US2012011054A1PendingUtilityA1
Central counterparty for data management

Individually held — no corporate assignee on recordPriority: Oct 14, 2005Filed: Sep 23, 2011Published: Jan 12, 2012
Est. expiryOct 14, 2025(expired)· nominal 20-yr term from priority
Inventors:Allan D. Grody Richard R. Tinervin
G06Q 40/04G06Q 40/00G06Q 40/06
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References
Claims
Abstract

A central counterparty for data management (CCDM) receives data relating to financial transactions, associates the data with metadata to create reference data, stores the reference data and provides the reference data in “push” and “pull” ways. The “push” techniques for providing the data include distributing on a data feed, sending the data to parties known to be relevant to the transaction, and sending the data to parties who have a standing query that is satisfied by the data. The “pull” techniques for providing the data include responding to queries received from a variety of parties. The CCDM generates and distributes unique, unambiguous and universal identifiers (U3id's) and associates the U3id identifiers with the reference data.
Claims

exact text as granted — not AI-modified
1 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, reference data for the financial transaction, the reference data identifying at least two of: a security, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant, the reference data being provided to a first firm for storage in a first data repository and then for creating a first order for transmission to the market,   providing, by the computer at the central source operating according to the computer program, the reference data for the financial transaction to a second firm for storage in a second data repository and then for creating a second order for transmission to the market, the first firm being different from the second firm, the first data repository being different from the second data repository,   receiving, by the central source computer, an execution notice from the market that created an executed trade based on the first order and the second order, each of the first order and the second order created from the reference data received from the central source,   generating, by the central source computer, a first unique tag based on the execution notice,   associating, by the central source computer, the first unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer, and   sending, by the central source computer, the validated execution to the first firm and the second firm,   wherein the central source, the market, the first firm and the second firm are different entities.   
     
     
         2 . The method of  claim 1 , further comprising
 receiving, by the central source computer, a settlement submission from the first firm based on the validated execution,   comparing, by the central source computer, the settlement submission with the stored validated execution,   generating, by the central source computer, a second unique tag based on the settlement submission,   associating, by the central source computer, the second unique tag with the settlement submission to create a validated settlement submission,   storing the validated settlement submission at the central source computer, and   sending, by the central source computer, the validated settlement submission to the first firm and a settlement facility.   
     
     
         3 . The method of  claim 1 , further comprising
 receiving, by the central source computer, new reference data from a data-providing entity,   determining, by the central source computer, that the new reference data is acceptable when the new reference data meets an acceptance threshold, to generate accepted reference data, and   storing the accepted reference data at the central source.   
     
     
         4 . The method of  claim 3 , further comprising
 associating, by the central source computer, syntax data with the accepted reference data, to generate structured reference data, and   storing the structured reference data at the central source computer.   
     
     
         5 . The method of  claim 3 , further comprising sending, by the central source computer, the accepted reference data to the first firm for storage at the first firm. 
     
     
         6 . The method of  claim 3 , further comprising
 receiving, by the central source computer, a profile from the first firm,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the accepted reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the accepted reference data should be sent to the first firm, and   sending, by the router, the accepted reference data to the first firm when the router determines that the accepted reference data should be sent to the first firm.   
     
     
         7 . The method of  claim 1 , further comprising
 determining, by the central source computer, that a trigger event has occurred,   generating, by the central source computer, triggered reference data, and   storing the triggered reference data at the central source computer.   
     
     
         8 . The method of  claim 7 , further comprising sending, by the central source computer, the triggered reference data to the first firm for storage at the first firm. 
     
     
         9 . The method of  claim 8 , further comprising
 receiving, by the central source computer, a profile from the first firm,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the triggered reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the triggered reference data should be sent to the first firm, and   sending, by the router, the triggered reference data to the first firm when the router determines that the triggered reference data should be sent to the first firm.   
     
     
         10 . The method of  claim 8 , further comprising indemnifying, by the central source computer, the first firm from a loss due to faulty reference data. 
     
     
         11 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, reference data for the financial transaction, the reference data identifying at least two of: a security, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant, the reference data being provided to a first department in a first firm for storage in a first data repository and then for creating a first order for transmission to the market,   providing, by the computer at the central source operating according to the computer program, the reference data for the financial transaction to a second department in the first firm for storage in a second data repository and then for creating a second order for transmission to the market, the first data repository being different from the second data repository,   receiving, by the central source computer, an execution notice from the market that created an executed trade based on the first order and the second order, each of the first order and the second order created from the reference data received from the central source,   generating, by the central source computer, a first unique tag based on the execution notice,   associating, by the central source computer, the first unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer, and   sending, by the central source computer, the validated execution to the first firm,   wherein the central source, the market and the first firm are different entities.   
     
     
         12 . The method of  claim 11 , further comprising
 receiving, by the central source computer, a settlement submission from the first firm based on the validated execution,   comparing, by the central source computer, the settlement submission with the stored validated execution,   generating, by the central source computer, a second unique tag based on the settlement submission,   associating, by the central source computer, the second unique tag with the settlement submission to create a validated settlement submission,   storing the validated settlement submission at the central source computer, and   sending, by the central source computer, the validated settlement submission to the first firm and a settlement facility.   
     
     
         13 . The method of  claim 11 , further comprising
 receiving, by the central source computer, new reference data from a data-providing entity,   determining, by the central source computer, that the new reference data is acceptable when the new reference data meets an acceptance threshold, to generate accepted reference data, and   storing the accepted reference data at the central source.   
     
     
         14 . The method of  claim 13 , further comprising
 associating, by the central source computer, syntax data with the accepted reference data, to generate structured reference data, and   storing the structured reference data at the central source computer.   
     
     
         15 . The method of  claim 13 , further comprising sending, by the central source computer, the accepted reference data to the first firm for storage at the first firm. 
     
     
         16 . The method of  claim 13 , further comprising
 receiving, by the central source computer, a profile from the first firm,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the accepted reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the accepted reference data should be sent to the first firm, and   sending, by the router, the accepted reference data to the first firm when the router determines that the accepted reference data should be sent to the first firm.   
     
     
         17 . The method of  claim 11 , further comprising
 determining, by the central source computer, that a trigger event has occurred,   generating, by the central source computer, triggered reference data, and   storing the triggered reference data at the central source computer.   
     
     
         18 . The method of  claim 17 , further comprising sending, by the central source computer, the triggered reference data to the first firm for storage at the first firm. 
     
     
         19 . The method of  claim 18 , further comprising
 receiving, by the central source computer, a profile from the first firm,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the triggered reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the triggered reference data should be sent to the first firm, and   sending, by the router, the triggered reference data to the first firm when the router determines that the triggered reference data should be sent to the first firm.   
     
     
         20 . The method of  claim 18 , further comprising indemnifying, by the central source computer, the first firm from a loss due to faulty reference data. 
     
     
         21 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, initial reference data for the financial transaction to a first party for storage in a first data repository and to a second party for storage in a second data repository, the first data repository being different from the second data repository,   receiving, by the central source computer, a first order from the first party, the first order created from the initial reference data by the first party,   generating, by the central source computer, a first unique tag based on the first order,   associating, by the central source computer, the first unique tag with the first order to create a validated first order,   storing the validated first order at the central source computer,   sending, by the central source computer, the validated first order to the first party,   receiving, by the central source computer, a second order from the second party, the second order created from the initial reference data by the second party,   generating, by the central source computer, a second unique tag based on the second order,   associating, by the central source computer, the second unique tag with the second order to create a validated second order,   storing the validated second order at the central source computer,   sending, by the central source computer, the validated second order to the second party,   receiving, by the central source computer, an execution notice from a market that created an executed trade based on the first order and the second order,   generating, by the central source computer, a third unique tag based on the execution notice,   associating, by the central source computer, the third unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer,   sending, by the central source computer, the validated execution to the first party and the second party,   receiving, by the central source computer, a clearance confirmation based on the executed trade,   generating, by the central source computer, a fourth unique tag based on the clearance confirmation,   associating, by the central source computer, the fourth unique tag with the clearance confirmation to create a validated clearance confirmation,   storing the validated clearance confirmation at the central source computer, and   sending, by the central source computer, the validated clearance confirmation to the first party and the second party,   receiving, by the central source computer, additional reference data for the validated execution from one of the first party and the second party,   generating, by the central source computer, a fifth unique tag based on the validated execution and the additional reference data,   associating, by the central source computer, the fifth unique tag with the validated execution and the additional reference data to create a validated augmented execution,   storing the validated augmented execution at the central source computer,   sending, by the central source computer, the validated augmented execution to the one of the first party and the second party that sent the additional reference data to the central source computer,   wherein the central source, the market, the first party and the second party are different entities.   
     
     
         22 . The method of  claim 21 , wherein the initial reference data identifies at least two of: a security, a market where the security is traded, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant. 
     
     
         23 . The method of  claim 22 , wherein the security is a contract or a product. 
     
     
         24 . The method of  claim 22 , wherein the financial market participant is a counterparty. 
     
     
         25 . The method of  claim 21 , wherein the additional reference data identifies at least one of: a financial market participant, an account traded for, regulatory fees, taxes, a trade date, a settlement date, a settlement account, a collateral account, a settlement location, a depository and a delivery location. 
     
     
         26 . The method of  claim 25 , wherein the financial market participant is one of: a counterparty, a broker, a dealer, an inter-dealer, an agent, a trading desk, an investment manager, a trading advisor, a pool, a fund, a custody agent, a clearing agent, a settling agent, and a prime broker. 
     
     
         27 . The method of  claim 21 , further comprising indemnifying, by the central source computer, the first party from a loss due to faulty reference data. 
     
     
         28 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, initial reference data for the financial transaction to a first party for storage in a first data repository and to a second party for storage in a second data repository, the first data repository being different from the second data repository,   receiving, by the central source computer, a first order from the first party, the first order created from the initial reference data by the first party,   generating, by the central source computer, a first unique tag based on the first order,   associating, by the central source computer, the first unique tag with the first order to create a validated first order,   storing the validated first order at the central source computer,   sending, by the central source computer, the validated first order to the first party,   receiving, by the central source computer, a second order from the second party, the second order created from the initial reference data by the second party,   generating, by the central source computer, a second unique tag based on the second order,   associating, by the central source computer, the second unique tag with the second order to create a validated second order,   storing the validated second order at the central source computer,   sending, by the central source computer, the validated second order to the second party,   receiving, by the central source computer, an execution notice from a market that created an executed trade based on the first order and the second order,   generating, by the central source computer, a third unique tag based on the execution notice,   associating, by the central source computer, the third unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer,   sending, by the central source computer, the validated execution to the first party and the second party,   wherein the central source, the market, the first party and the second party are different entities.   
     
     
         29 . The method of  claim 28 , wherein the initial reference data identifies at least two of: a security, a market where the security is traded, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant. 
     
     
         30 . The method of  claim 29 , wherein the security is a contract or a product. 
     
     
         31 . The method of  claim 29 , wherein the financial market participant is a counterparty. 
     
     
         32 . The method of  claim 28 , further comprising
 receiving, by the central source computer, new reference data from a data-providing entity,   determining, by the central source computer, that the new reference data is acceptable when the new reference data meets an acceptance threshold, to generate accepted reference data, and   storing the accepted reference data at the central source.   
     
     
         33 . The method of  claim 32 , further comprising
 associating, by the central source computer, syntax data with the accepted reference data, to generate structured reference data, and   storing the structured reference data at the central source computer.   
     
     
         34 . The method of  claim 32 , further comprising sending, by the central source computer, the accepted reference data to the first party for storage in the first data repository. 
     
     
         35 . The method of  claim 32 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the accepted reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the accepted reference data should be sent to the first party, and   sending, by the router, the accepted reference data to the first party when the router determines that the accepted reference data should be sent to the first party.   
     
     
         36 . The method of  claim 28 , further comprising
 determining, by the central source computer, that a trigger event has occurred,   generating, by the central source computer, triggered reference data, and   storing the triggered reference data at the central source computer.   
     
     
         37 . The method of  claim 36 , further comprising sending, by the central source computer, the triggered reference data to the first party for storage in the first data repository. 
     
     
         38 . The method of  claim 37 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the triggered reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the triggered reference data should be sent to the first firm, and   sending, by the router, the triggered reference data to the first party when the router determines that the triggered reference data should be sent to the first firm.   
     
     
         39 . The method of  claim 28 , further comprising indemnifying, by the central source computer, the first party from a loss due to faulty reference data. 
     
     
         40 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, initial reference data for the financial transaction to a first party for storage in a first data repository and to a second party for storage in a second data repository, the first data repository being different from the second data repository,   receiving, by the central source computer, an execution notice from a market that created an executed trade based on the first order and the second order, the first order created from the initial reference data by the first party, the second order created from the initial reference data by the second party,   generating, by the central source computer, a first unique tag based on the execution notice,   associating, by the central source computer, the first unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer,   sending, by the central source computer, the validated execution to the first party and the second party,   receiving, by the central source computer, a clearance confirmation based on the executed trade,   generating, by the central source computer, a second unique tag based on the clearance confirmation,   associating, by the central source computer, the second unique tag with the clearance confirmation to create a validated clearance confirmation,   storing the validated clearance confirmation at the central source computer, and   sending, by the central source computer, the validated clearance confirmation to the first party and the second party,   wherein the central source, the market, the first party and the second party are different entities.   
     
     
         41 . The method of  claim 40 , wherein the initial reference data identifies at least two of: a security, a market where the security is traded, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant. 
     
     
         42 . The method of  claim 41 , wherein the security is a contract or a product. 
     
     
         43 . The method of  claim 41 , wherein the financial market participant is a counterparty. 
     
     
         44 . The method of  claim 40 , further comprising
 receiving, by the central source computer, new reference data from a data-providing entity,   determining, by the central source computer, that the new reference data is acceptable when the new reference data meets an acceptance threshold, to generate accepted reference data, and   storing the accepted reference data at the central source.   
     
     
         45 . The method of  claim 44 , further comprising
 associating, by the central source computer, syntax data with the accepted reference data, to generate structured reference data, and   storing the structured reference data at the central source computer.   
     
     
         46 . The method of  claim 44 , further comprising sending, by the central source computer, the accepted reference data to the first party for storage in the first data repository. 
     
     
         47 . The method of  claim 44 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the accepted reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the accepted reference data should be sent to the first party, and   sending, by the router, the accepted reference data to the first party when the router determines that the accepted reference data should be sent to the first party.   
     
     
         48 . The method of  claim 40 , further comprising
 determining, by the central source computer, that a trigger event has occurred,   generating, by the central source computer, triggered reference data, and   storing the triggered reference data at the central source computer.   
     
     
         49 . The method of  claim 48 , further comprising sending, by the central source computer, the triggered reference data to the first party for storage in the first data repository. 
     
     
         50 . The method of  claim 49 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the triggered reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the triggered reference data should be sent to the first firm, and   sending, by the router, the triggered reference data to the first party when the router determines that the triggered reference data should be sent to the first firm.   
     
     
         51 . The method of  claim 40 , further comprising indemnifying, by the central source computer, the first party from a loss due to faulty reference data. 
     
     
         52 . A method for processing a financial transaction, comprising:
 providing, by a computer at a central source operating according to a computer program, initial reference data for the financial transaction to a first party for storage in a first data repository and to a second party for storage in a second data repository, the first data repository being different from the second data repository,   receiving, by the central source computer, an execution notice from a market that created an executed trade based on the first order and the second order, the first order created from the initial reference data by the first party, the second order created from the initial reference data by the second party,   generating, by the central source computer, a first unique tag based on the execution notice,   associating, by the central source computer, the first unique tag with the execution notice to create a validated execution,   storing the validated execution at the central source computer,   sending, by the central source computer, the validated execution to the first party and the second party,   receiving, by the central source computer, additional reference data for the validated execution from one of the first party and the second party,   generating, by the central source computer, a second unique tag based on the validated execution and the additional reference data,   associating, by the central source computer, the second unique tag with the validated execution and the additional reference data to create a validated augmented execution,   storing the validated augmented execution at the central source computer,   sending, by the central source computer, the validated augmented execution to the one of the first party and the second party that sent the additional reference data to the central source computer,   wherein the central source, the market, the first party and the second party are different entities.   
     
     
         53 . The method of  claim 52 , wherein the initial reference data identifies at least two of: a security, a market where the security is traded, a currency, a price, a rate, an expiry date, a maturity date, a reset date, and a financial market participant. 
     
     
         54 . The method of  claim 53 , wherein the security is a contract or a product. 
     
     
         55 . The method of  claim 53 , wherein the financial market participant is a counterparty. 
     
     
         56 . The method of  claim 52 , wherein the additional reference data identifies at least one of: a financial market participant, an account traded for, regulatory fees, taxes, a trade date, a settlement date, a settlement account, a collateral account, a settlement location, a depository and a delivery location. 
     
     
         57 . The method of  claim 56 , wherein the financial market participant is one of: a counterparty, a broker, a dealer, an inter-dealer, an agent, a trading desk, an investment manager, a trading advisor, a pool, a fund, a custody agent, a clearing agent, a settling agent, and a prime broker. 
     
     
         58 . The method of  claim 52 , further comprising
 receiving, by the central source computer, new reference data from a data-providing entity,   determining, by the central source computer, that the new reference data is acceptable when the new reference data meets an acceptance threshold, to generate accepted reference data, and   storing the accepted reference data at the central source.   
     
     
         59 . The method of  claim 58 , further comprising
 associating, by the central source computer, syntax data with the accepted reference data, to generate structured reference data, and   storing the structured reference data at the central source computer.   
     
     
         60 . The method of  claim 58 , further comprising sending, by the central source computer, the accepted reference data to the first party for storage in the first data repository. 
     
     
         61 . The method of  claim 58 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the accepted reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the accepted reference data should be sent to the first party, and   sending, by the router, the accepted reference data to the first party when the router determines that the accepted reference data should be sent to the first party.   
     
     
         62 . The method of  claim 52 , further comprising
 determining, by the central source computer, that a trigger event has occurred,   generating, by the central source computer, triggered reference data, and   storing the triggered reference data at the central source computer.   
     
     
         63 . The method of  claim 62 , further comprising sending, by the central source computer, the triggered reference data to the first party for storage in the first data repository. 
     
     
         64 . The method of  claim 63 , further comprising
 receiving, by the central source computer, a profile from the first party,   storing, by the central source computer, the profile in a router that is part of the central source computer,   providing, by the central source computer, the triggered reference data to the router,   comparing, by the router, the stored profile to the accepted reference data to determine whether the triggered reference data should be sent to the first firm, and   sending, by the router, the triggered reference data to the first party when the router determines that the triggered reference data should be sent to the first firm.   
     
     
         65 . The method of  claim 52 , further comprising indemnifying, by the central source computer, the first party from a loss due to faulty reference data.
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