Commission calculator and display

Abstract

Commission allocations in transaction management of auction-based trading for specialized items such as fixed income instruments. A plurality of workstations that are connected to a server, and a structured commission allocation protocol may be provided. Through the workstations, the server and the commission allocation protocol, the systems and methods may allocate commissions or fees when trading securities at accelerated levels with minimal errors and costs, control commission elements during real-time trading, reward customers and brokers who participate in transactions, and distribute commission and transaction data in real time.

1 . (canceled) 
     
     
         2 . A computerized device of an electronic transaction system, programmed to:
 distribute data to computerized devices of counterparty customers of the electronic transaction system, the data to be distributed to describe a transaction party's order proposing a transaction, the counterparty computerized device programmed to present to the counterprary:   one or more orders to the counterparty based on a price for the order; and   a commission to be computed for the counterparty's transacting of at least a part of the order, the commission to be computed and recomputed substantially in real time based at least in part as data representing the order or transaction is modified by order-modifying customer instructions in a manner that influences the commission.   
     
     
         3 . The computerized device of  claim 2 , wherein:
 the computation of commission is programmed to compute different commission amounts for the same order for different counterparty customers to whom the order is presented.   
     
     
         4 . The computerized device of  claim 2  wherein:
 at least some of the counterparty computerized devices are devices programmed to visibly display a bid or an offer on the transaction to the respective counterparty in an interactive view region. 
 
     
     
         5 . The computerized device of  claim 2  wherein:
 the computation of commission is programmed to compute different commission amounts for the same order for different counterparties based on a type of commission agreement pertaining to the respective counterparty. 
 
     
     
         6 . The computerized device of  claim 2  wherein:
 the commission calculation is programmed to vary based on the type of transaction that is subject of varying orders. 
 
     
     
         7 . The computerized device of  claim 2  wherein:
 the commission calculation is programmed to vary based on the order size. 
 
     
     
         8 . The computerized device of  claim 2  wherein the commission calculation is programmed to vary based on the dollar amount of the order on the transaction. 
     
     
         9 . The computerized device of  claim 2  wherein:
 the order-modifying customer is the customer that placed the order. 
 
     
     
         10 . The computerized device of  claim 2  wherein:
 the order-modifying customer is the counterparty customer to whom the order is presented. 
 
     
     
         11 . The computerized device of  claim 2  wherein:
 the commission is calculated for a multi-legged transaction. 
 
     
     
         12 . A counterparty customer's computerized device of a computer transaction system, being programmed to:
 receive information from one or more computerized devices of the electronic transaction system orders for transcations, the received information describing a transaction party's order proposing a financial transaction, the counterparty computerized device programmed to present orders to the counterparty based on a price for the order and a commission computed for the counterparty's transacting of at least a part of the order, the commission computed and recomputed substantially in real time based at least in part on information representing the order or transaction as modified by order-modifying customer instructions in a manner that influences the commission.   
     
     
         13 . The counterparty customer's device of  claim 12  wherein:
 the order-modifying customer is the customer that placed the order. 
 
     
     
         14 . The counterparty customer's device of  claim 12  wherein:
 the order-modifying customer is the counterparty customer to whom the order is presented. 
 
     
     
         15 . The counterparty customer's device of  claim 12  wherein:
 the commission calculation is programmed to compute different commission amounts for the same order for different counterparties based on the type of commission agreement pertaining to the respective counterparty. 
 
     
     
         16 . The counterparty customer's device of  claim 12  wherein:
 the commission calculation is programmed to vary based on the type of transaction. 
 
     
     
         17 . The counterparty customer's device of  claim 12  wherein the commission calculation is programmed to vary based on the order size. 
     
     
         18 . The counterparty customer's device of  claim 12  wherein the commission calculation is programmed to vary based on the dollar amount of the order. 
     
     
         19 . The counterparty customer's device of  claim 12  wherein:
 the order information is received at the counterparty's device from a central server of the electronic transaction system. 
 
     
     
         20 . The counterparty customer's device of  claim 12  wherein:
 the commission calculation is computed on the central server. 
 
     
     
         21 . The counterparty customer's device of  claim 12  wherein:
 the counterparty computerized device is device adapted to display bid and offer information on the financial instrument to the counterparty in an interactive view region. 
 
     
     
         22 . The counterparty customer's device of  claim 12  wherein the commission is calculated for a multi-legged transaction. 
     
     
         23 . A method comprising the steps of:
 receiving into memory of a computerized device of a computer transaction system data describing a transaction party's order proposing a financial transaction, and based at least in part on the order data, computing a commission to trade at least a part of the order with a counterparty customer;   tradeably presenting the order to the counterparty customer, the presentation including the computed commission for the proposed trade, or a price for the proposed trade net of the commission;   receiving data representing an instruction from an order-modifying customer of the electronic transaction system to modify the order in a manner that influences the commission on the proposed trade; and   computing an updated commission based on the instruction received from the order-modifying customer modifying the order, and tradeably presenting electronic data representing the modified order and the computed updated commission to the counterparty customer, the updating and presenting of the commission electronic data being performed in computerized devices in substantially real time response to the instruction.   
     
     
         24 . The method of  claim 23 , wherein:
 the instruction from the order-modifying customer is an instruction to modify the type of commission agreement in order to influence the commission.   
     
     
         25 . The method of  claim 23  wherein:
 the electronic transaction system is programmed to compute different commission amounts for the same bid or offer calculate different commission amounts for the same order for different counterparty customers to whom the order is presented. 
 
     
     
         26 . The method of  claim 23  wherein:
 the calculating the commission is further based on the type of customer commission agreement. 
 
     
     
         27 . The method of  claim 23  wherein:
 the order-modifying customer is the customer that placed the order. 
 
     
     
         28 . The method of  claim 23  wherein:
 the order-modifying customer is the counterparty customer to whom the order is presented. 
 
     
     
         29 . The method of  claim 23  wherein:
 the instruction from the order-modifying customer is an instruction to modify the size of the trade to be executed on the order. 
 
     
     
         30 . The method of  claim 23 , wherein:
 the tradeably presenting is presenting from a central server to a computerized device of the counterparty customer.   
     
     
         31 . The method of  claim 23 , wherein:
 the tradeably presenting is presenting on a visible display of a computerized device of the counterparty customer to the counterparty customer.   
     
     
         32 . The method of  claim 23 , wherein:
 the commission is calculated for a multi-legged transaction.   
     
     
         33 . The method of  claim 23 , wherein:
 the financial transaction is a purchase and/or sale of securities.