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WO2001027848A2 - Base de donnees relationnelle repartie d'echange virtuel sur offerte sur internet destinee au commerce transfrontiere de titres - Google Patents

Base de donnees relationnelle repartie d'echange virtuel sur offerte sur internet destinee au commerce transfrontiere de titres Download PDF

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Publication number
WO2001027848A2
WO2001027848A2 PCT/US2000/028449 US0028449W WO0127848A2 WO 2001027848 A2 WO2001027848 A2 WO 2001027848A2 US 0028449 W US0028449 W US 0028449W WO 0127848 A2 WO0127848 A2 WO 0127848A2
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WO
WIPO (PCT)
Prior art keywords
trade
settlement
global
relational database
information
Prior art date
Application number
PCT/US2000/028449
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English (en)
Other versions
WO2001027848A8 (fr
Inventor
Graciela Chichilnisky
Original Assignee
Cross Border Exchange Corporation
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Cross Border Exchange Corporation filed Critical Cross Border Exchange Corporation
Priority to AU80222/00A priority Critical patent/AU8022200A/en
Publication of WO2001027848A2 publication Critical patent/WO2001027848A2/fr
Publication of WO2001027848A8 publication Critical patent/WO2001027848A8/fr

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Classifications

    • 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 generally to cross border trading of securities, and more particularly to an international Internet based secure virtual exchange and distributed relational database for cross border trading.
  • Figure 1 illustrates trade processing today.
  • the asset manager gives instructions to its broker dealer; they match, confirm, and affirm the details of trades (steps 101, 111, 151, 152, 171, and 181).
  • the broker dealer attaches customer specific information to the trade data (e.g. global custodian identity, method and timing of payment, currency), and forwards the information to the global custodian in the form of an execution file (steps 112 and 182).
  • the global custodian attaches its own "standing instructions” and communicates with the appropriate subcustodians in the countries where the securities are held, sending information about expected date of payment and currency (e.g. steps 113 and 183), and eventually obtaining from them information about the completion of the trade execution and settlement (steps 103 and 173).
  • the asset manager or the broker dealer do not receive information from its source, the subcustodian, but rather as it is rekeyed, reorganized, and forwarded to them from the global custodian (steps 101,
  • the global custodian has to reconcile its data continuously with each of the subcustodians during this process, and must continuously adapt and reformat the data to offer the client (asset manager or broker dealer) integrated reports on its entire portfolio, containing information that is distributed across several subcustodians. If the trade fails, the process is several times more complex, because there is no automatic way to trace the source of the problem. A failed trade can cost hundreds or thousands of dollars in time, communications, as well as in the borrowing of securities when necessary.
  • the role of the global custodian is to organize the network of subcustodians offering a one-stop shop for the investor and the broker dealer, providing a unified format for information on transfer of ownership and a range of portfolio related services to the institutional investors who are their clients.
  • a list of the main global custodians in the US and their market shares is provided below.
  • the total value custodized in the US is approximately $40 trillion yearly, as shown in Table 1 below, of which about 30-40% are cross border securities. These figures represent the assets held; through trading these assets have a 75% turnover yearly.
  • the fees associated with global custody can be an important part of a bank's revenues: in the case of Chase, which has about 20% of the global custodial market, it is reported that custody related services amount to a significant part of its revenues.
  • Chase reportedly spends about $1.2 billion yearly in its global custody operations. It custodizes about $5.7 trillion in assets, of which 30-40% are cross border.
  • Chase is the global leader in cross border custody. It is estimated that global custodians spend about $26 on each trade, although this number can be higher by an order of magnitude in the case of exceptions.
  • Yet global custody fees are rather small, around 10 basis points (0.01%>) of the value held yearly, and represent a 'loss leader' for other associated services, such as the borrowing and lending of securities that are linked to custodial operations.
  • the pricing strategy is complex. Global fees for lending securities vary, on average representing 15-20 basis points. In so-called 'specials', such fees can be 200-300 basis points (2-3%) of the value borrowed or even higher. Borrowing is naturally associated with cross border trading. When a trade fails, the traders borrow to make good on the failed transaction and this borrowing can cost an order of magnitude more than the custodial fees.
  • a global custodian receives the details of the trade execution (in the format of an execution file requiring at least steps 101, 111, 171, 181, 151, 152, 112, and 182 in Fig. 1) and settlement from their subcustodian banks (requiring at least steps 103, 154, and 173, Fig. 1) and passes on this information to the asset managers and broker dealers in a standardized format (steps 101, 102, 171, 172,
  • a major global custodian has a large network of subcustodians around the world that are unrelated to the global custodian itself.
  • a partial list of the major subcustodians is given below:
  • the subcustodians In addition to their role in settlements, the subcustodians also keep track of post trade portfolio events such as corporate actions (dividends, splits, tenders, and rights issues), as well as taxes and other local obligations which are country specific, and which are essential to manage a portfolio.
  • the global custodian lends the stocks held by the subcustodian on behalf of their clients, the institutional investors or broker dealers, creating another source of data exchange.
  • SWIFT industry run network
  • SWIFT does not provide the facilities to do so, since it is a point- to-point message service and does not provide a distributed relational database.
  • SWIFT has no way to identify the various messages (e.g., payments and settlement instructions) that are associated with a single trade.
  • SWIFT has two messages to communicate satisfactory settlement, 531 and 533, and one that is a notification of a discrepancy (MT534).
  • MT534 a discrepancy
  • An object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which simplifies or manages the execution of cross border transactions.
  • Another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which reduces overall costs and improves cross border trading.
  • Yet another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that facilitates cross border financial transactions including payments, and particularly to facilitate cross border transactions that have been created by the expansion of global e-commerce.
  • a further object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that secures online market information and 'audit-trails' to broker dealers, banks and investment managers.
  • Still another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that provides improved trading facilities and the associated risk management and control, decreasing potentially catastrophic operations risks and the number of failed trades.
  • Yet a further object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which provides access to critical information on investment patterns for the sale of associated products and services.
  • Another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that provides integrated electronic trading facilities to institutional investors and broker dealers, including matching, confirmation and affirmation, clearing and settlement, and functionally and globally extends the reach of e-commerce for retail global investors.
  • Yet another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which provides global custodians inexpensive and reliable online information and control of the clearing and settlement of their trades.
  • Still a further object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that provides global custodians with audit trails for successful as well as failed transactions.
  • Another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which provides global custodians with flexible portfolio reporting on a customized basis, which is integrated across all the subcustodians.
  • Still another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, which provides global custodians with a distributed relational database for lending of securities.
  • Yet another object of the present invention is to provide a method and apparatus, using a secure virtual exchange and distributed relational database, that provides global custodians with integrated flexible reporting on taxes and corporate actions and a range of investment and risk management services based on integrated investment patterns.
  • Another object of the present invention is to build a modern system, capable of handling the current and future needs of cross border transactions by providing an Internet based method and apparatus, using a secure virtual exchange and distributed relational database.
  • Another object of the present invention is to build a modern system, capable of handling the current and future needs of cross border transactions by providing further value to the messaging capability of SWIFT by attaching a workflow that has knowledge of the context and content of the messages as they are sent and received, and their relationship to the workflow of a single cross border trade, providing participants in a given trade with the ability to track the progress of the logical transaction as the information flows between the participants in the trade.
  • Yet another object of the present invention is to build a modern system, capable of handling the current and future needs of cross border transactions by providing enhanced processing for corporate actions events (e.g. splits, tenders, rights issues, and dividends) through a secure virtual exchange that enables customized, integrated reporting of trading positions, announcements, instructions, recaps, and updates on portfolios.
  • a host system or systems is provided with a distributed relational database accessible and updateable by more than one party to a cross border transaction.
  • a client's standing settlement instructions are cached in a client profile in the distributed relational database. Messages of a selected trade settlement client are monitored.
  • a unique transaction identifier of a trade settlement for messages that includes an execution file or a settlement of a trade is assigned.
  • a method for automating trade settlements provides a host system with a distributed relational database accessible and updateable by more than one party to a cross border transaction.
  • a copy of an execution file is received from a broker dealer to a global custodian.
  • a unique logical transaction number to a settlement detailed in the execution file is assigned.
  • a profile database of the global custodian for the standing instructions from asset managers originating the trade is examined. Traffic at the global custodian is monitored. Messages are matched to the logical transaction process based upon content, their implicit relationship to the settlement detailed in the execution file, and the global custodian's standing instructions.
  • the settlement in the workflow database is updated and indicates the state of the settlement. Any conditional workflow related triggers related to time/content, based upon the global custodian's profile database entry are fired.
  • the global custodian is allowed to interrogate the workflow database to determine the current state of the settlement transaction.
  • a method for automating corporate action information process provides a host system with a distributed relational database accessible and updateable by more than one party to a cross border transaction. Information is received from an issuers agent and prospective investors at the host system. The received information is distributed to issue holders.
  • a system for automating cross border transactions includes a host system with a distributed relational database accessible and updateable by more than one party to a cross border transaction. At least one global custodian network is coupled to the host system. At least one sub-custodian is coupled to the host system and the global custodian network.
  • a method of improving bank to bank instructions between financial institutions provides a host system with a distributed relational database accessible and updateable by more than one financial institution. Messages are transmitted between financial institutions for payments, foreign exchange, executions, settlements, or corporate actions that has knowledge of the content and context of the messages as they are send red received, and their relationship to a single trade or corporate actions event.
  • a method for centralizing information required to settle a global cross border transaction provides a host system with a distributed relational database accessible and updateable by more than one party to a cross border transaction. Audit trails are created for cross border transactions utilizing the host system.
  • Figure 1 is a schematic diagram illustrating the present relationship between global custodians, subcustodians, asset managers, and broker dealers.
  • the box at the top of the diagram illustrates the so-called "execution" of the trade.
  • the box at the bottom of the diagram illustrates the payment, foreign exchange, and the so-called settlement after the trade is executed.
  • the arrows that cross the boxes indicate the movement of the execution file containing the details of the trade (e.g. 112 and 182) and the notification of settlement (e.g. 102 and 172). Note that each of the arrows depicted in the diagram represents one or more messages.
  • Figure 2 is a schematic diagram of one embodiment of the present invention, applied to the settlement of trades, illustrating the method by which information is obtained from clients using the present invention.
  • Figure 3 is a schematic diagram of one embodiment of the present invention illustrating that data is organized in a decentralized fashion, representing all the clients using the present invention.
  • Figure 3 A is a schematic diagram of one embodiment of the present invention that illustrates a distributed relational database, providing the functionality of a distributed virtual settlement system.
  • Figure 4 is a schematic diagram of one embodiment of the present invention, illustrating its relationship with the global custodians, subcustodians and clients.
  • Figure 5 is a schematic diagram illustrating the role of the global custodian in the middle of the information stream between the subcustodian and the client. In an embodiment of the present invention, this role is assumed by the current invention itself.
  • Figure 6 is a schematic diagram illustrating the current corporate action information process, one not embodied by the present invention.
  • Figure 7 is a schematic diagram of one embodiment of the present invention, illustrating the improvements to the corporate action information process provided by the present invention.
  • Figure 8 is a schematic diagram illustrating the current corporate action reconciliation process, one that is not embodied by the present invention.
  • Figure 9 is a schematic diagram of one embodiment of the present invention, illustrating the improvements the present invention makes upon the current corporate action reconciliation process detailed in Figure 7.
  • Figure 10 is a schematic diagram of one embodiment of the present invention, illustrating a specific example of the corporate action reconciliation process diagramed in Figure 8.
  • Figure 11 is a schematic diagram illustrating the role of an embodiment of the present invention in improving the information flows and the processing of corporate actions globally.
  • Figure 12 is a schematic diagram illustrating an embodiment of the present invention, providing a first phase in implementing the present invention for corporate actions processing.
  • Figure 13 is a schematic diagram illustrating an embodiment of the present invention, providing a second phase in implementing a secure corporate actions exchange.
  • Figure 14 is a schematic diagram illustrating the role of an embodiment of the present invention in providing a direct connection between issuers (i.e. originating firms) and end clients (investors) in a final phase ("end-to-end" solution).
  • Figures 15 through 23 are screen shots, showing examples of the screens a client using an embodiment of the present invention may see.
  • One embodiment of the present invention is: a generic network of subcustodians organized around an Internet based secure virtual exchange with a distributed relational database.
  • subcustodian banks hold the actual securities in their respective countries. Even though the subcustodian banks hold the securities, the present invention provides the informational equivalent of the securities at the global level of the DTCC.
  • Figure 2 is a schematic diagram of one embodiment of the present invention, applied to the settlement of trades, illustrating the method by which information is obtained from clients using the present invention. As data arrives into, or is sent from, one of the clients of the present invention, the data is copied to the distributed database. This is shown in the diagram as transparent ovals, connecting to a box representing this embodiment of the present invention.
  • Figure 3 is a schematic diagram of one embodiment of the present invention illustrating that data is organized in a decentralized fashion, representing all the clients using the present invention. It further shows that all the data pertaining to one logical transaction is stored in the database, providing all the participants in a given trade/settlement with the ability to track the progress of the transaction. Access to specific, security sensitive details of the transaction is limited to those portions of the transaction with which the client has had direct dealings. When two clients are involved in one part of the total transaction, the detailed data is available to both where the diagrams show overlap, represented by striped lines.
  • Figure 3 A is a schematic diagram of one embodiment of the present invention that illustrates a distributed relational database, providing the functionality of a distributed virtual settlement system.
  • the present invention separates informational flows from paper and other physical flows. It provides the informational services of a (virtual) generic subcustodian and a (virtual) generic global custodian, offering the investor and broker/dealer integrated access to the subcustodians.
  • the subcustodians are the ultimate holders of assets and information worldwide.
  • the distributed relational database of the present invention contains 'slices' which are specific to each subcustodian, separated by firewalls for strict confidentiality. In the illustration, the database is represented by a hexagon containing several colored triangles.
  • FIG. 4 is a schematic diagram of one embodiment of the present invention, illustrating its relationship with the global custodians, subcustodians and clients.
  • the secure virtual exchange of the present invention can be built using Internet technology with a distributed relational database and audit trails for simultaneous updating of the data associated with the transactions.
  • the secure virtual exchange and distributed relational database of the present invention can have:
  • Figures 15 through 23 contain images of example interface screens.
  • ⁇ clearing and settlement institutions such as DTCC, JASDEC, SICOVAM
  • the present invention provides integrated electronic trading facilities to institutional investors and broker dealers, including matching, confirmation and affirmation, clearing and settlement. Additionally, the present invention extends functionally and globally the reach of e-commerce to capture the retail global investor of the future. Further, the present invention, taking advantage of the capabilities of the Internet, improves information transmission, storage, and analysis by separating information flow from material flow. By improving the efficiency of the information flow without changing the material flow, one still improves the overall process, by providing improved knowledge about the status of the process. The improved availability of information, in turn, enables additional value analysis that can impact favorably other related processes.
  • the present invention avoids the use of proprietary systems and hardware that inhibit connectivity, and offers an Internet based solution that maximizes connectivity and the use of open Internet technologies.
  • This embodiment of the present invention provides the following online information services for the following:
  • this embodiment of the present invention is a global Internet based method and apparatus for securities that:
  • the secure virtual exchange of the present invention which includes custodians and subcustodians worldwide, enables asset managers and their foreign custodial brokers to conduct business efficiently, online seven days a week and 24 hours a day.
  • the secure virtual exchange of the present invention can be transparent, with private labels for the services to the global custodians, or non-transparent.
  • the present invention provides asset managers and its broker dealer with direct online access to information on clearing and settlement, as well as portfolio information held by the subcustodian. Additionally, the secure virtual exchange enables customized, integrated reporting of trading positions, announcements, instructions, recaps, and updates on portfolios for corporate actions events (splits, tenders, rights issues, and dividends) and taxes, facilitating the borrowing and lending of securities.
  • Figures 11 through 14 illustrate on embodiment of the present invention as applied to corporate actions.
  • the present invention adds further value to the message capability of SWIFT by attaching a workflow that has knowledge of the context and content of the messages captured as they are sent and received, and their relationship to a single cross border trade.
  • a workflow that has knowledge of the context and content of the messages captured as they are sent and received, and their relationship to a single cross border trade.
  • the embodiment of this invention can obtain it from the SWIFT gateway. ⁇ If it is in another electronic format, the global custodian sends a copy electronically.
  • the apparatus described by the present invention will be able to proactively send information to the clients if it detects a problem. For example:
  • XBX can inform the subcustodian in the message that 103 (Fig. 1) was not sent either because 154 (Fig. 1) was not received, or because of some other problem not related to the reception of 154 (Fig. 1).
  • FIG. 5 one embodiment of the secure virtual exchange of the present invention is illustrated and offered on a private label basis on behalf of a global custodian.
  • the global custodian is in the middle of the information stream between the subcustodian and the client.
  • the distributed relational database of the present invention provides the subcustodians with an ability to upgrade their services at minimal costs that are transaction dependent.
  • the present invention provides the subcustodians with:
  • An internal database for handling the subcustodian's assets and audit- trails.
  • fees are charged on a transaction-based (or variable) schedule and permits subcustodians to update their technology.
  • records and audit trails are provided for assets in an Internet-based distributed relational database and services become the global equivalent of the DTCC.
  • the database of the present invention is different from the DTCC or other national or global clearing facility because data is organized in a decentralized fashion and can be resident in linked subcustodian's databases as shown in Figure 3. The role of the subcustodian remains as is today, but is greatly strengthened.
  • the present invention provides the informational services of a generic subcustodian and a generic global custodian. This offers the investor and broker dealer integrated access to the subcustodian, which are the ultimate holders of assets and information.
  • the generic distributed relational database of the present invention contains segments that are specific to each subcustodian that are separated by segments for strict confidentiality.
  • the database of the present invention is represented by a set of overlapping circles. Each circle represents a database segment, and contains information relating to the custodian/bank in the trade. The securities themselves remain at their location today, in the respective subcustodians and countries, but the flow and the stock of information have been reorganized and streamlined, and are provided online.
  • the current process for corporate action information process detailed in Figure 6 is one that: • Detaches the Issuer from the Investor.
  • the secure virtual exchange of the present invention is a generic transaction platform for a wide and profitable range of services to several thousands asset managers and broker dealers which are naturally connected with the trade and post-trade processes. These include but are not limited to matching, confirmation and affirmation, audit trails, clearing and settlements, borrowing and lending of securities and updates on corporate actions.
  • the present invention offers global custodians the ability to outsource some of their global custody services, such as the communications to their networks of subcustodians, merging these services into a virtual global custody network.
  • the present invention provides an ability to monitor performance and act expediently in foreign markers.

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Abstract

L'invention concerne un procédé et un système qui mettent en oeuvre une base de données relationnelle répartie d'échange virtuel sûr offerte sur Internet et destinée à des opérations internationales sur titres. Le procédé et le système réduisent le nombre de fois où une opération internationale sur titres est "touchée", ainsi que le nombre d'opérations internationales sur titres avortées, et offrent un réseau générique de conservateurs nationaux organisés autour d'un système d'échange virtuel sûr offert sur Internet utilisant une base de données relationnelle répartie. Le procédé et le système autorisent des rapprochements, compensations, exécutions et règlements en ligne dans le cadre de transactions électroniques. Ils offrent des plate-formes globales d'appui au commerce et des sources d'informations pour soutenir des opérations internationales sur titres, coordonner et enregistrer tous les messages SWIFT associés à une seule opération transfrontière. La base de données relationnelle répartie peut être utilisée pour des exécutions, des règlements, et le traitement d'événements sur des actions de société. Cette base de données est accessible aux gestionnaires de biens, maisons de courtage, conservateurs internationaux et conservateurs nationaux, par le biais de navigateurs communs.
PCT/US2000/028449 1999-10-13 2000-10-13 Base de donnees relationnelle repartie d'echange virtuel sur offerte sur internet destinee au commerce transfrontiere de titres WO2001027848A2 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU80222/00A AU8022200A (en) 1999-10-13 2000-10-13 Internet based secure virtual exchange and distributed relational database for cross border trading of securities

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US15923799P 1999-10-13 1999-10-13
US60/159,237 1999-10-13

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8209254B2 (en) 2002-07-26 2012-06-26 Ebs Group Limited Automated trading system

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* Cited by examiner, † Cited by third party
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Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8209254B2 (en) 2002-07-26 2012-06-26 Ebs Group Limited Automated trading system
US8775297B2 (en) 2002-07-26 2014-07-08 Ebs Group Limited Automated trading system

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WO2001027848A8 (fr) 2002-09-26

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