Systems and methods for facilitating settlement of cross-border securities transactions
First Claim
Patent Images
1. A system for facilitating settlement of a securities transaction comprising:
- (a) a communications mechanism adapted to receive incoming electronic messages setting forth one or more parameter values related to a securities transaction;
(b) a processing mechanism, coupled to the communications mechanism, and adapted to determine matches between one or more parameter values of any two or more incoming electronic messages;
wherein the processing mechanism is further adapted to transmit an indication message over the communications mechanism, the indication message specifying at least one of;
(i) the existence of matches between one or more parameter values of any two or more incoming electronic messages; and
(ii) the non-existence of matches between one or more parameter values of any two or more incoming electronic messages.
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Abstract
Systems and methods for facilitating settlement of a securities transaction. A communications mechanism is adapted to accept incoming electronic messages related to the securities transaction. A processing mechanism, coupled to the communications mechanism, determines compatibility between any two or more incoming electronic messages. The processing mechanism transmits an indication message over the communications mechanism that specifies at least one of: (i) compatibility between any two or more incoming electronic messages; and (ii) incompatibility between any two or more incoming electronic messages.
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Citations
26 Claims
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1. A system for facilitating settlement of a securities transaction comprising:
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(a) a communications mechanism adapted to receive incoming electronic messages setting forth one or more parameter values related to a securities transaction;
(b) a processing mechanism, coupled to the communications mechanism, and adapted to determine matches between one or more parameter values of any two or more incoming electronic messages;
wherein the processing mechanism is further adapted to transmit an indication message over the communications mechanism, the indication message specifying at least one of;
(i) the existence of matches between one or more parameter values of any two or more incoming electronic messages; and
(ii) the non-existence of matches between one or more parameter values of any two or more incoming electronic messages. - View Dependent Claims (2, 3, 4, 5)
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6. A system for facilitating settlement of a cross-border securities transaction between a first party and a second party, the first party being a seller or a seller'"'"'s representative and the second party being a buyer or a buyer'"'"'s representative, the transaction being defined by a plurality of parameters, the system comprising:
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an input mechanism adapted for receiving a message from the seller or the seller'"'"'s representative and a message from the buyer or the buyer'"'"'s representative, said messages each setting forth at least one value for at least one parameter relating to the transaction;
a processing mechanism comprising a data storage for parameter values and a processor for comparing parameter values for each of a plurality of parameters to identify at least one of compatible and incompatible parameter values; and
a communications mechanism coupled to the processing system for providing an output message indicative of at least one of;
(i) identification of compatible parameter values; and
(ii) identification of incompatible parameter values. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A system for facilitating settlement of a cross-border securities transaction between a seller'"'"'s representative and a buyer'"'"'s representative, the transaction being defined by a plurality of parameters, the security being held by a custodian, the system comprising:
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a communications mechanism for receiving messages from the seller'"'"'s representative and the buyer'"'"'s representative, said messages comprising values for the parameters relating to the transaction;
a processing system comprising data storage for parameter values and notifying the seller'"'"'s representative and the buyer'"'"'s representative of the parameters for a consummated transaction; and
an indication mechanism for providing an indication to the communications mechanism which is indicative of one or more parameters for the consummated
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17. A method for facilitating settlement of a securities transaction including the steps of:
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(a) a communications mechanism receiving incoming electronic messages setting forth one or more parameter values related to a securities transaction;
(b) a processing mechanism for storing said, values and for parameter determining matches between one or more parameter values of any two or more incoming electronic messages;
(c) the processing mechanism transmitting an indication message over the communications mechanism, the indication message specifying at least one of;
(i) the existence of matches between one or more parameter values of any two or more incoming electronic messages; and
(ii) the non-existence of matches between one or more parameter values of any two or more incoming electronic messages. - View Dependent Claims (18, 19, 20)
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21. A post-trade, pre-settlement system for facilitating a securities transaction and comprising:
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a. a computer processing mechanism;
b. an interfacing mechanism adapted for interfacing the computer processing mechanism with at least two of the following entities;
a seller of a securities instrument, a buyer of the securities instrument, and a holder of the securities instrument;
wherein, in response to the issuance of a notification of execution (NOE) message from the interfacing mechanism, the computer provides multilateral data communications between the at least two entities. - View Dependent Claims (22, 23, 24, 25, 26)
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Specification