Electronic trade confirmation system and method

• US 20020128954A1
• Filed: 10/24/2001
• Published: 09/12/2002
• Est. Priority Date: 10/24/2000
• Status: Abandoned Application

• Current Assignee: Regulus Integrated Solutions LLC (Exela Technologies, Inc.)
• Original Assignee: Regulus Integrated Solutions LLC (Exela Technologies, Inc.)
• Inventors: Evans, Steven Douglas
• Application Number:
  US09/999,842
• Publication Number:
  US 20020128954A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer and network-based system and method for automatically and securely converting, distributing, storing and retrieving trade confirmation and statement data as electronic documents on the Internet for use by account holders and brokerage employees and for displaying the electronic documents in a format that resembles printed originals. The system adapts existing business printing data files or uses independent non-print data feeds to support the electronic documents. The system further operates to detect all documents delivered into its database and then automatically notify enrolled account holders via e-mail of the availability of such documents. Further, the system tests for successful delivery of the e-mail, and failure of delivery generates a customer notification and document delivery by other means. The system permits account holders and brokerage employees to search and retrieve new and archived electronic trade-related documents using database keys and date ranges. The system further provides flexible administration routines for use by authorized brokerage employees in order to designate levels of access for customer service and brokerage users, as well as ensuring that only authorized account holders can access their documents via encrypted authentication methods. The system includes routines having selection criteria for on-demand display, printing and downloading of management reports and individual electronic documents. The system design, functions and process are based upon regulatory guidelines for the securities industry regarding consumer notification, protection and informed consent, particularly with respect to acceptance of electronic documents in lieu of traditional print and mail delivery. Consumers have the ability to rescind or reinstate their consent at will to delivery of their trade confirmations and statements in electronic form.

Claims

1. An information system for electronic trade management on an electronic network, said electronic network comprising a host system, a broker system and a trader system,

said host system having a database and a host computer running software routines that are triggered by messages received from the broker system and the trader system,

said broker system communicating trade data to the host computer via the electronic network,

said host system providing access via the trader system and broker system to the database for authorized users,

wherein the software routines in the host computer include a presentment routine that receives the trade data from the broker system, then formats and stores the data into the database;

a notification routine that communicates notice of a new trade to the trader system, a consent routine that controls access to the database by the trader system; and

a data review routine that provides access to stored data by the trader system.

2. An information system as in claim 1, wherein the broker system communicates statement data to the host computer via the electronic network, and the presentment routine receives the statement data from the broker system, then formats and stores the data into the database.

3. An information system as in claim 1, wherein the consent routine allows a user to consent to receiving trade-related documents electronically with notification of same and to allow a user to revoke consent to receiving trade-related documents electronically and further wherein the host computer maintains a log of consent history for each user.

4. An information system as in claim 3, further comprising an audit routine that controls access to the log of consent history.

5. An information system as in claim 1, further comprising an access routine that provides encrypted authentication of users to permit access to the database by the trader system.

6. An information system as in claim 1, wherein the presentment routine modifies the trade data for normalization into a database-ready format.

7. An information system as in claim 2, wherein the presentment routine modifies the statement data for normalization into a database-ready format.

8. An information system as in claim 7, wherein the presentment routine parses, transmits and loads statement data into database tables having multiple key values for document retrieval.

9. An information system as in claim 8, wherein the presentment routine recompiles the trade and statement data upon receipt of commands and key values from the broker system.

10. An information system as in claim 8, wherein the presentment routine recompiles the trade and statement data upon receipt of commands and key values from the trader system.

11. An information system as in claim 3, wherein the consent routine detects an enrollment status of the user and controls access to the database in correspondence with the log of consent history for each user.

12. An information system as in claim 3, wherein the notification routine generates a failed-delivery detection log when electronic notification has failed, and initiates an alternative document delivery routine for users specified in the failed-delivery detection log.

13. An information system as in claim 1, wherein the notification routines includes a trader access detection routine for determining whether the user has accessed the database for each new trade record, and updating an audit history log for unaccessed data.

14. An information system as in claim 1, wherein the database includes an e-mail address record and update routine for each user for use by the notification routine.

15. An information system as in claim 3, wherein the data review routine includes a set of query routines that provide selected views and file export options of the stored trade data and statement data.

16. An information system as in claim 15, wherein the query routines include report routines and file export options having selection criteria and formatting routines for compiling and presenting pdf-formatted reports for display.

17. An information system as in claim 1, wherein an administrative routine is provided in the host computer that controls access to the database by the broker computer.

18. An information system as in claim 6, wherein the trade data is automatically transmitted from the broker system to the host system

19. An information system as in claim 7, wherein the statement data is automatically transmitted from the broker system to the host system.

20. An information system as in claim 12, wherein the notification routine includes automatic repeated delivery attempts for a system-specified time, after which the alternate document delivery routine is initiated.

21. An information system as in claim 3, wherein the notification routine interacts with the consent routine to initiate the alternate document delivery routine for users that have not consented to electronic notification.

22. An information system as in claim 3, wherein if a user has not consented to electronic notification, a consent form and a terms and conditions form are communicated to the trader system.