Electronic trading confirmation system
First Claim
1. A system of determining the status of trades between a trader and a counter party based on an electronic submission of a data file representing details in data fields of a trade by the trader and a second data file representing details in data fields of the trade by the counter party, the system comprising:
- a data interface engine which reads the data files and data fields;
a matching engine coupled to the data interface engine which matches selected data fields in the data files and assigns a status to the trade based on whether the data fields submitted matches; and
a database coupled to the matching engine which stores the resulting trade data to confirm the trade if all of the key details in the two data files match.
5 Assignments
0 Petitions
Accused Products
Abstract
A system and method of confirming trades of financial instruments such as OTC derivatives is disclosed. The system includes a data interface which accepts data relating to a trade from both the trader and counter party. The data includes different data fields of differing importance. The system includes a matching engine which compares the submitted data and assigns the trade a status depending on which of the data fields match. The system allows a user to filter trades on their status and display the details relating to that trade. The system also allows a user to display the data fields and change the data fields in order to change the status of the trades. The system thus allows a user to electronically confirm a trade and also identify unmatched trades and the information necessary to reconcile such unmatched trades.
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Citations
24 Claims
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1. A system of determining the status of trades between a trader and a counter party based on an electronic submission of a data file representing details in data fields of a trade by the trader and a second data file representing details in data fields of the trade by the counter party, the system comprising:
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a data interface engine which reads the data files and data fields;
a matching engine coupled to the data interface engine which matches selected data fields in the data files and assigns a status to the trade based on whether the data fields submitted matches; and
a database coupled to the matching engine which stores the resulting trade data to confirm the trade if all of the key details in the two data files match. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method of electronically confirming trading of financial products which include data fields which are agreed upon between a trader and a counter party, the method comprising:
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submitting trader data including different data fields relating to the trade via an electronic interface;
submitting counter party data including different data fields relating to the trade via an electronic interface;
comparing the data fields submitted by the trader and the counter party to determine which fields match;
confirming the trade if certain data fields match. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 23)
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22. A method of electronically confirming trades of financial products between a party and a counter party having a master agreement governing the trades of the financial products, comprising:
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amending the master agreement to allow electronic confirmation;
connecting both the trader and the counter party electronically to a matching engine;
submitting trader data including different data fields relating to a trade to the matching engine;
submitting counter party data including different data fields relating to the trade to the matching engine; and
confirming the trade by matching certain data fields.
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24. A system for electronically confirming trading of financial products which include data fields which are agreed upon between a trader and a counter party, the method comprising:
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a data interface for reading trader data including different data fields relating to the trade and counter party data including different data fields relating to the trade via an electronic interface;
a matching means for comparing the data fields submitted by the trader and the counter party to determine which fields match; and
a confirmation means for confirming the trade if certain data fields match.
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Specification