Disseminating floor quotes from open outcry markets

Patent metadata

Field	Value
Publication number	US-10755366-B2
Application number	US-201916424971-A
Country	US
Kind code	B2
Filing date	May 29, 2019
Priority date	Oct 23, 2013
Publication date	Aug 25, 2020
Grant date	Aug 25, 2020

Abstract

One or more methods may be used to disseminate floor quotes from an open outcry financial market, such as via messages posted on a social network. These messages may include additional information for providing “color” to the price quotation. In some cases, a method of disseminating the floor quotes may include receiving, at a computer device, a request from a trader to receive an authenticated user name associated with a financial exchange. The financial exchange may then permit the trader to post one or more messages to a social network using the authenticated user name, where the message includes information about a trade on the financial exchange.

First claim

The invention claimed is:

1. A method of improving security on a social network by preemptively blocking malicious messages from being sent over the social network, the method comprising:
receiving, via a local network at the exchange computing system, one or more messages from a mobile device of a trader, wherein the one or more message include at least a first device identifier comprising a media access control (MAC) address of the mobile device, wherein the one or more messages are to be posted on the social network after verification of information provided in the message;
verifying, by a validation module, a source of the message by comparing the first device identifier with a list of authorized MAC addresses;
validating, by the validation module of the exchange computing system, the information provided in the one or more messages by comparing a quotation provided in the message against a current quotation corresponding to an electronically traded version of the financial exchange;
if the information was validated and a source of the message was verified, posting, by a posting module of the exchange computing system, the one or more messages to the social network via the Internet, wherein the posting includes inserting a tag certification into the one or more messages to identify the one or more messages as having been authorized by the financial exchange; and
if the information was not validated, blocking, by the posting module of the exchange computing system, the one or more messages from being posted over the local network to the social network after an unsuccessful validation.

2. The method of claim 1 , further comprising receiving, at the computing device, the message from the trader, wherein the computing device verifies the information in the message before the message is posted on the social network.

3. The method of claim 1 , further comprising providing, by the computer device, an authenticated user name to the trader after verifying information provided by the trader, wherein the authenticated user name includes identification information about the trader and identification information about the financial exchange.

4. The method of claim 3 , wherein the identification information of the financial exchange includes an indication that financial exchange has authorized the trader to post messages.

5. The method of claim 3 , wherein the identification information of the trader comprises information that is used to identify one or more membership levels within the financial exchange.

6. The method of claim 3 , wherein the identification information of the trader comprises information that is used to identify one or more membership levels within the financial exchange.

7. The method of claim 1 , wherein the one or more messages includes metadata associated with the information provided in the message, wherein the metadata includes at least one of an identification of a market, a contract month, a price, a quantity, market activity, and market performance.

8. The method of claim 1 , further comprising:
analyzing content of the one or more messages;
generating a hash tag; and
appending the hash tag to the one or more messages.

9. The method of claim 1 , further comprising monitoring, by the computer device, messages associated with the financial exchange that are posted on the social network for improper and/or misleading information about a financial product traded on the financial exchange.

10. One or more non-transitory computer-readable media storing computer executable instructions that, when executed, cause an exchange computer system to perform operations that include:
authenticating, by an authentication module, a computing device of a trader who is an active participant in a financial exchange by verifying that a media access control (MAC) address of the computing device is present in a list of authorized MAC addresses stored in computer memory;
providing, by the authentication module via a local network, an exchange authenticated user identification to the trader after a successful authentication, the authenticated user identification for use when posting information onto a social network;
receiving, via the local network, one or more messages from the computing device of the trader, the one or more messages including information about a financial transaction on the financial exchange, wherein the one or more messages are to be posted on the social network after verification of the information provided in the message;
validating, by a validation module of the exchange computing system, the information provided in the one or more messages by comparing a quotation provided in the message against a current quotation corresponding to an electronically traded version of the financial exchange;
if the information was validated, posting, by a posting module of the exchange computing system, the one or more messages to the social network, wherein the posting includes inserting a tag certification into the one or more messages to identify the one or more messages as having been authorized by the financial exchange; and
if the information was not validated, blocking by the posting module of the exchange computing system the one or more messages from being posted to the social network after an unsuccessful validation.

11. The one or more non-transitory computer-readable media of claim 10 , wherein the stored instructions further comprise instructions that, when executed, cause the exchange computer system to perform operations that include:
monitoring the one or more messages posted to the social network for misleading and/or improper information, and
revoking authorization of the user identification of the trader when the trader associated with the user identification was found to have posted misleading and/or improper information onto the social network.

12. The one or more non-transitory computer-readable media of claim 10 , wherein the stored instructions further comprise instructions that, when executed, cause the exchange computer system to perform operations that include appending metadata to the one or more messages, wherein the metadata includes at least one of an identification of a market, a contract month, a price, a quantity, market activity, and market performance.

13. The one or more non-transitory computer-readable media of claim 10 , further comprising providing an authenticated username to the trader after verifying information provided by the trader, wherein the authenticated username includes identification information about the trader and identification information about the financial exchange.

14. The one or more non-transitory computer-readable media of claim 13 , wherein the identification information of the financial exchange includes an indication that financial exchange has authorized the trader to post messages.

15. The one or more non-transitory computer-readable media of claim 13 , wherein the identification information of the trader comprises information that is used to identify one or more membership levels within the financial exchange.

16. The one or more non-transitory computer-readable media of claim 13 , wherein the identification information of the trader comprises information that is used to identify one or more membership levels within the financial exchange.

17. An exchange computing system comprising:
at least one processor; and
at least one non-transitory memory, wherein the at least one non-transitory memory stores instructions that, when executed, cause the processor to perform operations that include:
receiving,

Assignees

• Chicago Mercantile Exchange Inc

Inventors

• Co Richard
• Labuszewski John
• Nyhoff John
• Boudreault James

Classifications

• G06Q10/40 Primary

  Business processes related to social networking or social networking services · CPC title

• G06Q10/44

  Identification of trends within social networks, e.g. identification of trending topics · CPC title

• G06Q40/04

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q50/01 Primary

  Physics · mapped topic