Detection and prevention of duplicate trading transactions over a communications network

• US 5,258,908 A
• Filed: 11/02/1990
• Issued: 11/02/1993
• Est. Priority Date: 11/02/1990
• Status: Expired due to Term

• Current Assignee: EBS Dealing Resources, Inc. (CME Group Incorporated)
• Original Assignee: Foreign Exchange Transaction Services Incorporated
• Inventors: Coleman, Michael, Poole, Geoffrey, Hartheimer, Richard, Klepka, Chris
• Primary Examiner(s): McElheny, Jr., Donald E.
• Assistant Examiner(s): SHINGALA, GITA
• Application Number:
  US07/608,642
• Time in Patent Office: 1,096 Days
• Field of Search: 364/408, 364/200, 364/800, 364/401, 235/379, 235/380
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer network system for simultaneously communicating between computer terminals at various bank locations for the purpose of entering a transaction for the exchange of currency of a selected currency pair provides a method for preventing a trading communication involving a selected currency pair between two banks wherein there is already a trading communication in progress between the two banks involving the same currency pair.

Claims

1. In a computer network system allowing a plurality of simultaneous trading communications between respective computer terminals at an initiating bank location and a destination bank location for the purpose of executing a respective plurality of transactions for the exchange of respective currency pairs, a method for automatically controlling the access of terminals comprising the steps of:

selecting a currency pair;

automatically ascertaining whether a trading communication currently exists between the initiating and destination bank locations which involves the selected currency pair;

inhibiting a second trading communication between the initiating and destination bank locations involving the selected currency pair; and

registering the selected currency pair in a look-up table at the initiating bank each time the initiating bank initiates a transaction communication with the destination bank involving the selected currency pair.

2. A method as recited in claim 1 wherein

the ascertaining step comprises the step of checking the look-up table at the initiating bank to determine whether the selected currency pair has been registered.

3. A method as recited in claim 1 further comprising the step of

de-registering the currency pair at the conclusion of the trading communication.

4. In a computer network system allowing a plurality of simultaneous trading communications between respective computer terminals at an initiating bank location and a destination bank location for the purpose of executing a respective plurality of transactions for the exchange of respective currency pairs, a method for automatically controlling the access of terminals comprising the steps of:

selecting a currency pair;

automatically ascertaining whether a trading communication currently exists between the initiating and destination bank locations which involves the selected currency pair;

inhibiting a second trading communication between the initiating and destination bank locations involving the selected currency pair; and

registering the selected currency pair in a look-up table at the destination bank each time the destination bank receives a request for a transaction communication from the initiating bank involving the selected currency pair.

5. A method as recited in claim 4 wherein

the ascertaining step comprises the step of checking the look-up table at the destination bank to determine whether the selected currency pair has been registered.

6. A method as recited in claim 4 further comprising the step of

de-registering the currency pair at the conclusion of the trading communication.

7. In a computer network system allowing a plurality of simultaneous trading communications between respective computer terminals at an initiating bank location and a destination bank location for the purpose of executing a respective plurality of transactions for the exchange of respective currency pairs, a method for automatically controlling the access of terminals comprising the steps of:

selecting a currency pair;

automatically ascertaining whether a trading communication currently exists between the initiating and destination bank locations which involves the selected currency pair;

inhibiting a second trading communication between the initiating and destination bank locations involving the selected currency pair; and

inhibiting the transaction communication at each of the initiating and destination banks wherein the initiating bank initiates a trading communication with the destination bank involving the selected currency pair at substantially the same time as the destination bank initiates a trading communication with the initiating bank involving the selected currency pair.

8. A method as recited in claim 7 wherein each bank performs

an initiating registration of the trading communication, involving the selected currency pair between the initiating and destination banks, upon the initiation of a trading communication, and

a receiving registration of the trading communication, involving the selected currency pair between the initiating and destination banks, upon the reception of a trading communication.

9. A method as recited in claim 8 wherein

the inhibiting step only inhibits both trading communications where each bank receives a request for trading communication prior to registering its initiating trading communication.

10. In a computer network system allowing for the simultaneous communication between computer terminals at an initiating and destination bank location for the purpose of entering a transaction for the exchange of currency, a method for automatically controlling the access of terminals comprising the steps of:

initiating a request for quote (RFQ) by selecting a destination bank and a currency pair;

ascertaining whether the selected currency pair has been registered for the a transaction communication with the selected destination bank;

if the selected currency pair has been registered then;

automatically ending the transaction communication; and

displaying a message on the terminal indicating that the RFQ cannot be sent;

if the selected currency pair has not been registered, then;

registering the currency pair;

sending the RFQ to the destination bank;

ascertaining whether a duplicate call message has been received from the destination bank;

if the duplicate call message has been received, then automatically ending the transaction communication and displaying a message on the terminal indicating the same;

if the duplicate call message has not been received, then allowing the transaction communication between the originating bank and the destination bank to proceed; and

de-registering the currency pair at the conclusion of the transaction communication.

11. A method as recited in claim 10 wherein the ascertaining and registering steps form a single atomic operation.

12. In a computer network system allowing for the simultaneous communication between computer terminals at a requesting and destination bank location for the purpose of entering a transaction for the exchange of currency, a method for automatically controlling the access of terminals comprising the steps of:

receiving a request for quote (RFQ) from a requesting bank, the RFQ identifying a currency pair to be the subject of a transaction communication;

ascertaining whether the identified currency pair has been registered for a trading communication with the requesting bank;

if the currency pair has been registered, then sending a duplicate call message to the requesting bank; and

if the currency pair has not been registered, then;

registering the currency pair;

placing the request in the incoming call queue;

allowing for normal transaction communication between the banks; and

de-registering the currency pair at the conclusion of the transaction communication.

13. A method as recited in claim 12 wherein the ascertaining and registering steps form a single atomic operation.