The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Feb. 04, 2020
Filed:
Sep. 15, 2016
Chicago Mercantile Exchange Inc., Chicago, IL (US);
Richard Co, Chicago, IL (US);
Timothy McCourt, Chicago, IL (US);
Thomas Rafferty, Chicago, IL (US);
John Kerpel, Chicago, IL (US);
David Boberski, Westport, CT (US);
Edward M. Gogol, Chicago, IL (US);
John Wiley, New York, NY (US);
Steve Youngren, Elgin, IL (US);
John Labuszewski, Westmont, IL (US);
Chicago Mercantile Exchange Inc., Chicago, IL (US);
Abstract
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.