Invention Grant
- Patent Title: Facilitation of payments between counterparties by a central counterparty
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Application No.: US14573509Application Date: 2014-12-17
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Publication No.: US09317885B2Publication Date: 2016-04-19
- Inventor: John Labuszewski , John Nyhoff , David Boberski , Mike Kamradt , Roberta Paffaro , Edward Gogol , John Wiley , Richard Co , Steve Youngren
- Applicant: Chicago Mercantile Exchange Inc.
- Applicant Address: US IL Chicago
- Assignee: Chicago Mercantile Exchange Inc.
- Current Assignee: Chicago Mercantile Exchange Inc.
- Current Assignee Address: US IL Chicago
- Agency: Lempia Summerfield Katz LLC
- Main IPC: G06Q40/04
- IPC: G06Q40/04 ; G06Q20/10 ; G06Q40/00

Abstract:
A system for moving money between accounts of traders by a central counterparty to facilitate payments, i.e. the movement of funds, there between is disclosed which provides a flexible mechanism which supports simpler accounting, new types of derivatives contracts as well new types fees. The disclosed futures contract, referred to as a “payer” contract, comprises a “no-uncertainty” futures contract, i.e. the initial value and settlement value parameters are defined, that leverages the mechanisms of the clearing system to, for example, accommodate related payments. Accordingly, a 1-to-many relationship between contracts and prices is provided whereby each price component may be assigned its own payer contract. The function of the payer contract may be to guarantee the movement of money from related positions. In one embodiment, payer contracts are dynamically created whenever a payment is needed.
Public/Granted literature
- US20150106254A1 FACILITATION OF PAYMENTS BETWEEN COUNTERPARTIES BY A CENTRAL COUNTERPARTY Public/Granted day:2015-04-16
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