Unified Order Tracking Interface for Financial Platforms
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Solution Overview
Problem
Tracking and visualizing orders for financial instruments like derivatives, stocks, and bonds across various trading platforms is challenging due to data format discrepancies and the need for users to access multiple platforms, leading to inefficiencies in order tracking and verification.
Innovation Solution
A system and method that provides a unified order-tracking interface on a user device, allowing users to enter and track orders, with features like order status visualization, livestreaming of order execution, and data transformation to adapt disparate data formats, utilizing a machine-learning model to predict user interest and prioritize order display.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users track orders across multiple trading platforms, then comprehensive order tracking is achieved, but system complexity and data format adaptation requirements increase
Solution Approach 1:
The patent introduces a centralized order tracking system that acts as an intermediary between users and multiple trading platforms. This system receives order data from various platforms, normalizes the data into a common format, and presents unified tracking information to users, thereby reducing the complexity of interacting with multiple platforms directly
Solution Approach 2:
The order tracking system is designed to handle multiple trading platforms and data formats universally. It provides a single interface that can track orders across different exchanges and platforms, eliminating the need for users to navigate multiple separate systems while maintaining comprehensive tracking capability
2Loss of information
If users access multiple platforms to track orders, then complete order information is obtained, but time consumption increases
Solution Approach 1:
The patent merges order tracking functionality from multiple separate platforms into a single unified interface. Users can access comprehensive order information from various exchanges through one consolidated system, eliminating the need to switch between multiple platforms and significantly reducing time consumption while maintaining complete order information
3Reliability
If video livestreaming is implemented for order execution, then user trust and verification are improved, but computing resources and network bandwidth consumption increase
Solution Approach 1:
The system performs preliminary actions by capturing and storing video footage of open outcry trading events before orders are executed. This pre-captured video can then be selectively retrieved and presented to users only when needed for verification, rather than continuously streaming, thereby reducing ongoing computing resource consumption while maintaining the ability to provide verification when required
4Adaptability or versatility
If data from multiple platforms is aggregated, then comprehensive order tracking is achieved, but data format adaptation complexity increases
Solution Approach 1:
The system introduces a data normalization layer that serves as an intermediary between multiple trading platforms and the user interface. This layer automatically adapts and translates data from various platform-specific formats into a unified common format, handling the complexity of data format adaptation centrally rather than requiring users to manually adjust to different formats
Data Source
AI summary
Methods, systems, and apparatus, including medium-encoded computer program products, for tracking and visualizing an order are described. An exchange computer system (ECS) can receive an order from a user, generate an order and tag the order with the order identification. The ECS can transmit data to the user that causes a graphical user interface (GUI) to display tracking status. The ECS can conduct an operation associated with the order, and a stage of order execution can be determined. The order execution stages can vary based on a type of the order. Data indicative of the stage of the order execution and the order identification can be obtained in response to receiving the request for information indicative of the order status of the order. The ECS can transmit data that causes a GUI to display the order status that indicates the stage of the order.