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1. 发明申请

US20050165669A1 Binary options on an organized exchange and the systems and methods for trading the same 有权
标题翻译：有组织的交易所的二元期权和交易的系统和方法
公开(公告)号：US20050165669A1
公开(公告)日：2005-07-28
申请号：US11017191
申请日：2004-12-21
申请人： Donato Montanaro , Michael Bickford , Jeffrey Burns , Christopher Masciale , Scott Ebner
发明人： Donato Montanaro , Michael Bickford , Jeffrey Burns , Christopher Masciale , Scott Ebner
IPC分类号： G06F17/60
CPC分类号： G06Q40/04
摘要： The invention relates to financial systems and methods for trading fixed return options on secondary markets such as stock exchanges. A financial system of the invention includes both an electronic order delivery and execution system and/or an on-floor trading auction, configured to provide an exchange-traded environment. The financial system also includes at least one fixed return option or binary option traded through an exchange's order delivery and execution system or on-floor trading auction, whereby such trading environment provides an open market. The system of the invention makes the trading of fixed return options or binary options possible via a unique use of the existing symbology schemes for standardized (non-binary) options, such that “Finish High” options are processed as calls, and “Finish Low” options are processed as puts, enabling these newly standardized binary options to be both recognized and accepted as standardized option contracts by existing trading, clearance, margin and settlement systems, while also enabling these options to be differentiated from traditional standardized options, and appropriately segregated for different treatment than the typical standardized option forms. The system employs a novel method for calculating the closing settlement value for securities underlying fixed return options or binary options in order to maintain a fair and orderly trading environment for these instruments on an organized exchange.
摘要翻译：本发明涉及在诸如证券交易所的二级市场上交易固定回报期权的金融系统和方法。本发明的金融系统包括电子订单交付和执行系统和/或地板上交易拍卖，被配置为提供交易所交易的环境。金融体系还包括通过交易所的订单交付和执行系统或楼内交易拍卖交易的至少一个固定回报期权或二元期权，由此这种交易环境提供公开市场。本发明的系统通过独特地使用现有的用于标准化（非二进制）选项的符号体系来进行固定返回选项或二进制选项的交易，使得“完成高”选项被处理为调用，并且“完成低 “期权作为期权进行处理，使这些新标准化的二元期权既可以被现有的交易，清算，保证金和结算系统认可并接受为标准化期权合约，同时也可以将这些期权与传统的标准期权相区分，用于不同于典型的标准化选项形式的处理。该系统采用新颖的方法计算固定回报期权或二元期权的证券的收盘结算价值，以便在有组织的交易所上保持这些工具的公平有序的交易环境。

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