System and method for providing high performance compliance services using pre-calculated rule evaluation

Abstract

The present invention relates to a compliance system that allows users to verify that trading rules and regulations are being followed throughout the intraday trading activity. In particular, the systems and methods of the present invention allow a user to verify compliance with trading rules locally at a trading terminal.

We claim: 
     
         1 . A compliance system for electronic trading of tradable assets, said system comprising:
 a trade desktop terminal having a graphical user interface configured to receive input information relating to a proposed order to trade a tradeable asset associated with a trade account, said trade account having a plurality of trading rules associated therewith;   a remote compliance services server electronically coupled with said trade desktop terminal via an electronic data network and configured to receive (a) a message requesting a compliance check for a proposed trade order from said user computer terminal, (b) to determine whether said proposed trade order complies with said plurality of trading rules using a set of computer-executable trading rules, (c) to generate a message indicating whether the proposed trade order complies with said plurality of trading rules, and (d) to transmit said message to said user computer terminal;   a local compliance checking module configured to operate on said trade desktop terminal, said compliance module configured to receive said information relating to said proposed trade order, to determine whether a compliance check can be performed for said proposed order, and if said compliance check can be performed locally, to perform a compliance check based on said information about said proposed trade order and locally stored compliance data, and if not, to send a message to said remote compliance services server requesting a compliance check for said proposed trade order; and   data storage facilities coupled with said user computer terminal and said remote compliances server, said data storage facilities configured to store information relating to said plurality of trading rules associated with said account.   
     
     
         2 . The system for as recited in  claim 1 , wherein said compliance checking module is further configured to perform the compliance check to determine whether said proposed trade order complies with said plurality of trading rules using a set of local computer-executable trading rules if said compliance checking module determines that said compliance check can be performed locally. 
     
     
         3 . The system as recited in  claim 2 , wherein said compliance module is further configured to send a message to said remote compliance services server to request a compliance check of the proposed trade order if said compliance module determines that said proposed trade order is not compliant with said set of local computer-executable trading rules. 
     
     
         4 . The system for recited in  claim 2 , wherein the user computer terminal is configured to execute said proposed trade order after said compliance module determines that said proposed order complies with said local computer-executable trading rules. 
     
     
         5 . The system as recited in  claim 4 , wherein the user computer terminal is configured to update said local computer-executable trading rules in response to the results of the execution of the proposed trade order. 
     
     
         6 . The system as recited  claim 1 , wherein said data storage facilities comprises a relational database. 
     
     
         7 . The system as recited in  claim 1 , wherein said trade client terminal is further configured to receive as input, definitions that define whether compliance with said computer-executable trading rules are executed immediately or in a background process 
     
     
         8 . The system as recited in  claim 7 , wherein said trade client terminal is further configured to receive as input, definitions that define whether compliance with said computer-executable trading rules are tested immediately or in the background differently for restriction rules and calculated rules. 
     
     
         9 . The system as recited in  claim 7 , wherein said terminal is further configured to received as input, definition that define whether compliance with said computer-executable trading rules are tested immediately or in the background differently an account or a group of accounts. 
     
     
         10 . The system as recited by  claim 7 , wherein said terminal is further configured to received as input, definition that define whether compliance with said computer-executable trading rules are tested immediately or in the background differently for different trading rules. 
     
     
         11 . A computer-implemented method for performing compliance checks for proposed trade orders, said method comprising the following steps:
 receiving information for a set of locally executable trade rules from a compliance services server over an electronic network, at a trade desktop terminal;   at said terminal, receiving information relating to a proposed trade order;   at said terminal, determining whether a compliance check can be performed for said proposed trade order locally;   at said terminal, determining whether said proposed order complies with said locally executable trade rules, in response to a determination that the compliance check can be determined locally; and   at said terminal, transmitting information to a remote compliance services facility to perform the compliance check, in response to a determination that said compliance check cannot be performed locally.   
     
     
         12 . The method as recited in  claim 11 , further comprising a step of executing said proposed trade order in response to determining that said proposed order complies with said locally executable trade rules. 
     
     
         13 . The method as recited in  claim 11 , further comprising a step of transmitting information sufficient for said compliance services server to perform the compliance check, in response to a determination that said proposed order does not comply with said locally executable trade rules. 
     
     
         14 . The method as recited in  claim 12 , further comprising a step of updating said locally executable trade rules to reflect the results of the executed trade order. 
     
     
         15 . The method as recited in  claim 11 , further comprising a step of receiving updated locally executable trade rules from said compliance services server over an electronic network. 
     
     
         16 . The method as recited in  claim 11  further comprising a step of determining whether the compliance check of said proposed order is performed immediately, or in the background. 
     
     
         17 . The method as recited in  claim 16 , further comprising a step of determining the step of determining whether the compliance check of said proposed order is performed immediately, or in the background differently for restriction rules and calculated rules. 
     
     
         18 . The method as recited in  claim 11 , wherein the locally executable trade rules are calculated trade rules that each having a min/max value associated with it. 
     
     
         19 . The method as recited in  claim 18 , further comprising a step of receiving min/max values from said compliance services server in response to the step of sending information sufficient for said compliance services server to perform the compliance check. 
     
     
         20 . The method as recited in  claim 18 , further comprising a step of executing said proposed trade order in response to determining that said proposed order complies with said locally executable trade rules and locally updating the min/max values associated with the calculated trade rules relevant to the trade.