System and method for managing relationships between brokers and traders using a messaging format

• US 8,027,902 B2
• Filed: 11/18/2003
• Issued: 09/27/2011
• Est. Priority Date: 11/18/2003
• Status: Active Grant

• Current Assignee: BGC Partners LP (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Sweeting, Michael, Beadle, Alastair J. D.
• Primary Examiner(s): CAMPBELL, KELLIE L
• Application Number:
  US10/716,305
• Publication Number:
  US 20050108143A1
• Time in Patent Office: 2,870 Days
• Field of Search: 705/1, 705/35, 705/36.R, 705/37, 705/38
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

According to one embodiment, a method of managing messages in a trading network is provided. A set of user relationships between a first user and one or more second users authorized to act on behalf of the first user is stored. A trading message regarding a trading order submitted on behalf of the first user is received from a trading system. The trading message is communicated to the first user. Each of the second users is identifying from the set of user relationships. For each of the identified second users, a carrier message is generated that includes the trading message and routing information associated with that second user. For each of the identified second users, the respective carrier message is communicated toward a user application associated with that second user based at least on the routing information included in the respective carrier message.

Claims

1. A method, comprising:

receiving by a computing server from a first broker via a first computing terminal a request by the first broker to manage trading orders, via a trading system, on behalf of a user,

wherein to manage trading orders via the trading system includes at least;

to submit, on behalf of the user, trading orders to the trading system,

to modify, on behalf of the user, existing trading orders on the trading system, and

to cancel, on behalf of the user, existing trading orders on the trading system, and

wherein the computing server and the first computing terminal are communicatively coupled via a communications network;

based at least in part on receiving the request from the first broker, storing by the computing server first data that indicates a relationship between the first broker and the user, wherein the relationship between the first broker and the user indicates that the first broker is authorized, via the trading system, to manage trading orders on behalf of the user;

receiving by the computing server from a second broker via a second computing terminal a request by the second broker to manage trading orders, via the trading system, on behalf of the user, wherein the computing server and the second computing terminal are communicatively coupled via the communications network;

based at least in part on receiving the request from the second broker, storing by the computing server second data that indicates a relationship between the second broker and the user, wherein the relationship between the second broker and the user indicates that the second broker is authorized, via the trading system, to manage trading orders on behalf of the user;

receiving by the computing server from the first broker via the first computing terminal a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument;

communicating by the computing server the trading order to the trading system;

receiving by the computing server from the trading system a trading message that is directed to the user and is in response to the trading order;

based at least in part on the trading message being directed to the user, identifying by the computing server, from at least the first and the second stored data, brokers having a relationship with the user, including identifying at least the first broker and the second broker;

based at least in part on identifying the first broker, communicating by the computing server the trading message to the first broker via the first computing terminal; and

based at least in part on identifying the second broker, communicating by the computing server the trading message to the second broker via the second computing terminal.

2. The method of claim 1,

wherein communicating the trading message to the first broker comprises:

generating a first carrier message that includes (i) the trading message and (ii) routing information associated with the first computing terminal; and

communicating the first carrier message to the first computing terminal; and

wherein communicating the trading message to the second broker comprises;

generating a second carrier message that includes (i) the trading message and (ii) routing information associated with the second computing terminal; and

communicating the second carrier message to the second computing terminal.

3. The method of claim 1, further comprising the computing server communicating the trading message to the user via another computing terminal.

4. The method of claim 1,

wherein the method further comprises:

based at least in part on receiving the request from the first broker, determining by the computing server that the first broker is authorized to manage trading orders via the trading system on behalf of the user; and

based at least in part on receiving the request from the second broker, determining by the computing server that the second broker is authorized to manage trading orders via the trading system on behalf of the user;

wherein storing the first data comprises storing the first data based at least in part on determining that the first broker is authorized; and

wherein storing the second data comprises storing the second data based at least in part on determining that the second broker is authorized.

5. The method of claim 1, further comprising:

based at least in part on receiving the request from the second broker, communicating by the computing server to the first broker via the first computing terminal that the second broker is authorized, on behalf of the user, to manage trading orders via the trading system.

6. The method of claim 5, further comprising:

based at least in part on receiving the request from the second broker, communicating by the computing server to the user via another computing terminal that the second broker is authorized, on behalf of the user, to manage trading orders via the trading system.

7. The method of claim 1, further comprising:

receiving by the computing server from the user via another computing terminal another trading order, wherein the another trading order comprising at least one of a bid to buy and an offer to sell the financial instrument;

communicating by the computing server the another trading order to the trading system;

receiving by the computing server from the trading system another trading message that is directed to the user and is in response to the another trading order;

based at least in part on the another trading message being directed to the user, identifying by the computing server, from at least the first and the second stored data, brokers having a relationship with the user, including identifying at least the first broker and the second broker; and

based at least in part on identifying the first broker and the second broker as a result of receiving the another trading message,

communicating by the computing server the another trading message to the first broker via the first computing terminal, and

communicating by the computing server the another trading message to the second broker via the second computing terminal.

8. The method of claim 1, further comprising:

based at least in part on receiving the request from the first broker, sending by the computing server to the trading system a login request on behalf of the user.

9. An apparatus, comprising at least one computing server that includes instructions, that when executed by the at least one computing server, direct the at least one computing server to:

receive from a first broker via a first computing terminal a request by the first broker to manage trading orders, via a trading system, on behalf of a user,

wherein to manage trading orders via the trading system includes at least;

to submit, on behalf of the user, trading orders to the trading system,

to modify, on behalf of the user, existing trading orders on the trading system, and

to cancel, on behalf of the user, existing trading orders on the trading system, and

wherein the at least one computing server is operable to communicate with the first computing terminal via a communications network;

based at least in part on receiving the request from the first broker, store first data that indicates a relationship between the first broker and the user, wherein the relationship between the first broker and the user indicates that the first broker is authorized, via the trading system, to manage trading orders on behalf of the user;

receive from a second broker via a second computing terminal a request by the second broker to manage trading orders, via the trading system, on behalf of the user, wherein the at least one computing server is operable to communicate with the second computing terminal via the communications network;

based at least in part on receiving the request from the second broker, store second data that indicates a relationship between the second broker and the user, wherein the relationship between the second broker and the user indicates that the second broker is authorized, via the trading system, to manage trading orders on behalf of the user;

receive from the first broker via the first computing terminal a trading order submitted by the first broker on behalf of the user, wherein the trading order comprisesat least one of a bid to buy and an offer to sell a financial instrument;

communicate the trading order to the trading system;

receive from the trading system a trading message that is directed to the user and is response to the trading order;

based at least in part on the trading message being directed to the user, identify from at least the first and the second stored data brokers having a relationship with the user, including identifying at least the first broker and the second broker;

based at least in part on identifying the first broker, communicate the trading message to the first broker via the first computing terminal; and

based at least in part on identifying the second broker, communicate the trading message to the second broker via the second computing terminal.

10. The apparatus of claim 9,

wherein to communicate the trading message to the first broker comprises to:

generate a first carrier message that includes (i) the trading message and (ii) routing information associated with the first computing terminal; and

communicate the first carrier message to the first computing terminal; and

wherein to communicate the trading message to the second broker comprises to;

generate a second carrier message that includes (i) the trading message and (ii) routing information associated with the second computing terminal; and

communicate the second carrier message to the second computing terminal.

11. The apparatus of claim 9, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to communicate the trading message to the user via another computing terminal.

12. The apparatus of claim 9,

wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, determine that the first broker is authorized to manage trading orders via the trading system on behalf of the user; and

based at least in part on receiving the request from the second broker, determine that the second broker is authorized to manage trading orders via the trading system on behalf of the user;

wherein to store the first data comprises to store the first data based at least in part on determining that the first broker is authorized; and

wherein to store the second data comprises to store the second data based at least in part on determining that the second broker is authorized.

13. The apparatus of claim 9, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the second broker, communicate to the first broker via the first computing terminal that the second broker is authorized, on behalf of the user, to manage trading orders via the trading system.

14. The apparatus of claim 13, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the second broker, communicate to the user via another computing terminal that the second broker is authorized, on behalf of the user, to manage trading orders via the trading system.

15. The apparatus of claim 9, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from the user via another computing terminal another trading order, wherein the another trading order comprising at least one of a bid to buy and an offer to sell the financial instrument;

communicate the another trading order to the trading system;

receive from the trading system another trading message that is directed to the user and is in response to the another trading order;

based at least in part on the another trading message being directed to the user, identify from at least the first and the second stored data, brokers having a relationship with the user, including identifying at least the first broker and the second broker; and

based at least in part on identifying the first broker and the second broker as a result of receiving the another trading message,

communicate the another trading message to the first broker via the first computing terminal, and

communicate the another trading message to the second broker via the second computing terminal.

16. The apparatus of claim 9, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, send to the trading system a login request on behalf of the user.

17. A method, comprising:

receiving by a computing server from a first broker via a first computing terminal a request by the first broker to manage trading orders, via a trading system, on behalf of a user,

wherein to manage trading orders via the trading system includes at least;

to submit, on behalf of the user, trading orders to the trading system,

to modify, on behalf of the user, existing trading orders on the trading system, and

to cancel, on behalf of the user, existing trading orders on the trading system, and

wherein the computing server and the first computing terminal are communicatively coupled via a communications network;

based at least in part on receiving the request from the first broker, storing by the computing server first data, wherein the first data;

(i) indicates a relationship between the first broker and the user, wherein the relationship between the first broker and the user indicates that the first broker is authorized, via the trading system, to mange trading orders on behalf of the user, and

(ii) indicates an association between;

(a) a connection between the computing server and the trading system, the connection being one plurality of connections between the computing server and the trading system, and

(b) the relationship between the first broker and the user;

receiving by the computing server from the first broker via the first computing terminal a trading command submitted by the first broker on behalf of the user, the trading command comprising information that identifies the user;

based at least in part on the information from the trading command that identifies the user, identifying by the computing server from the first data the relationship between the first broker and the user;

in response to identifying the relationship between the first broker and the user, identifying by the computing server the connection, from the plurality of connections, that is associated with the relationship; and

based at least in part on identifying the connection, communicating by the computing server the trading command to the trading system via the identified connection.

18. The method of claim 17,

wherein receiving the trading command from the first broker comprises receiving from the first computing terminal a carrier message that includes the trading command;

and

wherein the method further comprises separating by the computing server the trading command from the carrier message prior to communicating the trading command to the trading system.

19. The method of claim 17, wherein the trading command communicated by the computing server to the trading system represents a trading command that would be generated by a computing terminal associated with the user if the user were to submit the trading command.

20. The method of claim 17, wherein the trading command received from the first broker comprises a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument.

21. The method of claim 17,

wherein the method further comprises:

receiving by the computing server from the first broker via the first computing terminal a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument; and

communicating by the computing server the trading order to the trading system; and

wherein the trading command received from the first broker comprises at least one of;

a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order, and

a command submitted by the first broker on behalf of the user to cancel the trading order.

22. The method of claim 17, further comprising:

receiving by the computing server from the trading system a trading message that is directed to the user and is in response to the trading command;

based at least in part on the trading message being directed to the user, identifying by the computing server, from at least the first stored data, brokers having a relationship with the user, including identifying at least the first broker; and

based at least in part on identifying the first broker, communicating by the computing server the trading message to the first broker via the first computing terminal.

23. The method of claim 17, further comprising:

receiving by the computing server from a second broker via a second computing terminal a request by the second broker to manage trading orders, via the trading system, on behalf of the user, wherein the computing server and the second computing terminal are communicatively coupled via the communications network;

based at least in part on receiving the request from the second broker, storing by the computing server second data, wherein the second data;

(i) indicates a relationship between the second broker and the user, wherein the relationship between the second broker and the user indicates that the second broker is authorized, via the trading system, to mange trading orders on behalf of the user, and

(ii) indicates an association between;

(a) the connection between the computing server and the trading system, and

(b) the relationship between the second broker and the user;

receiving by the computing server from the second broker via the second computing terminal an additional trading command submitted by the second broker on behalf of the user, the additional trading command comprising information that identifies the user;

based at least in part on the information from the additional trading command that identifies the user, identifying by the computing server from the second data the relationship between the second broker and the user;

in response to identifying the relationship between the second broker and the user, identifying by the computing server the connection, from the plurality of connections, that is associated with the relationship between the second broker and the user; and

communicating by the computing server the additional trading command to the trading system via the identified connection.

24. The method of claim 23, wherein the trading command received from the first broker comprises a trading order submitted by the first broker on behalf of the user, and wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument.

25. The method of claim 24, wherein the additional trading command received from the second broker comprises a command submitted by the second broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the first broker.

26. The method of claim 24, wherein the additional trading command received from the second broker comprises a command submitted by the second broker of behalf of the user to cancel the trading order submitted by the first broker.

27. The method of claim 17,

wherein the method further comprises:

based at least in part on receiving the request from the first broker, determining by the computing server that the first broker is authorized to manage trading orders via the trading system on behalf of the user; and

wherein storing the first data comprises storing the first data based at least in part on determining that the first broker is authorized.

28. The method of claim 17, further comprising:

based at least in part on receiving the request from the first broker, communicating by the computing server to at least one other broker via another computing terminal that the first broker is authorized, on behalf of the user, to manage trading orders via the trading system.

29. The method of claim 28, further comprising:

based at least in part on receiving the request from the first broker, communicating by the computing server to the user via a further computing terminal that the first broker is authorized, on behalf of the user, to manage trading orders via the trading system.

30. The method of claim 17, further comprising:

based at least in part on receiving the request from the first broker, sending by the computing server to the trading system a login request on behalf of the user.

31. The method of claim 17, further comprising:

receiving by the computing server from a second broker via a second computing terminal a trading order submitted by the second broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument; and

communicating by the computing server the trading order to the trading system.

32. The method of claim 17, further comprising:

receiving by the computing server from the user via another computing terminal a trading order submitted by the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument; and

communicating by the computing server the trading order to the trading system.

33. The method of claim 32, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the user.

34. The method of claim 32, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to cancel the trading order submitted by the user.

35. The method of claim 22, further comprising the computing server communicating the trading message to the user via another computing terminal.

36. The method of claim 22, further comprising the computing server communicating the trading message to at least a second broker via a second computing terminal.

37. The method of claim 23, further comprising:

receiving by the computing server from the trading system a trading message that is directed to the user;

based at least in part on the trading message being directed to the user, identifying by the computing server, from at least the first and the second stored data, brokers having a relationship with the user, including identifying at least the first broker and the second broker;

based at least in part on identifying the first broker, communicating by the computing server the trading message to the first broker via the first computing terminal; and

based at least in part on identifying the second broker, communicating by the computing server the trading message to the second broker via the second computing terminal.

38. The method of claim 31, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the second broker.

39. The method of claim 31, wherein the trading command received from the first broker comprises a command submitted by the first broker to cancel the trading order submitted by the second broker.

40. An apparatus, comprising at least one computing server that includes instructions, that when executed by the at least one computing server, direct the at least one computing server to:

receive from a first broker via a first computing terminal a request by the first broker to manage trading orders, via a trading system, on behalf of a user,

wherein to manage trading orders via the trading system includes at least;

to submit, on behalf of the user, trading orders to the trading system,

to modify, on behalf of the user, existing trading orders on the trading system, and

to cancel, on behalf of the user, existing trading orders on the trading system, and

wherein the at least one computing server is operable to communicate with the first computing terminal via a communications network;

based at least in part on receiving the request from the first broker, store first data, wherein the first data;

(i) indicates a relationship between the first broker and the user, wherein the relationship between the first broker and the user indicates that the first broker is authorized, via the trading system, to manage trading orders on behalf of the user, and

(ii) indicates an association between;

(a) a connection between the at least one computing server and the trading system, the connection being one plurality of connections between the at least one computing server and the trading system, and

(b) the relationship between the first broker and the user;

receive from the first broker via the first computing terminal a trading command submitted by the first broker on behalf of the user, the trading command comprising information that identifies the user;

based at least in part on the information from the trading command that identifies the user, identify from the first data the relationship between the first broker and the user;

in response to identifying the relationship between the first broker and the user, identify the connection, from the plurality of connections, that is associated with the relationship; and

based at least in part on identifying the connection, communicate the trading command to the trading system via the identified connection.

41. The apparatus of claim 40,

wherein to receive the trading command from the first broker comprises to receive from the first computing terminal a carrier message that includes the trading command;

and

wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to separate the trading command from the carrier message prior to communicating the trading command to the trading system.

42. The apparatus of claim 40, wherein the trading command communicated by the at least one computing server to the trading system represents a trading command that would be generated by a computing terminal associated with the user if the user were to submit the trading command.

43. The apparatus of claim 40, wherein the trading command received from the first broker comprises a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument.

44. The apparatus of claim 40,

wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from the first broker via the first computing terminal a trading order submitted by the first broker on behalf of the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument; and

communicate the trading order to the trading system; and

wherein the trading command received from the first broker comprises at least one of;

a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order, and

a command submitted by the first broker on behalf of the user to cancel the trading order.

45. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from the trading system a trading message that is directed to the user and is in response to the trading command;

based at least in part on the trading message being directed to the user, identify from at least the first stored data brokers having a relationship with the user, including identifying at least the first broker; and

based at least in part on identifying the first broker, communicate the trading message to the first broker via the first computing terminal.

46. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from a second broker via a second computing terminal a request by the second broker to manage trading orders, via the trading system, on behalf of the user, wherein the at least one computing server is operable to communicate with the second computing terminal via the communications network;

based at least in part on receiving the request from the second broker, store second data, wherein the second data;

(i) indicates a relationship between the second broker and the user, wherein the relationship between the second broker and the user indicates that the second broker is authorized, via the trading system, to mange trading orders on behalf of the user, and

(ii) indicates an association between;

(a) the connection between the at least one computing server and the trading system, and

(b) the relationship between the second broker and the user;

receive from the second broker via the second computing terminal an additional trading command submitted by the second broker on behalf of the user, the additional trading command comprising information that identifies the user;

based at least in part on the information from the additional trading command that identifies the user, identify from the second data the relationship between the second broker and the user;

in response to identifying the relationship between the second broker and the user, identify the connection, from the plurality of connections, that is associated with the relationship between the second broker and the user; and

communicate the additional trading command to the trading system via the identified connection.

47. The apparatus of claim 46, wherein the trading command received from the first broker comprises a trading order submitted by the first broker on behalf of the user, and wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument.

48. The apparatus of claim 47, wherein the additional trading command received from the second broker comprises a command submitted by the second broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the first broker.

49. The apparatus of claim 47, wherein the additional trading command received from the second broker comprises a command submitted by the 1 second broker on behalf of the user to cancel the trading order submitted by the first broker.

50. The apparatus of claim 40,

wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, determine that the first broker is authorized to manage trading orders via the trading system on behalf of the user; and

wherein to store the first data comprises to store the first data based at least in part on determining that the first broker is authorized.

51. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, communicate to at least one other broker via another computing terminal that the first broker is authorized, on behalf of the user, to manage trading orders via the trading system.

52. The apparatus of claim 51, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, communicate to the user via a further computing terminal that the first broker is authorized, on behalf of the user, to manage trading orders via the trading system.

53. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

based at least in part on receiving the request from the first broker, send to the trading system a login request on behalf of the user.

54. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from a second broker via a second computing terminal a trading order submitted by the second broker on behalf of the user, wherein the trading order comprise at least one of a bid to buy and an offer to sell a financial instrument; and

communicate the trading order to the trading system.

55. The apparatus of claim 40, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from the user via another computing terminal a trading order submitted by the user, wherein the trading order comprises at least one of a bid to buy and an offer to sell a financial instrument; and

communicate the trading order to the trading system.

56. The apparatus of claim 55, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the user.

57. The apparatus of claim 55, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to cancel the trading order submitted by the user.

58. The method of claim 45, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to communicate the trading message to the user via another computing terminal.

59. The method of claim 45, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to communicate the trading message to at least a second broker via a second computing terminal.

60. The apparatus of claim 46, wherein the instructions, when executed by the at least one computing server, further direct the at least one computing server to:

receive from the trading system a trading message that is directed to the user;

based at least in part on the trading message being directed to the user, identify from at least the first and the second stored data brokers having a relationship with the user, including identifying at least the first broker and the second broker;

based at least in part on identifying the first broker, communicate the trading message to the first broker via the first computing terminal; and

based at least in part on identifying the second broker, communicate the trading message to the second broker via the second computing terminal.

61. The apparatus of claim 54, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to change at least one of a price and a size associated with the trading order submitted by the second broker.

62. The apparatus of claim 54, wherein the trading command received from the first broker comprises a command submitted by the first broker on behalf of the user to cancel the trading order submitted by the second broker.