Intra-day matching message system and method
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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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.
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Citations
20 Claims
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1. A message service to facilitate the early confirmation of a trade transaction in a non-anonymous trading environment comprising:
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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;
orc) if a rejection message is received from the opposing party, sends an alert message to the one party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of facilitating the early confirmation of a trade transaction in a non-anonymous trading environment, the method comprising the steps of:
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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;
orc) if a rejection message is received from the opposing party, sending an alert message to the one party. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification