System for aggregating executions in a communication network for securities transactions and the like

• US 7,818,236 B2
• Filed: 09/13/2004
• Issued: 10/19/2010
• Est. Priority Date: 09/13/2004
• Status: Active Grant

• Current Assignee: NYSE Group, Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: NYFIX Incorporated (ITIVITI AB)
• Inventors: Hansen, Peter, Landmark, Nicolay, Kragh, Lars
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US10/939,217
• Publication Number:
  US 20060059076A1
• Time in Patent Office: 2,227 Days
• Field of Search: 705/35, 705/36.R, 709/223
• US Class Current: 705/36.00R
• 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

Abstract

An execution concentrator is interposed in a communications network for handling information concerning securities transactions or the like, that concentrator acting to transmit transaction information to the trader or the like at such times and in such details as may be most convenient or efficient to the recipient, independently of the timing and details of the actual transaction.

Claims

1. A method for reducing the number of partial original execution reports being conveyed by a communications system for a single security, said method comprising:

intercepting, by a computer positioned between a market and a trading system, a streaming of partial original execution reports for said single security over a definable time period, each of said streaming of partial original execution reports resulting from an order for said single security;

storing said streaming of partial original execution reports;

aggregating said streaming of partial original execution reports and synthesizing one or more synthetic execution reports comprising predetermined parameters; and

transmitting said one or more synthetic execution reports when prescribed conditions are satisfied and at a slower rate than would be issued as said partial original execution reports.

2. The method, in accordance with claim 1, wherein said prescribed conditions comprise a low level of execution report traffic on said communications system.

3. The method, in accordance with claim 1, wherein said predetermined parameters comprise order status, total executed quantity and value of said streaming of partial original execution reports.

4. The method, in accordance with claim 1, wherein said prescribed conditions comprise a predetermined time.

5. The method, in accordance with claim 1, wherein said prescribed conditions comprise reception of last of said streaming of partial original execution reports.

6. A system for reducing the number of partial original execution reports being conveyed by a communications system for a single security, comprising an execution concentrator which:

intercepts a plurality of partial original execution reports, each of said partial original execution reports resulting from an order for said single security;

stores said partial plurality of original execution reports;

aggregates said plurality of partial original execution reports and synthesizing one or more synthetic execution reports comprising predetermined parameters; and

transmits said one or more synthetic execution reports when prescribed conditions are satisfied and at a slower rate than would be issued as said partial original execution reports.

7. The system for reducing the number of partial original execution reports, in accordance with claim 6, wherein said prescribed conditions comprise a low level of execution report traffic on said communications system.

8. The system for reducing the number of partial original execution reports, in accordance with claim 6, wherein said predetermined parameters comprise order status, total executed quantity and value of said plurality of partial original execution reports.

9. The system for reducing the number of partial original execution reports, in accordance with claim 6, wherein said prescribed conditions comprise a predetermined time.

10. The system for reducing the number of partial original execution reports, in accordance with claim 6, wherein said prescribed conditions comprise reception of last of said plurality of partial original execution reports.

11. The system for reducing the number of partial original execution reports, in accordance with claim 6, which is provided, operated and supervised independently of said execution message sending means and receiving means.

12. A computer usable medium having computer readable instructions stored thereon for execution by a processor to perform a method comprising:

intercepting a plurality of partial original execution reports for a single security, each of said original execution reports resulting from an order for said single security;

storing said plurality of partial original execution reports;

aggregating said plurality of partial original execution reports and synthesizing one or more synthetic execution reports comprising predetermined parameters;

transmitting said one or more synthetic execution reports when prescribed conditions are satisfied.

13. The computer usable medium, in accordance with claim 12, wherein said prescribed conditions comprise a low level of execution report traffic on said communications system.

14. The computer usable medium, in accordance with claim 12, wherein said predetermined parameters comprise order status, total executed quantity and value of said plurality of partial original execution reports.

15. The computer usable medium, in accordance with claim 12, wherein said prescribed conditions comprise a predetermined time.

16. The computer usable medium, in accordance with claim 12, wherein said prescribed conditions comprise reception of last of said plurality of partial original execution reports.