Cayuga Derivatives, Inc.

Sri, Inc.

Other

Sri, Inc., Prisma & Company, Inc.

Douglas T Chorna

Srikanth Sankaran

An exchange-traded financial instrument having a price that tracks an underlying benchmark, the underlying benchmark being a security or commodity that is itself traded. A contract for the financial instrument between a buyer and seller is not contingent upon the delivery of the underlying benchmark. A net carrying charge (credit or debit), defined as the difference between the investment yield of the underlying benchmark and a cost of financing ownership of the underlying benchmark using the generally accepted industry standard financing rate for that benchmark, is credited or debited, accrued, or built into the price of the derivative for both buyer and seller of the financial instrument, typically nightly. In one embodiment, the underlying benchmark is a U.S. Treasury security, and preferably a specific U.S. Treasury security such as the on the run (OTR) 10 Year Treasury note. Other single contract spread and ratio instruments are also disclosed.

Systems and methods for implementing the structuring, pricing, quotation, and trading of SPOT synthetics (SPOTS), SPREAD instruments (SPRINTS), SPRINTS based on SPOTS, ratio derivatives (RADS), RADS based on SPOTS, and options based on these instruments

Systems and methods for implementing the structuring, pricing, quotation, and trading of financial instruments

A method and system for underwriter offering of multi-class instruments including a central processing unit (CPU), a program memory, a structure database and an investor database. The structure database stores a structure representative of a plurality of classes of a multi-class instrument, and the system operates to (i) inform investors of class information related, respectively, to each class of the multi-class instrument, (ii) receive bid information from investors, (iii) modify the structure database in response to the bid information and subsequently inform investors with updated class information; and once it is determined that the underwriter can profitably underwrite the transaction, (iv) notify the underwriter of an amount of collateral to purchase to cover accepted bids.

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Delray Beach, FL, United States of America

Douglas T Chorna