Transactionally deterministic high speed financial exchange having improved, efficiency, communication, customization, performance, access, trading opportunities, credit controls, and fault tolerance

Patent metadata

Field	Value
Publication number	US-12536587-B2
Application number	US-202217958832-A
Country	US
Kind code	B2
Filing date	Oct 3, 2022
Priority date	Nov 7, 2013
Publication date	Jan 27, 2026
Grant date	Jan 27, 2026

Abstract

The disclosed embodiments relate to implementation of a trading system, which may also be referred to as a trading system architecture, having improved performance which further assures transactional determinism under increasing processing transaction loads while providing improved trading opportunities, fault tolerance, low latency processing, high volume capacity, risk mitigation and market protections with minimal impact, as well as improved and equitable access to information and opportunities.

First claim

What is claimed is:

1 . A computer system comprising:
a financial data message modifier hardware processor coupled with a message preference hardware processor and a financial data message generator hardware processor, the financial data message modifier hardware processor and the financial data message generator hardware processor coupled with a financial data message transmitter hardware processor, wherein the financial data message generator hardware processor is configured to receive match event data generated based on a change in state in an electronic marketplace, the change in state caused by a received request for a financial transaction received via a communications network from a market participant of a plurality of market participants, wherein the message preference hardware processor is configured to retrieve preference data associated with at least one of the plurality of market participants and communicate the retrieved preference data to the financial data message modifier hardware processor, the preference data stored in a non-transitory memory in association with the market participant from which it was received, wherein the preference data specifies one or more modifications to be made to each of a plurality of market data messages received via the communications network prior to transmission to the associated market participant, the plurality of market data messages comprising data indicative of the change in state of the electronic marketplace, wherein the financial data message generator hardware processor is further configured to, based on the receipt of match event data, generate a generic market data message comprising unmodified content representative of the change of state and communicate the generic market data message to the financial data message modifier hardware processor and the financial data message transmitter hardware processor, wherein the financial data message modifier hardware processor is configured to, based on the generic market data message, for each market participant having preference data stored in association therewith in the memory, modify the content representative of the change in state in accordance with the stored associated preference data for each associated market participant, generate a customized market data message comprising the modified content, and communicate the customized market data message to the financial data message transmitter hardware processor, and wherein the financial data message transmitter hardware processor is configured to:
receive, as they are generated, each of the generic and the customized market data messages; and
transmit both the generic and the customized market data messages for synchronized transmission, wherein the financial data message transmitter hardware processor is coupled with a hardware network switch through which the customized and the generic market data messages are transmitted to the plurality of market participants via the communications network and wherein the synchronized transmission includes synchronization, by the financial data message transmitter hardware processor, of transmission of the customized market data message with transmission of the generic market data message via:
storage in the non-transitory memory, in lieu of transmission through the hardware network switch, of one of the customized or the generic market data message until both of the customized and the generic market data messages are ready to transmit via validation, upon receipt of one of the customized or the generic market data message, that the other of the customized or the generic market data message is stored in the memory; and
when, upon receipt of one of the customized or the generic market data message, it is determined that the other of the customized or the generic market data message is stored in the memory, transmission, through the hardware network switch via the communications network, of each customized market data message to the associated market participant for which the customized market data message was generated, substantially contemporaneously with transmission of the generic market data message to the others of the plurality of market participants.

2 . The system of claim 1 , wherein the one or more modifications include modifying a content, a format, an encoding, or combination thereof, of the market data message.

3 . The system of claim 1 , wherein each of the plurality of received market data messages comprises a plurality of data fields characterized by an arrangement and the one or more modifications include modifying the arrangement of the data fields.

4 . The system of claim 1 , further comprising a derived value generator hardware processor that is configured to derive one or more derived values from the content of the generic market data message, wherein the one or more modifications include augmentation of the customized market data message to include at least one of the derived values within the content thereof.

5 . The system of claim 1 , wherein the preference data further comprises a selection of at least one predefined set of one or more modifications from a plurality of available sets of one or more modifications.

6 . The system of claim 1 , wherein the customized market data message requires no further modification upon receipt by the associated market participant.

7 . The system of claim 1 , wherein the plurality of market data messages comprises market by order messages, market by price messages, top of book messages, or combinations thereof.

8 . The system of claim 1 , wherein the plurality of market data messages comprises a market data stream.

9 . The system of claim 8 , wherein the market data stream comprises a market by order stream, a market by price stream, or a top of book stream.

10 . The system of claim 8 , wherein the market data stream is independently generated.

11 . The system of claim 8 , wherein the market data stream is generated in a combined fashion.

12 . The system of claim 8 , wherein the market data stream may be subscribed to by the plurality of market participants.

13 . A computer implemented method comprising:
receiving, via a communications network, by a financial data message generator hardware processor, match event data generated based on a change in state in an electronic marketplace of one or more financial products, the change in state caused by a received request for a financial transaction received via the communications network from a market participant of a plurality of market participants; retrieving, by a message preference hardware processor, preference data associated with at least one of a plurality of market participants, the preference data stored in a non-transitory memory in association with the market participant from which it was received, wherein the preference data specifies one or more modifications to be made to each of a plurality of market data messages received via the communications network prior to transmission to the associated market participant, the plurality of market data messages comprising data indicative of the change in state of the electronic marketplace; communicating, by the message preference hardware processor, the retrieved preference data to a financial data message modifier hardware processor; generating, by the financial data message generator hardware processor, based on the receiving of match event data, a generic market data message comprising unmodified content representative of the change of state in the electronic marketplace; communicating, by the financial data message generator hardware processor, the generic market data message t

Assignees

• Chicago Mercantile Exchange Inc

Inventors

• Studnitzer Ari
• Bonig Zachary
• Eavy Ryan
• Kmiec Frank

Classifications

• G06Q40/04 Primary

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