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51. 发明申请

US20070118459A1 System and method for centralized clearing of over the counter foreign exchange instruments 审中-公开
标题翻译：集中清算柜台外汇兑换工具的制度和方法
公开(公告)号：US20070118459A1
公开(公告)日：2007-05-24
申请号：US11590540
申请日：2006-10-31
申请人： Paul Bauerschmidt , Dmitriy Glinberg , Edward Gogol , Stephen Goldman , Paul Lichter , Jeffrey Mitchell , Ari Studnitzer , Tae Seok Yoo
发明人： Paul Bauerschmidt , Dmitriy Glinberg , Edward Gogol , Stephen Goldman , Paul Lichter , Jeffrey Mitchell , Ari Studnitzer , Tae Seok Yoo
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00
摘要： The disclosed systems and methods relate to allowing trading of over the counter (“OTC”) foreign exchange (“FX”) contracts on a centralized matching and clearing mechanism, such as that of the Chicago Mercantile Exchange's (“CME”'s) futures exchange system (the “Exchange”). The disclosed systems and methods allow for anonymous transactions, centralized clearing, efficient settlement and the provision of risk management/credit screening mechanisms to lower risk, reduce transaction costs and improve the liquidity in the FX market place. In particular, the disclosed embodiments increase speed of execution facilitating growing demand for algorithmic trading, increased price transparency, lower cost of trading, customer to customer trading, and automated asset allocations, recurring trades as well as clearing and settlement efficiencies.
摘要翻译：所披露的系统和方法涉及允许在集中式配对清算机制（例如芝加哥商品交易所（CME））期货交易柜台（“OTC”）外汇交易（“外汇”）合约交换系统（“交换”）。所披露的系统和方法允许匿名交易，集中清算，有效结算和提供风险管理/信用审查机制，降低风险，降低交易成本，提高外汇市场的流动性。特别地，所公开的实施例增加执行速度，促进对算法交易的日益增长的需求，增加的价格透明度，降低交易成本，客户到客户交易以及自动资产分配，经常性交易以及结算和结算效率。

52. 发明授权

US10636088B2 Hybrid cross-margining 有权
公开(公告)号：US10636088B2
公开(公告)日：2020-04-28
申请号：US13085094
申请日：2011-04-12
申请人： Dmitriy Glinberg , Edward Gogol , Tae Seok C. Yoo
发明人： Dmitriy Glinberg , Edward Gogol , Tae Seok C. Yoo
IPC分类号： G06Q40/00 , G06Q40/04 , G06Q40/06 , G06Q40/02
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/025 , G06Q40/06
摘要： A hybrid cross-margining system is disclosed. The disclosed provides for both joint accounts, maintained by multiple exchanges, as well as non-joint accounts, whereby the system recognizes both intra-account offsets within the joint account and inter-exchange offsets between the joint account and accounts maintained by another exchange to minimize the margin requirement of the associated market participant with respect to the positions reflected in these accounts.

53. 发明授权

US07801810B2 Hybrid cross-margining 有权
标题翻译：混合交叉边缘化
公开(公告)号：US07801810B2
公开(公告)日：2010-09-21
申请号：US11452673
申请日：2006-06-14
申请人： Dmitriy Glinberg , Edward Gogol , Tae Seok C. Yoo
发明人： Dmitriy Glinberg , Edward Gogol , Tae Seok C. Yoo
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/025 , G06Q40/06
摘要： A hybrid cross-margining system is disclosed. The disclosed provides for both joint accounts, maintained by multiple exchanges, as well as non-joint accounts, whereby the system recognizes both intra-account offsets within the joint account and inter-exchange offsets between the joint account and accounts maintained by another exchange to minimize the margin requirement of the associated market participant with respect to the positions reflected in these accounts.
摘要翻译：公开了一种混合交叉边缘系统。所披露的条款规定了由多个交易所维持的联合账户以及非联合账户，系统确认联合账户内的账户内部抵消以及其他交易所维持的账户与账户之间的互换抵消最小化相关市场参与者对这些帐户中反映的职位的保证金要求。

54. 发明申请

US20060059069A1 System and method for hybrid spreading for flexible spread participation 有权
公开(公告)号：US20060059069A1
公开(公告)日：2006-03-16
申请号：US11031182
申请日：2005-01-07
申请人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
发明人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/06
摘要： A system and method for risk analysis of a portfolio of derivative products is disclosed which is conducted based on a set of flexible rules. The system and method allow creating predefined sets of products for the purpose of future risk offsets. If a futures trade as a subset of that set of products that met a threshold level, then the subset is assigned the offset value (or a pro rata or other portion of the offset value) of the predefined set. For example, assume that the predefined set consists of one S&P 500 futures, one NASDAQ futures, one S&P Midcap 400 futures and one Russell 1000 futures and the threshold is three. If the futures trader holds any three of those four futures, the three futures can be grouped, assigned an offset value, and this group can be used as one asset for purpose of further risk offsets.

55. 发明授权

US08438102B2 Processing binary options in future exchange clearing 有权
标题翻译：处理未来交换清算中的二进制选项
公开(公告)号：US08438102B2
公开(公告)日：2013-05-07
申请号：US13524310
申请日：2012-06-15
申请人： Edward Gogol , Dmitriy Glinberg , Dale Michaels
发明人： Edward Gogol , Dmitriy Glinberg , Dale Michaels
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q20/042 , G06Q20/10 , G06Q20/102 , G06Q20/108 , G06Q20/1085 , G06Q20/40 , G06Q40/00 , G06Q40/02 , G06Q40/025 , G06Q40/06
摘要： Systems and methods are disclosed for processing binary options (also referred to as digital options) in existing clearing systems, such as futures clearing systems. The binary option is treated, or processed, similar to standard options on a non-tradeable cash-settled underlying futures contract. A hypothetical instrument, referred to as a book instrument is created to facilitate clearing of the binary option. The book instrument has an expiration date after the expiration of the binary option, such as the day after the expiration of the binary option. For each binary option that expires in the money, a transaction is created for the book instrument future. The underlying book future has an assigned price that is a fixed amount less that the final price for the underlying statistical or actual value of the binary option at expiration. Transactions are loaded in the clearing system and processed and all positions are liquidated.
摘要翻译：公开了用于处理现有结算系统（例如期货结算系统）中的二元期权（也称为数字期权）的系统和方法。二元期权在不可交易的现金结算的基础期货合约上处理或处理与标准期权相似。创建一种称为书本工具的假设工具，以便于清除二进制选项。书籍工具在二进制选项到期后有到期日，例如二进制选项到期之日。对于在货币中到期的每个二进制选项，将为书工具未来创建一个交易。基础图书未来的分配价格是一个固定的金额，少于二值期权到期的基本统计或实际值的最终价格。交易在清算系统中加载并处理，所有仓位都被清算。

56. 发明申请

US20120290463A1 Processing Binary Options in Future Exchange Clearing 有权
标题翻译：在未来交易所结算中处理二元期权
公开(公告)号：US20120290463A1
公开(公告)日：2012-11-15
申请号：US13524310
申请日：2012-06-15
申请人： Edward Gogol , Dmitriy Glinberg , Dale Michaels
发明人： Edward Gogol , Dmitriy Glinberg , Dale Michaels
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q20/042 , G06Q20/10 , G06Q20/102 , G06Q20/108 , G06Q20/1085 , G06Q20/40 , G06Q40/00 , G06Q40/02 , G06Q40/025 , G06Q40/06
摘要： Systems and methods are disclosed for processing binary options (also referred to as digital options) in existing clearing systems, such as futures clearing systems. The binary option is treated, or processed, similar to standard options on a non-tradeable cash-settled underlying futures contract. A hypothetical instrument, referred to as a book instrument is created to facilitate clearing of the binary option. The book instrument has an expiration date after the expiration of the binary option, such as the day after the expiration of the binary option. For each binary option that expires in the money, a transaction is created for the book instrument future. The underlying book future has an assigned price that is a fixed amount less that the final price for the underlying statistical or actual value of the binary option at expiration. Transactions are loaded in the clearing system and processed and all positions are liquidated.
摘要翻译：公开了用于处理现有结算系统（例如期货结算系统）中的二元期权（也称为数字期权）的系统和方法。二元期权在不可交易的现金结算的基础期货合约上处理或处理与标准期权相似。创建一种称为书本工具的假设工具，以便于清除二进制选项。书籍工具在二进制选项到期后有到期日，例如二进制选项到期之日。对于在货币中到期的每个二进制选项，将为书工具未来创建一个交易。基础图书未来的分配价格是一个固定的金额，少于二值期权到期的基本统计或实际值的最终价格。交易在清算系统中加载并处理，所有仓位都被清算。

57. 发明申请

US20060059066A1 System and method for asymmetric offsets in a risk management system 有权
公开(公告)号：US20060059066A1
公开(公告)日：2006-03-16
申请号：US11030833
申请日：2005-01-07
申请人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
发明人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/06 , G06Q40/08
摘要： A system and method for using asymmetrical offsets for products in a risk management analysis system are disclosed. Conventional systems assign symmetrical offsets for products, that is, if two products have an 80% correlation they each would be assigned an offset of 80% with respect to each other. However, it is desirable to allow for asymmetrical offsets. In the disclosed system and method, when two products have a correlation of 80%, one may be assigned an offset of 75% and the other may be assigned an offset of 80%. There are many reasons to vary the offset between the products. The varying offset may reflect an asymmetry in the risk in one of the products, such as being traded in an illiquid market or in a less desirable venue. The varying offset may correct for an imbalance in spread credits due to special charges from intra spreading.

58. 发明申请

US20060059064A1 System and method for efficiently using collateral for risk offset 有权
标题翻译：有效利用抵押品进行风险抵消的制度和方法
公开(公告)号：US20060059064A1
公开(公告)日：2006-03-16
申请号：US11030796
申请日：2005-01-07
申请人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
发明人： Dmitriy Glinberg , Tae Yoo , Dale Michaels , Edward Gogol
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/06
摘要： A system and method for analyzing correlation between the assets given by the trader for collateral and that trader's open positions is disclosed. Thus, if the collateral is correlated to the trader's open positions, then some offset can be given. If there is no correlation than the collateral is valued in the conventional way. For example, if a trader provides t-bills as collateral for an account that has open positions (e.g. short futures) in T-bills, than that trader's account can be credited with some offset since the value of T-bills and T-bill futures are highly correlated.
摘要翻译：披露了一种系统和方法，用于分析交易员提供的资产与抵押品之间的相关性以及该交易者的未平仓头寸。因此，如果抵押品与交易者的敞口头寸相关，则可以给出一些偏移量。如果没有相关性，则以常规方式评估抵押品。例如，如果交易者提供账单作为T账单中具有未平仓头寸（例如短期期货）的抵押品，那么该交易者的账户可以从T账单和T账单的价值中扣除一定的抵消期货高度相关。

59. 发明申请

US20070118456A1 Hybrid cross-margining 有权
标题翻译：混合交叉边缘化
公开(公告)号：US20070118456A1
公开(公告)日：2007-05-24
申请号：US11452673
申请日：2006-06-14
申请人： Dmitriy Glinberg , Edward Gogol , Tae Yoo
发明人： Dmitriy Glinberg , Edward Gogol , Tae Yoo
IPC分类号： G06Q40/00
CPC分类号： G06Q40/04 , G06Q40/00 , G06Q40/025 , G06Q40/06
摘要： A hybrid cross-margining system is disclosed. The disclosed provides for both joint accounts, maintained by multiple exchanges, as well as non-joint accounts, whereby the system recognizes both intra-account offsets within the joint account and inter-exchange offsets between the joint account and accounts maintained by another exchange to minimize the margin requirement of the associated market participant with respect to the positions reflected in these accounts.
摘要翻译：公开了一种混合交叉边缘系统。所披露的条款规定了由多个交易所维持的联合账户以及非联合账户，系统确认联合账户内的账户内部抵消以及其他交易所维持的账户与账户之间的互换抵消最小化相关市场参与者对这些帐户中反映的职位的保证金要求。

60. 发明申请

US20060277134A1 System and method for using diversification spreading for risk offset 有权
公开(公告)号：US20060277134A1
公开(公告)日：2006-12-07
申请号：US11504379
申请日：2006-08-15
申请人： Dmitriy Glinberg , Edward Gogol , Dale Michaels
发明人： Dmitriy Glinberg , Edward Gogol , Dale Michaels
IPC分类号： G06Q40/00
CPC分类号： G06Q40/06 , G06Q40/00
摘要： A system and method for analyzing a portfolio that includes a variety of diverse products is disclosed. The system and method determines the extent or non-extent of the correlation between the products within the portfolio in order to offset the risk associated with the portfolio. Thus, if the products within the portfolio are determined to be diverse and uncorrelated, a credit can be assigned or applied to the portfolio or an initial margin associated with the portfolio in order to determine a diversification spread based performance bond or margin that reflects the determined risk of the portfolio.

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