Universal interface to a financial trading system

• US 8,543,484 B2
• Filed: 04/30/2002
• Issued: 09/24/2013
• Est. Priority Date: 04/30/2001
• Status: Active Grant

• Current Assignee: Goldman Sachs & Co. LLC (Goldman Sachs Group Incorporated)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Reuter, Dierk, Menna, Louis
• Primary Examiner(s): Khattar, Rajesh
• Application Number:
  US10/135,326
• Publication Number:
  US 20030126063A1
• Time in Patent Office: 4,165 Days
• Field of Search: 705/35, 705/36, 705/37, 705/38, 705/39, 705/40
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method and system for providing remote access to trade functionality at a financial service provider is disclosed. A messaging protocol is provided which allows a party remote from the provider to price and enter into transactions with the provider. The messaging protocol is well suited for use in stateless communication networks, such as the Internet, and requires only minimal support functionality at the remote site to implement, thus making the system easy to use by a wide variety of types of remote systems.

Claims

1. A trading interface server configured to provide one or more investor clients access to a financial service provider, the trading interface server comprising:

a memory;

one or more processors; and

computer-readable instructions that, when executed by the one or more processors, cause the trading interface server to;

process a price request message received at the trading interface server via a stateless communications network from one of the one or more investor clients to extract data from the price request message, wherein the price request message is implemented in a messaging protocol that defines a plurality of hierarchical data types, and wherein the price request message includes a header data type having a header sub data type identifying the investor client and a body data type having a first plurality of body sub data types including sub data types indicating a first transaction type, details regarding a proposed transaction, and a price request for entering into the transaction;

wherein extracting the data includes extracting the first transaction type from the price request message using the first plurality of body sub data types;

identify the price request message based on the first transaction type and determine a price request interface server sub-module for processing the price request message;

transmit the extracted data from the price request interface server sub-module to the financial service provider over a system interface, wherein the financial service provider is associated with the investor client and the system interface directs the processed price request message to a first associated financial service provider subsystem dedicated to processing price requests;

process a price received at the trading interface server from the financial service provider over the system interface to create a price response message implemented in the messaging protocol, wherein the price response message has a header data type and a body data type having a second plurality of body sub data types indicating the transaction type, that the price request was accepted, a price for the transaction, and a transaction ID;

transmit the price response message to the investor client via the stateless communications network;

process a trade request message received from the investor client implemented in the messaging protocol to extract data from the trade request message, wherein the trade request message includes a header data type and a body data type, the body data type having a second plurality of body sub data types including sub data type indicating a second transaction type and the transaction ID;

wherein extracting the data includes extracting the second transaction type from the trade request message using the second plurality of body sub data types;

identify the trade request message based on the second transaction type and determine a trade request interface server sub-module for processing the trade request message;

transmit the extracted data from the trade request interface server sub-module to the financial service provider over the system interface, wherein the system interface directs the processed trade request message to a second associated financial service provider subsystem dedicated to processing trade requests;

obtain approval to enter into the transaction from the financial service provider;

upon receiving approval, transmit a trade response message implemented in the messaging protocol to the investor client via the stateless communications network, the trade response message including header data type and a body data type, the body data type having a third plurality of body sub data types including sub data types indicating the transaction ID and that the trade request was approved;

receive a trade acknowledgement message implemented in the messaging protocol from the investor client via the stateless communications network, the trade acknowledgement message including a header data type and a body data type, the body data type having a fourth plurality of body sub data types including a sub data types indicating the transaction ID; and

upon receipt of the trade acknowledgement message, indicating to the financial service provider to book the transaction associated with the transaction ID.

2. The trading interface server of claim 1, wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to:

transmit a price response message to the investor client responsive to the trading interface server receiving notice from the financial service provider of a failure to price the transaction, wherein the price response message is implemented in the messaging protocol and indicates that the price request was rejected.

3. The trading interface server of claim 2, wherein the price response message further indicates a reason the price request was rejected.

4. The trading interface server of claim 1, wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to:

transmit a second trade response message to the investor client responsive to the trading interface server receiving notice from the financial service provider of a failure to approve a transaction request, wherein the trade response message is implemented in the messaging protocol and indicates that the trade request was rejected.

5. The trading interface server of claim 4, wherein the second trade response message further indicates a reason the transaction was rejected.

6. The trading interface server of claim 1, wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to:

signal an error condition indicating that a party at the investor client should be contacted in response to the trading interface server failing to receive a trade acknowledgement message from the investor client within a specified period of time following transmission of the approved trade response message.

7. The trading interface server of claim 6, wherein the data in the header data type of the price request message includes a plurality of header sub data types indicating a name of the investor client and a contact at the investor client associated with the transaction being priced, and wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to indicate that the specified contact at the investor client should be contacted when the error condition occurs.

8. The trading interface server of claim 1, wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to:

process a rate request message received at the trading interface server via the stateless communications network from the investor client, wherein the rate request message includes a header data type indicating the investor client and a body data type indicating a currency exchange cross;

obtain an exchange rate for the currency exchange cross from the financial service provider; and

transmit a rate response message to the investor client, the rate response message including a header data type and a body data type, the body data type indicating including a plurality of body sub data types indicating the currency exchange cross and the exchange rate.

9. The trading interface server of claim 1, wherein the computer-readable instructions, when executed by the one or more processors, further cause the trading interface server to:

receive a trade blotter request message from the investor client via the network, the blotter request message including a header data type indicating the investor client and a body data type including a plurality of body sub data types indicating start and end times and at least one party for which blotter data is requested;

obtain, from the financial service provider, trade data for the identified party between the start and end times; and

transmit a blotter response message to the investor client, the blotter response message having a header data type and a body data type indicating the data obtained from the financial service provider.

10. The trading interface server of claim 1, wherein the messaging protocol is compatible with an XML format.

11. A method performed at a computing device for providing an entity access to a financial service provider, the method comprising:

receiving, by the computing device, a price request message from the entity via a stateless communications network, wherein the price request message is implemented in a messaging protocol that defines a plurality of hierarchical data types, and wherein the price request message includes a header data type identifying the entity and a body data type having a first plurality of body sub data types identifying a transaction type, details regarding a proposed transaction, and a price request for entering into the transaction;

identifying the transaction type data from the first plurality of body sub data types to determine a price request interface server sub-module for processing the price request message;

transmitting data extracted from the price request message including the identified transaction type to a financial service provider sub-system dedicated to processing price requests;

receiving a price from the financial service provider;

creating, by the computing device, a price response message implemented in the messaging protocol, the price response message having a header data type and a body data type including a second plurality of body sub data types indicating the transaction type, indication that the price request was accepted, a price for the transaction, and a transaction ID;

transmitting the price response message to the entity via the stateless communications network;

receiving, by the computing device, a trade request message from the entity, the trade request message having a header data type and a body data type indicating the transaction ID;

receiving from the financial service provider approval to enter into the transaction;

responsive to receiving the approval, transmitting, by the computing device, a trade response message to the entity, the trade response message having a header data type and a body data type including a second plurality of body sub data types indicating the transaction ID and that the trade request was approved;

receiving, by the computing device, a trade acknowledgement message from the entity, the trade acknowledgement message having a header data type and a body data type, the body data type indicating the transaction ID; and

sending, by the computing device, an indication to the financial service provider to execute the transaction associated with the transaction ID.

12. The method of claim 11, further comprising:

receiving, by the computing device, an indication from the financial service provider that a price request has been rejected; and

responsively transmitting, by the computing device, a price response message to the entity indicating that the price request was rejected.

13. The method of claim 11, further comprising:

receiving, by the computing device, an indication from the financial service provider that a transaction request has been rejected; and

responsively transmitting, by the computing device, a trade response message to the entity indicating that the trade request was rejected.

14. The method of claim 13, wherein the trade response message further indicates a reason the transaction was rejected.

15. The method of claim 11, wherein the third plurality of body sub data types further indicate contains a quote expiration data specifying a period of time during which the approved price is valid.

16. The method of claim 11, further comprising:

in response to a failure to receive a trade acknowledgement message from the entity within a specified period of time following transmission of the approved trade response message, signaling, by the computing device, an error condition indicating that a party at the entity should be contacted.

17. The method of claim 11, wherein data in the body data types of each of:

the price request message, the price response message, the trade request message, and the trade response message further includes a client transaction ID specified by the entity.

18. The method of claim 11, wherein the body data type of the trade request message further indicates trade allocation instructions.

19. The method of claim 11, further comprising:

receiving, by the computing device, a rate request message from the entity, the rate request message having a header data type indicating the entity and a body data type indicating a currency exchange cross;

receiving, by the computing device, an exchange rate for the currency exchange cross from the financial service provider; and

transmitting, by the computing device, a rate response message to the entity, the rate response message having a header data type and a body data type indicating the currency exchange cross and the exchange rate.

20. The method of claim 11, further comprising:

receiving, by the computing device, a trade blotter request message from the entity via the stateless communications network, the blotter request message having a header data type indicating the entity and a body data type indicating start and end times and at least one party for which blotter data is requested;

receiving, by the computing device, from the financial service provider trade data for the identified party between the start and end times; and

transmitting, by the computing device, a blotter response message to the entity, the blotter response message having a header data type and a body data type, the body data type indicating data received from the financial service provider.