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公开(公告)号：US08606680B2
公开(公告)日：2013-12-10
申请号：US13134355
申请日：2011-06-06
申请人： Donald R. Wilson, Jr. , Yuhua Yu
发明人： Donald R. Wilson, Jr. , Yuhua Yu
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04
摘要： In accordance with the principles of the present invention, a method for trading and clearing a volatility or variance-defined, standardized derivative financial instrument is provided. A financial instrument in either volatility or variance terms is negotiated. The realized variance to date on an underlying of that derivative financial instrument is determined. After the derivative financial instrument is negotiated and the realized variance to date is determined, at least one centrally-cleared financial instrument with a price derived from the volatility or variance terms and the realized variance to date on the underlying of that derivative financial instrument is delivered. Thus, a financial instrument negotiated in either volatility or variance terms is substituted with an equivalent position in a standardized, centrally-cleared financial instrument.
摘要翻译： 根据本发明的原则，提供了一种交易和清算波动性或方差定义的衍生金融工具的方法。 讨论波动或差异条件的金融工具。 确定衍生金融工具的基础上实现的差异。 在导出衍生金融工具之后，确定实现的差异，至少一个中和清算的金融工具，其衍生金融工具的价值波动性或差异性方面产生的价格以及实际的差异， 。 因此，以波动或差异条款谈判的金融工具被替换为标准化，集中清算的金融工具中的等同职位。
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2.发明申请Non-biased, centrally-cleared financial instrument and method of clearing and settling 有权无偏见的，集中清算的金融工具和清算和结算的方法公开(公告)号：US20120047058A1
公开(公告)日：2012-02-23
申请号：US12806860
申请日：2010-08-23
申请人： Donald R. Wilson, JR. , Yuhua Yu
发明人： Donald R. Wilson, JR. , Yuhua Yu
摘要： In accordance with the principles of the present invention, a non-biased, centrally-cleared financial instrument, and method of electronic clearing and settling such a financial instrument is provided. The non-biased, centrally-cleared financial instrument of the present invention is to be centrally cleared and can be traded or transacted either on or off an exchange or trading platform, whether traded as a future or other type of financial instrument. The non-biased, centrally-cleared financial instrument of the present invention has a terminal value such that the terminal value offsets co-movement of variation margin and investment return on the variation margin during the life of the financial instrument.
摘要翻译： 根据本发明的原则，提供了一种无偏见的，中央清算的金融工具，以及电子结算和结算这种金融工具的方法。 本发明的无偏见的，集中清算的金融工具将被中央清算，并可在交易所或交易平台上或之外进行交易或交易，无论是作为未来交易还是其他类型的金融工具交易。 本发明的无偏见的，集中清算的金融工具具有终端价值，使得终端价值抵消了金融工具期间的变化幅度与投资回报的共同变动。
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3.发明申请Process for financing and interest rate price discovery utilizing a centrally-cleared derivative 审中-公开使用中央清算的衍生工具进行融资和利率价格发现公开(公告)号：US20120296792A1
公开(公告)日：2012-11-22
申请号：US13068768
申请日：2011-05-18
申请人： Jeffrey Levoff , Donald R. Wilson, JR. , Yuhau Yu
发明人： Jeffrey Levoff , Donald R. Wilson, JR. , Yuhau Yu
IPC分类号： G06Q40/00
摘要： A process for financing and interest rate price discovery utilizing a centrally-cleared derivative is provided. Criteria are bid and/or offered with respect to enumerated amounts. The criteria can be prices or interest rates. The interest rate can be an overnight and other term interest rates, forward interest rates, and combinations thereof. Bids and offers are matched at the same criteria rate. Each matched bid and offer is assigned at least one derivative at a price derived from the matched criteria. The derivative is centrally cleared.
摘要翻译： 提供了利用中央清算衍生工具进行融资和利率价格发现的过程。 标准是对列举的数量进行投标和/或提供。 标准可以是价格或利率。 利率可以是隔夜和其他期限利率，远期利率及其组合。 出价和报价以相同的标准率进行匹配。 每个匹配的出价和报价都以至少一个派生数据从匹配标准派生的价格分配。 衍生产品被集中清除。
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4.发明申请公开(公告)号：US20180068390A1
公开(公告)日：2018-03-08
申请号：US15809803
申请日：2017-11-10
IPC分类号： G06Q40/04
CPC分类号： G06Q40/04
摘要： A system for electronically trading a rate-negotiated, standardized-coupon financial instrument said system including a memory receiving a coupon negotiated between two parties. At least one forward curve and a discount curve are implied or approximated by at least one processor in communication with the memory to be economically equivalent to the negotiated coupon. An economically equivalent value for a swap with a different coupon is determined by at least one processor. The economically equivalent value can comprise the net present value (NPV) of the interest rate swap written as the difference between the present values of two interest payment legs. In the case of a vanilla swap the two legs correspond to fixed coupon payments and floating coupon payments in the case of a basis swap, one leg is the floating coupon payments with a reference rate plus a fixed coupon, and the other leg is floating coupon payments with a different reference rate.
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公开(公告)号：US09747641B2
公开(公告)日：2017-08-29
申请号：US12806860
申请日：2010-08-23
申请人： Donald R. Wilson, Jr. , Yuhua Yu
发明人： Donald R. Wilson, Jr. , Yuhua Yu
摘要： In accordance with the principles of the present invention, a non-biased, centrally-cleared financial instrument, and method of electronic clearing and settling such a financial instrument is provided. The non-biased, centrally-cleared financial instrument of the present invention is to be centrally cleared and can be traded or transacted either on or off an exchange or trading platform, whether traded as a future or other type of financial instrument. The non-biased, centrally-cleared financial instrument of the present invention has a terminal value such that the terminal value offsets co-movement of variation margin and investment return on the variation margin during the life of the financial instrument.
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6.发明申请Rate-negotiated, standardized-coupon financial instrument and method of trading 审中-公开价格谈判，标准化优惠券金融工具和交易方式公开(公告)号：US20120296793A1
公开(公告)日：2012-11-22
申请号：US13068781
申请日：2011-05-19
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04
摘要： In accordance with the principles of the present invention, a rate-negotiated, standardized-coupon financial instrument and method of trading are provided. A coupon is negotiated between two parties. At least one forward curve and a discount curve are implied or approximated to be consistent with the negotiated coupon. A consistent value for a swap with a different coupon is determined. The consistent value can comprise the net present value (NPV) of the interest rate swap written as the difference between the present values of two interest payment legs. In the case of a vanilla swap the two legs correspond to fixed coupon payments and floating coupon payments. In the case of a basis swap, one leg is the floating coupon payments with a reference rate plus a fixed coupon, and the other leg is floating coupon payments with a different reference rate. The rate-negotiated, standardized-coupon financial instrument of the present invention provides for a financial instrument negotiated in rate terms to be substituted with an equivalent position in an instrument with a different coupon rate, at an adjusted price.
摘要翻译： 按照本发明的原则，提供了费率协商的标准化券金融工具和交易方式。 双方协商优惠券。 至少一个前向曲线和折扣曲线被隐含或近似以与协商的息票一致。 确定具有不同优惠券的掉期的一致值。 一致的价值可以包括利率掉期的净现值（NPV），作为两个利息支付的现值之间的差值。 在香草互换的情况下，两条腿对应于固定的息票付款和浮动优惠券付款。 在基础互换的情况下，一条支票是参考利率加上固定息票的浮动优惠券付款，另一条是使用不同参考利率的浮动优惠券付款。 本发明的利率协议的标准化券金融工具按照调整价格提供以利率条件协商的金融工具，以替代具有不同利率的工具的等值头寸。
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公开(公告)号：US20120310809A1
公开(公告)日：2012-12-06
申请号：US13134355
申请日：2011-06-06
申请人： Donald R. Wilson, JR. , Yuhua Yu
发明人： Donald R. Wilson, JR. , Yuhua Yu
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04
摘要： In accordance with the principles of the present invention, a method for trading and clearing a volatility or variance-defined, standardized derivative financial instrument is provided. A financial instrument in either volatility or variance terms is negotiated. The realized variance to date on an underlying of that derivative financial instrument is determined. After the derivative financial instrument is negotiated and the realized variance to date is determined, at least one centrally-cleared financial instrument with a price derived from the volatility or variance terms and the realized variance to date on the underlying of that derivative financial instrument is delivered. Thus, a financial instrument negotiated in either volatility or variance terms is substituted with an equivalent position in a standardized, centrally-cleared financial instrument.
摘要翻译： 根据本发明的原则，提供了一种交易和清算波动性或方差定义的衍生金融工具的方法。 讨论波动或差异条件的金融工具。 确定衍生金融工具的基础上实现的差异。 在导出衍生金融工具之后，确定实现的差异，至少一个中和清算的金融工具，其衍生金融工具的价值波动性或差异性方面产生的价格以及实际的差异， 。 因此，以波动或差异条款谈判的金融工具被替换为标准化，集中清算的金融工具中的等同职位。
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公开(公告)号：US20120296798A1
公开(公告)日：2012-11-22
申请号：US13506407
申请日：2012-04-17
IPC分类号： G06Q40/04
CPC分类号： G06Q40/04
摘要： A flexible-rate option and method of electronic trading are provided. The flexible-rate option includes a negotiable premium and a corresponding rate-based strike rate. At least one discount curve, and potentially also a forward curve are determined An adjustment factor for the financial instrument is determined. The curve or curves are used to determine the adjustment factor to determine the adjusted exercise price of an underlying with a standardized coupon as the present value difference between the delivered financial instrument with a fixed rate and a swap with the strike rate, at or near the time of option exercise. This Abstract is submitted with the understanding that it will not be used to interpret or limit the scope or meaning of the claims.
摘要翻译： 提供了灵活利率期权和电子交易方式。 灵活利率期权包括可转让溢价和相应的基于利率的罢工率。 确定至少一个折现曲线和潜在的前瞻性曲线确定金融工具的调整因子。 曲线或曲线用于确定调整因子，以确定标准化优惠券的基准的调整后行权价格作为交割的具有固定利率的金融工具与罢工率之间的交换的现值差额，在或接近 期权行使时间。 提交本摘要的理解是，它不会用于解释或限制权利要求的范围或含义。
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