Minimization of the consumption of data processing resources in an electronic transaction processing system via deferral of physical delivery

A system comprising:

• first logic stored in a memory and executable by a processor to cause the processor to determine that a data record, stored in a database coupled with the processor, stores data indicative of a bilateral contract specifying an expiration which requires, subsequent to the expiration, a physical delivery, effected via transmission of an electronic transaction to a clearing system separate from the processor, of a first quantity of an asset on a particular date by a first participant to a second participant in exchange for a first payment, the processor further determining that the bilateral contract has expired, the expired bilateral contract being characterized at expiration by a difference between an actual value of the first quantity of the asset and the first payment;
• second logic stored in the memory and executable by the processor to cause the processor to automatically identify, upon the determination of expiration and prior to transmission of the electronic transaction to the external clearing system, a futures contract currently traded on an electronic trading system coupled with the processor which calls for delivery at a future date of a second quantity of the asset in exchange for a second payment, the second quantity being less than the first quantity;
• third logic stored in the memory and executable by the processor to cause the processor to determine a whole number of the identified futures contracts, each for the second quantity, which approximates the first quantity;
• fourth logic stored in the memory and executable by the processor to cause the processor to assign an adjusted price to the futures contract which conforms with a minimum price increment, which, when multiplied by the determined whole number multiplied by the second quantity, results in a value of the determined whole number of the identified futures contracts which approximates the difference between the actual value of the first quantity of the asset and the first payment, and calculates a difference therebetween;
• fifth logic stored in the memory and executable by the processor to cause the processor to generate a first position in each of the determined whole number of the identified futures contracts for the first participant at the assigned adjusted price and a second position opposite to the first position for the second participant, the first and second positions being independently disposable such that the second participant is enabled to obtain the physical delivery of the asset independent of the first participant;
• sixth logic stored in the memory and executable by the processor to cause the processor to store the first position in a first data record associated with the first participant and the second positions in a second data record associated with the second participant, the first and second data records being stored in a portfolio database of the electronic trading system;
• seventh logic stored in the memory and executable by the processor to cause the processor to one of credit and/or debit an account of the first and/or second participant in the amount of the calculated difference;
• and
• eighth logic stored in the memory and executable by the processor to cause the processor to extinguish the requirement of the bilateral contract for physical delivery of the first quantity of the asset by the first participant to the second participant and the requirement for the first payment, the electronic transaction therefore not being transmitted to the external clearing system.

A system comprising:

• an exchange computer system including a processor and a memory coupled therewith, the memory storing computer executable program code which when executed by the processor cause the processor to:
• determine that a data record, stored in a database coupled with the processor, stores data indicative of a bilateral contract specifying an expiration which requires, subsequent to the expiration, a physical delivery, effected via transmission of an electronic transaction to a clearing system separate from the processor, of a first quantity of an asset on a particular date by a first participant to a second participant in exchange for a first payment, the processor further determining that the bilateral contract has expired, the expired bilateral contract being characterized at expiration by a difference between an actual value of the first quantity of the asset and the first payment;
• identify, upon the determination of expiration and prior to transmission of the electronic transaction to the external clearing system, a futures contract currently traded on an electronic trading system coupled with the processor which calls for delivery at a future date of a second quantity of the asset in exchange for a second payment, the second quantity being less than the first quantity;
• determine a whole number of the identified futures contracts, each for the second quantity, which approximates the first quantity;
• assign an adjusted price to the futures contract which conforms with a minimum price increment, which, when multiplied by the determined whole number multiplied by the second quantity, results in a value of the determined whole number of the identified futures contracts which approximates the difference between the actual value of the first quantity of the asset and the first payment, and calculate a difference therebetween;
• generate a first position in each of the determined whole number of the identified futures contracts for the first participant at the assigned adjusted price and a second position opposite to the first position for the second participant, the first and second positions being independently disposable such that the second participant is enabled to obtain the physical delivery of the asset independent of the first participant;
• store the first position in a first data record associated with the first participant and the second positions in a second data record associated with the second participant, the first and second data records being stored in a portfolio database of the electronic trading system;
• one of credit and/or debit an account of the first and/or second participant in the amount of the calculated difference;
• and
• extinguish the requirement of the bilateral contract for physical delivery of the first quantity of the asset by the first participant to the second participant and the requirement for the first payment, the electronic transaction therefore not being transmitted to the external clearing system.