System for enhanced financial trading support

• US 6,105,005 A
• Filed: 12/18/1997
• Issued: 08/15/2000
• Est. Priority Date: 09/15/1997
• Status: Expired due to Term

• Current Assignee: Bank of America Corp.
• Original Assignee: Merrill Lynch & Co. Incorporated (Bank of America Corp.)
• Inventors: Fuhrer, Evelyn
• Primary Examiner(s): Swann, Tod R.
• Assistant Examiner(s): Kanof, Pedro R.
• Application Number:
  US08/993,382
• Time in Patent Office: 971 Days
• Field of Search: 705/35, 705/37, 714/13, 713/200, 713/201, 360/825.26, 360/825.27, 379/111
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A multi-purpose data processing system that is capable of going on-line to provide an operative link with established financial markets in support of subscriber trading. The system has two modes of operation. A first mode is directed to support for financial transactions or services that are necessary, but not critical. The second mode addresses a lost trading link from a primary trading system pursuant to a catastrophic event, and provides a remote trading platform to a plurality of pre-select traders. The second mode is accessible via disaster declaration, and the system permits custom terminal configuration in accordance with designated traders. Operation allows quick assess to markets when the primary market link outlet is down.

Claims

1. An apparatus providing fault-tolerant operation to interrupted services associated with trading of financial assets on at least one electronic exchange, wherein said interrupted services involve a partial or complete failure of a primary computer system for implementing financial transactions on said at least one electronic exchange, said apparatus comprising:

a remote system including a plurality of work stations at one or more locations remote from said primary computer system;

wherein the remote system is adapted to;

(a) operate in a disaster mode of operation upon disruption of the primary computer system so as to provide for the implementation of one or more financial transactions over the electronic exchange, and (b) operate in a normal mode of operation which involves implementation of at least one transaction in addition to, other than, or in lieu of, financial transactions on said electronic exchange;

a communications mechanism adapted to establish a link between said remote system and said electronic exchange, wherein said communications mechanism provides for real time access from said remote system to said electronic exchange;

wherein said remote system includes a database and associated programming comprising;

(i) a security command to which said remote system responds by changing the operation of said remote system from said normal mode of operation to said disaster mode of operation, and a programmed command enabling select access via said remote system and said communications mechanism by at least one individual trader to said at least one exchange,

(ii) an access command for providing access from said remote system via said communications mechanism to said electronic exchange; and

(iii) a retrieval mechanism for retrieving from said database a desktop display configuration for each of a plurality of individual traders, said database including trader specific information defining at least one of applications, services, and on-line electronic exchange desktop configuration information.

2. The apparatus of claim 1, wherein said remote system further includes a networking mechanism in communication with said plurality of work stations.

3. The apparatus of claim 1 wherein each of a plurality of respective said work stations are individually configured to a corresponding specific trader in a manner so as to provide at least one of:

(a) a link to one or more remote information services; and

(b) trading access to one or more electronic exchanges.

4. A system for providing a secondary platform to effect trading of financial assets, equipped to communicate with at least one electronic exchange, said system comprising:

a database for storage and retrieval of data, and modification of data stored therein;

an input mechanism adapted for storage of access control information into said system, including one or more code entries indicating a first mode of operation and one or more code entries indicating a second mode of operation, wherein said second mode of operation is implemented in response to a primary trading platform interruption, said secondary platform is a trading platform the input mechanism also adapted to store at least one user access code;

a data display for said second platform for information display of data associated with real time transactions corresponding to at least one of;

(i) market activity on said at least one electronic exchange,

(ii) data from one or more on-line information services, and

(iii) applications programs relating to said market activity or services;

a processing mechanism for receiving data from said database and determining whether access to said system is authorized and, if so, changing said system operating mode to said second mode of operation and in conformance with a pre-established set of select trading parameters stored in said database,

wherein the first mode of operation is associated with financial service administration, and the second mode of operation effects said trading of financial assets on said electronic exchange, wherein said input mechanism, said database, and said processing mechanism are associated with emulating a trading terminal in communication with said electronic exchange.

5. The system of claim 4 wherein said processing mechanism further includes programmable access to one or more system databases having memory locations addressable by said input mechanism, and programmable access for accessing information on any of a plurality of individual traders.

6. The system of claim 5 wherein said trading parameters include data on one or more electronic exchanges available for access through said work station in response to said user access code.

7. The system of claim 4 further comprising a network communication mechanism for establishing one or more links to remote processors for support of trading in financial instruments and for receiving information from a remote on-line data service.

8. A data processing method for operating a fault tolerant system that provides at least one remote terminal with selected access to an electronic exchange for executing transactions in accordance with user commands, such that, in response to a hardware and/or software failure of sufficient scope that a primary trading network coupled to the electronic exchange is closed or substantially curtailed in operation, the following steps are performed:

entering in a workstation terminal a failure code and a user identification code to effect translation of said workstation to a fault-tolerant trading station;

a processing mechanism comparing said entered failure code to one or more failure codes stored in a memory device and comparing the entered user identification code to one or more user identification codes stored in the memory device and, in response to finding a match between (a) the entered failure code and at least one stored failure code, and (b) between the entered user identification code and at least one stored user identification code, causing said workstation to operate in a first mode so as to permit communication with one or more electronic exchanges and so as to provide one or more tools to a user in accordance with a stored user profile database stored in the memory device; and

trading securities on said electronic exchange using said workstation in accordance with transaction requests entered at said workstation;

wherein said workstation is programmed to run in the first mode and programmed to run in a second mode, such that the second mode is adapted to implement a transaction other than, in addition to, or in lieu of, a transaction on the electronic exchange.

9. The method of claim 8 wherein the one or more tools includes access to one or more selected information services and access to one or more applications in support of trading activities.

10. The method of claim 8 wherein the step of trading securities is preceded with a step for establishing communications between the workstation terminal and a device having access to the electronic exchange.

11. The method of claim 8 further comprising a step of disabling said workstation from operating in the second mode prior to operating said workstation in the first mode.

12. A remote system providing fault-tolerant operation to interrupted services associated with trading of financial assets on an electronic exchange, wherein said interrupted services involve a complete or partial failure of a primary computer system for implementing financial transactions on the electronic exchange, the remote system comprising:

a processing mechanism adapted to operate in a first mode which involves at least one transaction other than, in addition to, or in lieu of, trading of financial assets on the electronic exchange, and also adapted to operate in a second mode which implements trading of financial assets on the electronic exchange;

an input mechanism, coupled to the processing mechanism, by which operation in the second mode is selected;

a communications mechanism, coupled to the processing mechanism and responsive to the input mechanism, such that, when the second mode is selected, the communications mechanism establishes a communications link with the electronic exchange so as to permit trading of financial assets on the electronic exchange.

13. A remote system providing fault-tolerant operation to interrupted services associated with trading of financial assets on an electronic exchange, wherein said interrupted services involve a complete or partial failure of a primary computer system for implementing financial transactions on the electronic exchange, the remote system comprising:

a processing mechanism adapted to operate in a first mode which involves at least one transaction other than, in addition to, or in lieu of, trading of financial assets on the electronic exchange, and also adapted to operate in a second mode which implements trading of financial assets on the electronic exchange;

an input mechanism, coupled to the processing mechanism, by which operation in the second mode may be selected in response to complete or partial failure of the primary computer system;

a communications mechanism, responsive to the input mechanism and coupled to the processing mechanism, such that, when the second mode is selected, the communications mechanism establishes a communications link with the electronic exchange so as to permit trading of financial assets on the electronic exchange.

14. A remote system providing fault-tolerant operation to interrupted services associated with trading of financial assets on an electronic exchange, wherein said interrupted services involve a complete or partial failure of a primary computer system for implementing financial transactions on the electronic exchange, the remote system comprising:

a processing mechanism adapted to operate in a first mode which involves at least one transaction in addition to, other than, or in lieu of, trading of financial assets on the electronic exchange, and also adapted to operate in a second mode which implements trading of financial assets on the electronic exchange;

an input mechanism, coupled to the processing mechanism, by which operation in the second mode may be selected in response to complete or partial failure of the primary computer system;

the input mechanism adapted to accept one or more trading parameters when the processing mechanism is operating in the second mode so as to permit implementation of trading of financial assets on the electronic exchange,

a communications mechanism, responsive to the input mechanism and coupled to the processing mechanism, such that, when the second mode is selected, the communications mechanism establishes a communications link with the electronic exchange so as to permit trading of financial assets on the electronic exchange.

15. A remote system providing fault-tolerant operation to interrupted services associated with trading of financial assets on an electronic exchange, wherein said interrupted services involve a complete or partial failure of a primary computer system for implementing financial transactions on the electronic exchange, the remote system comprising:

a processing mechanism adapted to operate in a first mode which involves at least one transaction other than, in addition to, or in lieu of, trading of financial assets on the electronic exchange, and also adapted to operate in a second mode which implements trading of financial assets on the electronic exchange;

an input mechanism, coupled to the processing mechanism, by which operation in the second mode may be requested in response to complete or partial failure of the primary computer system;

the input mechanism adapted to accept one or more trading parameters when the processing mechanism is operating in the second mode so as to permit implementation of trading of financial assets on the electronic exchange,

the processing mechanism including a security program for ascertaining whether or not a request for operation in the second mode will be executed;

a communications mechanism, responsive to the input mechanism and coupled to the processing mechanism, such that, when the second mode is selected, the communications mechanism establishes a communications link with the electronic exchange so as to permit trading of financial assets on the electronic exchange.

16. The remote system of claim 15 further including a memory device, coupled to the processing mechanism, for storing one or more security identification codes;

wherein the input mechanism is adapted to accept a security identification code; and

wherein the security program compares a security identification code accepted by the input mechanism with one or more security identification codes stored in the memory device, and, upon locating a match between the accepted security identification code and at least one stored security identification code, the security program permits the processing mechanism to operate in the second mode.