System and Method for Processing Failed Trades of Mortgage Backed Securities
AssigneeChapdelaine Mbs LLC
InventorsLeonard C. Monteleone, James Fiorentino
Life of this patent
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Abstract
The present invention provides a system and method for trading mortgage-backed securities (“MBS”). A system for trading includes a plurality of workstations interconnected by a server. The workstations receive data representing inventories of their MBS pools, which in turn are delivered to the server. The server, in turn, is operable to perform a transaction based on an analysis of the inventory. One type of transaction includes a consolidation of like MBS pools found in different inventories in order to reduce the size of the inventories.
Claims10
A server for processing failed trades of mortgage-backed securities comprising:
- a processing unit operable to receive at least two inventories of mortgage-backed securities from computing devices associated with respective institutions;
- said inventories including indicia associated with each said mortgage-backed security, said indicia including:
- a financial institution uniquely identifying a holder of each mortgage-backed security in each of said inventories;
- a Pool Number identifying each said mortgage-backed security;
- a value of each said mortgage-backed security;
- an indication whether said mortgage-backed security pool was a subject of a failed settlement;
- said processing unit further operable to determine, based on said indicia, at least one said mortgage-backed security common to said inventories that reflects a failed trade of said mortgage-backed security between said financial institutions;
- said server further operable to generate a report identifying said failed trade.
A method of processing failed trades of mortgage-backed securities comprising:
- receiving at least two inventories of mortgage-backed securities from computing devices associated with institutions respective to said inventories;
- said inventories including indicia associated with each said mortgage-backed security, said indicia including:
- a financial institution uniquely identifying a holder of each mortgage-backed security in each of said inventories;
- a Pool Number identifying each said mortgage-backed security;
- a value of each said mortgage-backed security;
- an indication whether said mortgage-backed security pool was a subject of a failed settlement;
- determining, based on said indicia, at least one said mortgage-backed security common to said inventories that reflect a failed trade of said mortgage-backed security between said financial institutions;
- generating a report identifying said failed trade.
A memory for storing data for access by an application program being executed on a data processing system, comprising:
- a data structure stored in said memory, said data structure including information resident in a database used by said application program and including:
- an inventory of mortgage-backed securities associated with an institution respective to said inventory;
- said inventory including indicia associated with each said mortgage-backed security, said indicia including:
- a financial institution uniquely identifying a holder of each mortgage-backed security in said inventory;
- a Pool Number identifying each said mortgage-backed security;
- a value of each said mortgage-backed security;
- an indication whether said mortgage-backed security pool was a subject of a failed settlement.
10-77. (canceled)
Dependencies are inferred from the claim text.