WO2001044995A2 - System and method for performing automated currency conversion and order update - Google Patents
System and method for performing automated currency conversion and order update Download PDFInfo
- Publication number
- WO2001044995A2 WO2001044995A2 PCT/CA2000/001429 CA0001429W WO0144995A2 WO 2001044995 A2 WO2001044995 A2 WO 2001044995A2 CA 0001429 W CA0001429 W CA 0001429W WO 0144995 A2 WO0144995 A2 WO 0144995A2
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- WIPO (PCT)
- Prior art keywords
- order
- received
- converted
- currency
- executed
- Prior art date
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Classifications
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
Definitions
- This invention relates to the field of international commerce and in particular to the field of currency conversion and order updating in a stock trading environment.
- stock exchanges were manual in nature wherein simultaneous trading in stocks was made possible through multiple trading posts situated on the trading floor of an exchange.
- the member brokers would send their orders for trades on all stocks to their agent on the exchange.
- the floor broker would then take these orders to the trading post for that stock.
- a trader or specialist in one or more stocks accepted orders.
- the specialist might match the new order with a prior order and act as an agent for buyer and seller, receiving a commission from both.
- the specialist might enter the trade as a principal, negotiating to buy or sell the stock.
- two parties at a post might consummate a trade independently of the trader or specialist.
- a typical computer based stock exchange includes a central computer and remote terminals for each of the brokers utilizing the system.
- the brokers submit orders which identify the stock, the size of the order, whether it is to buy or sell (i.e. the side of the order), and whether it is a price (limit) order or a market order.
- All of the buy orders are collected, broken down into 100 share orders and sequenced first by price from highest to lowest, and second, by time of order. A similar sequence is made of sell orders from the lowest price to the highest price.
- the public's interface to the exchange is the broker who receives and executes orders forwarded by client's who have entered into a relationship with the broker to provide trading services.
- Client's often wish to purchase stocks appearing on exchanges in foreign markets. For example, American clients may wish to purchase stocks appearing on Canada's Toronto Stock Exchange (TSE), Vancouver Stock Exchange (VSE) or Montreal Stock Exchange (MSE).
- TSE Toronto Stock Exchange
- VSE Vancouver Stock Exchange
- MSE Montreal Stock Exchange
- Such transactions are complicated by the fact that orders are often placed in one currency and must be executed in another currency as the foreign exchange will only accept buy and sell orders denominated in the currency of the country in which it is resident.
- the exchange rate for the currencies involved typically vary throughout the day based on the varying strength of one currency against another arising from a number of macroeconomic factors. Brokers who perform such transactions risk losing money if the rate varies significantly before the transaction is complete
- a limit order is placed at USD $10.00/share and converted to CAD at an exchange rate of 1.43 so that the order is placed at CAD $14.30/share. If the rate drops to 1.39 before the transaction is complete then the order will be converted back to USD currency at a rate of 1.39 giving USD $10.29/share, 29 : above the limit price of USD $10.00. The broker must take the 29 ⁇ loss since they had guaranteed the purchase price of USD $10.00/share.
- the present invention seeks to overcome the deficiencies of the prior art by providing an automated order conversion system which also updates orders presented to the exchange to ensure that a dated currency exchange rate is not applied to the transaction.
- the present invention allows stock buy or sell orders to be placed in one currency, executed in a second currency and settled in the first currency. Orders destined for a foreign trading exchange are received in a first currency. The orders are converted to a second currency based on a conversion algorithm that takes into account the foreign exchange rate, broker conversion rate spreads and commissions. The order is then sent to the trading exchange for execution. As the orders are filled, the present invention will automatically convert the fill price from the second currency to the first currency, including commissions. Filled orders are then returned to the client by the broker executing the trade. To minimize the risk of the broker losing money due to a fluctuating exchange rate, the exchange rate is monitored and the order re-booked at the trading exchange, if the exchange rate varies beyond defined parameters.
- a method of performing automated currency conversion and order updating comprising the steps of : (a) receiving an order in a first currency; (b) converting the received order from a first currency to a second currency; (c) submitting the received and converted order to a trading exchange for execution; (d) receiving an executed order from the trading exchange; (e) converting the executed order from the second currency to the first currency; (f) reporting the executed and converted order to the client; wherein step (b) is performed using a first exchange rate and step (d) is performed using a second exchange rate; and wherein the first exchange rate is monitored and the received order re-converted and re-submitted if the first exchange rate changes beyond defined upper and lower thresholds; and wherein the first and second exchange rates are received from an exchange rate quotation device connected to a currency vendor.
- a computer-readable medium having stored thereon computer-executable instructions for performing the steps of: (a) receiving an order in a first currency; (b) converting the received order from a first currency to a second currency; (c) submitting the received and converted order to a trading exchange for execution; (d) receiving an executed order from the trading exchange; (e) converting the executed order from the second currency to the first currency; and (f) reporting the executed and converted order to the client; wherein step (b) is performed using a first exchange rate and step (d) is performed using a second exchange rate; and wherein the computer-readable medium further comprises computer-executable instructions for monitoring the first exchange rate, and re-converting and re-submitting the received order if the first exchange rate changes beyond defined upper and lower thresholds; and wherein the first and second exchange rates are received from an exchange rate quotation device connected to a currency vendor.
- a system for performing automated currency conversion and order updating comprising: (a) means for receiving orders from a client order management system; (b) means for storing the received orders and computer-executable instructions; (c) first processing means for converting the received orders from a first currency to a second currency; (d) means for communicating with a trading exchange to facilitate execution of the received and converted orders; (e) second processing means for converting the executed orders from the second currency to the first currency; and (f) means for reporting the executed orders to the client order management system; wherein the conversion of the received orders is performed using a first exchange rate and the conversion of the executed order is performed using a second exchange rate; and wherein the first processing means acting on the computer-executable instructions, monitors the first exchange rate and the received order is re-converted and re-submitted if the first exchange rate changes beyond defined upper and lower thresholds; and wherein the first and second exchange rates are received from an exchange rate quotation device connected to a currency vendor.
- Figure 1 is a system overview
- Figure 2 is a flowchart describing the method of the present invention
- Figure 3 is a graph depicting the relationship of the CAD limit price with and without the use of hysteresis
- Figure 4 depicts a hysteresis loop
- Figure 5 is a block diagram depicting a second embodiment of the present invention.
- Figure 6 depicts a typical screen layout of the order information presented to a broker.
- Figure 7 depicts a typical screen layout used by a broker in processing a filled order
- Client's premises are located in a foreign country.
- the client will be presumed to be resident in the United States and the stock exchange of interest will be located in Canada, although it will be understood by those skilled in the art that many other country combinations are possible.
- An executing broker in the United States operates a client order management system 4, which tracks the orders to be executed, using, among other information, the symbol of the stock to be traded, the size of the order, and the exchange where the order is to be placed. It is not unusual for the OMS 4 to track upwards of 10,000 orders simultaneously.
- the client's OMS 4 is connected via a data link to the conversion and order update subsystem integral to the present invention and which is generally depicted as 6.
- OMS 4 may also include the ability to provide Canadian stock quotations to clients in USD through a link with one or more data management services well known in the art. This is desirable, as often clients wish to know the price of a foreign stock in USD, so that they can place orders in a currency with which they are familiar.
- FIX financial information exchange
- Subsystem 6 consists of: an execution server 8; a USD order booklO; a fill reporter 12; and a rates book 14. As shown in the diagram, subsystem 6 communicates with one or more brokers (shown generally as 16) as well as the stock exchanges of interest (shown generally as 18). Brokers 16 are Canadian and are designated by the stock exchange 18 as the execution broker in Canada for a given transaction. As such, they are responsible for clearance and settlement of a each transaction. The specific broker chosen for a transaction is called the "give up" broker. Execution server 8 is necessary to receive orders from US clients and to report fills against those orders.
- Execution server 8 comprises storage means (not shown) and processing means (not shown) wherein the storage means used includes random access memory, read-only memory, floppy disk drive, hard drive memory, CD ROM or the like, and the processing means includes a microprocessor, a micro controller, a central processing unit, a microcomputer or the like.
- Rates book 14 stores all commission and exchange rate information specific to all brokers. As will be understood by those in the art, a third party currency vendor provides an exchange rate to the broker (the benchmark exchange rate). The exchange rate is typically given in a spread _ _
- USD order book 10 stores orders received from the client's OMS 4 which includes such information as stock symbol, side (buy or sell), quantity, USD limit price (if applicable), give up broker, expiry date (e.g. day, good till cancel (GTC), good till (date), etc.), and order attributes (such as all or none (AON), fill or kill (FOK), minimum fill quantity, etc.).
- the USD Order Book Monitor (not shown) associated with the USD Order Book 10 displays orders currently active in the USD order book.
- the information displayed includes the order date, the order side, the order quantity, the filled quantity, the USD limit price and the current CAD limit price (if applicable), the USD/CAD exchange rate, and the date and time the order was booked with the stock exchange.
- USD order book 10 is linked to stock exchange 18 to facilitate transmission of orders. As will be explained below, depending on the type of order, the order may be converted to CAD prior to transmission.
- the fill reporter 12 receives executed orders from the stock exchange 18 in CAD and converts the executed order to USD using the CAD fill price, the exchange rate and the commission rate of the broker.
- the exchange rate includes the rate quoted from the vendor plus or minus the executing brokers spread depending on whether a buy or sell order has been executed.
- the spread entry and fill monitor 20 allows brokers 16 to set the exchange rate spread they offer clients, with the spread data being stored in the rates book 14.
- the fill reporter 12 is used by brokers to monitor the volume of foreign exchange trading in which they are engaged using the system.
- the fill monitor displays the fill and conversion data using the CAD fill data (volume and price), the conversion rate, the applicable commission and the USD reported price.
- the data displayed by the fill monitor may be used for clearance and settlement purposes.
- the spread monitor 22 positioned at client premises 2 which displays the exchange rate spreads offered by brokers 16 linked to the system.
- the spread monitor 22 receives spread data from the rates book 14. Additionally the spread monitor 22 may also display the commission rates of the brokers 16.
- step 24 orders are sent from the client OMS 4 to the execution server 8 which in turn forwards the order to USD order book 10.
- AC Air Canada
- filled orders are converted from CAD to USD using the exchange rate quoted by the broker which is a combination of the benchmark rate and the broker spread.
- the benchmark exchange rate, broker spread rate and broker commission are obtained from the rates book 14.
- the order is then converted from the CAD fill price to the USD fill price at step 32 by dividing the CAD fill price by the exchange rate. If the order is a sell, the broker spread rate is added to the benchmark rate to determine the effective exchange rate. If the order is a buy, the broker spread is subtracted from the benchmark to determine the effective exchange rate.
- the converted price is normally rounded to the nearest cent.
- each broker has their own spread rate, so that for any given order there must be an associated broker.
- the Canadian broker chosen by a client is indicated in one of the data fields contained in the original order forwarded from the OMS 4.
- a determination is made at step 34 as to whether the order is a buy or sell. If the order is a sell, the specified broker's commission is subtracted from the USD fill price at step 36. If the order is a buy, then the specified broker's commission is added to the USD fill price at step 38. The converted price with the commission added or subtracted is then presented to the client OMS 4 via the execution server 8 as indicated at step 40.
- the USD fill price is set to the USD limit price.
- the order is a buy and the resulting USD fill price is greater than the USD limit price, then the USD fill price is set to the USD limit price.
- the order is a sell and the resulting USD fill price is less than the USD limit price of the order, then the USD fill price is set to the USD limit price.
- a limit order is handled quite differently. With a limit order, the client requests that a certain number of shares be purchased at or below a price specified. Therefore, when all conversions are calculated and commissions added, the price in USD must be no more than the upper limit specified by the client.
- a limit order is received by execution server 8 and forwarded to the USD order book 10 where it is converted into a CAD limit order, as discussed below, and sent to a specified exchange 18.
- USD limit orders are converted to CAD limit orders based on the market exchange rate, the broker's exchange spread and the broker's commission rate. The resulting calculation will generally not produce a price suitable for submission to the exchange i.e. normally prices are presented to the exchange to the nearest "tick".
- the value of a tick varies depending on the stock price: if the stock price is 0 - $0.50 a tick is !/_ cents; if the stock price is $0.51 — > $5.00 a tick is 1 cent; and if the stock price is over $5.00 a tick is 5 cents. Therefore, an algorithm is required to convert the CAD converted price to an acceptable CAD limit price.
- the general rule applied is that buys are rounded down to the nearest tick size, while sells are rounded up to the nearest tick size. Additionally, for buys the commission in USD is subtracted from the USD limit price prior to conversion, while the commission is added to the USD limit price for sells. For example,
- the exchange rate (including brokers spread) is 1.4550 (buy) — ⁇ » 1.4570 (sell) and Air Canada is trading at CAD $12.85 to $12.90.
- a USD order is sent from the client's OMS 4 at step 24.
- the USD order is received at the USD order book 10
- a determination is made at step 26 as to whether the order is a market or limit order. If the order is a limit order then at step 42 the - -
- the filled order in CAD is received at the fill reporter 12.
- the benchmark exchange rate (defined as (second currency) / (first currency)
- broker spread rate and commission are obtained from the rates book 14.
- the CAD fill price is then converted to the USD fill price at step 60 by dividing the CAD fill price by the exchange rate. If the order is a sell, the broker spread rate is added to the benchmark rate to determine the effective exchange rate. If the order is a buy, the broker spread is subtracted from the benchmark to determine the effective exchange rate.
- the converted price may be rounded to a convenient amount, typically the nearest cent.
- the USD fill price is set to the USD limit price.
- the order is a sell and the resulting USD fill price is less than the USD limit price of the order, then the USD fill price is set to the USD limit price.
- steps 70 and 72 describe the process of monitoring the exchange rate and then executing a CFO if the rate fluctuates outside of a defined parameter as described below.
- the system of the present invention uses hysteresis to determine when a CFO should be initiated.
- hysteresis is a characteristic of a system whereby the output of the system or result produced is determined by both the input (stimulus) and the historic (previous) value of the output itself.
- hysteresis is employed as a noise reduction technique. Without hysteresis, the number of CFO's resulting from small fluctuations in the exchange would be intolerable and thereby unacceptable to the stock exchanges.
- Hysteresis has the effect of reducing the number of CFOs when the exchange rate fluctuates around certain values. To demonstrate the concept, consider the graph highlighted in figure 3. Here the -1 -
- exchange rate data points are represented by square markers. It will be understood by those skilled in the art that the exchange rate can typically change every 90 seconds or less.
- the USD price is assumed to be $10.00, so that the CAD converted amounted falls in the range of $14.40 to $14.50 (orders must be rounded to the nearest tick size), given an exchange rate which fluctuates between about 1.4400 and 1.4510.
- the line for the CAD price without hysteresis shows that the exchange rate can cause frequent changes (and corresponding CFO's) between $14.50 and $14.45 and later between $14.45 and $14.50.
- FIG. 4 depicts a hysteresis loop demonstrating the relationship of the order price to the calculated price. As the calculated price varies incrementally within a five cent range due to corresponding fluctuations in the exchange rate, the order price may jump in a five cent increment depending on the criteria which have been defined in the hysteresis algorithm.
- the size of the hysteresis loop is a measure of the noise reduction versus responsiveness. In some circumstances, it may be desirable to initiate a CFO when relatively small changes in the exchange rate arise.
- the resulting loop in such a case would be narrow, indicative of a system which has valued responsiveness over noise reduction.
- the loop is wide, it suggests that noise reduction has been emphasized over responsiveness and the corresponding number of CFOs generated would be reduced.
- the ability to dynamically adjust the system in this manner can be readily provided to a user of the system, to allow the user to vary the CFOs generated.
- One method of determining when a CFO should be generated is to establish the range of values of the exchange rate that will not result in a change to the CAD limit price. This can be calculated in the following manner. If the order is a buy then the tick rule is to round away. The calculated CAD limit price is divided by the gross USD Limit price (which is the USD limit price - the commission rate for buys). The result is then rounded up to 4 decimal places to give the lower limit. In order to obtain the upper limit, one tick size is added to the CAD limit price and the result is divided by the gross USD limit price. The result is then truncated to 4 decimal places. - -
- the calculated CAD limit price is then divided by the gross USD limit price and the result truncated to 4 decimal places to give the upper limit.
- one tick size is subtracted from the CAD limit price and the result is divided by the gross USD limit price. The result is rounded up to 4 decimal places
- tick size as a percent of price indicates the sensitivity of an order to a change in order price.
- a small relative tick size means that a small change in the exchange rate may result in a price change of a large number of ticks.
- the higher priced orders will always have greater tick size changes than the lower priced orders.
- two price bands are equally sensitive to exchange rate changes. For example, in case (2) and order at $4.50 would have the same priority as an order at $22.50, and one at $2.00 would have the same priority as one at $10.00.
- the selection of the actual thresholds for re-booking depends on the absolute stock price i.e. higher priced stocks have higher thresholds associated with them.
- an increase in the effective exchange rate (e.g. 1.3700 — 1.3705) will cause buy orders to move closer to the market price of the stock, and sell orders to move farther away from the market price of the stock. Conversely, a decrease in the effective rate will cause buy orders to move farther away and sell orders to move closer to the market.
- brokers utilizing the system are able to monitor and override the system based either on input from the client or their own interpretation of the data presented to them regarding a particular trade. For example, if the broker is monitoring the exchange rate, they may initiate a CFO if they believe that an order change is warranted, despite the fact that the system has not generated a CFO through its hysteresis analysis.
- CATS Computer Assisted Trading System
- OMS CATS order management system
- the broker would monitor the exchange rate and initiate order changes independently.
- the executed order would be reported to the broker at trading terminal 80.
- the broker would in turn enter the fill data into workstation 78 using a screen display such as the one depicted in figure 7.
- the filled order would be reported to the client OMS 74 as having been completed.
Abstract
Description
Claims
Priority Applications (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
AU21326/01A AU2132601A (en) | 1999-12-16 | 2000-11-30 | System and method for performing automated currency conversion and order update |
CA002432025A CA2432025A1 (en) | 1999-12-16 | 2000-11-30 | System and method for performing automated currency conversion and order update |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US46472199A | 1999-12-16 | 1999-12-16 | |
US09/464,721 | 1999-12-16 |
Publications (2)
Publication Number | Publication Date |
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WO2001044995A2 true WO2001044995A2 (en) | 2001-06-21 |
WO2001044995A8 WO2001044995A8 (en) | 2002-02-21 |
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ID=23844981
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/CA2000/001429 WO2001044995A2 (en) | 1999-12-16 | 2000-11-30 | System and method for performing automated currency conversion and order update |
Country Status (3)
Country | Link |
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AU (1) | AU2132601A (en) |
CA (1) | CA2432025A1 (en) |
WO (1) | WO2001044995A2 (en) |
Cited By (4)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US6829590B1 (en) | 2000-01-31 | 2004-12-07 | Goldman, Sachs & Co. | Enhanced online sales risk management system |
US7979347B1 (en) | 2000-03-16 | 2011-07-12 | Goldman Sachs & Co. | Automated online sales risk management |
US20110282776A1 (en) * | 2003-05-23 | 2011-11-17 | Omx Technology Ab | Automatic generation of an order in an instrument in a specified currency |
CN111008826A (en) * | 2019-12-06 | 2020-04-14 | 深圳前海微众银行股份有限公司 | Multi-currency transaction method, device, equipment and computer readable storage medium |
Families Citing this family (3)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US8818904B2 (en) | 2007-01-17 | 2014-08-26 | The Western Union Company | Generation systems and methods for transaction identifiers having biometric keys associated therewith |
US7933835B2 (en) | 2007-01-17 | 2011-04-26 | The Western Union Company | Secure money transfer systems and methods using biometric keys associated therewith |
US8504473B2 (en) | 2007-03-28 | 2013-08-06 | The Western Union Company | Money transfer system and messaging system |
-
2000
- 2000-11-30 CA CA002432025A patent/CA2432025A1/en not_active Abandoned
- 2000-11-30 WO PCT/CA2000/001429 patent/WO2001044995A2/en active Application Filing
- 2000-11-30 AU AU21326/01A patent/AU2132601A/en not_active Abandoned
Non-Patent Citations (1)
Title |
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No Search * |
Cited By (5)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US6829590B1 (en) | 2000-01-31 | 2004-12-07 | Goldman, Sachs & Co. | Enhanced online sales risk management system |
US7979347B1 (en) | 2000-03-16 | 2011-07-12 | Goldman Sachs & Co. | Automated online sales risk management |
US20110282776A1 (en) * | 2003-05-23 | 2011-11-17 | Omx Technology Ab | Automatic generation of an order in an instrument in a specified currency |
CN111008826A (en) * | 2019-12-06 | 2020-04-14 | 深圳前海微众银行股份有限公司 | Multi-currency transaction method, device, equipment and computer readable storage medium |
CN111008826B (en) * | 2019-12-06 | 2023-11-14 | 深圳前海微众银行股份有限公司 | Multi-currency transaction method, apparatus, device and computer readable storage medium |
Also Published As
Publication number | Publication date |
---|---|
AU2132601A (en) | 2001-06-25 |
WO2001044995A8 (en) | 2002-02-21 |
CA2432025A1 (en) | 2001-06-21 |
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