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:
Dec. 28, 2010
Filed:
Jan. 31, 2007
Steven Cooper, Rumson, NJ (US);
William Riggio, Basking Ridge, NJ (US);
Geoffrey Bernard, Manhasset, NY (US);
Steven Cooper, Rumson, NJ (US);
William Riggio, Basking Ridge, NJ (US);
Geoffrey Bernard, Manhasset, NY (US);
ICAP Services North America LLC, Jersey City, NJ (US);
Abstract
An electronic trading system and method are disclosed for implementing an electronic trading protocol that permits buyers and sellers to 'negotiate in the middle' or 'NIM' i.e., to negotiate the purchase and sale of an item (e.g., securities) at a price between or equal to the best current bid and offer prices for the item through the submission of an initial NIM order and one or more NIM counteroffer orders. In a preferred embodiment, each NIM session may comprise two phases, a NIM private phase and a NIM public phase. During the NIM private phase, the initial NIM order is presented only to the trader on the opposite side of the market with the highest ranked order based on price and time priority. During the NIM public phase, the initial NIM order is presented to all traders on the opposite side of the market with pending orders at the best market price. The trader who submitted the initial NIM order is preferably granted authority to determine whether or not a public phase for the NIM should be allowed.