CA2308048A1 - Multitasking messaging processor - Google Patents

Abstract

A communication network for low bandwidth, rapid two-way communication utilizing industry standard e-mail message format for transferring time-sensitive market data. The inventive system displays an array of remote wireless terminals, each separately addressed and capable of linking via wireless connection to a central processor for two-way communication. Incoming requests are processed and results returned utilizing e-mail constructed reporting.
The system is particularly useful in the context of time-sensitive financial and market data and trading instructions.

Description

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 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.

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.

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 _5_ 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 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.

Claims

What is claimed is:

1. In combination in a system for two-way, low bandwidth communication via e-mail formatted messaging, comprising:
a handheld terminal for wireless transmission of an e-mail formatted message forming a request for information or an instruction to perform some activity;
a central processor connected to a wireless receiver network capable of receiving incoming wireless transmissions from said handheld terminal and parsing said message from said transmissions and processing said request and/or instructions;
wherein said central processor further creates an outgoing responsive message for transmission on a wireless network to said handheld terminal.