Chicago Mercantile Exchange Inc.

Timothy Francis McCourt

Richard Co

Thomas Patrick Rafferty

John Balaam Alexander Kerpel

Edward M Gogol

John Labuszewski

David Andrew Boberski

Steve Youngren

John Wiley

John Kerpel

Giovanni Vicioso

David Paul Plandowski

Benjamin Carl Rutledge

Murphy James Brennan

Systems and methods are provided for efficiently processing withholding payments for constructive dividends. A party that receives constructive dividend payments also has a corresponding short position in a withholding financial instrument. A clearing house computer system adjusts the value of a withholding financial instrument in response to receipt of constructive dividend payments. The clearing house computer system determines a variation margin amount for the short party and processes a variation margin payment from the short party to a withholding account through the variation margin settlement system.

System for processing withholding payments

A computer implemented method for creating and matching implied inter-commodity spread orders where a spread ratio between legs of the inter-commodity spread is endogenous. The implied spread price is determined with a multi-step calculation including determining the price ratio between the underlying products and balancing the quantity of contracts required of each leg product.

Spread price scaling for implied trade matching

A system for moving money between accounts of traders by a central counterparty to facilitate a plurality of 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 'payor' 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 payor contract. The function of the payor contract may be to guarantee the movement of money from related positions. In one embodiment, payor contracts are dynamically created whenever a payment is needed.

Facilitation of accrual based payments between counterparties by a central counterparty

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New York, NY, United States of America

Timothy Francis McCourt