Centralized Financial Trading System with Browser-Based Client Interface
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Solution Overview
Problem
Current financial trading systems, such as Reuters Dealing 3000, require business logic components to be executed on dedicated computer systems at each trading party site, limiting the ability to provide a centralized trading service with real-time conversational or matching trading facilities and automatic generation of trading tickets.
Innovation Solution
A centralized trading system is implemented with a service data centre that processes and communicates trading data, generates trading ticket data, and stores it temporarily, while user terminals run hypermedia browser applications connected via a packet-switched network, using a publish and subscribe protocol for secure and efficient data transfer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If business logic components are executed on dedicated computer systems at each trading party site, then system reliability and data security are improved, but device complexity and infrastructure cost increase
Solution Approach 1:
The patent extracts the business logic components from the client terminals and relocates them to a centralized server. This extraction resolves the contradiction by maintaining system reliability through centralized control while reducing device complexity at client sites, as terminals only need basic communication capabilities rather than full trading logic execution environments
Solution Approach 2:
The patent introduces a standardized interface layer (API) as an intermediary between the centralized server and client terminals. This mediator enables the server to provide centralized business logic while terminals can access trading functions through simple standardized calls, thus maintaining reliability through centralized processing while reducing terminal complexity
2Reliability
If business logic components are distributed across multiple party sites, then system autonomy and fault tolerance are improved, but ease of operation and maintenance worsen
Solution Approach 1:
The patent merges all business logic components into a single centralized server location. This resolves the contradiction by making the system easier to operate and maintain through centralized management, while fault tolerance is maintained through the server's ability to handle multiple concurrent connections and the persistent nature of the underlying database system
3Adaptability or versatility
If proprietary applications are used at each client site, then adaptability to specific trading needs is improved, but device complexity and cost increase
Solution Approach 1:
The patent creates a universal server application that can serve multiple different trading parties and support various trading functions through a single multi-functional platform. The server provides adaptable trading capabilities through configurable business logic while clients use standardized terminal applications, thus maintaining versatility without increasing client device complexity
Solution Approach 2:
The patent uses standardized interface definitions and communication protocols that can be copied and implemented consistently across different client terminals. This allows terminals to access diverse trading functions through a common interface standard, maintaining adaptability while reducing the complexity of developing and maintaining proprietary applications at each site
Data Source
AI summary
According to the present invention, there is provided a computer system for providing a centralized trading service to one or more trading party sites, the system comprising: a) a service data centre comprising: i) a trading computer arranged to process and communicate trading data and to generate trading ticket data in respect of confirmed trades on the basis of trading data: ii) a data store accessible to the trading computer for temporarily storing trading ticket data records; and b) one or more trading party sites each comprising at least one user terminal running a hypermedia browser application, each trading party site being located remotely from the data centre, and being arranged to communicate with the trading computer over a packet-switched communications network: the system being arranged to present, to users of the terminals, hypermedia user interface components comprising trading data received from the trading computer.