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US 2014/0372271 A1Published application
Systems and Methods for Processing Cleared Loan Deliverable Futures Contract Data
AssigneeChicago Mercantile Exchange Inc.
InventorsJames Boudreault, Timothy Elliott, John Nyhoff, John Labuszewski, Frederick Sturm
Life of this patent
Estimating the term…
Abstract
An exchange computer system may perform operations associated with cleared loan deliverable futures contracts. A holder of a long interest in a cleared loan deliverable futures contract may agree to pay a principle amount, at a designated future settlement time, in return for subsequent repayment of that amount with interest. A holder of a short interest in a cleared loan deliverable futures contract may agree to borrow the principle amount at the settlement time and to repay that amount, with interest, at the subsequent time.
Claims21
A method comprising:
- (a) receiving, by an exchange computer system, data identifying a type of cleared loan deliverable futures contract, a first party, a second party, and a contract price;
- (b) storing position data by the exchange computer system as a result of the data received in (a), wherein the position data indicates creation of a first cleared loan deliverable futures contract of the identified type, the first party as a holder of a long position in the first cleared loan deliverable futures contract, creation of a second cleared loan deliverable futures contract of the identified type, and the second party as a holder of a short position in the second cleared loan deliverable futures contract;
- (c) determining, by the exchange computer system at or after a settlement time, whether the first party has transferred funds in an amount of a loan value to a clearinghouse;
- (d) effecting, by the exchange computer system, at or after the settlement time and independent of the outcome of the determination of (c), transfer of funds in an amount of the loan value to the second party from the clearinghouse;
- (e) determining, by the exchange computer system at or after a repayment time, whether the second party has transferred funds to the clearinghouse in an amount of the loan value and a loan interest amount, wherein the loan interest amount is based on the contract price and the loan value;
- and
- (f) effecting, by the exchange computer system, at or after the repayment time, and independent of the outcome of the determination of (e), transfer of funds in an amount of the loan value and the loan interest amount to the first party from the clearinghouse.
4 more elements
One or more non-transitory computer-readable media storing computer executable instructions that, when executed, cause a computer system to perform operations that include:
- (a) receiving data identifying a type of cleared loan deliverable futures contract, a first party, a second party, and a contract price;
- (b) storing position data as a result of the data received in (a), wherein the position data indicates creation of a first cleared loan deliverable futures contract of the identified type, the first party as a holder of a long position in the first cleared loan deliverable futures contract, creation of a second cleared loan deliverable futures contract of the identified type, and the second party as a holder of a short position in the second cleared loan deliverable futures contract;
- (c) determining, at or after a settlement time, whether the first party has transferred funds in an amount of a loan value to a clearinghouse;
- (d) effecting, at or after the settlement time and independent of the outcome of the determination of (c), transfer of funds in an amount of the loan value to the second party from the clearinghouse;
- (e) determining, at or after a repayment time, whether the second party has transferred funds to the clearinghouse in an amount of the loan value and a loan interest amount, wherein the loan interest amount is based on the contract price and the loan value;
- and
- (f) effecting, at or after the repayment time, and independent of the outcome of the determination of (e), transfer of funds in an amount of the loan value and the loan interest amount to the first party from the clearinghouse.
4 more elements
A computer system comprising:
- at least one processor;
- and
- at least one non-transitory memory, wherein the at least one non-transitory memory stores instructions that, when executed, cause the computer system to perform operations that include
- (a) receiving data identifying a type of cleared loan deliverable futures contract, a first party, a second party, and a contract price,
- (b) storing position data as a result of the data received in (a), wherein the position data indicates creation of a first cleared loan deliverable futures contract of the identified type, the first party as a holder of a long position in the first cleared loan deliverable futures contract, creation of a second cleared loan deliverable futures contract of the identified type, and the second party as a holder of a short position in the second cleared loan deliverable futures contract,
- (c) determining, at or after a settlement time, whether the first party has transferred funds in an amount of a loan value to a clearinghouse,
- (d) effecting, at or after the settlement time and independent of the outcome of the determination of (c), transfer of funds in an amount of the loan value to the second party from the clearinghouse,
- (e) determining, at or after a repayment time, whether the second party has transferred funds to the clearinghouse in an amount of the loan value and a loan interest amount, wherein the loan interest amount is based on the contract price and the loan value, and
- (f) effecting, at or after the repayment time, and independent of the outcome of the determination of (e), transfer of funds in an amount of the loan value and the loan interest amount to the first party from the clearinghouse.
6 more elements
Dependencies are inferred from the claim text.