity parameters on a sell offer list in a priority sequence according to a second predetermined program, (3) comparing in said priority sequence, the price and quantity parameters of each incoming offer with the corresponding parameters of each offer on the complementary one of said lists, (4) transacting said received offer with the higher priority offers on said complementary list if said incoming offer can be matched against one or more offers on the complementary offer list, and (5) placing the untransacted portion of said received offer on the corresponding one of said lists in a priority sequence according to the corresponding one of said predetermined programs if said incoming offer cannot be completely matched against offers on complementary offer list.

Title
Instinet communication system for effectuating the sale or exchange of fungible properties between subscribers
Application Number
04/801,455
Publication Number
3573747
Application Date
February 24, 1969
Publication Date
April 6, 1971
Inventor
Gilmore Jr John T
Pustilnik Jerome M
Behrens Herbert R
Adams Charles W
Assignee
Institutional Networks Corporation
IPC
G06f 15/24
H04L 12/18
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