Abstract:
Systems and methods embodying the present invention permit a trader of securities such as municipal bonds to observe real-time data relating to actual or prospective trades of relevance to a contemplated trade, while excluding those actual or prospective trades that are insufficiently relevant. The trader, or other user, can specify filtering criteria according to which actual or prospective trade data will be collected and presented. The retrieval and presentation of matching data permits an informed yet rapid determination of a price, or other information, for a particular municipal bond or analogous security.

Description:
FIELD OF THE INVENTION  
       [0001]     The present invention pertains generally to computer systems and methods for supporting securities transactions and, more specifically, to systems and methods for use trading municipal bonds or other fixed income securities.  
       BACKGROUND  
       [0002]     The nature of the municipal bond market is unlike the markets for other types of securities. Central exchanges for trading fixed income securities do not typically list municipal bonds. Market participants seeking to determine a price for buying or selling a particular bond must resort to indirect approaches that can be time consuming and imprecise. As a result, municipal bond trading, in its present form, involves substantial transaction costs as well as the risk of either overpaying for a bond or of selling a bond for less than its actual worth.  
         [0003]     The difficulty of determining a price for a municipal bond in a decentralized market and its associated transaction costs are compounded by several other factors unique to the municipal bond market. At present, approximately 1.6 million municipal; bonds representing over two trillion dollars of debt are owed by large and small municipalities spread throughout all fifty of the United States. The bonds may be issued for general purposes, such as education or economic development, or for more specific purposes such as the building of a new school, the maintenance of a water shed, or the purchase of snow removal equipment. The bonds may have long (e.g., 30 year), short (e.g., 1 year), or intermediate maturity periods. The municipalities issuing the bonds may have credit ratings ranging from the highest quality rating (triple A) down to securities of the lowest, unrated quality. Further, municipal bonds are often purchased by “buy and hold” investors interested not only in the potential for beneficial state tax treatment of income they generate, since many municipal bonds are exempt from state taxes in their state of issue, but also in the predictability of that income. The buy and hold approach is sufficiently prevalent that roughly 80% of the trades involving a specific municipal bond are made within only three months of the bond&#39;s issuance.  
         [0004]     Due to the vast numbers of municipal bonds and the difficulty in determining their price, firms involved in trading municipal bonds generally rely upon groups of specific individuals to conduct their trades, each having expertise and conducting trades in only a narrow category of municipal bonds. As a consequence, firms generally define trading responsibilities by region and maturity.  
         [0005]     When an investor wishes to sell a municipal bond, other market participants will value that security. A trader in whose sector the security for sale happens to fall is responsible for determining a value for the bond. If the trader is familiar with the bond, he may be able to estimate subjectively what it is worth. If the trader is not familiar with the bond, he or she will try to discover its price. Yet, the challenges confronting price discovery are significant and time may be of the essence. Interest rates constantly change and opportunities to buy and sell may be lost due to market moves. In short, the determination of a municipal bond&#39;s price using conventional approaches is generally a time consuming process requiring investigation of numerous sources to determine a price.  
         [0006]     In particular, to discover a price of a municipal bond, a trader will often confer or check with broker&#39;s brokers, internal trade blotters, street offerings, and price history data made available by the Municipal Securities Rule Making Board (MSRB). Ideally, the trader would like to know where identical bonds have traded in the past to make a decision about the future, necessitating a search of MSRB data, which includes information relating to approximately 30,000 trades per day, or approximately 55 per minute during nine hours of trading. That data is not available if the bond has not been traded previously, relegating the trader to the task of identifying, somehow, how similar types of securities may have been traded. At present, MSRB trade data includes the following:  
         [0007]     MSRB Trade Data:  
         [0008]     Message Type (message_type)  
         [0009]     Sequential Number (seq_nbr)  
         [0010]     RTRS Control Number (rtrs_cntl_nbr)  
         [0011]     Trade Type Indicator (trade_type)  
         [0012]     Transaction Type Indicator (trans_type_ind)  
         [0013]     CUSITP (cusip)  
         [0014]     Security Description (description)  
         [0015]     Dated Date (dated_date)  
         [0016]     Coupon (if available) (coupon)  
         [0017]     Maturity Date (maturity_date)  
         [0018]     When-Issued Indicator (when_issued_ind)  
         [0019]     Assumed Settlement Date (if applicable) (assumed_settlement_date)  
         [0020]     Trade Date (trade_date)  
         [0021]     Time of Trade (trade_time)  
         [0022]     Settlement Date (if known) (settlement_date)  
         [0023]     Par Traded (par_traded)  
         [0024]     Dollar Price (price)  
         [0025]     Yield (yield)  
         [0026]     Broker&#39;s Broker Indicator (brokers_broker_ind)  
         [0027]     Weighted Price Indicator (if available) (weighted_price_ind)  
         [0028]     Syndicate Price Indicator (if applicable) (syndicate price_ind)  
         [0029]     RTRS Broadcast Date (rtrs_publish_date)  
         [0030]     RTRS Broadcast Time (rtrs_publish_time)  
         [0031]     Version Number (version_nbr)  
         [0032]     Alternative trading systems (ATS&#39;s) have diminished the burden on market professionals of conducting price discovery by providing a marketplace where a plurality of individual market participants can sell and purchase bonds. Search engines have assisted traders with sifting through the vast amounts of offering data. Hampering the trader in this effort is the fact that a search must begin with a “CUSIP” for a particular security. A unique nine-digit number assigned to each security, a CUSIP is generated under the procedures of The Committee on Uniform Security Identification Procedures, an organization established under the auspices of the American Bankers Association for the purpose of developing a uniform method of identifying securities. Entry of a CUSIP would permit the retrieval of information on the circumstances of the respective security&#39;s most recent trade. ATS&#39;s typically run static pages of the offerings they have collected throughout the day, which can quickly become stale and may fail to reflect changes in the market or the movement of interest rates.  
         [0033]     The MSRB has announced that it will publish real-time information relating to Municipal Bond trades to subscribers over the Internet or other network. (See, e.g., MSRB RTRS Price Dissemination Services, Aug. 25, 2004, Version 2.0, MSRB RTRS Price Dissemination Services Errata Sheet, Nov. 5, 2004, and RTRS Subscriber Connectivity Version 1.0, by Random Walk Computing, Inc., Sep. 2, 2004, the contents of which documents are incorporated by reference herein in their entirety). While the MSRB real-time trade feed will make trade information available with little or no delay, traders may nevertheless be overwhelmed by the data, seeing 30,000 or more trades scroll by each day, and will still need to enter searches with a CUSIP.  
         [0034]     Accordingly, the present invention has recognized a need to provide traders of municipal bonds and other fixed income securities with a more efficient, accurate, and timely method to price bonds and to better identify prospective trades that match the trader&#39;s needs.  
       SUMMARY OF THE INVENTION  
       [0035]     Embodiments of the systems and methods according to the present invention address the previously unmet need for a more efficient, accurate, and timely method to observe the nature of actual or prospective transactions involving securities similar to a security a trader wishes to transact, to formulate a price for the security, to add to positions, execute at market levels or sell bonds at similar levels, or otherwise to identify prospective trades that match a the needs of a municipal bond or other fixed income security trader, quickly and efficiently. In practicing one embodiment of the present invention, the user may establish a filter corresponding to one or more search criteria, load a user interface to view output associated with the filter. The user interface presents the output data, which may be displayed in scrolling fashion, since the number of MSRB trades is likely to be significant. When a CUSIP that has traded matches a corresponding CUSIP in an offer, bids or bids wanted table, the user interface will display the trade followed by the matched positions. The matched positions, in one embodiment, will contain a hyper-link enabling the user to “click” on the position to execute a trade or receive further available information. Firms may also utilize their own proprietary trade information in conjunction with the MSRB data, but incorporate the trades in a timely manner, as opposed to waiting for the trade data to be disseminated  
         [0036]     The invention, as implemented in the described embodiments, provides, among other things, a computer-implemented system and method for receiving both external and internal trade information such as price, yield, CUSIP, trade date, trade time, and settlement date. Computer-implemented systems and methods according to the present invention also include a filter system and method to screen and exclude information that is not relevant to a trader&#39;s needs and to associate existing trade opportunities with real-time trading events. Additionally, embodiments of computer-implemented systems and methods according the present invention provide the notification of individual traders via a customized rolling list of relevant trading events along with related information including offers, bids, and bids wanted. Further, computer-implemented systems and methods according to the present invention allow individual traders to customize the information they receive. Although developed with municipal bonds in mind, the systems and methods according to the present invention also can be used to assist traders with respect to other markets involving securities or properties, such as those that are heterogeneous and not otherwise traded on a central exchange.  
         [0037]     An embodiment of a computer system implemented method for identifying and distributing municipal bond trading-related information, according to the present invention, includes the computer system in communication with at least one user, and comprises the following steps. The computer system receives a notification of a municipal bond trading event, generates, using the computer system, a characterization of the event, the generation being performed at least in part on the basis of the notification, the characterization having at least one characteristic associated with the trading event. In addition, the computer system identifies the user from among a set of users, information regarding which users resides on a computer storage medium accessible to the computing device. The computer system accesses a filtering criterion associated with the identified user and checks whether the bond characterization satisfies the accessed filtering criterion. If so, the computer system transmits to the user a message containing at least a subset of the notification. The transmitted information can be used in formulating a price for a municipal bond, characteristics of which formed the basis for selection of the criterion.  
         [0038]     In another embodiment according to the present invention, an information storage medium for use in association with a computer system for distributing municipal bond trading information, has structure including a real-time characterization of the sale of a municipal bond and a plurality of additional characterizations of events relating to bonds that differ from the municipal bond and that are selected according to a preselected criterion of similarity with respect to the municipal bond.  
         [0039]     In another embodiment, a computer-implemented real-time event filtering method for observation and identification of municipal bond trade event data for a user in communication with the computer includes the following steps. At least one user-configured criterion on the nature of a municipal bond involved in a trading event is invoked in the computer. Each of a plurality of real-time event data relating to municipal bond trading events are tested as to whether they satisfy the criterion. If at least one of the plurality of real-time event data satisfies the criterion, information relating to the at least one real-time event is transmitted to the user.  
         [0040]     Another embodiment of the present invention involves a computer-implemented method for identifying and retrieving trade-related data for use in trading fixed income securities. The method includes the steps of receiving at the computer a user specification of a filter for identifying securities having a preselected degree of similarity to a target fixed income security, receiving data relating to trade events, including offers and bids for a plurality of fixed income securities, applying the filter to data relating to trade events, and transmitting, to the user, data identified by the filter, thereby equipping the user to select a price for a target fixed income security.  
         [0041]     In yet another embodiment, a computer-implemented system for assisting in the trading of municipal bonds includes a central processor unit for receiving event data relating to at least one of the group consisting of municipal bond offers, bids, bids wanted and trades, a filter subsystem in communication with the central processor unit for defining a filter including characteristics of events to be identified, and an event subsystem in communication with the central processor unit for applying the filter to identify events having the characteristics. The identified events having the characteristics can be made available for use in the trading of municipal bonds.  
         [0042]     In a further embodiment, a computer-implemented method for collecting data for use in determining a price for a municipal bond includes the following method steps, where a user computer is in communication over a network with a server. The user computer receives from a user at least one user-configured criterion for identification of a municipal bond involved in a trading event, transmits the user-configured criterion over the network to the server, and receives over the network information relating to a trading event and satisfying the criterion, whereby the user may determine a price for the municipal bond at least in part on the basis of the received information.  
         [0043]     In yet another embodiment, a computer-implemented method for identifying and retrieving trade-related data for use in trading fixed income securities includes the steps of eliciting from the user a user specification of a filter for identifying securities having a preselected degree of similarity to a target fixed income security, transmitting the user specification to a server that receives data relating to trade events, including offers and bids, for a plurality of fixed income securities, that applies the filter to data relating to trade events, and that captures data relating to trade events using the user-specified filter; receiving data identified by the filter; displaying to the user, data identified by the filter, thereby equipping the user to select a price for a target fixed income security. 
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0044]      FIG. 1  is a diagram of a system embodying aspects of the present invention showing connections between system components and sources of data.  
         [0045]      FIG. 1A  shows a block diagram depicting aspects of a central computer system in an embodiment of the present invention.  
         [0046]      FIG. 2  shows a filter template in an embodiment of an aspect of the present invention.  
         [0047]      FIG. 3  shows a user interface provided to a user in an embodiment of an aspect of the present invention.  
         [0048]      FIG. 4  shows a flow diagram depicting an embodiment of a process associated with event subsystem  14  according to an aspect of the present invention.  
         [0049]      FIG. 5  shows a flow diagram depicting an embodiment of a process associated with market information subsystem  15  according to an aspect of the present invention.  
         [0050]      FIG. 6  shows a flow diagram depicting a further embodiment of a process associated with event subsystem  14 , with additional detail relative to the flow diagram of  FIG. 4 , according to an aspect of the present invention.  
         [0051]      FIG. 7  is a flow diagram depicting a process performed by the described embodiment. 
     
    
     DETAILED DESCRIPTION  
       [0052]     According to one aspect of the present invention, traders of municipal bonds are provided with live and reliable market content in the form of computer-generated and network-delivered detail on trades as they occur and as they are reported by the MSRB, as well as relevant content about bonds that are available in the market, automatically filtered for the individual user to ensure their relevance to that user&#39;s needs. As described below, traders or other users access a combination of live content: i.e., trades, bids wanted, and offerings. The user can customize the user interface such that it shows only market data that conform to the user&#39;s predetermined criteria. Only offerings and bids wanted that fit the search criteria are presented to the user. Also, every relevant trade in the market appears, as it is reported by the MSRB, followed by any offerings and bids wanted for the matching CUSIP. In an embodiment of one aspect of the present invention, the user can take a specific CUSIP and to check to see if it fits specific search criteria, as the process involves checking every security indicative and evaluating whether or not it fits pre-determined search parameters. The user is thereby accorded the ability to search for live market content (i.e., offerings, bids wanted, and all trades) with that content filtered to ensure relevance to that user&#39;s needs.  
         [0053]     An embodiment of a system according to the present invention is shown in  FIG. 1A . A municipal bond trading system involves central computer system  10 , transaction database  20 , market information database  30 , security master database  40 , direct user server  50 , internet user server  60 , and data communication server  70 .  
         [0054]     In one embodiment of the system shown in  FIG. 1A , hardware and software are as follows: central computer  10  comprises one or more Fujitsu PrimePower 250 and/2or 650 computers running WebLogic 8.1 and Perl 5.x; transaction database  20  comprises one or more Fujitsu PrimePower 650 computers, with RAID 5 disk storage, and running Sybase 12.5 and Perl 5.x; market information database  30  comprises one or more Fujitsu PrimePower 650 and/or 250 computers, with RAID 5 disk storage, running Sybase 12.5 and Perl 5.x; security master database  40  comprises one or more Fujitsu PrimePower 650 computers, with RAID 5 disk storage, running Sybase 12.5 and Perl 5.x; direct user server  50  comprises one or more Sun Enterprise 420R computers, running Java 1.4205, Tibco, IBM MQ and Perl 5.x; internet use server  60  comprises one or more Sun Enterprise 420R computers running WebLogic 8.1 and Perl 5.x; and data communication server  70  comprises one or more Sun Enterprise 220R computers running Java 1.42 — 05, Tibco, IBM MQ and Perl 5.x; all systems are networked using Cisco Systems Catalyst 6500.  
         [0055]     Direct user server  50  is accessed by direct users and establishes communication between them and central computer  10 , while internet user server  60  provides internet user communication with central computer  10 . Data communication server  70  receives feeds from MSRB (according, for example, to RTRS Subscriber Connectivity Version 1.0, referred to above), as well as news research, information regarding new issues and calendar information, from other data and news providers, according to methods understood by those skilled in the art. Still further, data communication server  70  receives data from a security master provider. Embodiments incorporating other architectures, hardware and software arrangements for carrying out the described functions are also within the scope of the present invention.  
         [0056]     As shown in  FIG. 1B , in one embodiment of an aspect of the present invention, central computer system  10  comprises central processor unit  11 , local memory  12 , filter subsystem  13 , event subsystem  14 , and market information subsystem  15 . In the illustrated embodiment, although without limitation, filter subsystem  13 , event subsystem  14 , and market information subsystem  15  are implemented by software running on server  10 . The functionality associated with these subsystems could be distributed over more than one computer or processor. For example, filter subsystem  13  could be implemented in a user&#39;s computer system (not shown).  
         [0057]     Filter subsystem  13  enables individual traders or other users to configure the various filters that are used for the event processing described below. Again, in accordance with an aspect of the present invention, the user configures a filter in order to identify trade or offering data for securities (also referred to herein as “trading event” data, whether or not an actual trade has been completed) indicative of the price of a security he or she wishes to buy or sell. “Indicative,” as used here in an adjectival sense denotes a tendency to provide a basis on which the user can draw inferences of relevance to the price of a security. In another sense, when used as a noun, the term refers to data associated with and characterizing a security.  
         [0058]      FIG. 2  depicts an embodiment of a filter template  130 , according to an aspect of the present invention, that is provided to a user equipped with suitable computing equipment in direct or indirect communication with direct user server  50  or internet user server  60  and that is depicted on an internet browser. The user can designate or preselect one or more filtering criteria by selecting among options  131  provided on a filter template  130 . The options  131  represent municipal bond “indicatives” or characteristics such as the state of issue, the bond purpose, the quantity, the price, and the yield, which can be selected and configured by a user.  
         [0059]     In one embodiment, the indicative data can include without limitation any one or combination of the following:  
         [0060]     Indicative Data:  
         [0061]     cusip  
         [0062]     coupon_ratefirst_coupon  
         [0063]     payment_ref_date  
         [0064]     coupon_class  
         [0065]     day_count  
         [0066]     description  
         [0067]     issue_date  
         [0068]     maturity_date  
         [0069]     when_issued  
         [0070]     industry_code  
         [0071]     callable  
         [0072]     next_par_call_date  
         [0073]     next_par_call_price  
         [0074]     next_premium_call_date  
         [0075]     next_premium_call_price  
         [0076]     next_put_call_date  
         [0077]     next_put_call_price  
         [0078]     next_sinking_fund_date  
         [0079]     next_sinking_fund_price  
         [0080]     bank_qualifiedamt  
         [0081]     prerefund_date  
         [0082]     prerefund_price  
         [0083]     taxablemunicipal_type  
         [0084]     insurance_flag  
         [0085]     interest_pay_frequency  
         [0086]     etm  
         [0087]     original_settle  
         [0088]     dated_date  
         [0089]     insurance  
         [0090]     original_issue_yield  
         [0091]     original_issue_price  
         [0092]     original_principal  
         [0093]     state  
         [0094]     sp_ratingmoody_rating  
         [0095]     fitch_rating  
         [0096]     concensus_index  
         [0097]     fc_accrual_date  
         [0098]     security_type  
         [0099]     sinking_fund  
         [0100]     special_call_indicator  
         [0101]     institution_type  
         [0102]     lastupd  
         [0000]     which are known to those skilled in the art.  
         [0103]     The indicative information can be accessed as part of security master file commercially available from Standard &amp; Poors J.J. Kenny, FT Interactive Data, Thomson and perhaps others. The selection and configuration may be accomplished in a plurality of ways including selecting options from a list, filling in values for a range, or making a binary selection. Filter subsystem  13  uses the selected and configured filtering criteria to generate a filter, which is associated with a specific user and stored in memory  11 . A flow chart depicting the creation or modification of a filter, in an embodiment of this aspect of the present invention, is shown in  FIG. 3 . At step  310 , a user-initiated filter is invoked for filter definition or alteration which, at  320 , is set according to user selections. A data structure representing the filter, including its definition, possibly including alterations, is stored by central processor unit  11  in local memory  12 , or in an otherwise suitable storage medium.  
         [0104]     Event subsystem  14  monitors the information being received from direct user server  50 , internet user server  60 , and data communication server  70  for the occurrence of an event. Event subsystem  14  processes each event for each user by applying the filters generated by the users and by filter subsystem  13 . Additionally, event subsystem  14  provides information related to the events to users via direct user server  50  and internet user server  60 .  
         [0105]     Functioning of a system according to the illustrated embodiment is described below, with reference to flow charts that are shown in the appended figures.  FIG. 4  is a flow chart depicting an embodiment of basic processing of a user event. User events include offers for sale, bids, and bids wanted that are posted on the system by its users, which may include aggregators such as alternative trading systems, exchanges, and broker&#39;s brokers as well as individual bond holders such as broker dealers, mutual funds, and insurance companies. Event subsystem  14  receives notice of an event at step  410 , where the notice includes an identification of an event type (e.g. a sale) as well as certain bond characteristics including at least the bond&#39;s CUSIP as well as other pertinent information such as quantity and price. Additional bond characteristics such as yield, S&amp;P rating, bond purpose, tax exempt status, etc. may be looked up from market information database  30 . A list of currently subscribed users is retrieved at step  420 . For each user, at step  430  event subsystem  14  applies the user&#39;s event filter to the bond characteristics. If the bond&#39;s characteristics meet the requirements of the user&#39;s event filter, then at step  440  notice of the event is provided to subscribed users whose criteria are matched by the event.  
         [0106]      FIG. 5  illustrates the operation of an embodiment of market information subsystem  15 . Market information subsystem  15  receives market related data from a variety of source including, at step  510 , third party data (i.e., Treasury MMD, MMa, LIBOR) and, at step  520 , local data (i.e., consensus, spread to offerings). At step  530 , market information subsystem  15  stores the information in market information database  30 . Market information subsystem  15  monitors the information and identifies any relevant events such as events that may affect the characteristics of a municipal bonds. Additionally, market information subsystem  15  processes internal and external data and generates events based upon the analysis. Notice of the events is provided by market information subsystem  15  to event subsystem  14  at step  540 . Event subsystem  14  determines which users should be notified of the events and whether information pertaining to prior events (e.g., previously listed offers or bids) should be included with the notice. Market information subsystem  15  also provides a means for users to acquire detailed market information or news by clicking on links provided on web pages that are accessible to the users through direct user server  50  and internet user server  60 .  
         [0107]      FIG. 6  depicts the operation of event subsystem  14  in an embodiment of an aspect of the present invention. Event subsystem  14 , at  610 , is invoked by market information subsystem  15 . In addition, it may receive, per  612 , a real-time feed from the MSRB, via communication server  70 , that a bond has, for example, been traded. Still further, the organization&#39;s own proprietary trade information (here depicted as The MuniCenter, assignee of the present invention) may enter event subsystem  14  as a trade event notification, at  614 . At step  620 , event subsystem  14  retrieves indicative data from the received information, which may include without limitation such bond characteristics, such as the CUSIP, quantity, trade price, trade date and time, and settlement date. Characteristics of a bond may derive from security master database  40  (from Standard &amp; Poor&#39;s J.J. Kenny, FT Interactive Data or other provider) by reference to the CUSIP and be combined with the characteristics contained in the notice and with the transaction type to create a transaction characterization. Event subsystem  14  may gather, at  620 , one or more predefined filter criteria for use against the real time data. In addition, or alternatively, event subsystem  14  may gather (e.g., via direct user server  50  or internet user server  60 ) one or more user defined real time filter criteria. Either criteria may be provided in the form of a filter generated by filter subsystem  13 . Transaction database  30  is then searched, at  650 , applying filtering logic using a predefined, user defined or combined filters upon an event received as described above, in order to identify prior events (e.g., offers for sale, bids, and bids wanted) that are still active and that involve bonds having a desired degree of similarity. The transaction characterization is then compared to the user&#39;s filter for MSRB sales data. If the transaction characterization meets the requirements of the filter, then the transaction characterization as well as the transaction characterizations for each of the identified prior events is provided to the user. The process shown in  FIG. 6  can be performed on user events or system-generated events.  
         [0108]     The transaction characterizations of the MSRB sale event and of the identified prior events are displayed on a user interface (e.g., without limitation an internet web page) of the type shown in  FIG. 7 . The user can obtain additional information about a bond, execute the purchase of a bond, execute the sale of a bond, or provide a bid by making selections on the web page. The information provided on the web page will scroll as transaction characterizations associated with more recent events are provided to the user.  
         [0109]     The MSRB provides pricing data on approximately 30,000 trades per day. As of January 2005, this data will be provided to MSRB subscribers in real-time. Accordingly, approximately one trade will be provided from the MSRB to the municipal bond trading system every second. This will allow the municipal bond industry the opportunity to know the volume and the velocity of the market. The municipal bond trading system of the present invention will be able to instantly provide users with all of the bids, offers, and bids wanted that correspond to each sale reported by the MSRB. For an individual trader, this would be too much information to process. However, the user-customizable filtering system and method according to the present invention not only permits users to receive all of the information that is relevant to them, but also enables users to receive only the information that is relevant to the transaction they are contemplating. This information empowers users to add to positions, execute at market levels, or sell municipal bonds (or other securities requiring the processing provided for by the present invention) at similar levels quickly and efficiently. A trader will be relieved of the former need to devote time to calling and searching for matches; the system and method according to the present invention provide the desired result automatically and in real-time. Additionally, users will be able to transact at speeds much greater than traditional market participants and thereby gain a competitive advantage.  
         [0110]     Most municipal bond traders are specialists by region or maturity range. The municipal bond trading system of the present invention enables traders to generate a customized real-time view of only the areas of the municipal bond market they are specialists in or to easily expand there areas of specialty. By generating customized filters through the use of filter subsystem  13  and filter templates  130 , a user can define exactly the type of securities he or she would like to be shown in their personalized view. The customized filters according to an aspect of the present invention eliminate the majority of the overwhelmingly vast number of transaction events that occur and only provide individual users with the events involving securities that are of interest to the specific user. Individual users are able to tailor the security characteristics that are important for that specific user&#39;s needs and preferences. For example, municipal bond traders may select a specific state and a specific maturity range.  
         [0111]     Once a user has configured filters using the user&#39;s customized search criteria, the user loads a trade event viewing screen (e.g. a web page) on her browser to view the output of the user defined filter. The screen presents the filtered events in a scrolling fashion. When the characteristics of a municipal bond whose trade has been reported match the characteristics of existing offers, bids, or bids wanted, the screen will display the trade followed by the matched positions provided that the trade satisfies the personalized filter requirements established by the user.  
         [0112]     The municipal bond trading system of the present invention provides a new way for professional market participants to view and interpret real-time trade data. By integrating systems to associate real-time trade information with real-time offerings, bids, and bids wanted, users will have greater transparency and decision making capabilities than under the time intensive methods currently used.  
         [0113]     Embodiments of the system according to the present invention may integrate a number of disparate components to deliver relevant information in a timely manner to traders. Real-time matching implemented by the present invention works advantageously with a commingled inventory of securities from a number of different entities, including alternative trading systems, exchanges, and broker&#39;s brokers. These types of entities aggregate content from broker dealers, mutual funds, insurance companies, bulletin board listing companies, and registered investment advisors.  
         [0114]     For example, an ATS or broker&#39;s broker may facilitate anonymous trading between registered dealers by acting as a neutral intermediary; or, alternatively, they may facilitate trades between dealers and buy side firms by introducing the parties on a fully disclosed basis. In the latter case, issues of credit risk, suitability, conflicts of interest (e.g., where a party to a trade would be a buy-side firm that cannot trade directly with other buy-side firms) and the like are more easily addressed. The system and method according to the present invention provide for integrating the offers, bids, and bids wanted from a variety of such firms. Sophisticated firms and firms with a large number of offerings are likely to connect to the municipal bond trading system of the present invention through the use of direct connection, while less sophisticated firms and firms with smaller numbers of offerings may prefer to connect to the system via the internet.  
         [0115]     While the invention has been particularly shown and described with reference to particular embodiments, those skilled in the art will understand that various changes in form and details may be made without departing from the spirit and scope of the invention as set forth in the appended claims. For example, references to the term “computer system” can be construed to include any arrangement of computing equipment components and links and respective allocation of functionality (including hardware, software and firmware) to the components, links for carrying out the present invention. Storage media includes, without limitation, electronically readable storage media, which in turn encompass electromagnetic and optical storage media, as well as other data storage media compatible for use with computing equipment. Similarly, method steps may be construed to include substeps of greater or lesser number, or in an alternative arrangement, consistent with the present invention. The term real-time is used consistent with the scope of understanding in the field as to can encompass delays typically associated with the processing and transmission of data.