Systems relating to the establishment of a contractual obligation
First Claim
1. A data processing system to establish and maintain an electronic record of a contractual obligation between parties, the system comprising:
- a data storage unit that is configured to store electronic matching rules; and
a data processing unit, coupled to the data storage unit, that is configured to electronically (i) receive an offer of an entitlement for a requested first consideration from a plurality of first parties, (ii) receive a request for the entitlement from a second party for an offered second consideration, (iii) according to the electronic matching rules;
(a) automatically determine, upon receipt of the first parties'"'"' offers and second party'"'"'s request, independently of said plurality of first parties and the second party, for each first party, the value of a third consideration as a function of the first party'"'"'s first consideration and the second consideration, and (b) select the best first party by determining which is the best third consideration;
(iv) match the selected first party with said second party, and (v) effect transfer of the third consideration from the second party to the selected first party via at least one transfer entity;
wherein the data storage unit maintains an electronic record of the resulting contractual obligation of the selected first party to provide the requested entitlement to the second party following transfer of the third consideration to the selected first party.
1 Assignment
0 Petitions
Accused Products
Abstract
Methods and apparatus which deal with the management of risk relating to specified, yet unknown, future events. ‘Sponsor’ stakeholders specify a particular product relating to an event or phenomenon for which there is a range of possible future outcomes. ‘Ordering’ stakeholders then offer contracts relating to the predetermined phenomenon and corresponding range of outcomes. The offered contracts specify an entitlement or (pay-off) at the future time of maturity for each outcome, and a consideration (or premium) payable, in exchange, to a ‘counter-party’ stakeholder. Independently of the offered contracts, the ‘counter-party’ stakeholders input data as to their view of the likelihood of occurrence of each outcome in the predetermined range into the future, or specifically at the predetermined date of maturity. Each offered contract is priced by the processing units by calculating counter-party premiums from the registered data, and a match attempted by a comparison of the offered premium with the calculated premiums. Matched contracts can be further traded until maturity, and at-maturity processing handles the exchange of entitlement as between the matched parties to the contract.
73 Citations
104 Claims
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1. A data processing system to establish and maintain an electronic record of a contractual obligation between parties, the system comprising:
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a data storage unit that is configured to store electronic matching rules; and a data processing unit, coupled to the data storage unit, that is configured to electronically (i) receive an offer of an entitlement for a requested first consideration from a plurality of first parties, (ii) receive a request for the entitlement from a second party for an offered second consideration, (iii) according to the electronic matching rules;
(a) automatically determine, upon receipt of the first parties'"'"' offers and second party'"'"'s request, independently of said plurality of first parties and the second party, for each first party, the value of a third consideration as a function of the first party'"'"'s first consideration and the second consideration, and (b) select the best first party by determining which is the best third consideration;
(iv) match the selected first party with said second party, and (v) effect transfer of the third consideration from the second party to the selected first party via at least one transfer entity;wherein the data storage unit maintains an electronic record of the resulting contractual obligation of the selected first party to provide the requested entitlement to the second party following transfer of the third consideration to the selected first party. - 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, 28, 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, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92)
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93. A computer program product comprising a computer readable storage medium having computer readable program code embodied in the medium for use by a party to exchange an obligation between a first party and a second party, the computer program product comprising:
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program code for electronic matching rules; program code for causing a computer to electronically (i) receive an offer of an entitlement for a requested first consideration from a plurality of first parties, (ii) receive a request for the entitlement from a second party for an offered second consideration, (iii) according to the electronic matching rules;
(a) automatically determine, upon receipt of the first parties'"'"' offers and second party'"'"'s request, independently of said plurality of first parties and the second party, for each first party, the value of a third consideration as a function of the first consideration and the second consideration, and (b) select the best first party by determining which is the best third consideration, (iv) match the selected first party with said second party, and (v) effect transfer of the third consideration from the second party to the selected first party via at least one transfer entity; andprogram code for causing the computer to maintain an electronic record of the resulting contractual obligation of the selected first party to provide the requested entitlement to the second party following transfer of the third consideration to the selected first party.
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94. A data processing system to establish and maintain an electronic record of a contractual obligation between parties, the system comprising:
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a data storage unit that is configured to store electronic pricing and matching rules; and a data processing unit, coupled to the data storage unit, that is configured to electronically (i) receive an offer of an entitlement at an agreed consideration/entitlement denomination exchange rate from a plurality of first parties, (ii) receive a request for the entitlement from a second party for an offered second consideration, (iii) according to the electronic pricing rules, for each first party, determine a first consideration as a function of the entitlement and the agreed consideration/entitlement denomination exchange rate;
(iv) according to the electronic matching rules;
(a) automatically determine, upon receipt of the first parties'"'"' offers and second party'"'"'s request, independently of said plurality of first parties and the second party, for each first party, the value of a third consideration as a function of the first party'"'"'s first consideration and the second consideration, (b) select the best first party by determining which is the best third consideration;
(v) match the selected first party with said second party, and (vi) effect transfer of the third consideration from the second party to the selected first party via at least one transfer entity;wherein the data storage unit maintains an electronic record of the resulting contractual obligation of the selected first party to provide the requested entitlement to the second party following transfer of the third consideration to the selected first party.
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95. A data processing system to establish and maintain an electronic record of a contractual obligation between parties, the system comprising:
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a data storage unit that is configured to store electronic matching rules; and a data processing unit, coupled to the data storage unit, that is configured to electronically (i) receive an offer of an entitlement for a requested first consideration from a first party, (ii) receive a request for the entitlement for an offered second consideration from a plurality of second parties, (iii) according to the electronic matching rules;
(a) automatically determine, upon receipt of said first party'"'"'s offer and second parties'"'"' requests, independently of said first party and the plurality of second parties, for each second party, the value of a third consideration as a function of the first consideration and the second party'"'"'s second consideration, (b) select the best second party by determining which is the best third consideration;
(v) match said first party with the selected second party, and (vi) effect transfer of the third consideration from the selected second party to the first party via at least one transfer entity;wherein the data storage unit maintains an electronic record of the resulting contractual obligation of the first party to provide the requested entitlement to the selected second party following transfer of the third consideration to the first party. - View Dependent Claims (96, 97, 98, 99, 100, 101, 102, 103, 104)
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Specification