Execution of co-dependent transactions in a transaction processing system

Patent metadata

Field	Value
Publication number	US-2017193602-A1
Application number	US-201615392618-A
Country	US
Kind code	A1
Filing date	Dec 28, 2016
Priority date	Dec 30, 2015
Publication date	Jul 6, 2017
Grant date	—

Abstract

Systems and methods are disclosed for ensuring execution of multiple inter-dependent transactions in an electronic data transaction processing system in which a plurality of data items are transacted by one or more hardware matching processors associated therewith that match a combined electronic data transaction request comprising a conditional execution instruction and a plurality of component electronic data transaction request messages, each for transaction of a different data item of the plurality of data items.

First claim

What is claimed is:

1 . A system for execution of multiple co-dependent transactions in an electronic data transaction processing system in which a plurality of data items are transacted by one or more hardware matching processors associated therewith that match, as they are received, incoming electronic data transaction request messages, for one of the plurality of data items based on a first set of transaction parameters, received over a data communication network with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in a memory associated with the plurality of data items coupled with the hardware matching processors, to at least partially satisfy one or both of the incoming electronic data transaction request messages or the at least one other previously received electronic data transaction request message, the system comprising:
an incoming order receiver coupled with the data communications network and operative to receive incoming electronic data transaction request messages and store the received incoming electronic data transaction request messages in a buffer coupled with the incoming order receiver prior to forwarding the received incoming electronic data transaction request messages to the particular hardware matching processor for the particular data structure of the data item of the received incoming electronic data transaction request message; the incoming order receiver being further operative to receive a combined electronic data transaction request comprising a conditional execution instruction and a plurality of component electronic data transaction request messages, each for transaction of a different data item of the plurality of data items, the conditional execution instruction defining how each of the plurality of component electronic data transaction request messages are to be processed by the system; a validation processor, coupled with the incoming order receiver and the hardware matching processor, operative to determine if each of the plurality of component electronic data transaction request messages may be matched with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory to satisfy the conditional execution instruction; and an order forwarder, coupled with the memory, the validation processor, the incoming order receiver and the one or more hardware matching processors, operative to, upon the occurrence of the validation processor determining that the conditional execution instruction can be satisfied, forward each of the plurality of component electronic data transaction request messages to the one or more hardware matching processors in accordance with the conditional execution instruction.

2 . The system of claim 1 , wherein the conditional execution instruction is satisfied if each of the plurality of component electronic data transaction request messages may be fully satisfied by at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory.

3 . The system of claim 1 , wherein the validation processor is further operable to prevent modification of the stored previously received but unsatisfied electronic data transaction request messages while determining if the conditional execution instruction can be satisfied.

4 . The system of claim 1 , wherein the one or more hardware matching processors is operable to prevent modification of the stored previously received but unsatisfied electronic data transaction request messages while the validation processor determines if the conditional execution instruction can be satisfied.

5 . The system of claim 1 , wherein the validation processor is further operable to forward test messages for each of the plurality of component electronic data transaction request messages to the respective one or more hardware matching processors to determine if each of component electronic data transaction request messages may be fully satisfied by at least one previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory.

6 . The system of claim 1 , wherein the validation processor is further operable to reject the combined electronic data transaction request if the conditional execution instruction cannot be satisfied.

7 . The system of claim 6 , wherein the conditional execution instruction cannot be satisfied if one or more of the plurality of component electronic data transaction request messages may not be fully satisfied with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory.

8 . The system of claim 1 , wherein each of the plurality of component electronic data transaction request messages comprises a leg of a combination order.

9 . The system of claim 1 , wherein the incoming order receiver, the validation processor, the order forwarder, the one or more hardware matching processors, and the memory comprise a match engine.

10 . A computer implemented method for ensuring execution of multiple co-dependent transactions in an electronic data transaction processing system in which a plurality of data items are transacted by one or more hardware matching processors associated therewith that match, as they are received, incoming electronic data transaction request messages, for one of the plurality of data items based on a first set of transaction parameters, received over a data communication network with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in a memory associated with the plurality of data items coupled with the hardware matching processors, to at least partially satisfy one or both of the incoming electronic data transaction request messages or the at least one other previously received electronic data transaction request message, the method comprising:
receiving a combined electronic data transaction request comprising a conditional execution instruction and a plurality of component electronic data transaction request messages, each for transaction of a different data item of the plurality of data items; preventing modification of the memory associated with the plurality of data items; validating if each of the plurality of component electronic data transaction request messages may be matched with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory associated with the plurality of data items to satisfy the conditional execution instruction; forwarding upon the occurrence of the validation processor validating to satisfy the conditional execution instruction, forward each of the plurality of component electronic data transaction request messages to the one or more hardware matching processors; and allowing modification of the memory associated with the plurality of data items.

11 . The method of claim 10 , wherein the conditional execution instruction is satisfied if each of the plurality of component electronic data transaction request messages may be fully matched with at least one other previously received but unsatisfied electronic data transaction request message counter thereto stored in the memory associated with the plurality of data items.

12 . The method of claim 10 , wherein validating comprises:
forwarding test messages representing the plurality of component electronic data transaction request messages to the one or more hardware matching processors to determine if t

Assignees

• Chicago Mercantile Exchange Inc

Inventors

• Studnitzer Ari
• Peck-Walden Pearce
• Rogerson Mark

Classifications

• G06Q40/04 Primary

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