Distributed trade match service
AssigneeChicago Mercantile Exchange Inc.
InventorsTodd Borro, Paul Waters
Life of this patent
Estimating the term…
Abstract
Financial instrument trade systems and methods are disclosed. Trade data is processed at a plurality of match servers. Trade data that remains unmatched may be stored in one or more aging queues. Trade data is periodically retrieved from the aging queues and attempts are made to match the unmatched trades. As time progresses from the time that trade data from a particular trade is stored in an aging queue, the match criteria used to match the trade is relaxed. Fault tolerant mechanisms are also disclosed for allowing operational match servers to take over the operations of failed components or servers.
Claims20
A method of matching trade data at an exchange, the method comprising:
- (a) receiving trade data at a match server;
- (b) attempting to match the trade data with data from an opposite side of a trade by applying a first match criteria that identifies a set of match critical fields that must match for a match to be declared;
- (c) when the trade data remains unmatched after (b), storing the trade data in an aging queue;
- (d) at a first predetermined time after storing the trade data in the aging queue, attempting to match the trade data with data from the opposite side of a trade by applying a second match criteria that identifies a set of match critical fields that must match for a match to be declared;
- and
- wherein the second match criteria is less stringent than the first match criteria.
A method of matching trade data, the method comprising:
- (a) applying a first match criteria to attempt to match trade data with data from an opposite side of a trade;
- (b) when the trade data remains unmatched after (a), storing the trade data in an aging queue;
- and
- (c) at a first predetermined time after storing the trade data in the aging queue, applying a second match criteria to attempt to match the trade data;
- wherein the second match criteria is less stringent than the first match criteria.
A method of operating a trade matching system, the method comprising:
- (a) storing server data at a plurality of match servers and at a persistence module;
- (b) determining when one of the plurality of match servers fails;
- (c) when one of the plurality of match servers fails, identifying the server data stored on the failed match server;
- and
- (d) providing the server data identified in (c) to at least one operational match server.
A system for matching trade data, the system comprising:
- a first match server configured to match trade data from a first type of trade;
- a second match server configured to match trade data from a second type of trade;
- a match client coupled to the first match server and the second match server and configured to route trade data to the first match server and the second match server;
- and
- a synchronization module that maintains the states of components of the first match server and the second match server.
Dependencies are inferred from the claim text.