Method and apparatus for listing and trading a futures contract with variable delivery and/or expiry dates
AssigneeBGC Partners, Inc.
InventorsHoward W. Lutnick, Michael Sweeting, Joseph Noviello
Life of this patent
Estimating the term…
Abstract
According to various embodiments, a futures contract may be listed on a futures trading Exchange. The futures contract may physically settle at a selectable or variable delivery date into an underlying derivative trade. The underlying derivative trade may be cleared by a Clearing House so that the physical settlement requires that the holder of a position in the futures contract upon expiration or delivery takes a specified side of the underlying derivative trade against another party such as the Clearing House.
Claims27
A method comprising:
- causing, by at least one processor, a futures contract to be traded, said futures contract including terms that facilitate delivery of a specified swap to a Clearing House according to a delivery time specified in the futures contract, the delivery time comprising one of:
- a date on or within a specified date range, and
- a date prior to a specified deadline date.
12-13. (canceled)
15-20. (canceled)
22-39. (canceled)
A method comprising:
- receiving from a user, by at least one processor, one or more specifications relating to a futures contract;
- responsive to receiving the one or more specifications, causing to be output, by the at least one processor, a listing of at least one futures contract that satisfies the one or more specifications;
- receiving from a user, by the at least one processor, a request to purchase or sell a first of the at least one futures contract that satisfies the one or more specifications, the first futures contract including terms that facilitate delivery of a specified swap to a Clearing House according to a delivery time specified in the first futures contract, the delivery time comprising one of:
- a date on or within a specified date range, and
- a date prior to a specified deadline date.
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45-51. (canceled)
The method of claim 51, further comprising:
- before causing the listing to be output, and responsive to receiving the one or more specifications, determining whether a futures contract available on at least one Exchange satisfies the one or more specifications,
- in which the act of determining whether a futures contract available on at least one Exchange satisfies the one or more specifications comprises determining that at least one futures contract available on at least one Exchange satisfies the one or more specifications, and
- in which the act of causing to be output a listing of at least one futures contract that satisfies the one or more specifications comprises outputting a listing comprising the at least one futures contract available on the at least one Exchange that satisfies the one or more specifications.
The method of claim 51, further comprising:
- before causing the listing to be output, and responsive to receiving the one or more specifications, determining whether a futures contract available on at least one Exchange satisfies the one or more specifications,
- in which the act of determining whether a futures contract available on at least one Exchange satisfies the one or more specifications comprises determining that there are no futures contracts satisfying the one or more specifications that are available on the at least one Exchange, further comprising:
- causing, by the at least one processor, at least a first futures contract that satisfies the one or more specifications to be created, in which the act of causing the listing to be output comprises displaying the first futures contract at a user interface.
54-55. (canceled)
A non-transitory machine-readable storage medium having instructions stored thereon that are configured to cause a processor to:
- cause a futures contract to be traded, said futures contract including terms that facilitate delivery of a specified swap to a Clearing House according to a delivery time specified in the futures contract, the delivery time comprising one of:
- a date on or within a specified date range, and
- a date prior to a specified deadline date.
Dependencies are inferred from the claim text.