Patent ID: 7584138

Claim:
A system for providing automated confirmation of trades involving financial instruments, comprising: a) a data input device configured to receive data from counter parties to a trade and to permit each counter party to the trade to independently submit data resulting in a difference of time, wherein the data includes a set of information relating to the trade, the data including names of the counter parties, amounts of financial instruments, prices of financial instruments, type of financial instruments and a portfolio identifier; b) a database linked to the data input device and configured to store and pool the data received from the counter parties; c) a processor linked to the database and configured to match correspondent sets of information regarding the trade stored and pooled in the database; d) a data transmitting device linked to the processor and configured to automatically communicate each matched set of information to at least one of the counter parties to the trade from which one of the sets of information was received so that the at least one of the counter parties can review the matched set of information; and e) a data receiving device linked to the processor and configured to automatically receive the data regarding the trade from each counter party receiving the communication; f) wherein the processor is further configured to mark the matched sets of information, to exclude the matched sets of information that have been marked from subsequent matching searches in the database, and to receive corrected trade information based on review by the at least one counter party, the corrected trade information being from the at least one of the counter parties to the trade receiving the communication.