Over-the-Counter Trading Price Verification System
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Solution Overview
Problem
In over-the-counter financial markets, traders face inefficiencies due to the large volume of heterogeneous pricing data received via email and websites, making it difficult to identify and organize real-time pricing information for efficient trading.
Innovation Solution
The system processes source data from various formats (e.g., email, HTML, XML) by parsing and comparing it to pre-selected criteria, designating suspect data, and using hash functions to verify and encrypt price quotes, enabling real-time presentation and storage of verified price quotes for traders and risk managers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traders manually process heterogeneous pricing data from multiple sources, then data accuracy can be verified, but time consumption and processing efficiency deteriorate significantly
Solution Approach 1:
The patent replaces manual mechanical processing of pricing data with automated electronic systems. The system automatically receives, parses, validates, and processes pricing data from multiple heterogeneous sources (email, websites, files) without manual intervention. This substitution of mechanical human labor with automated computing systems resolves the contradiction by maintaining data accuracy through systematic validation while dramatically reducing processing time.
Solution Approach 2:
The system implements self-service capabilities where the automated processing system handles its own data validation and verification tasks. The system automatically compares pricing data against pre-selected criteria, identifies suspect data points, and performs validation without requiring continuous manual oversight. This self-service automation maintains reliability while eliminating time-consuming manual processing.
2Loss of information
If traders scour through email inboxes and websites to find best quotes, then comprehensive price discovery is achieved, but productivity deteriorates due to data volume
Solution Approach 1:
The patent creates a universal processing system that handles multiple data sources and formats through a single automated platform. The system can receive, parse, and process pricing data from email, websites, and files simultaneously, performing multiple functions (data collection, validation, comparison, and presentation) through one integrated system. This multi-functionality ensures comprehensive price discovery across all sources while maintaining high productivity by eliminating the need for traders to manually search each source.
Solution Approach 2:
The system segments the complex task of price discovery into distinct automated components: data reception from various sources, parsing of heterogeneous formats, validation against criteria, identification of suspect data, and presentation of verified pricing information. This segmentation allows each component to be optimized independently, ensuring comprehensive price discovery while maintaining high overall processing efficiency.
3Loss of information
If heterogeneous pricing data is received from multiple sources in different formats, then data completeness is improved, but device complexity increases for processing and organization
Solution Approach 1:
The patent introduces an intermediary automated processing system that mediates between heterogeneous data sources and the trader's decision-making process. This intermediary system receives data in various formats from multiple sources, automatically parses and standardizes the data, validates it against criteria, and presents it in a unified format. The intermediary handles the complexity of data integration and format conversion, maintaining data completeness while shielding users from system complexity.
Data Source
AI summary
Methods, software, and hardware are disclosed for providing verified real time price quotes in an over-the-counter financial market. Systems are described that can comprise methods, software, and/or hardware to provide verified real time price information for securities traded over-the-counter. Verification methods of the invention include identifying suspect source data, wherein the suspect source data includes information about the price of a security, verifying the suspect source data, and displaying to a user a verified price quote of a security traded in an over-the-counter market to a user. The verification methods of the invention include using hash functions and hash tables to process suspect source data, wherein the hashing allows for confidential processing while at the same time maintaining the ability to match a price quote to the source of the price quote.