Patents by Inventor Richard Co
Richard Co 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: 20150112846Abstract: Systems and methods are provided for processing derivative financial instrument positions. Contracts are structured to include minimum position limits or thresholds as final settlement dates approach. The minimum position limits or thresholds exceed the trading units. Traders who initially hold relatively small positions are required to increase their positions as the settlement date approaches so that the position at settlement corresponds to quantities used in commercial institutional markets. Limits or thresholds are enforced by imposing a fee for non-compliance, forcing cash settlement or requiring a mandatory roll forward of at least some of the positions. The roll forward may include a spread product that includes a first derivative financial instrument having a first settlement date and a second derivative financial instrument having a second settlement date that is different from the first settlement date.Type: ApplicationFiled: October 17, 2013Publication date: April 23, 2015Applicant: Chicago Mercantile Exchange, Inc.Inventors: John Labuszewski, John Nyhoff, John Kerpel, Greg Skony, Richard Co
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Publication number: 20150106252Abstract: 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: December 17, 2014Publication date: April 16, 2015Inventors: John Labuszewski, John Nyhoff, David Boberski, Mike Kamradt, Roberta Paffaro, Edward Gogol, John Wiley, Richard Co, Steve Youngren
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Publication number: 20150106254Abstract: 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: December 17, 2014Publication date: April 16, 2015Inventors: John Labuszewski, John Nyhoff, David Boberski, Mike Kamradt, Roberta Paffaro, Edward Gogol, John Wiley, Richard Co, Steve Youngren
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Publication number: 20150106253Abstract: 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: December 17, 2014Publication date: April 16, 2015Inventors: John Labuszewski, John Nyhoff, David Boberski, Mike Kamradt, Roberta Paffaro, Edward Gogol, John Wiley, Richard Co, Steve Youngren
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Publication number: 20150106255Abstract: 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: December 17, 2014Publication date: April 16, 2015Inventors: John Labuszewski, John Nyhoff, David Boberski, Mike Kamradt, Roberta Paffaro, Edward Gogol, John Wiley, Richard Co, Steve Youngren
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Publication number: 20150081505Abstract: Methods for detecting potential abusive trading behavior in an electronic market include: (a) querying a database in response to an alert signifying a possible trading irregularity, wherein the database is configured to store data mined from one or a plurality of electronic social media platforms; (b) determining whether the database contains evidence of a news event that explains the trading irregularity and, if so, whether the news event corresponds to fundamental and/or technical market activity; and (c) flagging the trading irregularity as potential abusive trading behavior if the database contains evidence of the news event but it is determined that the news event does not correspond to fundamental and/or technical market activity. Systems for detecting potential abusive trading behavior in an electronic market are described.Type: ApplicationFiled: September 19, 2013Publication date: March 19, 2015Applicant: Chicago Mercantile Exchange Inc.Inventors: Richard Co, Jason Berkowitz, Jabir Patel, John Labuszewski, John Nyhoff, John Kerpel
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Publication number: 20150081503Abstract: A method for computing a settlement price of a financial instrument includes: (a) sampling a plurality of high-low range in a market over a period of time; (b) calculating an average of the plurality of high-low range obtained by the sampling; and (c) computing the settlement price of the financial instrument based on the average of the plurality of high-low ranges obtained by the calculating.Type: ApplicationFiled: September 19, 2013Publication date: March 19, 2015Applicant: Chicago Mercantile Exchange Inc.Inventors: John Labuszewski, John Nyhoff, John Kerpel, Lori Aldinger, Richard Co
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Publication number: 20140372272Abstract: Systems and methods are provided for matching orders. Orders are initially received at a central limit order book system. If an order remains unmatched or a portion of the order remains unmatched after a predetermined time period, order information is sent to a request for quote system. The request for quote system distributes a request for quote and provides any quotes to the original trading entity. An order may be matched at the central limit order book system or the request for quote system.Type: ApplicationFiled: June 14, 2013Publication date: December 18, 2014Inventors: John Labuszewski, Richard Co, John Nyhoff, Lori Aldinger, James Boudreault
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Publication number: 20140372273Abstract: Systems and methods are provided for liquidating existing deliverable swap futures contracts, such as deliverable interest rate swap futures contracts. An exchange determines non-par prices for existing deliverable swap futures contracts using estimates for future floating interest rate as selected by the exchange. The prices are listed and traders may submit notices of intention to liquidate existing deliverable swap futures contracts. The exchange matches notices and clears matched notices.Type: ApplicationFiled: June 14, 2013Publication date: December 18, 2014Inventors: John Labuszewski, Richard Co, John Nyhoff, Lori Aldinger, Daniel Grombacher
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Publication number: 20140324653Abstract: Methods and systems for calculating values for indexes based on breakout currencies are provided. A prospective breakout index may be formed before an entity breaks out of a monetary union. Other aspects relate to calculating an initial index value on a breakout date. An initial exchange rate of the breakout currency may be combined with a breakout value and/or a base value. In one embodiment, the breakout value is the reciprocal of the initial exchange rate. Therefore, in accordance with certain embodiments, the initial index value of the breakout index may be equal to the base value. Further aspects relate to calculating a second index value. A second exchange rate of the breakout currency may be utilized with the fixed base value and the breakout value to calculate the second index value of the breakout index. Further aspects relate to creating a prospective currency unit for a monetary union.Type: ApplicationFiled: July 7, 2014Publication date: October 30, 2014Inventors: Richard Co, Steve Youngren, Lori Aldinger, John Labuszewski
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Publication number: 20140316961Abstract: Systems and methods are provided for dynamically adjusting a bid ask spread while maintaining a fixed trading increment. Various criteria may be analyzed to determine if a bid ask spread meets the desired criteria. When the criteria is not met, the bid ask spread may be adjusted by aggregating orders. Aggregation may include raising a price of the lowest ask prices and/or lowering a price of the highest bid orders.Type: ApplicationFiled: April 23, 2013Publication date: October 23, 2014Inventors: James Boudreault, Frederick Sturm, John Labuszewski, Daniel Grombacher, Richard Co
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Publication number: 20140258065Abstract: For each of in source locations, a number of commodity contract short positions may be determined. Each of the short positions may correspond to an obligation of a short position holder to make delivery of a commodity within a predefined time period, and may further correspond to one of the in source locations. For each of n destination locations, a number of commodity contract long positions may be determined. Each of the long positions may correspond to an obligation of the long position holder to receive delivery of the commodity within the predefined time period, and may further correspond to one of the n destination locations. Short and long positions may be allocated among each of one or more of the source-destination pairs.Type: ApplicationFiled: March 5, 2013Publication date: September 11, 2014Applicant: CHICAGO MERCANTILE EXCHANGE, INC.Inventors: Lori Aldinger, Richard Co, John Labuszewski, John Nyhoff
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Publication number: 20140222659Abstract: A lending machine can include a communications device to receive a first request relating to a first loan transaction. The first loan transaction can include a long or a short Special Repo Futures (SRF) contract where a supply of the asset is below a supply threshold, otherwise the first loan transaction can include a long or a short General Repo Futures (GRF) contract. The communications device can also be configured to receive a second request for a second loan transaction at least partially counter to the first loan transaction. The lending machine can also include a matching device configured to match the first request with the second request. The lending machine can also include a trader device configured to perform a transaction corresponding to the first and the second request.Type: ApplicationFiled: April 8, 2014Publication date: August 7, 2014Applicant: Chicago Mercantile Exchange Inc.Inventors: John W. Labuszewski, Richard Co
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Publication number: 20140188764Abstract: Methods and systems for calculating values for indexes based on breakout currencies are provided. A prospective breakout index may be formed before an entity breaks out of a monetary union. Other aspects relate to calculating an initial index value on a breakout date. An initial exchange rate of the breakout currency may be combined with a breakout value and/or a base value. In one embodiment, the breakout value is the reciprocal of the initial exchange rate. Therefore, in accordance with certain embodiments, the initial index value of the breakout index may be equal to the base value. Further aspects relate to calculating a second index value. A second exchange rate of the breakout currency may be utilized with the fixed base value and the breakout value to calculate the second index value of the breakout index. Further aspects relate to creating a prospective currency unit for a monetary union.Type: ApplicationFiled: March 4, 2014Publication date: July 3, 2014Applicant: CHICAGO MERCANTILE EXCHANGE INC.Inventors: Richard Co, Steve Youngren, Lori Aldinger, John Labuszewski
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Publication number: 20140188694Abstract: Methods and systems for calculating values for indexes based on breakout currencies are provided. A prospective breakout index may be formed before an entity breaks out of a monetary union. Other aspects relate to calculating an initial index value on a breakout date. An initial exchange rate of the breakout currency may be combined with a breakout value and/or a base value. In one embodiment, the breakout value is the reciprocal of the initial exchange rate. Therefore, in accordance with certain embodiments, the initial index value of the breakout index may be equal to the base value. Further aspects relate to calculating a second index value. A second exchange rate of the breakout currency may be utilized with the fixed base value and the breakout value to calculate the second index value of the breakout index. Further aspects relate to creating a prospective currency unit for a monetary union.Type: ApplicationFiled: March 4, 2014Publication date: July 3, 2014Applicant: Chicago Mercantile Exchange Inc.Inventors: Steve Youngren, Lori Aldinger, Richard Co, Derek Sammann, John Labuszewski
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Patent number: 8768820Abstract: A collateralized lending system and method using a central counterparty is disclosed. Lenders place orders to enter into long contracts with a central counterparty obligating them to lend an asset, or portion thereof. Borrowers place orders to enter into short contracts with the central counterparty obligating them to borrow an asset or a substantial equivalent thereof. The net effect acts like a lending transaction between the lender and the borrower. The central counterparty anonymously matches counter-orders from one or more borrowers and one or more lenders. Upon expiration of the loan, the central counterparty/clearing entity facilitates redemption of the loan. Thereby, the risk of loss due to borrower default is absorbed by the central counterparty encouraging lending activity by prospective lenders resulting in increased credit availability.Type: GrantFiled: December 29, 2008Date of Patent: July 1, 2014Assignee: Chicago Mercantile Exchange Inc.Inventors: John W. Labuszewski, Richard Co
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Patent number: 8762247Abstract: Methods and systems for calculating values for indexes based on breakout currencies are provided. A prospective breakout index may be formed before an entity breaks out of a monetary union. Other aspects relate to calculating an initial index value on a breakout date. An initial exchange rate of the breakout currency may be combined with a breakout value and/or a base value. In one embodiment, the breakout value is the reciprocal of the initial exchange rate. Therefore, in accordance with certain embodiments, the initial index value of the breakout index may be equal to the base value. Further aspects relate to calculating a second index value. A second exchange rate of the breakout currency may be utilized with the fixed base value and the breakout value to calculate the second index value of the breakout index. Further aspects relate to creating a prospective currency unit for a monetary union.Type: GrantFiled: March 18, 2013Date of Patent: June 24, 2014Assignee: Chicago Mercantile Exchange Inc.Inventors: Steve Youngren, Lori Aldinger, Richard Co, Derek Sammann, John Labuszewski
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Patent number: 8751353Abstract: Methods and systems for calculating values for indexes based on breakout currencies are provided. A prospective breakout index may be formed before an entity breaks out of a monetary union. Other aspects relate to calculating an initial index value on a breakout date. An initial exchange rate of the breakout currency may be combined with a breakout value and/or a base value. In one embodiment, the breakout value is the reciprocal of the initial exchange rate. Therefore, in accordance with certain embodiments, the initial index value of the breakout index may be equal to the base value. Further aspects relate to calculating a second index value. A second exchange rate of the breakout currency may be utilized with the fixed base value and the breakout value to calculate the second index value of the breakout index. Further aspects relate to creating a prospective currency unit for a monetary union.Type: GrantFiled: October 21, 2010Date of Patent: June 10, 2014Assignee: Chicago Mercantile Exchange Inc.Inventors: Richard Co, Steve Youngren, Lori Aldinger, John Labuszewski
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Publication number: 20140081831Abstract: Systems and method are disclosed for quoting, adjusting and settling futures contracts by successively removing the just-realized variables from the quoted futures price to focus the quoted contract value to the remaining unrealized economic variables. Further, such systems and method for quoting, adjusting and settling the futures contracts preserve the underlying economic consideration for the trade when compared with the traditional way of quoting futures based on the same cumulative sum.Type: ApplicationFiled: December 2, 2013Publication date: March 20, 2014Applicant: Chicago Mercantile Exchange Inc.Inventors: Richard Co, TuenTuen Wang, Xing Su, John Labuszewski
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Publication number: 20140081818Abstract: A method for matching compound orders from a group of market participants includes receiving, via a communication network, compound order data, the compound order data specifying a maximum amount of a financial instrument of a plurality of financial instruments to be bought or sold by each market participant, accessing a memory in which price data is stored, the price data indicating a current price of each financial instrument, implementing, with a processor, a linear solver to maximize fulfillment of the compound orders via order matching for execution at the current prices in accordance with the maximum amounts specified in the compound order data and in accordance with a maximum net risk exposure level for each market participant arising from the fulfillment of the compound orders, and transmitting trade data indicative of the order matching for execution of trades among the market participants at the current prices.Type: ApplicationFiled: September 14, 2012Publication date: March 20, 2014Inventors: Richard Co, John Nyhoff, Xing Su, Tuen Tuen Wang, John Labuszewski