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A market access system and method

A technology for accessing systems and markets, applied in instrumentation, finance, data processing applications, etc., can solve problems such as low total processing capacity, high waiting time, delayed or abandoned orders, etc., and achieve high total processing capacity and low waiting time Effect

Inactive Publication Date: 2013-10-30
ZOMOJO
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Similarly, if the total processing capacity of the broker's market access system cannot satisfy the volume of orders submitted by the broker's customers at any given time, then when the customer's order is queued in the broker's market access system for processing , orders will be delayed or abandoned, with potentially adverse consequences for each customer's transaction
In each case (either unacceptably high latency or unacceptably low throughput), the broker will be at a competitive disadvantage

Method used

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  • A market access system and method
  • A market access system and method
  • A market access system and method

Examples

Experimental program
Comparison scheme
Effect test

example 1

[0040] Example 1 - Prohibition of short selling

[0041] Customer A submits an order to sell 1000 units of a security with identifier XYZ at a sell price of $100 per security. The order processing engine 206 determines that the transaction is a "short sale." In certain markets, "short sale" orders are prohibited or restricted, in which case the order is rejected and the customer is sent a notice of rejection of his order with an electronic code, enabling the customer to determine the extent of the rejection. reason.

example 2

[0042] Example 2 - Customer Risk Limit Exceeded

[0043] Customer B submits an order to buy 2500 units of a security with identifier XYZ at a bid price of $12.56 per security. The order processing engine 206 determines that the order would result in exceeding specified risk limits associated with the customer. The order is rejected, and the customer is sent a notice of rejection of their order with an electronic code, enabling the customer to determine the reason for the rejection.

example 3

[0044] Example 3 - Successful order processing

[0045] Customer C submits an order to buy 10,000 units of a security with identifier XYZ-123 at a buy price of $1.01 per security. The order processing engine 206 performs a number of checks, including but not limited to:

[0046] - check if the security with the identifier XYZ-123 is listed on an automated exchange connected to the communication interface 106;

[0047] ● check that, if the order in question is fulfilled, no risk limits are violated; and

[0048] • Check if the client is authorized to carry out said transaction.

[0049] In addition to the above-mentioned criteria, other verification criteria may also be implemented.

[0050] The order processing engines 8A to 8x are also arranged to format the customer's order into a suitable form for forwarding to the exchange 5 . This includes converting (re-encoding) the order message from the format in which it was received into a format more suitable for the exchange t...

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Abstract

The present invention relates to a broker's market access system for use in processing orders for transmission to a market exchange. General purpose computing systems, with appropriate operating systems and application software typically implement broker's market access systems. In this invention, the market access system is implemented by dedicated hardware in the form of programmable logic devices, such as field programmable logic devices, for speeding processing of client orders. In an embodiment, the dedicated hardware comprises an architecture including order processing engines arranged to parallel process multiple client orders.

Description

technical field [0001] The present invention relates generally to a market access system, particularly but not exclusively to a market access system for processing and transmitting orders to a market exchange such as a stock exchange . Background technique [0002] Market trading systems such as stock exchanges and stock exchanges are well known. Much of the interaction with market trading systems is done by market participants such as brokers, who are arranged to receive orders from customers wishing to trade on market exchanges, process orders to ensure that orders are in the correct form, and transmitting the order to the market exchange so that said order can be transacted. In many jurisdictions, customers are not allowed to trade directly on a market exchange themselves, but must access the exchange through an approved market participant such as a broker. [0003] Recently, a large number of market transactions are done electronically. Brokers electronically receive...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/04
CPCG06Q40/04G06Q40/00G06Q40/06
Inventor 马修·查普曼
Owner ZOMOJO
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