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Data processing system for managing and processing foreign exchange transactions

  • US 7,587,362 B2
  • Filed: 01/17/2002
  • Issued: 09/08/2009
  • Est. Priority Date: 10/12/2001
  • Status: Active Grant
First Claim
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1. A digital data processing system for managing foreign currency exchange transactions, which system includes:

  • a core data processing system,client data communication means permitting communication between the core system and a plurality of satellite client systems, each of which clients is a source of foreign exchange transactions,rate provider data communication means permitting communication between the core system and a plurality of systems, each of which is associated with a provider of wholesale foreign exchange rates,settlement data communication means permitting communication between the core system and one or more settlement banks hosting foreign currency accounts for the core system,wherein the core system is provided with software implementing the following features;

    means for periodically obtaining from the rate providers wholesale foreign exchange rates,means for modifying the wholesale foreign exchange rates to provide client foreign exchange rates, wherein each wholesale foreign exchange rate comprises at least one currency pair and the modification comprises blending a plurality of wholesale rates into the client foreign exchange rate,means for communicating the client foreign exchange rates to the clients'"'"' systems whereby the client may quote prices in foreign currencies,means for logging a plurality of foreign exchange transactions provided by the clients,means for collating the transactions received into common currency pairs and accumulating the transactions by common pairs, thereby to produce for each currency pair a single aggregated foreign exchange transaction,a wholesale settlement engine providing a wholesale transaction settlement function in which aggregated transactions are settled with the relevant rate provider,a retail settlement engine in which instructions are given to make appropriate payments to client bank accounts whereby the individual transactions are settled.

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