The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Feb. 24, 2009
Filed:
Mar. 07, 2007
Gary L. Gastineau, Short Hills, NJ (US);
Todd J. Broms, New York, NY (US);
Daniel J. Mccabe, Upper Saddle River, NJ (US);
Paul E. Kuhnle, Doylestown, PA (US);
Gary L. Gastineau, Short Hills, NJ (US);
Todd J. Broms, New York, NY (US);
Daniel J. McCabe, Upper Saddle River, NJ (US);
Paul E. Kuhnle, Doylestown, PA (US);
Managed ETFs LLC, Summit, NJ (US);
Abstract
Systems, methods and computer program products for trading financial instruments are described herein. A first order to buy or sell a financial instrument is received, where the first order includes at least one contingency. The contingency may be price-based and/or volume-based. For example, the contingency can be based on a volume-weighted average price of the security (VWAP); a time-weighed average price of the security (TWAP); a target trading volume of the security as a percentage of total market volume during a specified period (TVOL); or a net asset value (NAV) of the security. The first order is matched with a corresponding second order. For example, a bid for a given security is matched with an offer for the same security. This matching operation also includes ensuring that the contingency(ies) of the first order are compatible with the contingency(ies) of the second order. Thereafter, the contingencies are calculated, and then the first and second orders are executed pursuant to the calculated contingencies.