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Embedded hardware based system which provides real-time pre-trade risk assessments for multiple parties and method thereof

  • US 9,953,368 B2
  • Filed: 01/31/2014
  • Issued: 04/24/2018
  • Est. Priority Date: 11/17/2010
  • Status: Active Grant
First Claim
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1. An embedded risk assessment system, comprising:

  • a printed circuit board;

    one or more programmable logic devices installed on the printed circuit board in electronic communication with each another, the one or more programmable logic devices comprising two or more personality modules, whereinthe two or more personality modules are selected from a group consisting of a client personality module, a market participant personality module, a liquidity venue personality module and a market data personality module,the two or more personality modules are configured to collectively perform pre-trade risk assessment for a client,each client personality module comprises a set of risk criteria for a particular client and is configured to forward a trade order for the particular client to a liquidity venue if the trade order satisfies the set of risk criteria,the two or more personality modules are written to the one or more programmable logic devices using VHSIC Hardware Description Language (VHDL), andthe one or more programmable logic devices comprise at least one of a complex programmable logic device (CPLD), a field programmable gate array (FPGA), or a field programmable object array (FPOA); and

    a hot spare programmable logic device installed on the printed circuit board comprising a hot spare personality module, whereinthe hot spare programmable logic device stores a set of code for each of the two or more personality modules so that the hot spare personality module can replicate any of the two or more personality modules should any of the two or more personality modules fail,the client personality module updates a risk profile of the particular client in real-time without reliance on order acknowledgements from the liquidity venue, wherein the updates to the risk profile are performed based on an assumption that all orders transmitted to the liquidity venue are completed even if order acknowledgements have not yet been received for the orders from the liquidity venue, andthe client personality module permits transmission of subsequent orders by the particular client to the liquidity venue based on the risk profile of the particular client even if order acknowledgements have not yet been received for previous orders transmitted to the liquidity venue.

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