WO2002097589A3 - Price improvement crossing system - Google Patents

Price improvement crossing system Download PDF

Info

Publication number
WO2002097589A3
WO2002097589A3 PCT/US2002/017290 US0217290W WO02097589A3 WO 2002097589 A3 WO2002097589 A3 WO 2002097589A3 US 0217290 W US0217290 W US 0217290W WO 02097589 A3 WO02097589 A3 WO 02097589A3
Authority
WO
WIPO (PCT)
Prior art keywords
order price
price
buy
sell
price improvement
Prior art date
Application number
PCT/US2002/017290
Other languages
French (fr)
Other versions
WO2002097589A2 (en
Inventor
Neubert David L Cleary
John Armstrong
Original Assignee
Morgan Stanley
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Morgan Stanley filed Critical Morgan Stanley
Priority to EP02741791A priority Critical patent/EP1405241A4/en
Priority to JP2003500706A priority patent/JP4362362B2/en
Priority to AU2002314868A priority patent/AU2002314868A1/en
Publication of WO2002097589A2 publication Critical patent/WO2002097589A2/en
Publication of WO2002097589A3 publication Critical patent/WO2002097589A3/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/10—Tax strategies

Abstract

A method provided for matching a buy order having a sell order price that includes the step of determining if the buy order price is not less than the sell order price. Next, an NBBO price range is identified and it is determined whether the buy order price and the sell order price are within the NBBO range. A midpoint between the buy order price and the sell order price is then calculated. Finally, the buy order and the sell order is matched at the midpoint if the buy order price is not less than the sell order price and the buy order price and the sell order price are within the NBBO range.
PCT/US2002/017290 2001-05-30 2002-05-30 Price improvement crossing system WO2002097589A2 (en)

Priority Applications (3)

Application Number Priority Date Filing Date Title
EP02741791A EP1405241A4 (en) 2001-05-30 2002-05-30 Price improvement crossing system
JP2003500706A JP4362362B2 (en) 2001-05-30 2002-05-30 Price improvement crossing system
AU2002314868A AU2002314868A1 (en) 2001-05-30 2002-05-30 Price improvement crossing system

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US09/870,325 US7558753B2 (en) 2001-05-30 2001-05-30 Price improvement crossing system
US09/870,325 2001-05-30

Publications (2)

Publication Number Publication Date
WO2002097589A2 WO2002097589A2 (en) 2002-12-05
WO2002097589A3 true WO2002097589A3 (en) 2003-10-16

Family

ID=25355144

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2002/017290 WO2002097589A2 (en) 2001-05-30 2002-05-30 Price improvement crossing system

Country Status (5)

Country Link
US (2) US7558753B2 (en)
EP (1) EP1405241A4 (en)
JP (1) JP4362362B2 (en)
AU (1) AU2002314868A1 (en)
WO (1) WO2002097589A2 (en)

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Also Published As

Publication number Publication date
EP1405241A4 (en) 2004-07-28
JP2004528658A (en) 2004-09-16
US20090132412A1 (en) 2009-05-21
JP4362362B2 (en) 2009-11-11
WO2002097589A2 (en) 2002-12-05
US7912780B2 (en) 2011-03-22
US20020184136A1 (en) 2002-12-05
US7558753B2 (en) 2009-07-07
AU2002314868A1 (en) 2002-12-09
EP1405241A2 (en) 2004-04-07

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