Note: Descriptions are shown in the official language in which they were submitted.
1843-003
MULTITASKING MESSAGING PROCESSOR
Field of the Invention
The present invention relates generally to the field of remote
communications, and more specifically to the field of computer systems for
implementing a central processor communication platform for select delivery of
custom data to plural remotely located users.
BACKGROUND OF THE INVENTION
The genesis of the present invention is in the field of finance. Investors
have traditionally relied on brokers to implement trading strategies aimed at
increasing their capital. For most of the last fifty years, the process
mandated an
evolved goal generation protocol, wherein the broker would develop a profile
of
suitable investments based on the objectives and resources of the investor,
and
then implement a capital acquisition plan to create a portfolio of investments
desired by that investor and conforming to his/her goals. Time to time, the
portfolio was adjusted in accordance with the broker's instructions with input
from the investor.
Communication between the investor and broker was often by letter or
phone, and the information transferral was slow and in parts. For example, an
investor who wants to increase the amount of a particular security would call
the
broker and collect information about the particulars of the new investment,
e.g.,
share price, underlying performance, and cost of funds. In addition to this
data,
the investor would typically seek the broker's guidance, requiring time to
evaluate
and examine the portfolio and the investment's merits.
While there are several criticisms of the above process, perhaps the most
serious is the expense and delay in implementation, inherent with this
approach.
The markets today are reacting to newly breaking reports all the time and the
shifts in capital moving between markets demands rapid decision making or
opportunities are lost. A greater proportion of investors are actively
initiating
investment decisions with their brokers or operating on their own. This is
made
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possible by the various automated trading systems now on the market that
utilize
the Internet as a communication framework to link investors to their trades.
This
communication framework has, as its primary link, the telephone systems
connecting investors with incoming information and instructions to purchase or
sell select investments.
There are well recognized classes of investors operating in today's market.
There is what is known as the "buy and hold" investor, typically a long term
investor who has current liquidity and wishes to move this into the market.
For
the most part, rapid access to the markets and instant buy and sell operation
are
not critical for this investment style. Another type of investor is the
"market
timer." In contrast to the buy and hold investor, the market timer is more
involved in trading-both buying and selling. Simply stated, the market timer
not
only seeks to buy low and sell high-but tries to do this during short periods
of
time when some turmoil in the market provides for accelerating changes in
price
on the select investment.
A third class of investor relevant to our discussion is the "arbitrager." The
arbitrager profits by taking contrary investment positions at slightly
different
terms. Because of the difference in terms, the arbitrager is in a position to
make a
significant profit under select conditions, but is concurrently covered from
significant losses. To successfully implement an arbitrage, the investor needs
to
track market activity and capital momentum very closely. In this way, the
small
differences in positions are discerned and corresponding positions undertaken.
Market timing for very short term events and arbitrage investments
typically necessitate continuous coverage of the markets through a dedicated
link-something left to the professionals. Simply stated, continuous market
contact is the only method available to track short term swings and move
quickly
in and out of investment positions. However, continuous contact with market
data is very expensive and restrictive. Mobile investors were simply left out.
It
was with this understanding of the problems with current market tracking
systems
that formed the impetus for the present invention.
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OBJECTS AND SUMMARY OF THE PRESENT INVENTION
It is, therefore, an object of the present invention to provide a
communication platform for linking investors to markets for near real term
asset/information transfer.
It is another object of the present invention to provide a data processor for
formatting select data requests into e-mail messages transferable to a remote
server.
It is still another object of the present invention to provide a data
processing system that provides for selectively encoded messaging wherein
market data and real-time transactions may be reviewed and processed from a
remote terminal.
It is yet another object of the present invention to provide a mufti-node
communication processor that transmits and receives investment data and trade
orders formatted into e-mail messages and decompiled for interpretation.
It is still another object of the present invention to provide a computer
system that tracks selectively identified market information and transmits
reports
in e-mail format to local receivers for real-time review.
The above and other objects of the present invention are realized in a
computer system and communication platform programmed to perform selective
time critical investment. The system includes a central computer network that
is
linked to a plurality of broker/traders including electronic brokerage
services, and
real-time news sources. The central computer scans news and market price feeds
and grabs quotes and news stories that match account holder data profiles.
Reports are then created by compiling the new data into an e-mail formatted
message. The message is then coded and transmitted utilizing current pager
broadcast techniques. At the receiver, the incoming message is grabbed,
address
confirmed, and displayed on a small pager screen. The report can be scrolled
for
complete review by the pager user.
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In accordance with the varying features of the present invention, the
system includes plural users each equipped with a pager that comprises
wireless
e-mail communication capability. The programming queries for Trade Order
entry, which is keyed into the pager via integrated keyboard. Once the order
is
confirmed, it is transmitted to the central processor for interpretation and
execution. Order entries are then confirmed by return e-mail.
The present invention will best be understood by reference to a specific,
illustrative embodiment thereof, described hereinbelow in conjunction with
drawings of which:
BRIEF DESCRIPTION OF THE FIGURES
Figure 1 is a schematic for the operating infrastructure associated with the
system of the present invention;
Figure 2 is a functional block diagram delineating the controlling
information logic of the present invention; and
Figure 3 is a second functional block diagram delineating the controlling
logic for the trading paradigms of the present invention.
DETAILED DESCRIPTION OF THE INVENTION
First briefly in overview, the present invention provides for a rapid
response communication platform to support near real-time trading from a
remote
low bandwidth location. Specifically, an investor interested in time-sensitive
trading but involved in day-to-day activities that prevent full-time
connection to
markets and databases on investing and market activities, interacts with a
remote
computer through e-mail messages linked to the central computer by pager
spectrum wireless communication. The trader, using a small terminal embedded
into a pager, enters a request for data, including quotes and news stories, or
a
Trade Order. The remote terminal includes programming to format the request
into a discrete e-mail message which is sent via broadcast link to the central
processor. The message instructions are parsed at the central processor and
implemented to completion. The central processor then formulates a return
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message, providing a report in a return e-mail format or confirming the order,
which is then returned to the remote terminal via pager spectrum broadcast,
but
individually addressed to the originating terminal.
In practice, the present invention addresses a variety of ancillary issues,
including security and multi-request processing. In operation, there are
numerous
remote terminals each sending and receiving e-mail formatted communications
almost simultaneously. The central processor includes incoming queues for
prioritizing and processing the communication requests, with packet markers to
identify specific requests that demand immediate action, such as market price
orders. In addition, the packet address includes identifiers and password
structures to preclude unauthorized trading and information access.
With the foregoing brief description in mind, attention is directed to
Figure 1, which depicts the operating elements of the infrastructure of the
present
invention. The first communication element is the remote terminal 10 which
takes the form of a pocket pager of the type of customizable personal wireless
messaging device with two-way messaging capabilities. High resolution graphics
display with backlighting. Keyboard makes it easy to send custom messages to
other one- and two-way pagers, fax machines, and Internet e-mail addresses and
reply to messages using pre-programmed or custom replies. Multiple personal
folders can be created to organize stored messages. Incoming messages can be
assigned unique alerts and be automatically routed to special inboxes. Two-way
pager includes powerful built-in applications for Message Manager
(reading/writing/organizing messages), Address Book, and extensive
customization. The two-way pager can be customized to meet user's
communications style-alerts, filters for automatic message handling, message
folders, font size. Folders and inboxes can be set up to automatically delete
read
messages after a specified number of days, or when a specified number of
messages is reached. An automatic signature capability is available to
optionally
add your name to messages being sent. User can be alerted audibly of incoming
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messages from a choice of alerts, or be alerted discretely. This hybrid pager
includes a data entry keyboard for selective entry of the message details.
While a
keyboard is the current and perhaps most familiar data entry system, others
may
be advantageously substituted with increased functionality. For example, a pre-
programmed array of possible messages with scroll menus for customizing
content provides a faster alternative. In addition, a small microphone and
voice
navigation software also permits rapid data entry and message creation while
avoiding the difficult process of keying entries on a small keyboard.
However the message is created, it is ultimately formatted as e-mail in
terminal 10, confirmed, and then sent via pager frequency connection to a
remote
transceiver 20. Transceiver 20 is typically a skypage satellite, which then
transfers the message to the main switching station 30 for on ground link to
the
central processor 35.
The central processor acts as the incoming message in a number of
different ways that are detailed below. One aspect involves implementing
trades
and thus necessitates a link to an associated Broker, 40 and ultimately a
securities
exchange 60. In addition, the system central processor communicates with one
or
more News Sources, 45 to gather current news for passage back to the remote
terminal 10. Finally, the central server is connected to a data base 50 which
stores records associated with each account and data associated with message
activity.
Turning now to Figure 2, the logic governing the present system and its
operation is depicted in flow chart form. Blocks 100-140 depict the initial
logic
associated with the pager/terminal and specifically, the entry of an initial
request.
A Money Line Request is entered via block 110; this is also true for a Trade
Order, block 100 or a Quote/News Request, block 120.
Whatever the request type, the format is rendered in a form corresponding
to that understood by the pager. Thereafter, the request is framed as an e-
mail
message, block 130, and then bundled with USER specific data, including
account number, password, address header, and the like, block 140, for
placement
in an "outbox" for delivery.
In either real-time or at pre-set intervals, the pager transmits the message
through a wireless multi-node network to the central processor. At test 160,
the
password is tested with acceptance passing logic to block 190. If the password
fails at test 160, logic branches to block 170 and the system creates a
responsive
e-mail notifying the sender of the failed password. This response is
transmitted
via block 180.
Returning to block 190, the system queries the message for type data, and
routes the message in one of three directions. The first direction alternative
is the
money line request and this request type is handled at block 200 by access to
the
Credit/Risk system database. The second request type involves a news or quote
request and is handled at block 210 by the Price/News server. The last request
type involves access to the market exchange and is handled at block 220 by the
Order Routing/Order Execution system. The details of this last logic path are
presented in more detail in Figure 3.
Continuing with Figure 2, the system creates an e-mail return message
comprising the selected data fields culled from the servers and formats this
data
populated e-mail message for return to the user, block 230. Once properly
configured, the message is placed on the out-bound queue for sequential
transmission to the USER, block 240.
The out-bound queue may become backlogged and, therefore, the system
includes additional testing to discern priority. Some messages have a higher
urgency and these are moved to the front of the queue for more rapid
transmission. For example, market price quote information is given priority
over
Money Line Report.
The properly formatted message is then received on the USER's pager and
placed in the "inbox", bock 185. Thereafter, the pager logic parses the e-
mail,
block 188, and presents the parsed information on the terminal display, block
189.
_g_
Now turning to Figure 3, the above process is depicted, but for the specific
transmissions associated with market trading orders. At block 300, the user
enters a Trade Order. The terminal provides for local storage, block 310, in
History database, 320. The Order is read from the History, block 330, and
displayed for editing, block 340.
At block 350, the Trade Order is converted to an e-mail message and this
message is then broadcast by the pager at block 360. The central processor
application server receives the e-mail via its wireless transmission link,
block
370, and parses the Trade Order therefrom at block 380.
The server first checks the password parsed from the e-mail message, test
390; if this passes, the system next checks the Trade Order format and data,
test
410. If this too passes, the Trade Order record is created and sent to the
Stock
Exchange for execution, block 430.
If the password fails, however, logic branches to block 400 and the system
creates a return e-mail reporting the failed password. Likewise, if the Trade
Order data or format fails, at block 420, the system reports this via e-mail
message, created and formatted automatically by the server. Finally, if the
trade
is completed on the exchange, confirmation of this is received by the server
at
block 450. This confirmation is automatically converted into a return e-mail,
block 460. At block 470, whatever the e-mail is, it is placed into the return
queue
in accord with its priority and subsequently sent back to the USER.
The return message is received at the USER terminal at block 480, parsed
at block 490, and the execution report stored in the local History DB, block
320.
The user then reviews the report by scroll bar or similar, and this system is
set for
the next iteration.
Although the invention has been described in detail for the purpose of
illustration, it is to be understood that such detail is solely for that
purpose and
that variations can be made therein by those skilled in the art without
departing
from the spirit and scope of the invention.
