Electronic trading confirmation system
First Claim
1. A computer system for matching and categorizing trades between a trader and a counter party based on an electronic submission of a data file representing details in data fields of a trade by the trader and a second data file representing details in data fields of the trade by the counter party, the system comprising:
- a data interface engine which reads the data files and data fields, the data interface engine comprising computer-readable instructions for performing the reading operation;
a matching engine coupled to the data interface engine which compares selected subsets of data fields in the data files and categorizes the trade to indicate which of the selected subsets of data fields are inconsistent, the matching engine comprising computer-readable instructions for performing the comparison and categorization operations;
a memory configured to store the data interface engine computer-readable instructions and the matching engine computer-readable instructions;
a processor configured to execute the data interface engine computer-readable instructions and the matching engine computer-readable instructions; and
a database coupled to the matching engine which stores trade data read from the data files and designated category.
5 Assignments
0 Petitions
Accused Products
Abstract
A system and method of confirming trades of financial instruments such as OTC derivatives is disclosed. The system includes a data interface which accepts data relating to a trade from both the trader and counter party. The data includes different data fields of differing importance. The system includes a matching engine which compares the submitted data and assigns the trade a status depending on which of the data fields match. The system allows a user to filter trades on their status and display the details relating to that trade. The system also allows a user to display the data fields and change the data fields in order to change the status of the trades. The system thus allows a user to electronically confirm a trade and also identify unmatched trades and the information necessary to reconcile such unmatched trades.
69 Citations
45 Claims
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1. A computer system for matching and categorizing trades between a trader and a counter party based on an electronic submission of a data file representing details in data fields of a trade by the trader and a second data file representing details in data fields of the trade by the counter party, the system comprising:
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a data interface engine which reads the data files and data fields, the data interface engine comprising computer-readable instructions for performing the reading operation; a matching engine coupled to the data interface engine which compares selected subsets of data fields in the data files and categorizes the trade to indicate which of the selected subsets of data fields are inconsistent, the matching engine comprising computer-readable instructions for performing the comparison and categorization operations; a memory configured to store the data interface engine computer-readable instructions and the matching engine computer-readable instructions; a processor configured to execute the data interface engine computer-readable instructions and the matching engine computer-readable instructions; and a database coupled to the matching engine which stores trade data read from the data files and designated category. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer implemented method of electronically confirming trading of financial products which include data fields which are agreed upon between a trader and a counter party, the method comprising:
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submitting trader data including different data fields relating to a trade via an electronic interface to a computing device; submitting counter party data including different data fields relating to the trade via an electronic interface to the computing device; comparing by the computing device pre-defined subsets of the data fields submitted by the trader and the counter party to determine a consistency between the trader and counter party data; categorizing by the computing device the trade based on the comparing step to indicate which of the subsets of data fields are inconsistent; storing by the computing device the trade data according to the trade category; and generating by the computing device an electronic trade confirmation if certain of the subsets of data fields are consistent. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 32)
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31. A computer-implemented method of electronically confirming a trade of financial products between a party and a counter party having a master agreement governing the trades of the financial products, comprising:
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amending a master agreement to allow electronic trade confirmation; connecting both a trader and a counter party electronically to a matching engine; submitting trader data including different data fields relating to a trade to the matching engine; submitting counter party data including different data fields relating to the trade to the matching engine; in the matching engine, comparing pre-defined subsets of the trader and counter party data fields and categorizing the trade based on the comparison to indicate which of the subsets of data fields are inconsistent; storing the trade according to the trade category; and generating an electronic trade confirmation if certain of the trader and counter party subsets of data fields are consistent. - View Dependent Claims (33, 34)
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35. A system for electronically confirming trading of financial products which include data fields which are agreed upon between a trader and a counter party, the system comprising:
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a data interface configured to read trader data and counter party data relating to a trade brokered through a brokerage firm, said data being provided via an electronic interface; a matching means configured to compare pre-defined subsets of the trader and counter party data submitted by the brokerage firm and to categorize the trade based on the comparison; and a confirmation means for generating an electronic confirmation configured to confirm the trade if certain of the subsets of trader and counterparty data are consistent, wherein said matching and confirmation means are embodied in at least one computing device. - View Dependent Claims (36, 37, 38, 39, 40)
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41. An electronic trade confirmation system comprising:
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a central trade processing system comprising one or more processors for processing transaction data provided by one or more brokerage firms according to computer-readable instructions stored in a memory, said transaction data relating to one or more trades brokered through said one or more brokerage firms, and for generating electronic confirmations based on said processing; a database coupled to the central trade processing system for storing transaction data relating to the one or more trades; one or more brokerage firms in communication with the central trade processing system via one or more brokerage firm terminals, each providing transaction data relating to their respective trades; and one or more trader terminals in communication with the central trade processing system, said trader terminals being operable to access transaction data and trade confirmation data relating to one or more trades brokered by any of the one or more brokerage firms.
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42. A system for categorizing trades between a trader and a counter party based on an electronic submission of a data file representing details in data fields of a trade by the trader and a second data file representing details in data fields of the trade by the counter party, wherein certain of the data fields are grouped into a pre-defined data subset defined as key data fields and certain other of the data fields are grouped into a pre-defined data subset defined as required data fields, the system comprising:
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a data interface engine for reading the data files and all data fields, the data interface engine comprising computer-readable instructions for performing the reading operation; a matching engine coupled to the data interface engine for comparing the pre-defined data subsets and assigning one of a plurality of trade categories to the trade based on the comparison, the matching engine comprising computer-readable instructions for performing the comparison and assignment operations, said categories comprising; matched to indicate that all data fields match; unmatched to indicate that all key data fields match but at least one other data field does not; pending to indicate that one or more key data fields do not match; alleged to indicate that the counter party alleges having made a trade; and
canceled to indicate that the trade has been withdrawn;a memory configured to store the data interface engine computer-readable instructions and the matching engine computer-readable instructions; a processor configured to execute the data interface engine computer-readable instructions and the matching engine computer-readable instructions; and a database coupled to the matching engine which stores the trade category and trade data read from the data files. - View Dependent Claims (43, 44, 45)
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Specification