Conversational dealing system

• US 20030061149A1
• Filed: 07/29/2002
• Published: 03/27/2003
• Est. Priority Date: 01/03/2001
• Status: Abandoned Application

• Current Assignee: CME Group Incorporated
• Original Assignee: CME Group Incorporated
• Inventors: Kirill, Dunayev, Ajitsaria, Rajiv, Foray, Andrew P., Horsfall, Peter Richard
• Application Number:
  US10/206,617
• Publication Number:
  US 20030061149A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H04L 67/14 Session management for real-time applications in data packet communications networks H04L65/1066
• CPC Class Codes: H04L 67/75 Indicating network or usage conditions on the user display
• CPC Class Codes: H04L 69/329 in the application layer [OSI layer 7]
• CPC Class Codes: H04L 9/40 Network security protocols

Abstract

A conversational trading system allows a plurality of instruments, for example financial instruments such as foreign exchange products, to be traded from a single user interface. The interface includes a deal stack comprising a deal list, a deal detail panel and a button bar. The deal list displays deal related information such as status, party, instrument and an instrument and status related string in a form common to all instruments. Whenever a new quote request is detected, a new conversation is started. This may be with the same party as an existing conversation. The conversation is parsed line by line and the user can edit it before it is sent to the counterparty. The parser does not store any record of the deal and, along with the interface, may be downloaded as an Applet.

Claims

1. A conversational dealing system for trading instruments between counterparties, comprising:

a plurality of trader terminals each having a user interface for inputting and displaying to a trader conversational messages including deal related information, the trader terminals communicating with each other via a communications network, the trader terminals each further comprising a parser for parsing said inputted conversational messages,

said parser comprising;

means for analyzing the conversational messages to detect a status of a deal, the deal having a plurality of possible statuses;

means for analyzing the conversational messages to detect deal related information relevant to the detected status of the deal; and

means for returning a parsed message comprising the deal status and the deal related information to the user interface.

2. A conversational dealing system according to claim 1, wherein the parser parses completed conversational messages provided from the user interface.

3. A conversational dealing system according to claim 1, wherein the parser includes means for monitoring all conversational messages received from the user interface to identify a new deal regardless of the deal status of a current deal.

4. A conversational dealing system according to claim 3, wherein the user interface includes means for initiating a new conversation between counterparties having at least one existing conversation when the new deal is identified.

5. A conversational dealing system according to claim 3, wherein the parser monitors the conversational messages to identify a request for a quote (RFQ).

6. A conversational dealing system according to claim 1, wherein the possible deal statuses include no deal pending, request for a quote, quote, and buy/sell.

7. A conversational dealing system according to claim 1, wherein said means for returning the parsed messages comprise means for returning a deal information structure to the user interface.

8. A conversational dealing system according to claim 1, wherein the user interface displays a parsed message received from the parser and includes means for accepting or declining the parsed message prior to a communication of the parsed message to a counterparty.

9. A conversational dealing system according to claim 8, wherein the user interface further includes means for editing the parsed message prior to communication to a counterparty.

10. A conversational dealing system according to claim 8, wherein the means for accepting or declining the parsed message comprises at least one button on the user interface display operable by a pointing device.

11. A conversational dealing system according to claim 9, wherein the means for editing the parsed message comprises at least one button on the user interface display operable by a pointing device.

12. A conversational dealing system according to claim 1, further comprising a deal server, the deal server acting to check an acceptability of the parsed message from a first couterparty and to reject the parsed message without informing another counterparty when the parsed message is unacceptable.

13. A conversational dealing system according to claim 1, further comprising a chat server for handling non-deal related conversation, wherein a conversational message in which the parser does not detect any deal related information is sent to a destination trader via the chat server.

14. A conversational dealing system according to claim 1, wherein the parser is downloaded to the trader terminal when the trader terminal logs on to the conversational dealing system.

15. A conversational dealing system according to claim 14, wherein the parser is an applet.

47. The conversational dealing system as recited in claim 3, wherein the deal related information of the current deal includes a first request for a quote;

and

the new deal is identified when the parser detects a second request for a quote.

50. The conversational dealing system as recited in claim 1, wherein the parser retains no record of the passed message.

16. A trader terminal for a conversational dealing system having a plurality of trader terminals communicating with each other via a communications network, the trader terminal comprising:

a user interface for inputting and displaying to a trader conversational messages including deal related information; and

a parser for parsing said inputted conversational messages;

wherein said parser includes;

means for analysing the conversational messages to detect a status of a deal, the deal having a plurality of possible statuses;

means for analyzing the conversational messages to detect deal related information relevant to the detected status of the deal; and

means for forming and returning to the user interface a parsed message comprising the deal status and the deal related information

17. A trader terminal according to claim 16, wherein the parser parses completed conversational messages provided from the user interface.

18. A trader terminal according to claim 16, wherein the parser includes means for monitoring all conversational messages received from the user interface to identify a new deal regardless of the deal status of a current deal.

19. A trader terminal according to claim 18, wherein the user interface includes means for initiating a new conversation between a counterparties having at least one existing conversation when the new deal is identified.

20. A trader terminal according to claim 18, wherein the parser monitors the conversational messages to identify a request for a quote (RFQ).

21. A trader terminal according to claim 16, wherein the possible deal statuses include no deal pending, request for a quote, quote, and buy/sell.

22. A trader terminal according to claim 16, wherein said means for returning the parsed messages comprises means for returning a deal information structure to the user interface.

23. A trader terminal according to claim 16, wherein the user interface displays a parsed message received from the parser and includes means for accepting or declining the parsed message prior to a communication of the parsed message to a counterparty.

24. A trader terminal according to claim 23, wherein the user interface further includes means for editing the parsed message prior to communication to a counterparty.

25. A trader terminal according to claim 23, wherein the means for accepting or declining the parsed message comprises at least one button on the user interface display operable by a pointing device.

26. A trader terminal according to claim 24, wherein the means for editing the parsed message comprises at least one button on the user interface display operable by a pointing device.

27. A trader terminal according to claim 16, further comprising a deal server, the deal server acting to check an acceptability of the parsed message from a first counterparty and to reject the parsed message without informing another counterparty when the parsed message is unacceptable.

28. A trader terminal according to claim 16, further comprising a chat server for handling non-deal related conversation, wherein a conversational message in which the parser does not detect any deal related information is sent to a destination trader via the chat server.

29. A trader terminal according to claim 16 wherein the parser is downloaded to the trader terminal when the trader terminal logs on to the trader terminal.

30. A trader terminal according to claim 29, wherein the parser is an applet.

48. The conversational dealing system as recited in claim 18, wherein the deal related information of the current deal includes a first request for a quote;

and

the new deal is identified when the parser detects a second request for a quote.

51. The conversational dealing system as recited in claim 16, wherein the parser retains no record of the passed message.

31. A method of trading instruments between counterparties in a conversational trading system in which the counterparties communicate with each other via a communications network, the method comprising the steps of:

inputting conversational messages including deal related information to the system;

analyzing the conversational messages to detect a status of a deal, the deal having a plurality of possible statuses;

detecting deal related information relevant to the detected status of the deal; and

forming a parsed message including the deal status and at least part of the deal related information.

32. A method according to claim 31, wherein the conversational messages are provided from a user interface.

33. A method according to claim 31, further comprising parsing all conversational messages received to identify a new deal regardless of the deal status of a current deal.

34. A method according to claim 33, further comprising initiating a new conversation between counterparties having at least one existing conversation when the new deal is identified.

35. A method according to claim 33, further comprising monitoring the conversational messages to identify a request for a quote (RFQ).

36. A method according to claim 31, wherein the possible deal statuses include no deal pending, request for a quote, quote, and buy/sell.

37. A method according to claim 31, further comprising returning the deal related information to a user interface.

38. A method according to claim 31, further comprising:

displaying the parsed message; and

allowing one of the counterparties to accept or decline the parsed message prior to communicating the parsed message to the other counterparts.

39. A method according to claim 38, further comprising allowing the first party to edit the parsed message prior to communicating the parsed message to the other counterparty.

40. A method according to claim 31, comprising checking an acceptability of the parsed message from a first counterparty;

and

rejecting the parsed message without informing another counterparty when the parsed message is unacceptable.

41. A method according to claim 40, wherein the checking includes checking whether the counterparties have sufficient bilateral credit for a proposed deal in the parsed message.

42. A method according to claim 40, wherein the checking includes checking that the deal related information conforms to business rules of the conversational dealing system.

43. A method according to claim 31, further comprising sending conversational messages with no deal related information to one of the counterparties via a chat server.

44. A method according to claim 31, wherein if, on detection of a change of the status, insufficient deal related information is detected relevant to the status, an error message is sent to a user interface.

45. A method according to claim 44, wherein the error message is displayed in an area of the user interface dedicated to the deal in progress.

46. A method according to claim 45, wherein the error message identifies missing deal related information.

49. The conversational dealing system as recited in claim 33, wherein the deal related information of the current deal includes a first request for a quote;

and

the new deal is identified when the parser detects a second request for a quote.

52. The conversational dealing system as recited in claim 31, wherein the parser retains no record of the passed message.

53. A conversational dealing system for trading instruments between counterparties, comprising:

a plurality of trader terminals each having a user interface for inputting and displaying to a trader conversational messages including deal related information, the trader terminals communicating with each other via a communications network, wherein the conversational messages are displayed in a colour coded form to indicate to the user an origin of the conversational messages.

54. A conversational dealing system according to claim 53, wherein messages received from a counterparty trader terminal are displayed in a first colour and messages generated at the user interface are displayed in a second colour.

55. A conversational dealing system according to claim 54, wherein each trader terminal includes a parser for parsing conversational messages input into the terminal to extract deal related information and generate parsed messages, wherein parsed messages are displayed in a third colour.

56. A conversational dealing system according to claim 54, wherein warning messages are displayed in a fourth colour.

57. A conversational dealing system according to claim 54, wherein error messages are displayed in a fourth colour.

58. A conversational dealing system for trading instruments between traders, the system comprising:

a plurality of trader terminals coupled together to form a network, each trader terminal including a user interface and a parser;

wherein

the user interface receives and displays conversational messages including deal related information related to deals between traders; and

the parser analyzes the conversational messages to detect a status of a current deal between traders, the parser further analyzes the conversational messages to detect the deal related information related to the status of the current deal, and the parser produces a parsed message including the status of the current deal and at least part of the deal related information.

59. The system as recited in claim 58, wherein the parser identifies a new deal regardless of the status of the current deal.

60. The system as recited in claim 59, wherein:

the deal related information of the current deal includes a first request for a quote; and

the new deal is identified when the parser detects a second request for a quote.

61. The system as recited in claim 59, wherein the user interface initiates a second conversation between traders having a first conversation when the new deal is identified.

62. The system as recited in claim 58, wherein the parser displays the parsed message to a trader and allows the trader to edit the parsed message before sending the parsed message to another trader.

63. The system as recited in claim 58, wherein the parser displays the parsed message to a trader and allows the trader to decline to send the parsed message to another trader.

64. The system as recited in claim 58, further comprising:

a deal server coupled to the trader terminals, the deal server receives the parsed message from the parser and determines whether the parsed message is acceptable based on the current status of the current deal; and

when the deal server determines that the parsed message is not acceptable, the deal server does not send the parsed message to another trader terminal.

65. The system as recited in claim 58, further comprising:

a chat server coupled to the trader terminals;

wherein

the parser sends the conversational messages to the chat server when there is no deal related information in the conversational messages.

66. The system as recited in claim 58, wherein the parser is downloaded to a respective trader terminal when the respective trader terminal accesses the system.

67. The system as recited in claim 66, wherein the parser is an applet.

68. A computer readable storage medium including computer executable software for performing the steps of:

receiving conversation messages including deal related information;

analyzing the conversational messages to detect a status of a deal between traders;

analyzing the conversational messages to detect deal related information related to the status of the deal; and

producing a parsed message including the deal status and at least part of the deal related information.

69. The storage medium as recited in claim 68, wherein the software further performs the step of identifying a new deal regardless of the status of the current deal.

70. The storage medium as recited in claim 69, wherein:

the deal related information of the current deal includes a first request for a quote; and

the new deal is identified upon detection of a second request for a quote.

71. The storage medium as recited in claim 69, wherein the software further performs the step of initiating a second conversation between traders having a first conversation when the new deal is identified.

72. The storage medium as recited in claim 68, wherein the software further performs the steps of displaying the parsed message to a trader and allowing the trader to edit the parsed message before sending the parsed message to another trader.

73. The storage medium as recited in claim 68, wherein the software further performs the steps of displaying the parsed message to a trader and allowing the trader to decline to send the parsed message to another trader.

74. The storage medium as recited in claim 68, wherein the software further performs the steps of:

determining whether the parsed message is acceptable based on the current status of the current deal; and

when the parsed message is not acceptable, inhibiting the parsed message from being sent to another trader terminal.