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    • 6. 发明申请
    • SYSTEM AND METHOD FOR TRADING CREDIT DERIVATIVE PRODUCTS HAVING FIXED PREMIUMS
    • 用于交易具有固定优先权的信用衍生产品的系统和方法
    • US20080195519A1
    • 2008-08-14
    • US11672649
    • 2007-02-08
    • Richard John STEVENS
    • Richard John STEVENS
    • G06Q40/00
    • G06Q40/04
    • A system and method for facilitating trading of credit derivative products is provided. Each of the credit derivative products includes a fixed premium to be paid by a buyer to a seller on a predetermined periodic basis. For a given credit derivative product, an amount of the fixed premium may or may not be equal to a credit default swap par rate. When at least two of the credit derivative products have an identical underlying reference entity, an identical maturity date, and an identical fixed premium, the two products are consolidated into a single combined position. For a given credit derivative product, an amount of the fixed premium may be expressed either in basis points per annum or in cash value, or in any other format that can be understood by market participants. The fixed premium may be paid on a daily basis or on a quarterly basis, or on any other predetermined periodic basis.
    • 提供了促进信用衍生产品交易的制度和方法。 每个信用衍生产品包括一个固定的保费,由买方以预定的周期基础支付给卖方。 对于给定的信用衍生产品,固定溢价的金额可能相当于也可能不等于信用违约互换比率。 当至少两个信用衍生产品具有相同的基准参考实体,相同的到期日和相同的固定溢价时,两个产品合并为一个单独的组合位置。 对于给定的信用衍生产品,固定溢价的金额可以以每年基点或现金价值表示,或以市场参与者可以理解的任何其他格式表示。 固定保费可以每天或每季度支付,也可以按照其他预定的定期支付。