Appeal No. 2006-1126
Application No. 10/455,701
Invention
The invention relates to a system for automatically trading investment
items based upon predetermined conditions. The investments can include
stocks, options, or other investment items. See page 2 of appellant’s
specification. A user can then enter a stop loss order (an order to sell if the
investment item’s price falls below a set value), either as a price of the
investment item or as a percentage of the item’s value. The system monitors the
values of investment items and will automatically execute the stop order. See
page 15 of appellant’s specification.
Claim 7 is representative of the invention and reproduced below:
7. A trading system, comprising:
a computer receiving a stop value for an investment item, the
computer automatically setting an initial execution price based upon the
stop value and monitoring the price of the investment item, the computer
automatically changing the execution price in a first direction as the price
of the investment item changes in the first direction and fixing the
execution price as the price of the investment item changes in a second
direction opposite from the first direction, the computer automatically
outputting a trade request signal thereby automatically causing the stock
to be traded in response to the price of the investment item changing in
the second direction to reach the execution price.
Reference
The reference relied upon by the examiner is:
Lupien et al. (Lupien) EPA 0401203A2 Dec. 5, 1990
Bondy, “Stop-Order Path A Good Way Out Of Stock Market” Arizona Republic,
page C1, August 21, 1993.
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