Granted Patent B2

US 7,490,060 · App. 09/946,742 · Granted Feb 10, 2009

Abstract

Claims (58)

1. A system for processing transaction data associated with a market transaction comprising:

a pre-processor module configured to receive transaction data and to create objects associated with the transaction data;

a marketspace module connected to the pre-processor module and configured to hold the objects; and

an execution engine connected to the marketspace module and configured to retrieve the objects from the marketspace module and to match at least one object to at least another object,

wherein the transaction data is selected from a group consisting of phase data, complexity data, sequencing data, allowance data, transparency data, transaction value data, object ID data, and trading instruction data.

2. A system as defined in claim 1 wherein the trading instruction data is selected from a group consisting of offer bid data, buy bid data, price bid data, quantity bid data, special data, item ID data, expiration data, and time data.

3. A system as defined in claim 1 wherein the pre-processor module is further configured to marshal the transaction data.

4. A system as defined in claim 3 wherein the pre-processor module is further configured to validate the transaction data after the transaction data is marshalled.

5. A system as defined in claim 1 wherein the pre-processor module is further configured to assign an object ID to the transaction data.

6. A system as defined in claim 1 wherein the pre-processor module is further configured to route the objects to the marketspace module.

7. A system as defined in claim 1 wherein each object is a data structure.

8. A system as defined in claim 1 wherein the pre-processor module, marketspace module, and execution engine are connected via internetwork packet exchange protocols.

9. A system as defined in claim 1 wherein the pre-processor module, marketspace module, and execution engine are connected via TCP/IP protocols.

10. A system as defined in claim 1 wherein the marketspace module is an implementation of a tuple-space.

11. A system as defined in claim 1 wherein the execution engine is configured to load a matching algorithm from an internet directory server.

12. A method of processing data associated with a market transaction comprising:

receiving transaction data relating to the market transaction;

creating bid objects from the transaction data;

storing the bid objects in memory;

retrieving the bid objects from memory; and

executing a matching algorithm on the bid objects,

wherein the transaction data is selected from a group consisting of phase data, complexity data, sequencing data, allowance data, transparency data, transaction value data, object ID data, and trading instruction data.

13. A method as defined in claim 12 further comprising validating the transaction data.

14. In a system having a pre-processor module, a marketspace module, and a execution engine, a method of executing market transactions comprising:

receiving a bid object having phase data, complexity data, sequencing data, allowance data, transparency data, and transaction value data;

modeling a market structure associated with the bid object;

selecting a matching algorithm associated with the market structure;

executing said matching algorithm on the bid object; and

if a match is found, executing a corresponding transaction and storing a result thereof in a database,

wherein the step of modeling a market structure comprises:

identifying the complexity data as either 1×N, N×1 or N×N;

identifying the phase data as either continuous or discrete;

identifying the sequencing data as either ascending, descending or random;

identifying the allowance data as either single or multiple;

identifying the transparency data as either open or closed; and

identifying the transaction value data as either bidder or clearing.

15. A method as defined in claim 14 further comprising validating the transaction data.

16. A method as defined in claim 14 further comprising determining whether a timer has expired if the phase data is discrete.

17. A method as defined in claim 16 further comprising transmitting the bid object to the marketspace module and retrieving a new bid object from the marketspace module if the timer has not expired.

18. A method as defined in claim 14 further comprising determining whether the bid object is associated with a buyer or a seller.

19. A method as defined in claim 18 further comprising transmitting the bid object to the marketspace module and retrieving a new bid object from the marketspace module if the bid object is associated with the buyer and the complexity data is N×1.

20. A method as defined in claim 18 further comprising transmitting the bid object to the marketspace module and retrieving a new bid object from the marketspace module if the bid object is associated with the seller and the complexity data is 1×N.

21. A method as defined in claim 18 further comprising reading in all associated sell bids from the marketspace module if the bid object is associated with the buyer.

22. A method as defined in claim 18 further comprising reading in all associated buy bids from the marketspace module if the bid object is associated with the seller.

23. A system as defined in claim 1 wherein said transaction data comprises phase data, complexity data, sequencing data, allowance data, transparency data, and transaction value data, wherein the pre-processor module is further configured to create a bid object including the transaction data, and to transmit the bid object to the marketspace module, and wherein the execution engine is configured to retrieve the bid object from the marketspace module, and to model a market structure corresponding with the market transaction by executing the steps of:

identifying the complexity data as either 1×N, N×1, or N×N;

identifying the phase data as either continuous or discrete;

identifying the sequencing data as either ascending, descending or random;

identifying the allowance data as either single or multiple;

identifying the transparency data as either open or closed; and

identifying the transaction value data as either bidder or clearing.

24. A system as defined in claim 23 wherein the pre-processor is further configured to validate the transaction data.

25. A system as defined in claim 23 wherein the execution engine is further configured to determine whether the bid object is associated with a buyer or a seller.

26. A system as defined in claim 25 wherein the execution engine is further configured to transmit the bid object to the marketspace module and to retrieve a new bid object from the marketspace module if the bid object is associated with a buyer and the complexity data is N×1.

27. A system as defined in claim 25 wherein the execution engine is further configured to transmit the bid object to the marketspace module and to retrieve a new bid object from the marketspace module if the bid object is associated with a seller and the complexity data is 1×N.

28. A system as defined in claim 25 wherein the execution engine is further configured to execute the steps of:

reading in all associated sell bids from the marketspace module if the bid object is associated with a buyer; and

reading in all associated buy bids from the marketspace module if the bid object is associated with a seller.

Assignments (9)