Computer-based system and method for confirming failed trades of securities
First Claim
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1. A computer-based method for confirming failed trades comprising:
- receiving data representing fail information from a plurality of traders, said fail information identifying a plurality of trades that failed to settle;
matching corresponding portions of said fail information between said traders;
generating a fail confirmation report reporting said corresponding portions to respective ones of said traders.
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Abstract
The present invention provides a novel system and method for confirming failed trades. In securities trading, and particularly mortgage backed securities trading, there can be a desire to provide market liquidity by allowing trading of securities by parties, even where party does not actually have the securities necessary to satisfy the trade, on the view that the party will acquire the necessary securities to satisfy the trade in advances of the settlement date. However, market instability can result from actual failures to satisfy the trade. The present system and method provide a means for reducing such instability by confirming such failed trades.
42 Citations
19 Claims
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1. A computer-based method for confirming failed trades comprising:
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receiving data representing fail information from a plurality of traders, said fail information identifying a plurality of trades that failed to settle;
matching corresponding portions of said fail information between said traders;
generating a fail confirmation report reporting said corresponding portions to respective ones of said traders. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A fail confirmation engine implemented in a computing environment including at least one processing unit, random access memory, a storage device and a network interface all interconnected;
- said at least one processing unit operable to receive fail information from workstations connected to said network interface;
said at least one processing unit operable to examine said fail information and match failed trades between said fail information files;
said at least one processing unit further operable to generate fail-confirmations from said matched failed trades and for passing said fail confirmations to back to respective workstations. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19)
- said at least one processing unit operable to receive fail information from workstations connected to said network interface;
Specification