Dispute Manager for Automated Trading Order Dispute Resolution

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Solution Overview

Problem

Existing electronic trading systems lack efficient mechanisms for traders to dispute processing errors in trading orders, leading to inefficiencies and prolonged dispute resolution processes.

Innovation Solution

A distributed trading system with a dispute manager that allows traders to submit dispute requests, which can either be forwarded to a governing entity or resolved using predefined rules, providing quick and centralized management of trade disputes.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If traders contact representatives to dispute trading orders, then dispute resolution can be achieved, but the process is inefficient and time-consuming

Engineering Contradiction:

Improvedispute resolution efficiencyVSAvoiddispute resolution time

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The dispute manager enables automated self-service dispute resolution by allowing the system to automatically receive dispute requests, apply resolution rules, and communicate decisions back to traders without requiring manual intervention from representatives, thereby improving efficiency and reducing time loss

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The patent replaces the mechanical manual dispute resolution process (traders contacting representatives) with an automated electronic system that uses dispute managers, rule engines, and electronic communication to resolve disputes programmatically, eliminating the need for human representative involvement in routine disputes

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Productivity

If dispute requests are manually processed through representatives, then disputes can be resolved, but network bandwidth is consumed and system complexity increases

Engineering Contradiction:

Improvedispute management capacityVSAvoiddispute management system complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The dispute manager acts as an intermediary component between the trading system and traders, centralizing dispute management functions and providing a structured interface for dispute submission, processing, and resolution while managing system complexity through modular design

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The dispute manager is designed as a multi-functional component that can handle various types of disputes, apply different resolution rules, communicate with multiple traders, and integrate with the broader trading system, thereby increasing dispute management capacity through a single universal system

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS20240403961A1System and method for transfer of dispute data in a distributed electronic trading system

Publication Date: 2024.12.05 BGC PARTENRS INC

AI summary

A system for dispute data transfer in a distributed trading network includes a memory and a dispute manager. The memory stores information about a trading order associated with a client system. The dispute manager communicates a confirmation message to the client system, where the confirmation message provides an option to send a trading order dispute request that disputes processing of the trading order. The dispute manager receives a trading order dispute request generated in response to a selection of the option. The dispute manager obtains a decision that responds to the trading order dispute request and communicates the decision to the client system.