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Intra-day matching message system and method

  • US 20060089899A1
  • Filed: 09/28/2005
  • Published: 04/27/2006
  • Est. Priority Date: 10/25/2004
  • Status: Abandoned Application
First Claim
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1. A message service to facilitate the early confirmation of a trade transaction in a non-anonymous trading environment comprising:

  • a message reception circuit that receives a message from one party to the trade transaction, the message including trade transaction data that includes an identity of an opposing party to the trade transaction;

    an outgoing message circuit that sends a message to the opposing party that includes data identifying the trade transaction; and

    a monitoring circuit that monitors a message queue for a message from the opposing party and a) if an acceptance message is received from the opposing party, sends a confirming message to the one party and sends the trade transaction to a matching engine as a pre-matched trade;

    b) if no response is received from the opposing party within a predetermined period of time, sends an alert message to the one party and sends the trade transaction to the matching engine as an unmatched trade;

    or c) if a rejection message is received from the opposing party, sends an alert message to the one party.

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