Claims
- 1. A method for monitoring business transactions to provide foreign currency exchange hedging instructions and to provide foreign currency price information for goods of commerce, comprising the steps of:
receiving business transaction information regarding at least one of purchases and sales of goods by a customer; receiving hedging rules, wherein said hedging rules define rules to exchange a first type of currency to a second type of currency; receiving pricing rules, wherein said pricing rules define rules to update public foreign currency prices of said goods; generating public price information to provide foreign currency prices of said goods, based on said pricing rules; and generating hedging instruction information to provide instructions on whether to exchange from said first type of currency to said second type of currency, based on said hedging rules.
- 2. The method of claim 1, wherein said transaction information is received via at least one transaction data stream, wherein said public price information is generated as at least one price data stream, and wherein said hedging instruction information is generated as at least one hedging instruction data stream.
- 3. The method of claim 2, further comprising the step of receiving market rate information having current market foreign exchange rates, including rates for exchanging said first type of currency to said second type of currency, and vice-versa.
- 4. The method of claim 3, wherein said step of generating said public price information is further based on the received market rate information.
- 5. The method of claim 4, wherein said market rate information is received via at least one market rate data stream.
- 6. The method of claim 4, wherein said pricing rules further define when to update said foreign currency prices of said goods, based on at least one of when the current market rate fluctuates by at least a first predetermined amount, when the rate from the public price information deviates from the current market rate by at least a second predetermined amount, and after the expiration of a predetermined time interval.
- 7. The method of claim 6, wherein said pricing rules further define rules to update said foreign currency prices of said goods, based on either the actual current market rate or said actual current market rate adjusted by a predetermined amount.
- 8. The method of claim 1, wherein said hedging rules further define when to exchange said first and second types of currency, based on at least one of when the current market rate deviates from the market rate information by at least a first predetermined percent, after the expiration of a predetermined time interval, after a predetermined amount of units of said goods are sold or purchased, and after a predetermined amount of currency received from sales or due from purchases of said goods.
- 9. The method of claim 8, wherein said hedging rules further define an amount to exchange said first and second types of currency, based on either a total accumulated revenue or deficit of said first type of currency or a predetermined percent of said total.
- 10. The method of claim 1, wherein said steps of generating said public price information and generating said hedging instruction information are performed in a computerized system.
- 11. The method of claim 10, wherein said computerized system is configured within at least one of a local network and stand-alone computer of said customer.
- 12. The method of claim 10, wherein said computerized system is configured within an application service provider, remote from said customer.
- 13. The method of claim 5, further comprising the steps of:
forwarding said at least one hedging instruction data stream to a foreign exchange (FX) rate provider of said customer; and exchanging, by said FX rate provider, currency of said first type to currency of said second type based on the received hedging instruction data stream.
- 14. The method of claim 13, wherein said market rate data stream is received from said FX rate provider of said customer.
- 15. The method of claim 13, wherein FX rate provider is at least one of a multi-bank website, an individual bank website, and a non-bank website offering a live market foreign exchange rate stream and an exchange service based on said price stream.
- 16. The method of claim 14, wherein said transaction data stream is received from a business-to-business (B2B) portal, wherein said B2B portal is a medium to allow said customer to buy and sell said goods.
- 17. The method of claim 16, wherein said B2B portal is at least one of an online marketplace, a vendor website, and a purchaser website.
- 18. The method of claim 17, further comprising the step of forwarding the hedge instruction data streams and the public price data streams as an electronic ticket to at least one of said customer, said foreign exchange rate provider, and said B2B portal.
- 19. A method for monitoring business transactions to provide foreign currency exchange hedging instructions and to provide foreign currency price information for goods of commerce, comprising the steps of:
receiving business transaction information regarding at least one of purchases and sales of goods by a customer; receiving hedging rules, wherein said hedging rules define rules to exchange a first type of currency to a second type of currency; generating public price information to provide foreign prices of said goods, based on at least one of a predetermined foreign exchange rate; and generating hedging instruction information to provide instructions on whether to exchange from said first type of currency to said second type of currency, based on said hedging rules.
- 20. A hedging processor for monitoring business transactions to provide foreign currency exchange hedging instructions and to provide foreign currency price information for goods of commerce, comprising:
at least one input for receiving business transaction information regarding at least one of purchases and sales of goods by a customer, for receiving hedging rules, wherein said hedging rules define rules to exchange a first type of currency to a second type of currency, and for receiving pricing rules, wherein said pricing rules define rules to update public foreign currency prices of said goods; and a processor for generating public price information to provide foreign currency prices of said goods, based on said pricing rules, and for generating hedging instruction information to provide instructions on whether to exchange from said first type of currency to said second type of currency, based on said hedging rules.
- 21. The processor of claim 20, wherein said transaction information is received via at least one transaction data stream, wherein said public price information is generated as at least one price data stream, and wherein said hedging instruction information is generated as at least one hedging instruction data stream.
- 22. The processor of claim 21, wherein said at least one input further receives market rate information having current market foreign exchange rates, including rates for exchanging said first type of currency to said second type of currency, and vice-versa.
- 23. The processor of claim 22, wherein said public price information is further based on the received market rate information.
- 24. The processor of claim 23, wherein said market rate information is received via at least one market rate data stream.
- 25. The processor of claim 23, wherein said pricing rules further define when to update said foreign currency prices of said goods, based on at least one of when the current market rate fluctuates by at least a first predetermined amount, when the rate from the public price information deviates from the current market rate by at least a second predetermined amount, and after the expiration of a predetermined time interval.
- 26. The processor of claim 25, wherein said pricing rules further define rules to update said foreign currency prices of said goods, based on either the actual current market rate or said actual current market rate adjusted by a predetermined amount.
- 27. The processor of claim 20, wherein said hedging rules further define when to exchange said first and second types of currency, based on at least one of when the current market rate deviates from the market rate information by at least a first predetermined percent, after the expiration of a predetermined time interval, after a predetermined amount of units of said goods are sold or purchased, and after a predetermined amount of currency received from sales or due from purchases of said goods.
- 28. The processor of claim 27, wherein said hedging rules further define an amount to exchange said first and second types of currency, based on either a total accumulated revenue or deficit of said first type of currency or a predetermined percent of said total.
- 29. The processor of claim 20, wherein said processor is configured within at least one of a local network and stand-alone computer of said customer.
- 30. The processor of claim 20, wherein said processor is configured within an application service provider, remote from said customer.
- 31. The processor of claim 24, further comprising at least one output for forwarding said at least one hedging instruction data stream to a foreign exchange (FX) rate provider of said customer, and for exchanging, by said FX rate provider, currency of said first type to currency of said second type based on the received hedging instruction data stream.
- 32. The processor of claim 31, wherein said market rate data stream is received from said FX rate provider of said customer.
- 33. The processor of claim 31, wherein FX rate provider is at least one of a multi-bank website, an individual bank website, and a non-bank website offering a live market foreign exchange price stream and an exchange service based on said price stream.
- 34. The processor of claim 32, wherein said transaction data stream is received from a business-to-business (B2B) portal, wherein said B2B portal is a medium to allow said customer to buy and sell said goods.
- 35. The processor of claim 34, wherein said B2B portal is at least one of an online marketplace, a vendor website, and a purchaser website.
- 36. The processor of claim 35, wherein said at least one output further forwards the hedge instruction data streams and the public price data streams as an electronic ticket to at least one of said customer, said foreign exchange rate provider, and said B2B portal.
- 37. A hedging processor for monitoring business transactions to provide foreign currency exchange hedging instructions and to provide foreign currency price information for goods of commerce, comprising:
at least one input for receiving business transaction information regarding at least one of purchases and sales of goods by a customer, and for receiving hedging rules, wherein said hedging rules define rules to exchange a first type of currency to a second type of currency; and a processor for generating public price information to provide foreign prices of said goods, based on at least one of a predetermined foreign exchange rate, and for generating hedging instruction information to provide instructions on whether to exchange from said first type of currency to said second type of currency, based on said hedging rules.
RELATED APPLICATION
[0001] This application is based upon and claims the benefit of U.S. provisional applications Ser. No. 60/208,137, filed on May 31, 2000 for Robert J. Feilbogen, and Ser. No. 60/208,547, filed on Jun. 1, 2000 for Robert J. Feilbogen, all entitled “METHOD AND SYSTEM FOR FOREIGN EXCHANGE PRICE PROCUREMENT AND AUTOMATED HEDGING.” The contents of these provisional applications are fully incorporated herein by reference.
Provisional Applications (2)
|
Number |
Date |
Country |
|
60208137 |
May 2000 |
US |
|
60208547 |
Jun 2000 |
US |