US6347307B1
Expired / Lapsed
US
⏱️ 0.0 years remaining
System and method for conducting web-based financial transactions in capital markets
Assignee: INTEGRAL DEVELOPMENT Corp
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Filing: 2000-06-13
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Granted: 2002-02-12
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Expires: 2020-06-13
Abstract
Abstract The present invention provides a system and method that enables users, such as institutional investors and financial institutions, to engage in capital market transactions, including the trading of Over-the-Counter financial products, via the Internet (including the World Wide Web). The system includes a variety of servers, applications, and interfaces that enable users to interactively communicate and trade financial instruments among one another, and to manage their portfolios. Interactive communications supported by the system include: requesting price quotes, monitoring and reviewing quote requests, issuing price quotes, monitoring and reviewing price quotes, negotiation between users, acceptance of price quotes, reporting, portfolio management, analysis of financial information and market data, calendaring, and communications among users and/or system administrators, including e-mail, chat, and message boards.The present invention also supports communications with the server side in an automated manner via an automated processor. Such automated communications enable connectivity with users' internal, back-end systems to execute automated, straight-through processing, including transaction pricing, payment scheduling and journaling, derivatives trading, trade confirmation, and trade settlement. Such communications are facilitated using a novel XML-based syntax (FinXML(TM)) and XSL-based processing language (FinScript(TM)). FinXML provides a standard data interchange language for capital market transactions and supports a broad set of elements and attributes that represent a wide variety of financial transactions, reference data, and market data. The common description of the FinXML syntax can be used for all aspects of straight-through-processing, including deal creation, confirmation, settlement, payment, risk management, and accounting.
Inventors
- 👤 Harpal S. Sandhu
- 👤 Viral V. Tolat
- 👤 Stephen Rees
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-01 03:05
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/02; G06Q40/04; G06Q40/06
Claims Analysis
Total Claims: 38
Claim 1
Independent Claim
176 words
A system for facilitating transactions involving the exchange of financial instruments, the system comprising: (a) a transaction data parser that can extract transaction data describing a transaction conducted using the system, wherein the transaction data can include: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including a member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which a first party to the transaction will make one or more payments to a second party to the transaction; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule; (b) a reference data parser that can extract profile information about the parties to the transaction; and (c) a market data parser that can extract market data provided to the system, the market data including market interest rates or currency exchange rate.
Claim 2
Independent Claim
176 words
A system for facilitating transactions involving the exchange of financial instruments, the system comprising: (a) a transaction data parser that can extract transaction data describing a transaction conducted using the system, wherein the transaction data can include: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including a member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which a first party to the transaction will make one or more payments to a second party to the transaction; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule; (b) a reference data parser that can extract profile information about the parties to the transaction; and (c) a market data parser that can extract market data provided to the system, the market data including market interest rates or currency exchange rate.
Claim 3
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is a foreign exchange spot.
Claim 4
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is a foreign exchange forward.
Claim 5
Dependent Claim
17 words
The system of claim 1 wherein the type of the transaction is an interest rate fixed-float swap.
Claim 6
Dependent Claim
17 words
The system of claim 1 wherein the type of the transaction is an interest rate float-float swap.
Claim 7
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is an interest rate cap.
Claim 8
Dependent Claim
17 words
The system of claim 1 in which the type of the transaction is an interest rate floor.
Claim 9
Dependent Claim
15 words
The system of claim 1 wherein the type of the transaction is a fixed deposit.
Claim 10
Dependent Claim
15 words
The system of claim 1 wherein the type of the transaction is a fixed loan.
Claim 11
Dependent Claim
15 words
The system of claim 1 wherein the type of the transaction is a float deposit.
Claim 12
Dependent Claim
15 words
The system of claim 1 wherein the type of the transaction is a float loan.
Claim 13
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is a foreign exchange option.
Claim 14
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is a foreign exchange swap.
Claim 15
Dependent Claim
17 words
The system of claim 1 wherein the type of the transaction is a cross currency fixed-fixed swap.
Claim 16
Dependent Claim
17 words
The system of claim 1 wherein the type of the transaction is a cross currency fixed-float swap.
Claim 17
Dependent Claim
17 words
The system of claim 1 wherein the type of the transaction is a cross currency float-float swap.
Claim 18
Dependent Claim
16 words
The system of claim 1 wherein the type of the transaction is a forward rate agreement.
Claim 19
Dependent Claim
15 words
The system of claim 1 wherein the type of the transaction is a customized trade.
Claim 20
Independent Claim
158 words
A system for facilitating transactions involving the exchange of financial instruments, the system comprising: (a) a member client node that can be used by a member user of the system to conduct a transaction; (b) a provider client node that can be used by a provider user of the system to conduct the transaction with the member user; and (c) a server node that facilitates the exchange of messages among the member client and provider client nodes, including a transaction message that includes information describing the transactions between the member user and the provider user, the server node including: (i) an interactive trading mechanism that enables the member user to select the provider user from a plurality of provider users and to interactively negotiate the terms of the transaction with the selected provider user; and (ii) an automated messaging system that facilitates the automated exchange of the transaction message between the server node and the provider client node.
Claim 21
Independent Claim
158 words
A system for facilitating transactions involving the exchange of financial instruments, the system comprising: (a) a member client node that can be used by a member user of the system to conduct a transaction; (b) a provider client node that can be used by a provider user of the system to conduct the transaction with the member user; and (c) a server node that facilitates the exchange of messages among the member client and provider client nodes, including a transaction message that includes information describing the transactions between the member user and the provider user, the server node including: (i) an interactive trading mechanism that enables the member user to select the provider user from a plurality of provider users and to interactively negotiate the terms of the transaction with the selected provider user; and (ii) an automated messaging system that facilitates the automated exchange of the transaction message between the server node and the provider client node.
Claim 22
Dependent Claim
129 words
The system of claim 19 wherein the messages whose exchange is facilitated by the server node can include: (a) transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the member user and the provider user; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule; (b) reference data, including profile information about the parties to the transaction; and (c) market data, including market interest rate or currency exchange rates.
Claim 23
Dependent Claim
14 words
The system of claim 19 wherein the negotiated terms include pricing of the transaction.
Claim 24
Dependent Claim
17 words
The system of claim 19 wherein the negotiated terms include acceptance of the pricing of the transaction.
Claim 25
Dependent Claim
14 words
The system of claim 19 wherein the negotiated terms include settlement of the transaction.
Claim 26
Dependent Claim
23 words
The system of claim 19 wherein both the member client node and the provider client node are physically remote from the server node.
Claim 27
Dependent Claim
170 words
An automated financial object conversion and messaging system for exchanging messages describing transactions involving the exchange of financial instruments between a provider user of the system and one or more other member users of the system, the system comprising: (a) a server node that can convert a first set of internal objects, representing the terms of a transaction between the provider user and a member user of the system, into a transaction message employing a standard format for representing the transaction, wherein the first set of internal objects employs any format that can be utilized by a back-end system of the member user; (b) a provider node that can convert the transaction message into a second set of internal objects, wherein the second set of internal objects employs any format that can be utilized by a back-end system of the provider user; and (c) an automated message exchange mechanism that automatically can exchange messages employing the standard format, including the transaction message, between the server node and the provider node.
Claim 28
Dependent Claim
170 words
An automated financial object conversion and messaging system for exchanging messages describing transactions involving the exchange of financial instruments between a provider user of the system and one or more other member users of the system, the system comprising: (a) a server node that can convert a first set of internal objects, representing the terms of a transaction between the provider user and a member user of the system, into a transaction message employing a standard format for representing the transaction, wherein the first set of internal objects employs any format that can be utilized by a back-end system of the member user; (b) a provider node that can convert the transaction message into a second set of internal objects, wherein the second set of internal objects employs any format that can be utilized by a back-end system of the provider user; and (c) an automated message exchange mechanism that automatically can exchange messages employing the standard format, including the transaction message, between the server node and the provider node.
Claim 29
Dependent Claim
13 words
The system of claim 25 wherein the standard format is an XML format.
Claim 30
Dependent Claim
125 words
The system of claim 26 wherein the XML format can represent: (a) transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the provider user and the member user of the system; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule; (b) reference data, including profile information about the parties to the transaction; and (c) market data, including market interest rate or currency exchange rates.
Claim 31
Independent Claim
201 words
A method for converting a first set of internal objects, representing the terms of a transaction involving the exchange of financial instruments between a provider user and a member user of a system for facilitating transactions involving the exchange of financial instruments, into a transaction message employing a standard format for representing the transaction, the method comprising the following steps: (a) applying an XML mapping to the first set of internal objects in order to dynamically generate a Document Object Model tree; and (b) applying an XSL stylesheet to convert the Document Object Model tree into the transaction message, wherein the transaction message includes transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule.
Claim 32
Independent Claim
201 words
A method for converting a first set of internal objects, representing the terms of a transaction involving the exchange of financial instruments between a provider user and a member user of a system for facilitating transactions involving the exchange of financial instruments, into a transaction message employing a standard format for representing the transaction, the method comprising the following steps: (a) applying an XML mapping to the first set of internal objects in order to dynamically generate a Document Object Model tree; and (b) applying an XSL stylesheet to convert the Document Object Model tree into the transaction message, wherein the transaction message includes transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rate or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule.
Claim 33
Dependent Claim
13 words
The method of claim 28 wherein the standard format is an XML format.
Claim 34
Dependent Claim
15 words
The method of claim 28 wherein the first set of internal objects includes Java objects.
Claim 35
Independent Claim
193 words
A method for converting a transaction message employing a standard format for representing the terms of a transaction involving the exchange of financial instruments between a provider user and a member user of a system for facilitating transactions involving the exchange of financial instruments, and a first set of internal objects representing the transaction, the method comprising the following steps: (a) applying an XSL stylesheet to the transaction message in order to dynamically generate a JavaScript program; and (b) executing the JavaScript program to produce the first set of internal object, wherein the transaction message includes transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rare or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule.
Claim 36
Independent Claim
193 words
A method for converting a transaction message employing a standard format for representing the terms of a transaction involving the exchange of financial instruments between a provider user and a member user of a system for facilitating transactions involving the exchange of financial instruments, and a first set of internal objects representing the transaction, the method comprising the following steps: (a) applying an XSL stylesheet to the transaction message in order to dynamically generate a JavaScript program; and (b) executing the JavaScript program to produce the first set of internal object, wherein the transaction message includes transaction data describing the transaction, including: (i) a type of the transaction; (ii) a plurality of parties to the transaction, including the member user and a provider user selected by the member user from a plurality of provider users; (iii) a payment schedule pursuant to which the member user will make one or more payments to the provider user; and (iv) rate information which can include information relating to an interest rare or an exchange rate that can affect the calculation of the amount of one or more of the payments made pursuant to the payment schedule.
Claim 37
Dependent Claim
13 words
The method of claim 31 wherein the standard format is an XML format.
Claim 38
Dependent Claim
15 words
The method of claim 31 wherein the first set of internal objects includes Java objects.
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USPTO Annuity & Maintenance Windows
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| 7.5 Years (Year 8) | 2009-02-11 | 2009-08-13 | 2010-02-12 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2013-02-11 | 2013-08-13 | 2014-02-12 | $7700.00 | Window Closed / Lapsed |