Systems and methods for providing valid responses to requests for quotations

Abstract

Systems and methods for providing valid responses to requests for quotations are provided. In one embodiment of the invention, a system according to the invention preferably includes a server. The server includes a server storage device and a server processor connected to the server storage device. The server storage device preferably stores a server program for controlling the server processor. The server processor is preferably operative to receive a request from a requesting participant for a market-validated offer to sell an item; receive an offer price from a responding participant in response to the request; and provide a bid to an electronic marketplace, the bid including a price that is lower than the received offer price.

1 . A method comprising:
 rendering, by at least one processor, a graphical user interface comprising a first text box associated with a request for quote button, a second text box associated with a request for quote validity quotient, and a third text box associated with a time limit for receiving a responsive quote;   
       detecting, by the at least one processor, activation of the request for quote button; 
       transmitting, by the at least one processor, a request for a quote of a security to a particular workstation over a network interface, in response to activation of the request for quote button, the request for quote comprising an offer price; 
       receiving, by the at least one processor, the responsive quote within the request for quote validity quotient from the particular workstation within the time limit; 
       changing on the graphical user interface, by the at least one processor, a color of an order corresponding to the request for quote, in response to receiving the responsive quote within the request for quote validity quotient; 
       identifying, by the at least one processor, whether the responsive quote satisfies a criteria; and 
       automatically transmitting, by the at least one processor, confirmation to execute a trade corresponding to the quote. 
     
     
         2 . The method of  claim 1  wherein the criteria comprises a price difference between the responsive quote and the offer price of the request for quote. 
     
     
         3 . The method of  claim 2  wherein the criteria is configurable. 
     
     
         4 . The method of  claim 1  further comprising:
 maintaining, by the at least one processor, the request for the quote in an available state for a predetermined period of time before a transaction related to the security is executed. 
 
     
     
         5 . The method of  claim 1 , further comprising executing, by the at least one processor, a transaction to sell the security. 
     
     
         6 . An apparatus comprising:
 a network interface;   a display device;   at least one processor to:   render on the display device a graphical user interface comprising a first text box associated with a request for quote button, a second text box associated with a request for quote validity quotient, and a third text box associated with a time limit for receiving a responsive quote;   detect activation of the request for quote button;   transmit a request for a quote of a security via the network interface to a particular workstation, in response to activation of the request for quote button, the request for quote comprising an offer price;   receive the responsive quote within the request for quote validity quotient from the particular workstation within the time limit;   change a color of an order corresponding to the request for the quote, in response to receiving the responsive quote within the request for quote validity quotient;   identify whether the responsive quote satisfies a criteria; and   automatically transmit confirmation to execute a trade corresponding to the quote.   
     
     
         7 . The apparatus of  claim 6 , wherein the at least one processor is further configured to render a text box on the graphical user interface that permits configuration of the time limit. 
     
     
         8 . The apparatus of  claim 6 , wherein the criteria comprises a price difference between the responsive quote and the offer price of the request for quote. 
     
     
         9 . The apparatus of  claim 6 , wherein the criteria is configurable. 
     
     
         10 . The apparatus of  claim 6 , wherein the at least one processor is further configured to maintain the request for the quote in an available state for a predetermined period of time before a transaction related to the security is executed. 
     
     
         11 . The apparatus of  claim 6 , wherein the at least one processor is further configured to execute a transaction to sell the security. 
     
     
         12 . The method of  claim 1 , further comprising rendering, by the at least one processor, a text box on the graphical user interface that permits configuration of the time limit.