Embedded hardware based system which provides real-time pre-trade risk assessments for multiple parties and method thereof

1. An embedded risk assessment system, comprising:

a printed circuit board; and

one or more programmable logic devices installed on the printed circuit board in electronic communication with each other, the one or more programmable logic devices comprising one or more personality modules, wherein

the one or more personality modules are configured to collectively perform pre-trade risk assessment for a client,

the one or more personality modules comprise a client personality module,

the client personality module comprises a set of risk criteria for the client and is configured to forward a trade order for the client to a liquidity venue if the trade order satisfies the set of risk criteria, and

the client personality module updates a risk profile of the client in real-time without reliance on order acknowledgements from the liquidity venue, wherein the updates to the risk profile are performed based on an assumption that all orders transmitted to the liquidity venue are completed even if order acknowledgements have not yet been received for the orders from the liquidity venue.

2. The embedded risk assessment system of claim 1 , wherein the client personality module permits transmission of subsequent orders by the client to the liquidity venue based on the risk profile of the client even if order acknowledgements have not yet been received for previous orders transmitted to the liquidity venue.

3. The embedded risk assessment system of claim 1 , wherein the one or more personality modules are written to the one or more programmable logic devices using VHSIC Hardware Description Language (VHDL).

4. The embedded risk assessment system of claim 1 , wherein the one or more programmable logic devices comprise at least one of a complex programmable logic device (CPLD), a field programmable gate array (FPGA), or a field programmable object array (FPOA).

5. The embedded risk assessment system of claim 1 , further comprising a hot spare programmable logic device installed on the printed circuit board comprising a hot spare personality module, wherein

the hot spare programmable logic device stores a set of code for each of the one or more personality modules so that the hot spare personality module can replicate any of the one or more personality modules should any of the one or more personality modules fail.

6. The embedded risk assessment system of claim 1 , wherein each of the one or more personality modules is implemented on a respective one of the one or more programmable logic devices.

7. The embedded risk assessment system of claim 1 , wherein the one or more personality modules comprise a second personality module, and the second personality module is selected from a group consisting of a market participant personality module, a liquidity venue personality module, and a market data personality module.

8. A method for providing risk assessment, comprising:

providing a printed circuit board having one or more programmable logic devices installed on the printed circuit board and electrically connected to each other, wherein

the one or more programmable logic devices comprise one or more personality modules, and

the one or more personality modules comprise a client personality module comprising a set of risk criteria for a client;

performing a pre-trade risk assessment for the client based on the one or more personality modules;

forwarding a first trade order for the client to a liquidity venue if the first trade order satisfies the set of risk criteria for the client stored in the client personality module; and

updating a risk profile of the client in real-time without reliance on an order acknowledgement from the liquidity venue based on an assumption that the first trade order forwarded to the liquidity venue is completed even without receiving an order acknowledgement from the liquidity venue.

9. The method of claim 8 , further comprising forwarding a second trade order for the client to the liquidity venue subsequent to the first trade order based on the updated risk profile without receiving an order acknowledgement from the liquidity venue for the first trade order.

10. The method of claim 8 , further comprising

determining that a first personality module of the two or more personality modules has failed; and

replacing the first personality module with a hot spare personality module, the hot spare personality module implemented on a hot spare programmable logic device installed on the printed circuit board.

11. The method of claim 10 , wherein the hot spare programmable logic device stores a set of code for each of the two or more personality modules so that the hot spare personality module can replicate any of the two or more personality modules should any of the two or more personality modules fail.

12. The method of claim 8 , wherein the one or more personality modules are written to the one or more programmable logic devices using VHSIC Hardware Description Language (VHDL).

13. The method of claim 8 , wherein the one or more programmable logic devices comprise at least one of a complex programmable logic device (CPLD), a field programmable gate array (FPGA), or a field programmable object array (FPOA).

14. The method of claim 8 , wherein each of the one or more personality modules is implemented on a respective one of the one or more programmable logic devices.

15. An embedded risk assessment system, comprising:

a printed circuit board; and

a first programmable logic device installed on the printed circuit board comprising a client personality module associated with a client of a broker having a membership at a liquidity venue, wherein

the client personality module is configured to update a risk profile of the client in real-time without reliance on order acknowledgements from the liquidity venue, and further wherein the updates to the risk profile are performed based on an assumption that all orders transmitted to the liquidity venue are completed even if order acknowledgements have not yet been received for the orders from the liquidity venue.

16. The embedded risk assessment system of claim 15 , wherein the client personality module is configured to permit transmission of subsequent orders by the client to the liquidity venue based on the risk profile of the client even if order acknowledgements have not yet been received for previous orders transmitted to the liquidity venue.

17. The embedded risk assessment system of claim 15 , further comprising:

a second programmable logic device installed on the printed circuit board comprising a market data personality module configured to collect real-time market data streams from the liquidity venue;

a third programmable logic device installed on the printed circuit board comprising a liquidity venue personality module configured to interact with the liquidity venue; and

a fourth programmable logic device installed on the printed circuit board comprising a market execution personality module associated with broker.

18. The embedded risk assessment system of claim 17 , further comprising a fifth programmable logic device installed on the printed circuit board comprising a hot standby personality module configured to replicate any of the market data personality module, the liquidity venue personality module, the market execution personality module, or the client personality module if a personality module failure is detected.

19. The embedded risk assessment system of claim 18 , wherein each of the client personality module, the market data personality module, the liquidity venue personality module, the market execution personality module, and the hot standby personality module are written to the first programmable logic device, the second programmable logic device, the third programmable logic device, the fourth programmable logic device, and the fifth programmable logic device, respectively, using VHSIC Hardware Description Language (VHDL).

20. The embedded risk assessment system of claim 18 , wherein each of the first programmable logic device, the second programmable logic device, the third programmable logic device, the fourth programmable logic device, and the fifth programmable logic device comprise at least one of a complex programmable logic device (CPLD), a field programmable gate array (FPGA), or a field programmable object array (FPOA).