Systems for exchanging an obligation
DC CAFCFirst Claim
1. A data processing system to enable the exchange of an obligation between parties, the system comprising:
- a data storage unit having stored therein information about a shadow credit record and shadow debit record for a party, independent from a credit record and debit record maintained by an exchange institution; and
a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;
(b) electronically adjust said shadow credit record and/or said shadow debit record in order to effect an exchange obligation arising from said transaction, allowing only those transactions that do not result in a value of said shadow debit record being less than a value of said shadow credit record; and
(c) generate an instruction to said exchange institution at the end of a period of time to adjust said credit record and/or said debit record in accordance with the adjustment of said shadow credit record and/or said shadow debit record, wherein said instruction being an irrevocable, time invariant obligation placed on said exchange institution.
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Litigations
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Accused Products
Abstract
A system for exchanging an obligation between parties where the exchange is administered by a supervisory institution that ensures real-time settling of obligations between parties by updating shadow records in real-time and instructing one or more exchange institutions to effect, from time to time, the exchange of obligations in accounts maintained external to the supervisory institution. Updates to the exchange institution accounts may reflect the net obligations of parties over a nominated period of time. The role of the supervisory institution is to ensure that obligations are only settled where parties have sufficient balance in their shadow records to complete the transaction. Obligations that can be exchanged include, but are not limited to: shares in financial or physical assets, participation rights in wagers, national or synthetic currencies, exchange settlement account deposits, taxation account deposits, and deposits of financial instruments or precious metals.
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Citations
84 Claims
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1. A data processing system to enable the exchange of an obligation between parties, the system comprising:
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a data storage unit having stored therein information about a shadow credit record and shadow debit record for a party, independent from a credit record and debit record maintained by an exchange institution; and a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;
(b) electronically adjust said shadow credit record and/or said shadow debit record in order to effect an exchange obligation arising from said transaction, allowing only those transactions that do not result in a value of said shadow debit record being less than a value of said shadow credit record; and
(c) generate an instruction to said exchange institution at the end of a period of time to adjust said credit record and/or said debit record in accordance with the adjustment of said shadow credit record and/or said shadow debit record, wherein said instruction being an irrevocable, time invariant obligation placed on said exchange institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A data processing system to enable the exchange of an obligation between parties, the system comprising:
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a data storage unit having stored therein information about a shadow record for a first party, independent from an account maintained by an exchange institution; and a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;
(b) electronically adjust said shadow record in order to effect an exchange obligation arising from said transaction, allowing only those transactions that do not result in a value of said shadow record being less than a zero; and
(c) generate an instruction to said exchange institution at the end of a period of time to adjust said account in accordance with the adjustment of said shadow record, wherein said instruction being an irrevocable, time invariant obligation placed on said exchange institution. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59)
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60. A data processing system to enable the exchange of a payment obligation of a currency exchange transaction between banks, the system comprising:
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a data storage unit having stored therein information about a shadow credit record and shadow debit record for a bank, independent from a credit record and debit record maintained by a central bank; and a computer, coupled to said data storage unit, that is configured to (a) receive a currency exchange transaction;
(b) electronically adjust said shadow credit record and/or said shadow debit record in order to effect an exchange obligation arising from said currency exchange transaction, allowing only those currency exchange transactions that result in a net positive shadow record balance; and
(c) generate an instruction periodically to said central bank to adjust said credit record and/or said debit record in accordance with the adjustment of said shadow credit record and/or said shadow debit record, wherein said instruction being an irrevocable, time invariant obligation placed on said central bank. - View Dependent Claims (61, 62, 63)
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64. A data processing system to enable a purchase between a buyer and a seller, the system comprising:
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a data storage unit having stored therein information about a shadow record for a buyer or a seller, independent from an account maintained by a bank; and a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;
(b) electronically adjust said shadow record in order to effect a purchase arising from said transaction between said buyer and said seller, allowing only those purchases that do not result in a value of said shadow record being less than zero; and
(c) generate an instruction to said bank at the end of a period of time to adjust said account in accordance with the adjustment of said shadow record, wherein said instruction being an irrevocable, time invariant obligation placed on said bank. - View Dependent Claims (65, 66, 67)
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68. A data processing system to enable the exchange of an obligation between parties, the system comprising:
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a data storage unit having stored therein (a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, (b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution; and a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;
(b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and
(c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution. - View Dependent Claims (69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79)
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80. A data processing system to enable a purchase between a first party and a second party, the system comprising:
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a data storage unit having stored therein information about a first account for the first party or the second party, independent from a second account maintained by a bank; and a computer, coupled to said data storage unit, configured to enable the purchase, including (a) electronically adjusting said first account in order to effect the purchase between said first party and said second party, allowing only those purchases that do not result in a value of said first account being less than zero; and
(b) generating an instruction to said bank to adjust said second account in accordance with the adjustment of said first account, wherein said instruction being an irrevocable, time invariant obligation placed on said bank. - View Dependent Claims (81, 82, 83, 84)
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Specification