Market Data Recognition Module for Unstructured IM Order Parsing
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Solution Overview
Problem
Conventional electronic trading systems are unable to process and extract relevant information from unstructured instant messaging (IM) communications related to derivative contracts, and such information cannot be leveraged by systems using different IM formats.
Innovation Solution
A system comprising a computer device with an instant messaging gateway and a market data recognition module that converts unstructured IM text into structured data, enabling the creation of an editable electronic order ticket and facilitating communication with exchanges.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If conventional electronic trading systems use structured data formats for processing, then automated processing efficiency is improved, but the ability to leverage information from diverse IM formats across different systems deteriorates
Solution Approach 1:
The patent introduces an intermediary component (market data recognition module or translator) that sits between the diverse IM communication systems and the electronic trading system. This intermediary translates various IM formats into a standardized structured format that the trading system can process automatically, thereby resolving the contradiction by enabling both automated processing and cross-format compatibility through the mediating translation layer.
Solution Approach 2:
The patent applies parameter changes by transforming the format parameter of market data from unstructured IM text to structured data with defined schemas. This format transformation enables the trading system to process data automatically while the translation capability maintains adaptability to source format variations, thus resolving the contradiction between processing efficiency and format versatility.
2Loss of information
If the system implements comprehensive parsing and extraction capabilities for all IM formats, then information extraction completeness is improved, but system complexity increases
Solution Approach 1:
The patent introduces an intermediary translation layer that handles the complexity of parsing multiple IM formats. Rather than implementing complex parsing logic throughout the entire system, the intermediary component centralizes this functionality, extracting and standardizing data from various formats while keeping the rest of the system simple and focused on its core trading functions.
3Speed
If real-time processing of unstructured IM text is implemented, then trading response speed is improved, but processing accuracy may deteriorate due to the unstructured nature of the data
Solution Approach 1:
The patent applies preliminary action by pre-defining data extraction rules, patterns, and validation schemas before the actual trading process occurs. The market data recognition module is pre-configured with knowledge of various IM formats and their structures, enabling it to quickly and accurately extract relevant information in real-time without sacrificing precision, thus resolving the contradiction between speed and accuracy.
Data Source
AI summary
Systems and methods for converting unstructured text messages into usable order details. Component parts corresponding to structure and quote data indicative of a transaction are parsed from unstructured text messages. The parsing includes matching character strings in the messages with a hierarchy of expressions and identifying the component parts based on the matching and a transaction deal status. The unstructured text messages are displayed in a first window of a graphical user interface (GUI) in real-time including automatically highlighting the identified component parts of the messages and displaying a selectable web link configured to launch a web interface. The identified component parts are displayed in a second window of the GUI in a normalized format in real-time. An editable order ticket comprising the component parts is created upon selection of the selectable web link in the first window and displayed in a newly launched web interface.