Structured Instant Messaging for Trading Data Management
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional instant messaging applications struggle with managing large volumes of unstructured information, making it impractical to view and respond to numerous messages effectively, especially in trading environments where timely and structured data is crucial for securities trading.
Innovation Solution
The introduction of structured messaging that allows embedding semantic information within text messages, enabling applications to interpret and process instant messages for specific actions, such as routing, displaying, or performing transactions, by adding structure to unstructured content, which can be interpreted by receiving systems.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If conventional instant messaging applications are used to communicate trading information, then immediacy and simplicity of message exchange are improved, but the ability to manage and process large volumes of unstructured information deteriorates
Solution Approach 1:
The instant message is segmented into structured components including message type indicators, action codes, and data fields. This segmentation allows the receiving system to parse and process specific elements efficiently, transforming unstructured text into organized, actionable information while preserving the immediacy of instant messaging.
Solution Approach 2:
The message format is changed from unstructured free text to a structured format with defined parameters and fields. By introducing parameters such as message type, action codes, and structured data elements, the system enables automated processing and management of large volumes of trading information while maintaining real-time communication capabilities.
2Ease of manufacture
If unstructured free text messages are used in instant messaging, then ease of composition and compatibility with existing IM services are improved, but interpretability and automated processing capability deteriorate
Solution Approach 1:
An intermediary processing layer is introduced that translates structured instant messages into actions understandable by trading systems. This intermediary parses the structured message format, extracts relevant trading information, and routes it to appropriate systems, bridging the gap between instant messaging simplicity and trading system requirements.
Solution Approach 2:
The message structure is pre-defined with standardized fields, codes, and formats before messages are composed. This preliminary structuring enables automated systems to immediately interpret and process messages without requiring complex analysis, while traders can still compose messages using familiar instant messaging interfaces.
3Productivity
If structured messaging is implemented to enable automated processing, then productivity and information management capability are improved, but device complexity and implementation difficulty increase
Solution Approach 1:
The structured messaging system is designed to be universally compatible with existing instant messaging platforms and trading systems. By using standardized formats and codes that can be implemented across different systems, the solution achieves automated processing capability without requiring complete system replacement, thereby limiting the increase in complexity.
4Ease of operation
If conventional instant messaging interfaces are used, then user familiarity and ease of use are improved, but the capability to display and manage multiple conversations and large data volumes deteriorates
Solution Approach 1:
The interface displays instant message information in a grid format with multiple dimensions, allowing simultaneous visualization of multiple conversations, message types, and trading data. This dimensional transformation enables users to manage large volumes of information while maintaining familiarity with instant messaging interfaces.
Data Source
AI summary
Various aspects relate to using structured messages within systems that implement instant messaging function in a distributed computing environment. In particular, structured information may be encoded and embedded in unstructured instant messages and communicated among one or more computer systems, networks, applications or other entities. In one aspect, instant messaging may be leveraged as middleware for application integration. Other aspects relate to using structured message information to perform functions in a distributed instant messaging system. For example, structured message information may be used to control the display of instant message information to a user, or may be used to control how the instant message information is distributed, processed, or otherwise handled by a receiving system, application or process. Other aspects relate to an interface for displaying information relating to a number of instant messaging conversations to a user. Further, aspects relate to using instant messaging in a trading environment.