Automated trading system
First Claim
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1. A communications interface for an Automated Trading System comprising:
- a physical layer interface arranged for communication of messages to and from an external network, the physical layer interface comprising dedicated hardware that faces the external network and is arranged to receive incoming messages directly from the external network, each of the incoming messages comprising a plurality of message fields; and
a validation engine implemented in the dedicated hardware of the physical layer interface and configured to verify a plurality of the message fields synchronously with reception of the corresponding message fields from the external network, the validation engine configured to verify the plurality of the message fields independently of receiving the entire message.
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Abstract
A communication interface (1) for an Automated Trading System is disclosed. The communications interface (1) has dedicated hardware (1) array to process messages (4) between an external network (2) and a matching engine (3) in the automated trading system.
18 Citations
22 Claims
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1. A communications interface for an Automated Trading System comprising:
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a physical layer interface arranged for communication of messages to and from an external network, the physical layer interface comprising dedicated hardware that faces the external network and is arranged to receive incoming messages directly from the external network, each of the incoming messages comprising a plurality of message fields; and a validation engine implemented in the dedicated hardware of the physical layer interface and configured to verify a plurality of the message fields synchronously with reception of the corresponding message fields from the external network, the validation engine configured to verify the plurality of the message fields independently of receiving the entire message. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A message verification process for an automated trading system, the process implemented on a physical layer interface in dedicated hardware and comprising:
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receiving messages from a plurality of client systems on an external network into the dedicated hardware of the physical layer interface that directly connects the automated trading system to the external network, each of the messages comprising a plurality of message fields; and verifying a plurality of the message fields for each of the messages in a validation engine implemented on the dedicated hardware of the physical layer interface, the verifying steps occurring synchronously with reception of the corresponding message fields and independently of receiving the entire message by comparing the message fields to a reference as they are received. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A communications interface for an Automated Trading System comprising:
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a physical layer interface arranged for communication of messages to and from a plurality of client systems through an external network, the physical layer interface comprising dedicated hardware and being arranged to receive messages directly from the external network, each of the received messages comprising a plurality of message fields, a parsing and validation engine implemented in the dedicated hardware and arranged to verify a plurality of the message fields contained in each of the messages synchronously with reception of the corresponding message fields, the parsing and validation engine being arranged to verify the message fields independently of receiving the entire message; and a notification engine implemented in the dedicated hardware and arranged to receive transaction information from a matching engine in the automated trading system and generate notification messages for transmission to client systems. - View Dependent Claims (22)
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Specification