Appeal No. 2006-1126
Application No. 10/455,701
the appellant is focusing on select features and embodiments of Lupien. The
examiner asserts there are other features and embodiments of Lupien which are
clearly directed to issuing buy and sell orders automatically. On pages 9 through
11 of the answer, the examiner addresses the features argued by appellant as
teaching non-automatic trading and argues other features of Lupien, which the
examiner considers to disclose automatic trading of securities.
We concur with the examiner’s assessment of the reference. Initially, we
note that appellant has not argued that Bondy’s algorithm of adjusting stop
orders differs from appellant’s or that Bondy and Lupien are not properly
combined. Appellant’s arguments center around whether Lupien discloses
automatic submission of a generated order to an exchange. We find that Lupien
does disclose such a feature.
Lupien teaches a system to manage one or more investor portfolios, the
system uses data processing equipment to place buy and sell orders on
securities markets and with automated brokers to execute trades between users
of the system and external markets. See abstract. The system monitors security
trade information and enters buy and sell orders through its own network or
through other networks. See column 3, lines 48 through 55. The system uses
information concerning limits and algorithms set by the client to analyze the
security trade information and based upon the analysis issues buy or sell orders.
See column 4, lines 7 through 18, and column 8, lines 17 through 25. The
system executes trades based upon an analysis of transactions and controls
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