Patents by Inventor Edward M. GOGOL
Edward M. GOGOL has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).
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Publication number: 20230281715Abstract: 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.Type: ApplicationFiled: May 15, 2023Publication date: September 7, 2023Applicant: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Patent number: 11694265Abstract: 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.Type: GrantFiled: October 26, 2022Date of Patent: July 4, 2023Assignee: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Publication number: 20230059070Abstract: 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.Type: ApplicationFiled: October 26, 2022Publication date: February 23, 2023Applicant: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Patent number: 11538109Abstract: 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.Type: GrantFiled: January 24, 2022Date of Patent: December 27, 2022Assignee: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Publication number: 20220148087Abstract: 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.Type: ApplicationFiled: January 24, 2022Publication date: May 12, 2022Applicant: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Patent number: 11270379Abstract: 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.Type: GrantFiled: June 22, 2020Date of Patent: March 8, 2022Assignee: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Publication number: 20210398215Abstract: 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.Type: ApplicationFiled: September 1, 2021Publication date: December 23, 2021Inventors: Dmitriy Glinberg, Tae S. Yoo, Dale Michaels, Edward M. Gogol
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Patent number: 11138660Abstract: 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.Type: GrantFiled: June 14, 2018Date of Patent: October 5, 2021Assignee: Chicago Mercantile Exchange Inc.Inventors: Dmitriy Glinberg, Tae S. Yoo, Dale Michaels, Edward M. Gogol
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Publication number: 20200320628Abstract: 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.Type: ApplicationFiled: June 22, 2020Publication date: October 8, 2020Applicant: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Patent number: 10726479Abstract: 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.Type: GrantFiled: October 31, 2006Date of Patent: July 28, 2020Assignee: Chicago Mercantile Exchange Inc.Inventors: Paul Andrew Bauerschmidt, Dmitriy Glinberg, Edward M. Gogol, Stephen M. Goldman, Paul I. Lichter, Jeffrey Robert Mitchell, Ari L. Studnitzer, Tae Seok C. Yoo
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Patent number: 10552929Abstract: A system for moving money between accounts of traders by a central counterparty to facilitate a plurality of payments, i.e. the movement of funds, there between is disclosed which provides a flexible mechanism which supports simpler accounting, new types of derivatives contracts as well new types fees. The disclosed futures contract, referred to as a “payor” contract, comprises a “no-uncertainty” futures contract, i.e. the initial value and settlement value parameters are defined, that leverages the mechanisms of the clearing system to, for example, accommodate related payments. Accordingly, a 1-to-many relationship between contracts and prices is provided whereby each price component may be assigned its own payor contract. The function of the payor contract may be to guarantee the movement of money from related positions. In one embodiment, payor contracts are dynamically created whenever a payment is needed.Type: GrantFiled: September 15, 2016Date of Patent: February 4, 2020Assignee: Chicago Mercantile Exchange Inc.Inventors: Richard Co, Timothy McCourt, Thomas Rafferty, John Kerpel, David Boberski, Edward M. Gogol, John Wiley, Steve Youngren, John Labuszewski
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Publication number: 20180293653Abstract: 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.Type: ApplicationFiled: June 14, 2018Publication date: October 11, 2018Inventors: Dmitriy Glinberg, Tae S. Yoo, Dale Michaels, Edward M. Gogol
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Publication number: 20170004592Abstract: A system for moving money between accounts of traders by a central counterparty to facilitate a plurality of payments, i.e. the movement of funds, there between is disclosed which provides a flexible mechanism which supports simpler accounting, new types of derivatives contracts as well new types fees. The disclosed futures contract, referred to as a “payor” contract, comprises a “no-uncertainty” futures contract, i.e. the initial value and settlement value parameters are defined, that leverages the mechanisms of the clearing system to, for example, accommodate related payments. Accordingly, a 1-to-many relationship between contracts and prices is provided whereby each price component may be assigned its own payor contract. The function of the payor contract may be to guarantee the movement of money from related positions. In one embodiment, payor contracts are dynamically created whenever a payment is needed.Type: ApplicationFiled: September 15, 2016Publication date: January 5, 2017Inventors: Richard Co, Timothy McCourt, Thomas Rafferty, John Kerpel, David Boberski, Edward M. Gogol, John Wiley, Steve Youngren, John Labuszewski
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Publication number: 20160203458Abstract: A system for moving money between accounts of traders by a central counterparty to facilitate payments, i.e. the movement of funds, there between is disclosed which provides a flexible mechanism which supports simpler accounting, new types of derivatives contracts as well new types fees. The disclosed futures contract, referred to as a “payer” contract, comprises a “no-uncertainty” futures contract, i.e. the initial value and settlement value parameters are defined, that leverages the mechanisms of the clearing system to, for example, accommodate related payments. Accordingly, a 1-to-many relationship between contracts and prices is provided whereby each price component may be assigned its own payer contract. The function of the payer contract may be to guarantee the movement of money from related positions. In one embodiment, payer contracts are dynamically created whenever a payment is needed.Type: ApplicationFiled: March 24, 2016Publication date: July 14, 2016Inventors: David Boberski, Edward M. Gogol, John Wiley, Richard Co, Steve Youngren, John Labuszewski
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Patent number: 8442896Abstract: 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.Type: GrantFiled: August 21, 2012Date of Patent: May 14, 2013Assignee: Chicago Mercantile Exchange Inc.Inventors: Dmitriy Glinberg, Tae S. Yoo, Dale Michaels, Edward M. Gogol
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Publication number: 20090171824Abstract: A method for managing a risk associated with a plurality portfolios wherein each of the plurality of portfolios includes a plurality of positions representative of products traded on an exchange is disclosed. The method includes determining a risk assessment for each of a plurality of portfolios, calculating a margin offset associated with each of the plurality of portfolios, adjusting the risk assessments associated with each of the plurality of portfolios as a function of the margin offset, determining a portfolio risk assessment for the plurality of portfolios, and calculating a margin requirements for the plurality of portfolios, wherein the margin requirement calculated as a function of the portfolio risk assessment.Type: ApplicationFiled: December 27, 2007Publication date: July 2, 2009Inventors: Dmitriy Glinberg, Edward M. Gogol, Aleksandr Bagmet, Feliks Landa
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Publication number: 20080071664Abstract: A computerized entity, system and method for limiting or eliminating counterparty risk for settlement in financial transactions are described. A central counterparty novates trades between counterparties and interposes itself as the entity with whom each counterparty will settle. The central counterparty may require additional credit or collateral from one or more counterparties to ensure that the central counterparty does not assume an unaddressed risk.Type: ApplicationFiled: September 18, 2006Publication date: March 20, 2008Applicants: REUTERS AMERICA, INC., CHICAGO MERCANTILE EXCHANGE, INC.Inventors: David L. SILVERMAN, Timothy J. DOAR, Edward M. GOGOL