Method for Settling Commodity Trades
OwnerDavid Fifeinventor
Life of this patent
Estimating the term…
Abstract
A third party scheduling company receives future commodity transaction data from subscriber companies and identifies transactions which are circular in nature (i.e. a series of transactions which begins and ends with the same company). The scheduling company notifies the subscriber companies when a circular transaction exists to allow these companies to settle the transaction into a purely financial obligation.
Claims20
A method for identifying circular transactions in commodity trades comprising:
- transmitting information regarding a plurality of commodities transactions from a plurality of subscriber companies to a scheduling company;
- the scheduling company loading the transaction information into at least one database;
- identifying at least one circular transaction from the plurality of commodities transactions;
- and
- the scheduling company notifying the subscriber companies involved in the at least one circular transaction of the existence of the circular transaction.
A method for reducing commodity transactions into financial transactions comprising:
- utilizing a central data base to collect commodity transaction information from a plurality of companies;
- analyzing the transaction information to identify circular transactions between the plurality of companies;
- and
- notifying companies involved in a circular transaction to convert the circular portion of the transaction into a purely financial transaction.
A system for processing commodities transactions, the system comprising:
- at least one computer having a computer program operating thereon, the computer program being configured to determine circular transactions from a database of commodity transactions between a number of companies;
- communications means for providing commodity transaction information from a number of companies to the computer;
- and
- communications means for informing the number of companies when the computer determines circular transactions from the database of commodity transactions between the companies.
A method for converting commodity transactions into financial transactions, the method comprising:
- collecting information about a number of commodity transactions;
- processing the information to determine one or more circular transactions;
- and
- converting the commodity transaction into a financial transaction by communicating to a number of companies information about commodities which do not need to be transferred and a net amount of money which needs to be transferred.
Dependencies are inferred from the claim text.