Automatic financial instrument transaction system

A non-transitory computer memory, having stored therein program instructions to cause an electronic trading system to:

• communicate orders to trade bond futures contracts among bond futures traders, and receive acceptances of orders from the traders to result in executed bond futures trades and resultant bond futures positions;
• and
• from time to time on a plurality of occasions and as a component of a contractual relationship among the traders of the trading system and the operators of the trading system, purchase or sell bonds economically equivalent to a trader's position in bond futures and relieve the trader of delivery obligations under the bond futures contract, and later resell or repurchase the bonds and reestablish the delivery obligations.

A method, comprising the steps of:

• on an electronic trading system for trading assets of an asset type, executing trades among traders of assets of the traded asset type, the traded asset type being a derivative of an underlying asset type;
• from time to time and as a component of the contractual relationship among the traders of the trading system and the trading system, transferring traders' positions in the traded asset type into positions in the underlying asset type for a period of time, and later transferring the positions in the underlying asset claims back into positions in the traded asset type.

A non-transitory computer memory, having stored therein program instructions to cause an electronic trading system to:

• execute trades among traders of assets of the traded asset type, the traded asset type being a derivative of an underlying asset type;
• from time to time and as a component of the contractual relationship among the traders of the trading system and the trading system, transfer traders' positions in the traded asset type into positions in the underlying asset type for a period of time, and later transfer the positions in the underlying asset claims back into positions in the traded asset type.

48-67. (canceled)