Abstract: Data processing systems and methods for managing transactions in auction-based trading of specialized items such as fixed income instruments are presented. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly configured program-controlled workstations. The protocol and its program-controlling logic improves trading efficiency, rewards market Makers, and fairly distributes market opportunity to system users.
Type:
Grant
Filed:
March 15, 2005
Date of Patent:
March 22, 2016
Assignee:
Cantor Fitzgerald, L.P. CFPH, LLC
Inventors:
Howard W Lutnick, Stuart Fraser, Bijoy Paul