Abstract:
An apparatus, system and method for buying, selling, and/or trading certain items in certain markets (such as, by way of non-limiting example, trading financial instruments) which offers a balance between complete multi-lateral anonymity amongst trading participants while retaining key information, and only making needed information involving historic and linked counter-party data available in a manner which discloses relevant information to the appropriate parties at the appropriate time is disclosed. The apparatus, system and method may comprise a electronic and/or computerized system for buying and selling of products, services, financial instruments including, but not limited to, securities, derivatives, commodities, liabilities, and/or other items which may be bought, sold and/or traded while maintaining the integrity of the markets in which such items are bought, sold and/or traded. The apparatus, system and method may allow for the progressive disclosure of information related the potential execution of product by establishing an anonymous alias and registering an interest in a proposed transaction based upon information that is both constructed by the alias and combined with information that is maintained and linked within a central facility wherein some or all such information within the central facility may be disclosed at an appropriate or desired time as the warranted by the situation related to a transaction.

Description:
CROSS REFERENCE TO RELATED APPLICATIONS 
       [0001]    This application is a continuation-in-part application and claims the priority of U.S. patent application Ser. No. 13/567,269, filed on Aug. 6, 2012, entitled “ANONYMOUS PRICE AND PROGRESSIVE DISPLAY EXECUTION SYSTEM” which claims the priority of U.S. Provisional Patent Application Ser. No. 61/574,600, filed on Aug. 5, 2011, entitled “ANONYMOUS MULTI-LATERAL ELECTRONIC PRICE AND INFORMATION DISCOVERY MECHANISM PROGRESSING TOWARDS THE BI-LATERAL NEGOTIATION AND EXECUTION OF FINANCIAL SECURITIES AND AGREEMENTS,” the entirety of all of which are incorporated herein by reference. 
     
    
     FIELD OF THE INVENTION 
       [0002]    This invention relates generally to buying and selling of products, services, financial instruments including, but not limited to, securities, derivatives, commodities, liabilities, and/or other items which may be bought, sold and/or traded while maintaining the integrity of the markets in which such items are bought, sold and/or traded. 
       BACKGROUND OF THE INVENTION 
       [0003]    While transparency in certain markets, including but not limited to financial markets may be desirable in general, some markets may not be well-served with greater transparency. For example, the nature of the Over the Counter (“OTC”) derivative markets tends to dictate that information leakage may adversely affect the functioning and the very existence of the marketplace. This is because OTC derivative transactions are usually used to the hedge large investment exposures by institutions, and any public knowledge of such exposures open institutions to predatory trading practices in related securities in order to profit from the knowledge of such exposures. As such, these markets are built upon intermediaries who preserve anonymity and use care and discretion to disclose transaction information in order to arrange for firms to transact directly with each other to minimize the leakage of information to the broader market associated with the transaction. 
         [0004]    The OTC markets have traditionally been organized around one or more dealers who make markets by providing bid and offer quotes to market participants. The quotes and the negotiation of execution prices are generally conducted over the telephone, although the process may be enhanced through the use of electronic bulletin boards by the dealers for posting their quotes. The process of negotiating by phone, whether end-user-to-dealer or dealer-to-dealer is known as bilateral trading because only the two market participants directly observe the quotes or execution. Pure voice brokerage provides multiple market participants with the ability to obtain, evaluate and execute against multiple bids or offers on the other side of the market. 
         [0005]    OTC derivatives markets also make use of electronic brokering platforms. These electronic brokering platforms are analogous to the electronic trading platforms used by exchanges where bid and offer quotes are displayed. The ultimate goal is to create a multilateral trading environment. However, at this time, electronic platforms are primarily used by brokers and dealers and much less by end-users. These systems allow dealers to post brokered interests, facilitating pre-trade price discovery. Furthermore, these systems are not click-and-trade and traders still need to telephone to generate a trade. Finally, live tradable prices are not feasible for large segments of the market because either too much or too little information is available in order to determine the appropriate price. Although the market may be evolving toward multi-broker electronic platforms where participants may send Requests for Quotes (“RFQ&#39;s”) to multiple dealers, not all RFQs are seen by all participants. Typically, the RFQ is the basis for generating interest in the market, and responding dealers may submit a price or bid taking into account the size of the trade, the counter party&#39;s credit rating, and other such information. The client initiating the RFQ may then click and trade within a set time with any responding dealer. 
         [0006]    However, several shortcomings of the current RFQ systems include the inability of such systems to offer the correct balance between complete multi-lateral anonymity amongst participants while retaining key information, and only making needed information involving historic and linked counter-party data available in a manner which discloses relevant information to the appropriate parties at the appropriate time. 
         [0007]    Thus, there exists a need for a system and method for buying, selling, and/or trading certain items in certain markets, such as, by way of non-limiting example, trading financial instruments, which offers the correct balance between complete multi-lateral anonymity amongst trading participants while retaining key information, and only making needed information involving historic and linked counter-party data available in a manner which discloses relevant information to the appropriate parties at the appropriate time. 
       SUMMARY OF THE INVENTION 
       [0008]    The present invention relates to an apparatus, system and method for buying, selling, and/or trading certain items in certain markets (such as, by way of non-limiting example, trading financial instruments) which offers the correct balance between complete multi-lateral anonymity amongst trading participants while retaining key information, and only making needed information involving historic and linked counter-party data available in a manner which discloses relevant information to the appropriate parties at the appropriate time. 
         [0009]    In one embodiment, the present invention relates to an apparatus, system and method for the sale and/or purchase of one or more financial packages that may comprise one or more securities, derivatives, commodities, liabilities and/or other financial instruments. In certain embodiments of the invention, such financial packages may comprise one or more payout formulas containing one or more securities, and/or one or more measurable index instruments, and/or one or more reference statistics, and/or one or more technical management facilities that facilitate the execution of financial arrangements and/or securities. Such financial packages may be offered through an alias by an entity or entities such that the obligations contained therein are either directly or indirectly purchased by another entity or entities. 
         [0010]    In one embodiment, the apparatus, system and method of the present invention may comprise an electronic and/or computerized execution management system that aggregates, reports, and analyzes the performance of and/or other information related to a package of assets and/or liabilities. The apparatus, system and method may also facilitate the electronic communication of such information from an alias to a number of aliases such that a subset of the information associated with each alias and/or financial package may be linked and/or made available to one or more of the other aliases at discrete points during one or more trading sessions. Such information or subset thereof may be automatically and/or semi-automatically disseminated to such one or more aliases by an electronic and/or computerized execution management system and/or central management facility, and/or controlled automatically and/or manually by each entity. The execution management system and/or central management facility may also provide the ability for the aliases to progressively disclose and access such information in order to link and determine the suitability of certain combinations of aliases, packages, financial instruments, and/or entity characteristics to buy or sell certain alias, packages, financial instruments, and/or entity characteristics with one or more other entities. It is notable that certain characteristics may or may not be altered by the electronic and/or computerized facility, and/or by the controlling entity and disclosed again at defined points during one or more trading sessions within the disclosure process. 
         [0011]    In certain embodiments the apparatus, system and method of this invention may comprise an apparatus, system and method for buying and selling of products, services, financial instruments including, but not limited to, securities, derivatives, commodities, liabilities, and/or other items which may be bought, sold and/or traded while maintaining the integrity of the markets in which such items are bought, sold and/or traded. The present invention further relates to an apparatus, system, and method which, in certain non-limiting embodiments may integrate and/or comprise one or more of these apparatus, systems, and/or methods. 
         [0012]    In addition, certain embodiments of the invention provide for partial anonymity and partial disclosure by tying certain parameters to an alias that may or may not be disclosed and therefore may be inferred throughout a structured staged price discovery process. 
         [0013]    Also, certain embodiments of the invention comprise an apparatus, system and method to solicit a purchase and/or sales agreement by defining, selecting, and communicating at least the product and/or service to purchase or sell, and the required response criteria. Such response criteria may include, but not be limited to time. Such embodiments may further comprise the ability to select a firm commitment from at least one responder who has evaluated at least the product or service definition, and who has affirmatively responded in the required manner within established contextual parameters. Such contextual parameters may include, but not be limited to counterparty name and other associated information, including information tied to historical behavior in conjunction with other purchase/sale parameters. In addition, such response may be required prior to or in conjunction with the offering of firm price parameters. Certain embodiments may also provide that the solicitor of an offering may reject any firm response for any reason and may select and communicate additional solicitations tied to the previous by product or service definition containing at least the product or service definition from any of the previous responders, having met the predefined response criteria. 
         [0014]    Additionally, certain embodiments of the invention provide a transaction parameter discovery and/or negotiation apparatus, system and method that builds firm transaction parameters initiated through a one to many customized apparatus, system and method between possible transaction parties. Such an apparatus, system and method may offer the initiator of the transactional process discretion to disclose certain transaction parameters and filter other and disparate sets of parameters from potential transaction partners throughout a timed and multi-staged process. 
         [0015]    Other embodiments of the apparatus, system and method of the invention may comprise a negotiation process with a group of unspecified potential transaction partners that finds the best transactions from within the group of potential transaction partners. 
         [0016]    In certain embodiments, the apparatus, system and method of the instant invention may comprise a user interactive or other automated system, such as a computerized system, which utilizes the input or acquisition of data and other information from one or more sources. Such data and information may be input to the apparatus and/or system of this invention through one or more computerized input/output devices such as computer terminals, servers, laptop computers, smart tablets, smart phones, or other portable or non-portable electronic devices. 
         [0017]    The data and other information may then be analyzed, transformed, or otherwise processed via one or more computerized processing devices, each of which may comprise both a computer processor and associated software which includes instructions for appropriate processing of such data and information. 
         [0018]    The input and processed data and information may also be stored in accordance with the apparatus, system and method of this invention in one or more storage devices, such as computer memory devices, for archiving and later retrieval by the system of this invention for further processing and/or as output data and information generated by the computerized system. Output data and information may also be stored in one or more such storage devices for archiving and later retrieval, further processing, and/or as output data and information generated by the computerized apparatus and/or system of this invention. 
         [0019]    Data and information input to, processed by, or output from the apparatus and/or system of this invention may be retrieved by users of the apparatus and system of this invention through one or more computerized input/output devices such as computer terminals, servers, laptop computers, smart tablets, smart phones, or other portable or non-portable electronic devices. 
         [0020]    The apparatus, system and method of the instant invention may also be carried out via computerized apparatus and/or systems which may be accessed either through closed architecture computerized systems such as, for example, client and server computer networks, and/or through open architecture computerized systems such as, for example, web-based portals accessed via the Internet. 
         [0021]    One embodiment of the instant invention comprises an apparatus, system and method for negotiating a sales transaction between two or more users of the apparatus, system and method, where the two or more users comprise at least a first user and a second user, and the sales transaction comprises a sales offering. 
         [0022]    This embodiment of the apparatus, system and method may further comprise a central processing device, two or more user interface devices in operative communication with the central processing device. The central processing device may progressively disseminate information related to the sales offering from the first user, through at least one of the user interfaces, to the second user, as well as any other users designated by the first user. The central processing device may also progressively disseminate information related to the sales offering from at least the second user, through at least one of the user interfaces, to the first user. 
         [0023]    This embodiment may also maintain the anonymity of the users of the apparatus, system and method of the invention, selectively and/or progressively disseminate all or a portion of information related to the sales offering and/or transaction to the parties on either side of the offering and/or transaction, and/or limit the time allotted for a user to respond (by acceptance, rejection, or counterproposal) to a sales proposal made by another user. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0024]    The accompanying drawings, which are included to provide a further understanding of the invention and are incorporated in and constitute a part of this specification, illustrate embodiments of the invention and together with the description serve to explain the principles of the invention, in which like numerals refer to like parts, and wherein: 
           [0025]      FIG. 1  is a block diagram illustrating an embodiment of the apparatus, system, method, architecture and dataflow of the present invention; 
           [0026]      FIG. 2  through  FIG. 28  are screenshots of an electronic, computerized user interface implemented in one embodiment of the present invention. 
       
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
       [0027]    It is to be understood that the figures and descriptions of the present invention have been simplified to illustrate elements that are relevant for a clear understanding of the present invention, and that other features, elements, functionality and/or components may also be utilized in the various embodiments of the invention. In addition, those of ordinary skill in the pertinent art may recognize that other features, elements, functionality and/or components may be desirable and/or required in order to implement certain embodiments of the present invention. However, because in some instances certain features, elements, functionality and/or components may be well known in the art, and/or may not facilitate a better understanding of the present invention, a discussion of such elements may not be expressly provided herein. 
         [0028]    In one embodiment, the present invention comprises an apparatus, system and method and that produces a decentralized multilateral electronic execution facility that is regulated by a central facility through which anonymous participants may anonymously define and direct certain trading interests to other anonymous participants such that an orderly process may electronically disclose and display certain information to certain entities through user regulated aliases at various steps and/or incrementally throughout the negotiation and response process intended to culminate in the execution of a trade or other buying and selling activity. This embodiment of the invention allows counterparties to manage the level of information exposed to a closed community on a case by case basis, and/or to reduce or otherwise control information leakage and/or dissemination while discovering genuine transaction opportunities between the various parties. 
         [0029]    In this embodiment of the invention, this objective is achieved through the use of one or more user aliases whose relevant information may be tied to a party&#39;s or a party&#39;s organization&#39;s legally regulated information, wherein such information may be disclosed in an iterative and/or systematic manner depending upon particular transactional circumstances such as, for example, the stage of the negotiation, the product being negotiated, and/or the intentions of the parties. In this embodiment, the aliases of one or more of the participants may be manually adjusted at any time by the participants and/or algorithmically managed by system preferences associated with each participant. Each alias may be linked to a user account, and a single set of firm level and/or other information made available on a firm level and/or on an alias level, depending upon the rules of the marketplace for the particular product and/or product segment being offered. 
         [0030]    Such end user controlled but centrally managed functionality and capabilities results in an orderly, controlled and sequential process to disseminate enough information to anonymously discover genuine interest levels in consummating a transaction by directing interest from one or more participants acting under respective aliases to one or more other participants acting under their respective aliases (e.g. available by firm categories, alias identification and history, etc.), and offer the interested parties the opportunity to protect relevant information as closely or disseminated as widely as desired and/or the situation requires. Thus, in this embodiment of the invention participants may each approach the market based upon their competitive advantage by maintaining a “brand” alias, or by randomizing its alias or resetting its alias after each trade, or all of the above. In this embodiment of the invention enables users to customize the apparatus, system and method as each situation may require, and to implement each user&#39;s own unique approach, including but not limited to the management of multiple aliases as a central tenant of interaction within the marketplace. 
         [0031]    Thus, in certain embodiments of the invention multiple aliases may be manipulated wherein such aliases may have certain characteristics that may be tied to a single centrally managed and verified source of linked firm-level and transaction information, and that may be progressively displayed to participants in iterative stages during the negotiation process. There also may be numerous negotiation processes that have well defined disclosure rules across a number of product categories. One or a number of negotiation processes may be used as determined by the marketplace. The market may, for example, allow each alias to request a different negotiation process for the same intended trading objective. 
         [0032]    Reference will now be made in detail to several exemplary and non-limiting embodiments of the present invention, some of which are illustrated in the accompanying drawings. 
         [0033]    Referring now to  FIG. 1 , there is shown a block diagram illustrating an embodiment of the Anonymous Price and Progressive Display Execution apparatus, system, method, architecture and dataflow  1000  of the present invention.  FIG. 1  illustrates a two counterparty scenario describing the multiple alias relationships between the two parties. While two parties are illustrated (namely, Counterparty A  1210 , and Counterparty B  1310 , respectively) in order to detail the multiple alias and information relationships that may result in an execution based upon the combination of information disclosed between two parties, other embodiments of the present invention may comprise an apparatus, systems and/or methods that manage the relationships of any number of parties, and/or multiple aliases, and/or combinations of information across more than two (e.g. up to “n” number) of parties. As such,  FIG. 1  simplifies the apparatus, system and method of the present invention in a non-limiting manner. 
         [0034]    In the embodiment illustrated in  FIG. 1 , System  1000  may comprise Central Processing Facility (also referred to as “Market Center”)  1100 , Counterparty A Interface (also referred to as “Counterparty A Display”)  1200 , and Counterparty B Interface (also referred to as “Counterparty B Display”)  1300 . In certain embodiments, Central Processing Facility  1100  may comprise a computer processor which processes data and other information received through Counterparty A Interface  1200  and/or Counterparty B Interface  1300 , and/or disseminates processed and/or non-processed data and information to Counterparty A Interface  1200  and Counterparty B Interface  1300 . 
         [0035]    Central Processing Facility  1100  may receive data and/or other information which may then be analyzed, transformed, or otherwise processed via one or more computerized processing devices, each of which may comprise one or more a computer processors and/or associated software which software may include instructions for appropriate processing of such data and/or information. 
         [0036]    Central Processing Facility  1100  may also comprise one or more storage devices, such as computer memory devices, for archiving and later retrieval by System  1000  for further processing and/or as output data and information generated by computerized System  1000 . Output data and information may also be stored in one or more such storage devices for archiving and later retrieval, further processing, and/or as output data and information generated by System  1000 . 
         [0037]    Counterparty Interfaces  1200  and  1300  may comprise one or more computerized input/output devices such as computer terminals, servers, laptop computers, smart tablets, smart phones, or other portable or non-portable electronic devices. Counterparty Interfaces  1200  and  1300  may also provide access to Central Processing Facility  1100  via closed architecture computerized systems such as, for example, client and server computer networks, and/or through open architecture computerized systems such as, for example, web-based portals accessed via the Internet. 
         [0038]    Counterparty A  1210  (also referred to herein as Party A  1210 ), and Counterparty B  1310  (also referred to herein as Party B  1310 ) are represented in  FIG. 1  opposite each other and separated by, and through Counterparty A Interface  1200  and Counterparty B Interface  1300 , respectively, interface with Central Processing Facility  1100 , wherein all information related to a negotiation and/or transaction managed by Central Processing Facility  1100  may be processed, stored and disseminated. Such information may include, but may not be limited to, all information related to the negotiation and consummation of a contemplated transaction between all parties, information associated with or otherwise related to Party A  1210 , Party B  1310 , and any other parties involved in the negotiation and/or transactional process, identification of respective parties&#39; organizational and/or firm affiliations, alias identification and history, firm categories, respective party&#39;s as well as market dictated product, transactional, negotiation and trading rules, requirements, limitations and restrictions, and historical data related to previous negotiations and transactions. 
         [0039]    In certain embodiments, System  1000  may comprise any number of Counterparty Interfaces (e.g.“Counterparty C Interface,” “Counterparty D Interface,” etc.) depending upon the number of parties involved in a particular transaction. System  1000  may also comprise more than one Central Processing Center  1100  depending upon the configuration and architecture necessary or desired as a result of the functionality desired or required by System  1000 . 
         [0040]      FIG. 1  further depicts three non-limiting scenarios which exemplify the manner in which alias, negotiation, and other related transactional information may be disseminated to Party A and Party B in a controlled, iterative and sequential manner. Each scenario is depicted by a color code Blue Scenario  1410 , Orange Scenario  1420 , and Red Scenario  1430 . 
         [0041]    For each scenario,  FIG. 1  depicts a selected alias (e.g. Aliases  1225 ,  1245 ,  1265 ,  1325 ,  1345 ,  1365 ) initiating contact through its linked entity or organization (e.g. Organizations  1235 ,  1255 ,  1275 ,  1335 ,  1355 , and  1375  respectively) at Central Processing Center  1100  to another entity or organization (e.g. Organization  1235  linked to Organization  1335 , Organization  1255  linked to Organization  1355 , and Organization  1275  linked to Organization  1375 ), which is, in turn, linked to another outside alias (e.g. Organizations  1235 ,  1255 ,  1275 ,  1335 ,  1355 , and  1375  respectively) at Central Processing Center  1100 . 
         [0042]    For example, in Blue Scenario  1410 , Party A  1210  first discloses to Party B  1310 , through Central Processing Center  1100 , a subset or portion of select Party A  1210  alias, order, party, performance and/or other information to be displayed to Party B  1310  through Counterparty B Display  1300 , as depicted in Box  1320  labeled A at Time  1 . 
         [0043]    In response to the dissemination of information by Party A  1210 , the selected alias of Party B  1310  discloses to Party A  1210  on behalf of Party B  1310  through Central Processing Center  1100  a subset or portion of select Party B  1310  alias, order, party, performance and/or other information to be displayed to Party A  1210  through Counterparty A Display  1200 , as depicted in Box  1220  labeled B at Time  1 . 
         [0044]    Party A  1210  may then disclose another subset of information through Central Processing Center  1100  which information may become available to Party B  1310  in Counterparty B Display  1300 , as depicted in Box  1330  labeled A at Time  2 . In response, Party B may then disclose another subset of information through Central Processing Center  1100  which information may become available to Party A  1210  in Counterparty A Display  1200 , as depicted in Box  1230  labeled B at Time  2 . 
         [0045]    This progressive process of iterative and/or sequential dissemination of information between the parties may continue until either all information is disclosed and/or exchanged, the parties complete or otherwise terminate their negotiations, a transaction is consummated, or other conclusive event occurs or situation is reached. 
         [0046]    In a second scenario, Orange Scenario  1420 ,  FIG. 1  illustrates a similar process of information exchange between the same parties but having different aliases linked to the same entity or organization where different subsets of information may be exchanged between Parties A  1210  and B  1310 . 
         [0047]    In Orange Scenario  1420 , Party A  1210 , optionally using a different alias from that used in Blue Scenario  1410 , first discloses to Party B  1310 , through Central Processing Center  1100 , a subset or portion of select Party A  1210  alias, order, party, performance and/or other information to be displayed to Party B  1310  through Counterparty B Display  1300 , as depicted in Box  1340  labeled A at Time  1 . 
         [0048]    In response to the dissemination of information by Party A  1210 , the selected alias of Party B  1310 , which may be different from the alias used by Party B  1310  in Blue Scenario  1410 , may disclose to Party A  1210  on behalf of Party B  1310  through Central Processing Center  1100 , a subset or portion of select Party B  1310  alias, order, party, performance and/or other information to be displayed to Party a  1210  by Counterparty A Display  1200 , as depicted in Box  1240  labeled B at Time  1 . 
         [0049]    Party A  1210  may then disclose another subset of information through Central Processing Center  1100  which information may become available to Party B  1310  in Counterparty B Display  1300 , as depicted in Box  1350  labeled A at Time  2 . In response, Party B may then disclose another subset of information through Central Processing Center  1100 , which information may become available to Party A  1210  in Counterparty A Display  1200 , as depicted in Box  1250  labeled B at Time  2 . 
         [0050]    This progressive process of iterative and/or sequential dissemination of information between the parties may continue until either all information is disclosed and/or exchanged, the parties complete or otherwise terminate their negotiations, a transaction is consummated, or other conclusive event occurs or situation is reached. 
         [0051]    In a third scenario, Red Scenario  1430 ,  FIG. 1  illustrates a similar process of information exchange between the same parties but having different aliases linked to the same entity or organization where of different subsets of information may be exchanged between Parties A  1210  and B  1310 . 
         [0052]    In Red Scenario  1430 , the same parties are involved but use yet a third alias linked to the same entity or organization, and provide yet another vehicle for exchanging different subsets of information between the parties. In Red Scenario  1430 , Party A  1210 , optionally using a different alias from that used in prior Scenarios, first discloses to Party B  1310 , through Central Processing Center  1100 , a subset or portion of select Party A  1210  alias, order, party, performance and/or other information to be displayed to Party B  1310  through Counterparty B Display  1300 , as depicted in Box  1360  labeled A at Time  1 . 
         [0053]    In response to the dissemination of information by Party A  1210 , the selected alias of Party B  1310 , which may be different from the alias used by Party B  1310  in prior Scenarios, may disclose to Party A  1210  on behalf of Party B  1310  through Central Processing Center  1100 , a subset or portion of select Party B  1310  alias, order, party, performance and/or other information to be displayed to Party a  1210  by Counterparty A Display  1200 , as depicted in Box  1260  labeled B at Time  1 . 
         [0054]    Party A  1210  may then disclose another subset of information through Central Processing Center  1100  which information may become available to Party B  1310  in Counterparty B Display  1300 , as depicted in Box  1370  labeled A at Time  2 . In response, Party B may then disclose another subset of information through Central Processing Center  1100 , which information may become available to Party A  1210  in Counterparty A Display  1200 , as depicted in Box  1270  labeled B at Time  2 . 
         [0055]    This progressive process of iterative and/or sequential dissemination of information between the parties may continue until either all information is disclosed and/or exchanged, the parties complete or otherwise terminate their negotiations, a transaction is consummated, or other conclusive event occurs or situation is reached. 
         [0056]    Generally, any number of aliases may initiate a process similar to the process of information exchange depicted in  FIG. 1 . While  FIG. 1  depicts two time series (i.e. Time  1  and Time  2 ), any number of time series may be controlled either by the alias/entity, and/or Central Processing Center  1100 . The information may also be updated, disclosed, and/or displayed by either the alias or entity of Central Processing Center  1100 . 
         [0057]    Although  FIG. 1  depicts information flow from Counterparty A  1210  Aliases  1225 ,  1255  and  1265 , to Counterparty B  1310  Aliases  1325 ,  1355  and  1365  respectively, as the foregoing Scenarios exemplify, System  1000  of the present invention may permit information and other data to flow in either direction at the same or different times between any desired Counterparties (e.g. information flow from Counterparty B  1310  Aliases  1325 ,  1355  and  1365  to Counterparty A  1210  Aliases  1225 ,  1255  and  1265  respectively). 
         [0058]    Turning now to  FIG. 2  through  FIG. 28 , there is shown yet another embodiment of the apparatus, system and method of the instant invention. More specifically,  FIG. 2  through  FIG. 28  depict screenshots of an electronic, computerized User Interface which may act as an input/output interface to allow users to interact with the apparatus, system and method of the instant invention. 
         [0059]    For example, the User Interface of  FIG. 2  through  FIG. 28  may be implemented as the input/output device for System  1000  depicted in  FIG. 1 . Additionally or alternatively, the User Interface of  FIG. 2  through  FIG. 28  may be adapted for use with System  1000  of  FIG. 1  as Counterparty A Display  1200  and/or Counterparty B Display  1300 . 
         [0060]    The User Interface of  FIG. 2  through  FIG. 28  may comprise an input device for inputting various information and data associated with Counterparty A  1210 , Counterparty B  1310 , their respective aliases and associated entities/organizations, and/or information related to contemplated transactions. 
         [0061]    The User Interface of  FIG. 2  through  FIG. 28  may also comprise Counterparty A Display  1200  and Counterparty B Display  1300  for displaying data and information output from System  1000 . 
         [0062]    The User Interface of  FIG. 2  through  FIG. 28  may also provide access to the functionality of Central Processing Center  1100 . 
         [0063]    Turning now to the screenshots of the User Interface depicted in  FIG. 2  through  FIG. 28 , there is shown in  FIG. 2  a user login screen in which users of the apparatus, system and method of the instant invention may securely login into a remote server on which Central Processing Center  1100  may reside. 
         [0064]    Login credentials may be maintained at the server level. Each User may have a series of information associated with such User tied to a user ID. Such information may include, for example, User preferences, User names, firm name, trading credentials, access rights, credit limits, historical activity, third party relationships, firm name, firm type, and other data and information which may be used in connection with System  1000 . 
         [0065]    As shown in  FIG. 3 , once a User is logged into the System, the User Interface may present the User with a Main Menu. The Main Menu will allow the User to enter an order (“Order Entry”), to view its own orders (“RFQ List”), to review order/price information  FIG. 4 . 
         [0066]    Clicking on “Order Entry” brings the user to the Order Entry Screen depicted in  FIG. 4 . 
         [0067]    Within the Order Entry Screen of the  FIG. 4 , a User (sometimes referred to herein as an “Order Initiator”) may define and/or select the product to be traded, and define the parameters and/or manner in which the apparatus, system and method of the invention may interact with the market, and/or the parameters and/or manner in which buying, selling, trading and or other basis for a transaction may be conducted. Such parameters and/or manner of conduct may include but not limited to, specific order parameters, participants who may be involved, the required timing of responses, and the initial disclosures of information to the market. 
         [0068]    In the embodiment shown in  FIG. 4 , the User first selects in the Order Entry Screen (as highlighted in  FIG. 4 ) the currency (“Currency”) that the product being offered will be denominated. It should be noted, however, that all of the functionality contemplated by the User Interface including, but not limited to each of interactions with the User Interface described herein, may also be achieved with a programmatic interaction through an API (application programming interface). 
         [0069]    In this embodiment, the product being offered has a number of categories of products defined by the start date of the transaction. As highlighted in  FIG. 5 , the “Type” drop down button of the Order Entry Screen allows the User to select the start date convention from one of “Spot,” “Forward,” or “IMM.” In the embodiment depicted in  FIG. 5 , the Type is selected to be “Spot.” 
         [0070]      FIG. 6  highlights the “Notional” field of the Order Entry Screen in which the product being offered may be traded in any amount which is defined in the “Notional” field. In the embodiment depicted in  FIG. 6 , the Notional amount is selected to be $500 million. 
         [0071]      FIG. 7  highlights the “Tenor” field of the Order Entry Screen in which the user may define the length of time that this product will be effective. In this embodiment, the Tenor of the product is set at 5 years. 
         [0072]      FIG. 8  highlights the “Side” field of the Order Entry Screen in which the User may define the side of the transaction on which the User will take. The User may select whether the User is a buyer or seller of the product, and, in this embodiment, has selected the “Buy” side of the transaction. 
         [0073]      FIG. 9  highlights the “Coupon” field of the Order Entry Screen in which the User may define an interest or “Coupon.” In this embodiment, the product uses an interest rate (“Coupon”) to denominate its price, and the user may define a free form price within the “Coupon” field. 
         [0074]      FIG. 10  highlights the “Reset Frequency” field of the Order Entry Screen in which the User may also describe a number of timed events that the product may use to calculate certain obligations. The User may be able to select a “Reset Frequency” to describe the time frame that the rate obligations calculations are to be executed. In the embodiment depicted in  FIG. 10 , the Reset Frequency is selected by the User to be 3 months. 
         [0075]      FIG. 11  highlights the “Recipients” field of the Order Entry Screen in which the User (in this case the “Order Initiator”) may determine which participants (in this case “Order Responders”) will receive a message describing the at least some of the information regarding the order on the product that the Order Initiator is interested in executing. In the embodiment depicted in  FIG. 11 , the Recipients selected by the User include those recipients who are classified under a grouping entitled “My List1.” 
         [0076]      FIG. 12  highlights the “Time Interval” field of the Order Entry Screen in which the User has the ability to control and define the timed stages of the interactions between the Order Initiator and the Responders. The “Time Interval” drop down button allows the User to select from a number of timed intervals. In the embodiment depicted in  FIG. 12 , the Time Interval is selected by the User to be two (2) minutes between the time a party (the “Sending Party”) disseminates to the other participating parties (the “Receiving Parties”) information regarding the proposed transaction, and the time in which any Receiving Parties may respond to the Sending Party with information or other appropriate response. 
         [0077]    It should be noted, however, that all time intervals related to the functionality of the apparatus, system and method of the invention, including the period of time being measured, as well as the points at which the time interval begins and ends, may be defined in any manner which suits the desired functionality of any particular embodiment of the invention. 
         [0078]    In the present embodiment, the User may control and define what information may be disclosed to recipients at each stage of the transaction process.  FIG. 13  highlights the initial disclosures which will be made to such Recipients. In the embodiment depicted in  FIG. 13 , the Initial Disclosure may be selected by checking a check box for each disclosure. The information that the Order Initiator may disclose may include the “Side”, “Notional” (e.g. Size), “Coupon” (e.g. Price), a participating party&#39;s legal entity name, or any other parameter desired for the particular transaction. In addition, the Initial Disclosure, or in certain embodiments of the invention, any disclosure, may be established before the Order Initiator sends the order and begins the First Stage of the negotiating and/or transactional process. 
         [0079]    Once the User completes the process of inputting data and other information related to a proposed transaction into the Order Entry Screen, the User may then submit the Order to the System of the invention by clicking on the “Send” icon on the Order Entry Screen which, for the present embodiment, is highlighted in  FIG. 13 . 
         [0080]    Once the User submits the Order through the Order Entry Screen, a summary of the Order may be displayed to the Order Initiator on an “Order Summary Screen” under a tab marked “Active.”  FIG. 14  depicts the Order Summary of the present embodiment which appears under the Active Tab of the Order Summary Screen after the submission of the Order through the Order Entry Screen. 
         [0081]    In the embodiment of the Order Summary Screen depicted in  FIG. 15 , the user may double click on any outstanding Order Summary under the Active Tab to: (i) view the disclosed details of the order which were chosen to be disclosed by the Order Initiator during the First Stage of the transactional process; (ii) provide the opportunity to Responding Parties to define the disclosure and other parameters of the Second Stage of the transactional process; (iii) view responses from selected Respondents; and (iv) view outstanding response times associated with the given Stage. 
         [0082]    In addition, as depicted in  FIG. 16 , a User may prepare disclosure information and select the participants for the next stage in the transactional process, as the user views responses from the selected participants and other information depicted on the Order Summary Screen. 
         [0083]    As depicted in  FIG. 17 , a User may define additional trading parameters that may or may not be disclosed during the Second or subsequent Stage in the transactional process through the Order Summary Screen. 
         [0084]    As depicted in  FIG. 18 , the User may control and/or define the required Response Time for the Second or subsequent Stage of the transactional process under the Time Interval section of the Order Summary Screen. 
         [0085]    As highlighted in  FIG. 19 , the User may select the information that may be disclosed to participants during the Second or subsequent Stage of the transactional process. 
         [0086]    As highlighted in  FIG. 20 , the User may select the participants that may receive the disclosures for the Second or subsequent Stage of the transactional process. 
         [0087]    As highlighted in  FIG. 21 , once the required response time has elapsed under the Remaining Section of the Order Summary Screen, the User may have additional time (which in some embodiments may be determined by the operator of the System platform) in which to finalize disclosure and participant selections. Also, as highlighted in  FIG. 21 , the User may begin the Second or subsequent Stage of the transactional process by clicking on the “Next Stage” icon. 
         [0088]    Clicking on the “Next Stage” icon of the Order Summary Screen depicted in  FIG. 21  brings the User to a new Order Summary Screen related to the next Stage of the transactional process.  FIG. 22  depicts the Order Summary Screen for the Second Stage of the transactional process of the present embodiment. The numeral “2” which is highlighted in  FIG. 22  indicates that the Order Summary Screen is displaying information related to the Second Stage of the current transactional process. 
         [0089]    In accordance with the embodiment depicted in  FIG. 22 , when the User proceeds to a subsequent Stage in the transactional process (in this embodiment the Second Stage), the details of the preceding Stage (in this embodiment the First Stage) may no longer be available and the Second Stage may be summarized along with the summaries of other outstanding orders. The User may be shown the current stage and may click on a Summary Line (Line “2” highlighted in  FIG. 22 ) to see the details of the current stage, and prepare for the next stage of the transactional process. Alternatively, in some embodiments of the invention, the details of preceding Stages may be made available to one or more of the parties utilizing the apparatus, system and method of the present invention. 
         [0090]    As depicted in  FIG. 23 , when a User proceeds to the next Stage of the transactional process, the details of the First or previous Stage may no longer be available, and the Second or current Stage may be summarized along with the summaries of other outstanding orders. The User may be shown the current Stage, and may click on the Summary Line to see the details of the current Stage and prepare for the next Stage of the transactional process. 
         [0091]    As highlighted in  FIG. 24 , the User may determine and select which Users may receive the Order, request disclosures, and have the right to respond to such Orders during the next Stage of the transactional process. When Responders have provided tradable responses and/or responses which meet the parameters of a trade offer, in the embodiment depicted in  FIG. 24 , the User may be presented with a field to input “Trade Quantity” and to initiate and/or execute the trade by checking or selecting a “Select” box associated with a trade offer, and clicking on the “Trade Now” icon highlighted in  FIG. 24 . 
         [0092]    If the User does not initiate a trade based upon existing responses and/or offers, the User may elect to disclose more information (including, but not limited to, desired trade price) to the other parties, in order to solicit better responses from Responders. As highlighted in  FIG. 25 , such Responders may be selected by selecting the “Select” checkbox associated with such Responders, and making the request for such responses in a subsequent stage of the transactional process by clicking the “Next Stage” icon in the Order Summary Screen highlighted in  FIG. 25 . 
         [0093]    Clicking on the “Next Stage” icon of the Order Summary Screen depicted in  FIG. 25  brings the User to a new Order Summary Screen related to the next Stage of the transactional process.  FIG. 26  depicts the Order Summary Screen for the Third Stage of the transactional process of the present embodiment. The numeral “3” which is highlighted in  FIG. 26  indicates that the Order Summary Screen is displaying information related to the Third Stage of the current transactional process. 
         [0094]    In accordance with the embodiment depicted in  FIG. 26 , when the User proceeds to a subsequent stage in the transactional process (in this embodiment the Third Stage), the details of the preceding Stage (in this embodiment the Second Stage) may no longer be available and the Third Stage may be summarized along with the summaries of other outstanding orders. The User may be shown the current Stage and may click on a Summary Line (Line “3” highlighted in  FIG. 26 ) to see the details of the current Stage, and prepare for the next Stage of the transactional process. 
         [0095]    As depicted in  FIG. 26 , when a User proceeds to the next Stage of the transactional process, the details of the previous Stage may no longer be available, and the current stage may be summarized along with the summaries of other outstanding orders. The User may be shown the current stage, and may click on the Summary Line to see the details of the current Stage and prepare for the next Stage of the transactional process. 
         [0096]    As highlighted in  FIG. 27 , the User may then input into the Order Summary Screen the desired Third Stage price offering in the “Coupon” field, as well as indicate the information to be disclosed by checking the desired Disclosure check boxes. To the extent that certain information has previously been disclosed, and as shown in  FIG. 27 , the Disclosure check boxes associated with such information will be inoperative as indicated by graying out such previously disclosed selections. 
         [0097]    As shown in  FIG. 28 , the User may determine and select which Users may receive the Order, request disclosures, and have the right to respond to such Orders during the next Stage of the transactional process. When responders have provided tradable responses and/or responses which meet the parameters of a trade offer, in the embodiment depicted in  FIG. 28 , the User may be presented with a field to input “Trade Quantity” and to execute the trade by checking or selecting a “Select” box associated with a trade offer, and clicking on the “Trade Now” icon highlighted in  FIG. 28 . 
         [0098]    If the User does not initiate or execute a trade based upon existing responses and/or offers, the User may elect to disclose more information (including, but not limited to, desired trade price) to the other parties, in order to solicit better responses from Responders, or the User may elect to allow the Offer to expire without consummating a trade. 
         [0099]    The process depicted in  FIG. 2  through  FIG. 28  may continue for as many Stages as desired until a trade is agreed upon and executed, or the parties involved in the negotiation and/or transaction do not respond to a pending offer, and/or resolve to withdraw from engaging in the negotiation and/or transaction. 
         [0100]    The disclosure herein is directed to the variations and modifications of the elements and methods of the invention disclosed that will be apparent to those skilled in the art in light of the disclosure herein. Thus, it is intended that the present invention covers the modifications and variations of this invention, provided those modifications and variations come within the scope of the appended claims and the equivalents thereof.