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

• Current Assignee: Board of Trade of the City of Chicago Incorporated (CME Group Incorporated)
• Original Assignee: Board of Trade of the City of Chicago Incorporated (CME Group Incorporated)
• Inventors: Durkin, Bryan T., McCabe, Thomas G., Bennett, James G., Collins, Dennis M., Rooney, Mary Beth E., Lynch, Anita Olivia, Ratner, Laurence M., Kemp, Melissa H., Owens, Jacqueline B.
• Application Number:
  US11/237,015
• Publication Number:
  US 20060089899A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method that provides a message engine to facilitate intra-day receiving of first data relative to the trade transaction on behalf of one party to the trade transaction, wherein the first data include a code identifying an opposing party to the transaction; sending a message to the designated opposing party prior to submitting the trade transaction for matching prior to end-of-day clearing; and monitoring a message queue for a response and sending a message to at least one of the parties based on the response.

Claims

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.

2. The message service of claim 1 wherein the monitoring circuit d) if a partial acceptance message is received from the opposing party, sends a message to the one party that confirms the partial acceptance and sends the partly accepted trade to the matching engine as a pre-matched trade and, in addition, continues to monitor the message queue for a message from the opposing party relative to the portion of the trade transaction that is not accepted.

3. The message service of claim 1 that includes an authorization circuit that determines if the one party and the opposing party are each authorized to receive electronic transactions.

4. The message service of claim 3 wherein the authorization circuit also determines the identity of the device to receive messages for a particular trade transaction.

5. The message service of claim 1 that includes a match circuit that receives a message from the matching engine that the trade transaction has been matched and forwards this message on to the one party and the opposing party.

6. The message service of claim 1 wherein the data relating to the trade transaction includes a unique identifier for that trade transaction.

7. The message service of claim 1 wherein the trade transaction is a multi leg transaction.

8. The message service of claim 1 wherein the trade transaction is a single leg transaction.

9. The message service of claim 1 wherein the acceptance message is in the form of independently entered trade transaction data that matches the trade transaction data entered by the one party.

10. The message service of claim 1 that includes a data verification circuit to verify one element of the data.

11. A method of facilitating the early confirmation of a trade transaction in a non-anonymous trading environment, the method comprising the steps of:

receiving a message from one party to the trade transaction, the message including data relating to the trade transaction including an identity of an opposing party to the trade transaction;

sending a message to the opposing party that includes data identifying the trade transaction; and

monitoring a message queue for a message from the opposing party and

a) if an acceptance message is received from the opposing party, sending a confirming message to the one party and sending the trade transaction to clearing as a pre-matched trade;

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

or

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

12. The method of claim 11 wherein the monitoring step d) if a partial acceptance message is received from the opposing party, sending a message to the one party that confirms the partial acceptance and sending the partly accepted trade to the matching engine as a pre-matched trade and, in addition, continuing to monitor the message queue for a message from the opposing party relative to the portion of the trade transaction that is not accepted.

13. The method of claim 11 including the step of determining if the one party and the opposing party are each authorized to receive electronic transactions.

14. The method of claim 13 including the step of determining the identity of the device to receive messages for a particular trade transaction.

15. The method of claim 11 including the step of receiving a message from the matching engine that the trade transaction has been matched and forwarding this message on to the one party and the opposing party.

16. The method of claim 11 wherein the data relating to the trade transaction includes a unique identifier for that trade transaction.

17. The method of claim 11 wherein the trade transaction is a multi leg transaction.

18. The method of claim 11 wherein the trade transaction is a single leg transaction.

19. The method of claim 11 wherein the acceptance message is in the form of independently entered trade transaction data that matches the trade transaction data entered by the one party.

20. The method of claim 11 including the step of verifying one element of the data.