Trading party profiles in system for facilitating trade processing and trade management

• US 7,143,060 B2
• Filed: 08/16/2001
• Issued: 11/28/2006
• Est. Priority Date: 02/16/2000
• Status: Expired due to Fees

• Current Assignee: Omgeo LLC (The Depository Trust & Clearing Corporation)
• Original Assignee: Omgeo LLC (The Depository Trust & Clearing Corporation)
• Inventors: Stys, Chris, Snow, Matthew, Foster, Gary S., Addis, Jeffrey C., Luro, Andy
• Primary Examiner(s): Millin, Vincent
• Assistant Examiner(s): FELTEN, DANIEL S
• Application Number:
  US09/930,918
• Publication Number:
  US 20020016761A1
• Time in Patent Office: 1,930 Days
• Field of Search: 705/35, 705/37, 705/34, 705/30, 705/39, 235/379
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system for facilitating the processing and settlement of a securities trade is provided. The system includes a computer which receives trade execution information and trade allocation information indicative of an executed trade by first and second trading parties. The system also includes a database of trading party profiles which are indicative of acceptable trade parameters for each trading party. A matching program compares the trade execution information with the trade allocation information and determines that a match exists if the trade execution information and the trade allocation information correlate within the acceptable trade parameters. The trading party profiles are configurable so that the trading parties can fully control enrichment of the trade information with enrichment data, and set timers to control how long the system searches for a match. Each trading party may have a plurality of profiles, from which the system may select depending upon trade criteria.

Claims

1. A system facilitating the processing and management of a securities trade comprising:

a computer;

trade execution information received by said computer, said trade execution information indicative of an executed trade by a first trading party, and comprising a first trading party identification;

trade allocation information received by said computer, said trade allocation information indicative of an ordered trade by a second trading party, and comprising a second trading party identification;

a database of trading party profiles accessible by said computer;

software executing on said computer for retrieving from said database a first trading party profile based on the first trading party identification and a second trading party profile based on the second trading party identification, said first trading party profile comprising an indication of enrichment options for said first trading party and said second trading party profile comprising an indication of enrichment options for said second trading party;

a plurality of enrichment databases having enrichment data stored thereon; and

software executing on said computer for enriching said trade execution information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the first trading party profile and enriching said trade allocation information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the second trading party profile.

2. The system of claim 1 further comprising:

a set of predefined acceptable trade parameters extracted from the first trading party profile and the second trading profile; and

software executing on said computer comparing said trade execution information with said trade allocation information, and determining that a match exists if said trade execution information and said trade allocation information correlate within said set of predefined acceptable trade parameters.

3. The system of claim 1 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile comprise indications of what enrichment data to use to enrich said trade execution information and said trade allocation information.

4. The system of claim 3 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile comprise indications of where the enrichment data which to use to enrich said trade execution information and said trade allocation information is located.

5. The system of claim 1 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile are dependent on both the first trading party identification and the second trading party identification.

6. The system of claim 1 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile are dependent on a type of trade being executed.

7. The system of claim 1 further comprising software executing on said computer allowing the first trading party to access, modify and confirm the enrichment options of the first trading party profile and allowing the second trading party to access, modify and confirm the enrichment options of the second trading party profile.

8. The system of claim 1 further comprising software executing on said computer allowing the first trading party and the second trading party to access, modify and confirm said enrichment databases.

9. The system of claim 1 further comprising software executing on said computer allowing parties other than the first trading party and the second trading party to access, modify and confirm said enrichment databases.

10. The system of claim 1 wherein said software executing on said computer retrieving from said database a first trading party profile based on the first trading party identification and a second trading party profile based on the second trading party identification comprises software executing on said computer retrieving from said database a first trading party profile based upon the first trading party identification and upon trade criteria and a second trading party profile based upon the second trading party identification and upon trade criteria.

11. The system of claim 2 wherein at least one of said first trading party profile and said second party profile further comprises an indication for a timer to be set and an indication of a specified time period for the timer, and further comprising software executing on said computer for generating and transmitting, if no match is found to exist within the specified time period for the timer, a notification to at least one of the first trading party and the second trading party indicating that no match has been found to exist.

12. A system facilitating the processing and management of a securities trade comprising:

a computer;

trade execution information received by said computer, said trade execution information indicative of an executed trade by a first trading party, and comprising a first trading party identification;

trade allocation information received by said computer, said trade allocation information indicative of an ordered trade by a second trading party, and comprising a second trading party identification;

a database of trading party profiles accessible by said computer;

software executing on said computer retrieving from said database a first trading party profile based upon the first trading party identification and upon trade criteria and a second trading party profile based upon the second trading party identification and upon trade criteria;

a set of predefined acceptable trade parameters extracted from the first trading party profile and the second trading profile; and

software executing on said computer comparing said trade execution information with said trade allocation information, and for determining that a match exists if said trade execution information and said trade allocation information correlate within said set of predefined acceptable trade parameters.

13. The system of claim 12 wherein the trade criteria is extracted from the trade execution information.

14. The system of claim 12 wherein the trade criteria is extracted from the trade allocation information.

15. The system of claim 12 wherein the trade criteria is extracted from both the trade execution information and the trade allocation information.

16. The system of claim 12 wherein said first trading party profile comprises an indication of enrichment options said first trading party and said second trading party profile comprises an indication of enrichment options said second trading party, and further comprising:

a plurality of enrichment databases having enrichment data stored thereon; and

software executing on said computer enriching said trade execution information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the first trading party profile and enriching said trade allocation information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the second trading party profile.

17. The system of claim 12 wherein at least one of said first trading party profile and said second party profile further comprises an indication a timer to be set and an indication of a specified time period the timer, and further comprising software executing on said computer for generating and transmitting, if no match is found to exist within the specified time period the timer, a notification to at least one of the first trading party and the second trading party indicating that no match has been found to exist.

18. A system facilitating the processing and management of a securities trade comprising:

a computer;

trade execution information received by said computer, said trade execution information indicative of an executed trade by a first trading party, and comprising a first trading party identification;

trade allocation information received by said computer, said trade allocation information indicative of an ordered trade by a second trading party, and comprising a second trading party identification;

a database of trading party profiles accessible by said computer;

software executing on said computer retrieving from said database a first trading party profile based on the first trading party identification and a second trading party profile based on the second trading party identification, at least one of said first trading party profile and said second party profile comprising an indication a timer to be set and an indication of a specified time period the timer;

a set of predefined acceptable trade parameters extracted from the first trading party profile and the second trading profile;

software executing on said computer comparing said trade execution information with said trade allocation information, and determining that a match exists if said trade execution information and said trade allocation information correlate within said set of predefined acceptable trade parameters; and

software executing on said computer generating and transmitting, if no match is found to exist within the specified time period for the timer, a notification to at least one of the first trading party and the second trading party indicating that no match has been found to exist.

19. The system of claim 18 further comprising software executing on said computer allowing the first trading party to access, modify and confirm the first trading party profile and allowing the second trading party to access, modify and confirm the second trading party profile.

20. The system of claim 18 wherein said first trading party profile further comprises an indication of enrichment options said first trading party and said second trading party profile further comprises an indication of enrichment options said second trading party, and further comprising:

a plurality of enrichment databases having enrichment data stored thereon; and

software executing on said computer enriching said trade execution information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the first trading party profile and enriching said trade allocation information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the second trading party profile.

21. The system of claim 18 wherein said software executing on said computer retrieving from said database a first trading party profile based on the first trading party identification and a second trading party profile based on the second trading party identification comprises software executing on said computer retrieving from said database a first trading party profile based upon the first trading party identification and upon trade criteria and a second trading party profile based upon the second trading party identification and upon trade criteria.

22. A system facilitating the processing and management of a securities trade comprising:

a computer;

trade execution information received by said computer, said trade execution information indicative of an executed trade by a first trading party, and comprising a first trading party identification;

trade allocation information received by said computer, said trade allocation information indicative of an ordered trade by a second trading party, and comprising a second trading party identification;

a database of trading party profiles accessible by said computer;

software executing on said computer retrieving from said database a first trading party profile based upon the first trading party identification and upon trade criteria and a second trading party profile based upon the second trading party identification and upon trade criteria, said first trading party profile comprising an indication of enrichment options said first trading party and said second trading party profile comprising an indication of enrichment options said second trading party, and at least one of said first trading party profile and said second party profile further comprising an indication for a timer to be set and an indication of a specified time period the timer;

a plurality of enrichment databases having enrichment data stored thereon;

software executing on said computer enriching said trade execution information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the first trading party profile and enriching said trade allocation information with enrichment data retrieved from said plurality of enrichment databases in accordance with the enrichment options of the second trading party profile;

a set of predefined acceptable trade parameters extracted from the first trading party profile and the second trading profile;

software executing on said computer comparing said trade execution information with said trade allocation information, and determining that a match exists if said trade execution information and said trade allocation information correlate within said set of predefined acceptable trade parameters; and

software executing on said computer generating and transmitting, if no match is found to exist within the specified time period the timer, a notification to at least one of the first trading party and the second trading party indicating that no match has been found to exist.

23. The system of claim 22 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile comprise indications of what enrichment data to use to enrich said trade execution information and said trade allocation information.

24. The system of claim 23 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile comprise indications of where the enrichment data which to use to enrich said trade execution information and said trade allocation information is located.

25. The system of claim 22 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile are dependent on both the first trading party identification and the second trading party identification.

26. The system of claim 22 wherein the enrichment options of the first trading party profile and the enrichment options of the second trading party profile are dependent on a type of trade being executed.

27. The system of claim 22 further comprising software executing on said computer allowing the first trading party to access, modify and confirm the enrichment options of the first trading party profile and allowing the second trading party to access, modify and confirm the enrichment options of the second trading party profile.

28. The system of claim 22 further comprising software executing on said computer allowing the first trading party and the second trading party to access, modify and confirm said enrichment databases.

29. The system of claim 22 further comprising software executing on said computer allowing parties other than the first trading party and the second trading party to access, modify and confirm said enrichment databases.

30. The system of claim 22 wherein the trade criteria is extracted from the trade execution information.

31. The system of claim 22 wherein the trade criteria is extracted from the trade allocation information.

32. The system of claim 22 wherein the trade criteria is extracted from both the trade execution information and the trade allocation information.

33. The system of claim 22 further comprising software executing on said computer allowing the first trading party to access, modify and confirm the first trading party profile and allowing the second trading party to access, modify and confirm the second trading party profile.