Regardless of the delivery technique, there is a delay because different systems must interact to provide verification of the original ownership, settlement of payment and then delivery. Problems can arise in these transactions for any number of reasons. Problems can occur when a buyer does not have the funds to pay for the purchase.

Problems can occur when a seller fails to have ownership of the item being sold. With all the different unrelated entities involved, there is also a significant delay between when a buyer buys an item and has ownership rights to thereupon sell the item. It is a goal to have a trading system with straight through processing STP. STP would provide for a seamless and veritable instantaneous completion of a transaction. In the existing systems, STP is not attainable.

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Moreover, there are numerous resulting and burdensome interactions and Interactions amongst and between the entities that have steps to perform to facilitate a transaction, and there are resulting burdensome costs because each party also takes a percentage of each transaction as a fee. So current trading systems, even the ones using electronic trading techniques, are not only unable to perform STP, they inherently include a greater of amount of cost overhead than a system having a single entity performing all of the backed operations.

A trading system provides an improved platform for the electronic trading of a fungible element. Scalable, the trading system may provide for varying levels of interaction across different jurisdictions. Through interfacing directly with a user acting as either a buyer or a seller, the trading system provides a direct order book based system for the open exchange of the tradable securities. Any fungible asset may be tradable on the trading system using a standardization and dematerialization technique for making the asset available. Through the interface and electronic exchange system, users may make buy or sell requests in real time.

With back-end system support through interfacing with one or more custodial entities, an exchange between a buyer and seller may be performed in a straight through processing STP fashion.

Notice details

Similarly, STP may be avoided by the system in risky situations and a non-STP process used to provide a greater degree of security for various parties to one or more transactions. In one embodiment, an algorithm or other routine may determine if STP should be used or if human intervention is warranted. From these factors, a corresponding risk level can be determined. If the risk is above a certain level, the back office can specifically prohibit STP by requiring human intervention and the manual inspect of one or more steps in the closing of the transaction.

Similarly, if the risk factors are below the predefined level, the system may close the transaction with STP. The trading system may also provide further enhancements to the user beyond facilitating a trade. An electronic display of tradable instruments provides an open display of items available for purchase or sale, as well as corresponding prices. The trading system illustrates the items available for purchase and requested prices, therefore a buyer approaching the trading system accesses the outstanding offers currently made available by the seller. Similarly, the trading system may provide varying accounting benefits for tradable instruments having returns or dividends payable, such as automatically offsetting any purchase price by pro-rated returns.

The trading system may also provide market information to users based on preferences for markets or types of instruments. As described below, the trading system, through the utilization of a single processing environment having the ability to perform STP provides users looking to buy and sell tradable elements across a single platform with a secure, timely and cost-effective transaction.

The buyer utilizes a computer to access a user interface , typically across an internet connection, shown generally at Similarly, the seller utilizes a computer to access the user interface , also typically using an internet connection The user interface may be a software module running on a server or other operating platform. In one embodiment, the user interface is accessible across a network connection, such as an internet connection using known interface protocols between the computers , and the interface The interface may also use known security techniques or protocols to provide secure connections therebetween.

In another embodiment, the buyer and seller may have existing accounts and they provide a password or other validation for establishing the secure connection. The user interface is in communication with an exchange system The system , as described in further detail below, may include one or more processing systems allowing for the receipt of input commands through the user interface and performing corresponding functions.

The system may include various levels of entities providing for the execution of a trade or in another embodiment may facilitate further communication with other entities that can complete requested transactions. Using known data transfer protocols, the user interface may communicate information between the buyer and the exchange system and the seller and the exchange system When certain transactions are performed, the exchange system also updates a display allowing for any user or authorized user, such as anyone logged into the interface , to see the information.

For example, if the seller places an offer to sell a preset number of units of a particular item, this sell offer is then posted to a board listing items available for purchase. Similarly, if the buyer places an order to purchase a number of available items, once the purchase has been accepted, the exchange system provides a display indicating the items are no longer available for purchase.

Therefore, various operations relating to the trading of one or more Instruments, investments, securities and assets may be performed within the exchange system , as described below. Users may monitor the exchange system and perform various functions in the exchange system through the user interface As recognized by one having ordinary skill in the art, the user is provided a visual display on the user's computer e.

The display on the computer may also be facilitated by operating instructions and information also resident on the computer itself, for example some data may be locally stored on the computer itself later combined with data from the exchange system or the user interface The system includes an investor interface , an exchange processing device , a gateway , a back office and a custodian The investor interface may be a computing interface, similar to the user interface as described with respect to FIG.

The exchange processing device may be one or more processing devices executing software applications providing for the functionality of an investor to utilize the exchange system as well as monitor the current status of the market of instruments, investments, securities and assets being traded thereon. The gateway may be one or more processing devices facilitating communication with a back office or, if and to the extent that the investor interface may communicate directly with all portions or some of the back office , there may be a direct communication between them as is shown. The back office , which may include the custodian , provides an electronic settlement of trades and other transactions performed by the exchange processing device Similarly, the custodian , which may also be a separate entity, is typically an entity or institution that maintains control of one or more assets for investors.

Within the custodian are one or more computing systems that provide not only electronic storage of assets used in the exchange, but can also provide verification of ownership of these assets. An investor, through the interface provides an offer to sell to the exchange processing device Also illustrated in the data flow diagram of FIG.

Not illustrated, the processing device may include various levels of authentication to verify the identity of the investor. When the offer to sell is electronically received, the exchange processing device secures verification of the seller's ownership rights prior to allowing the offer to be publicly known. The data flow diagram of FIG. Not specifically illustrated, the seller may first have to dematerialize the equity wishing to be exchanged. This step may be done using any known techniques, such as using a custody or settlement system.

For example, a private company share may be dematerialized using a service from Cedel, Euroclear, DTC, Sega or any other entity.

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Then, using a Swift interface, the ownership of this equity may be verified. Also not specifically illustrated in the data flow of FIG. It is envisioned that the custodian and the back office may be separate units, therefore the back office may communicate with the custodian using the APSYS interface. In this embodiment, neither the back office nor the custodian utilize communication interfaces beyond the existing commonly used interfaces.

It is recognized that there are any number of suitable interfaces that may be used, as recognized by one having ordinary skill in the art. A validation command may then be sent to the exchange processing device The validation may also be sent to the gateway and then to the device , or it may be sent to the back office in an embodiment where the back office is separate from the custodian prior to being sent to the gateway or the device Within the system, it is the validation of the offer to sell which allows the display of equities within the trading system.

The exchange processing device provides a display signal to the investor interface This display signal allows for a visual confirmation of the offer for sale within the system. As an example, FIG. This display signal also provides a public display of the offer so that buyers may accordingly know that an asset is available for trade.

It is also recognized that just as an investor may place an offer for sale on the exchange system, an investor may make an offer to buy. The offer to buy may not necessarily be in direct response to a listed asset being offered on the exchange, but can be an indication that a buyer is seeking a seller for a particular equity at a particular price level.

While the screenshot lists a single offer for purchase and a single offer for sale, the system may hold any number of offers. These offers may be categorized by the types of instruments being sold, they may be categorized by length of post, they may be categorized by an investor's internal preference or any other suitable technique. As illustrated in the screenshot of FIG. Using the investor interface , typically across a secured internet or other networked connection, an investor can submit the offer The exchange processing device , performing processing steps in response to executable instructions, matches the offer to buy with a corresponding verified offer to sell.

The match does not necessarily need to be identical, but can be a partial match. For example, if a seller is selling 10, share of an equity and a buyer offers to buy shares, the exchange may complete the transaction as to of the shares, leaving shares still available for purchase by another investor. It is recognized that in one embodiment, the seller may indicate a wish to exclude this feature if desired.

When a match is found, the exchange processing device generates a verification command to verify that the buyer has the corresponding assets, typically financial reserves, to cover the transaction. The verification command is provided to the back office , where the back office may use an APSYS interface to seek verification of funds within a corresponding account controlled by the custodian The back office uses existing interface commands so as to not require the custodian to employ additional software solely for the purpose of communicating with the back office Similarly, as discussed above for sellers, in another embodiment, the gateway may also be used to communicate between the exchange and the back office , if needed.

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This re-verification may be done similar to the data flow of FIG. There may be various embodiments for providing verification of the ownership of elements to the exchange prior to completing the exchange. In one embodiment, the transaction may be processed immediately upon complete verification for both parties, although this may include the risk of a change in status in one of the parties' accounts in the time between verification and processing the exchange. In another embodiment, when a re-verification is performed, there may be a time limit imposed that if both verifications buyer ownership verification and seller ownership verification have occurred at a time longer than the time limit, they must be re-verified again.

In another embodiment, a hold may be placed or ordered on the element to the exchange until the transaction is completed. For example, if the seller's financial accounts are verified to confirm dollar amounts in the account, a hold may be placed on the corresponding dollar amount, similar to the technique used with a credit card company when a customer checks into a hotel room.

In another embodiment, when verification is performed, the ownership rights to the elements may be withdrawn and held in a temporary account until the transaction is completed. Should the transaction fail, the elements may then be immediately returned to the account. If the custodian verifies the buyer has the funds to support the transaction, a verification command may be generated using the known data protocols, such as for example APSYS using an IS protocol.

This command is received by the back office and is provided to the exchange processing device The device then has assurance from a custodian that both parties are capable of completing the transaction, the seller owns the equities and the buyer has the funds to trade for the equity as of the time of the verification. In one embodiment, the exchange can then be performed. Within the device , the exchange may be a command to indicate that all conditions have been satisfied and the exchange may be processed.

An exchange command is then provided to the back office The back office processes the exchange and coordinates with the custodian s to complete the transfer. For example, the back office instructs a funds transfer from the buyer's account to the seller's account and instructs the transfer of ownership rights in the equity from seller to buyer. As part of the STP, the back office provides a direct communication link with the custodian s using existing communication networks and existing communication protocols.