Reuters Limited

Geneva Branch of Reuters Transaction Services Ltd.

Christopher J Ordish

David L Silverman

William L Donner

John M Richards

Clifford A Mackenzie

A negotiated matching system includes a plurality of remote terminals associated with respective potential counterparties, a communications network for permitting communication between the remote terminals, and a matching station. Each user enters trading information and ranking information into his or her remote terminal. The matching station then uses the trading and ranking information from each user to identify transactions between counterparties that are mutually acceptable based on the ranking information, thereby matching potential counterparties to a transaction. Once a match occurs, the potential counterparties transmit negotiating messages to negotiate some or all terms of the transaction. Thus, the negotiated matching system first matches potential counterparties who are acceptable to each other based on trading and ranking information, and then enables the two counterparties to negotiate and finalize the terms of a transaction.

Negotiated matching system

An improved matching system for trading instruments in which the occurrence of automatically confirmed trades is dependent on receipt of match acknowledgement messages by the host computer (200) from all counterparties (KS A, KS B) to the matching trade. The host computer (200) matches like bids and offers provided thereto by the various keystations (KS A, KS B) in accordance with a predetermined matching criteria. Each of the keystations (KS A, KS B) includes a trade status timer (300, 302) and a display (310, 312) for timing receipt of a confirmed trade and/or ticket generation message from the host (200) after the keystation (KS A, KS B) has sent a match acknowledgement message and for displaying an 'unconfirmed trade' status message awaiting receipt of the 'confirmed trade' indication from the host (200). An alarm and a display message is provided at the keystation (KS A, KS B) when the 'confirmed trade' indication is not timely received. The host (200) receives match acknowledgement messages from all of the counterparties (KS A, KS B) to the match before confirming a trade. A ticket is not generated at the keystation (KS A, KS B) until the trade has been confirmed by the host (200).

Offer matching system having timed match acknowledgment

A video communication trading system network includes a plurality of subscriber keystations (410,412) at least one of which employs a conversation analyzing keystation terminal controller (400,400a) for parsing a trading conversation between designated keystations (98a,602) for automatically providing trading conversation context sensitive trading data messages, such as trading conversation textual message prompts based on real time trading conversation analysis. The trading system network includes a message switching interface (300) for routing trading conversational messages throughout the network. The context sensitive prompt messages are analysis driven to provide prompt messages based on the analyzed dialogue as the conversation progresses. These prompts can be manually overridden by the user. The system also provides for dynamic creation of a ticket (416,404), which is also displayed, as the conversation progresses based on the real time analysis of the conversation. This analysis also provides error messages, such as highlighting inconsistencies on the screen (410) in the content of the conversation, such as an incorrect value date. In using the system, both parties to the conversation do not have to have the same type of terminal controller (96,400,400a ) and only the party desiring the benefits of conversation analysis need, by way of example, employ the terminal controller (400,400a) of the present invention.

Trading system for providing real time context sensitive trading

An improved system (30) provides fast contact in a conversational video system by use of a screen pointer (200) in connection with a windowed display of a financial data page and a unique subscriber identification code with or without an interest message code. When an interest message code is provided, the prestored interest message is expanded and inserted in the command line. If a double click is employed with the mouse 200 screen pointer, contact is automatically initiated with the called party and the interest message transmitted. However, if only a single click is detected, the interest message is inserted in the command line without being automatically transmitted. The subscriber may then double click his mouse screen pointer (200) at the location of the code in the display (76) or may press the TRANSMIT key on the keyboard (72) to send the interest message to the called party. The system (30) may also use CONTACT LISTS to initiate conversational contacts.

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Surrey, United Kingdom

Christopher J Ordish