Method and apparatus for data verification and position reporting in an automated trade transactions processing system
First Claim
1. An automated trade processing system comprising:
- record keeper means for receiving participant mutual fund transaction requests, aggregating said participant mutual fund transaction requests by mutual fund into omnibus plan trade files comprising a plurality of fields of information about said omnibus plan trades, and transmitting said omnibus plan trade files;
host processor means, interacting with said record keeper means, for receiving said omnibus plan trade files, verifying at least one of the plurality of fields of information, processing said omnibus plan trades, and trade-acknowledgment confirming said omnibus plan trades to said record keeper means;
transaction execution means, interacting with said host processor means, for executing said omnibus plan trades, wherein trade-acknowledgment confirmation occurs at a time prior to execution of said omnibus plan trades by said transaction execution means.
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Accused Products
Abstract
An automated trade processing system including a record keeper for receiving participant mutual fund transaction requests. The record keeper also aggregates the participant mutual fund transaction requests by mutual fund into omnibus plan transaction requests. These requests are then transmitted in at least one file which has a plurality of fields of information about the omnibus plan transaction requests. A host processor, interacting with the record keeper, receives the at least one file, processes the omnibus plan transaction requests, verifies at least one of the plurality of fields of information, and trade-acknowledgment confirms the omnibus plan transaction requests to the record keeper. The host processor then transfers the omnibus plan transaction requests to a transaction executor which executes the omnibus plan transaction requests. The trade-acknowledgment confirmation occurs at a time prior to execution of the omnibus plan transaction requests. The transfer agent executes the omnibus plan trades and trade-execution confirms them to the host processor. The host processor compares the trade-acknowledgement confirmation and the trade-execution confirmation and generates a mismatch file which is then transmitted to the at least one record keeping systems. This cycle occurs in less than a day and enables the record keeping system to perform daily valuation of all participant accounts in its various plans.
283 Citations
18 Claims
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1. An automated trade processing system comprising:
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record keeper means for receiving participant mutual fund transaction requests, aggregating said participant mutual fund transaction requests by mutual fund into omnibus plan trade files comprising a plurality of fields of information about said omnibus plan trades, and transmitting said omnibus plan trade files; host processor means, interacting with said record keeper means, for receiving said omnibus plan trade files, verifying at least one of the plurality of fields of information, processing said omnibus plan trades, and trade-acknowledgment confirming said omnibus plan trades to said record keeper means; transaction execution means, interacting with said host processor means, for executing said omnibus plan trades, wherein trade-acknowledgment confirmation occurs at a time prior to execution of said omnibus plan trades by said transaction execution means. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method for automatically processing participant mutual fund transactions comprising the steps of:
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receiving participant mutual fund trade data at a record keeping system; aggregating said participant mutual fund trade data into a plurality of omnibus plan trade files by mutual fund, said omnibus plan trade files comprising a plurality of fields of information regarding omnibus plan trades; transmitting said omnibus plan trade files from the record keeping system to a host processor; verifying at least one field of said omnibus plan trade files; processing said omnibus plan trade files at the host processor; transmitting said omnibus plan trade files to an appropriate transfer agent system for execution; and trade-acknowledgment confirming the processing of said omnibus plan trade files and said price feed data to the record keeping system prior to execution of said omnibus plan trade files by the transfer agents. - View Dependent Claims (13, 14, 15)
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16. A network for facilitating automatic processing of multiple participant mutual fund accounts and transactions relating thereto comprising:
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at least one record keeping system for storing information regarding a plurality of participants having a mutual fund account, receiving mutual fund transactions regarding said participant mutual fund accounts, aggregating said mutual fund transactions by fund and type into omnibus plan trade files, and transmitting said omnibus plan trade files, said files comprising a plurality of fields of information regarding the omnibus plan trades; a host processor interconnected with each of said record keeping systems for receiving, verifying at least one of the fields of information, and processing said omnibus plan trades; and at least one transfer agent system for sending trade information to said host processor, wherein said host processor uses said trade information to evaluate said omnibus plan trades and create and transmit a trade-acknowledgment confirmation file to said at least one record keeping system representing the evaluation of said omnibus plan trades. - View Dependent Claims (17, 18)
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Specification