Systems and computer program products for exchanging an obligation

US 7,725,375 B2
Filed: 06/27/2005
Issued: 05/25/2010
Est. Priority Date: 05/29/1992
Status: Expired due to Fees

First Claim

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1. A data processing system to enable the exchange of an obligation between parties, the system comprising:

a first party device,a data storage unit having stored therein(a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, and(b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution;

and a computer, coupled to said data storage unit, that is configured to(a) receive a transaction from said first party device;

(b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and

(c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.

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Abstract

Methods and apparatus which deal with the management of risk relating to specified, yet unknown, future events are disclosed.

- ‘Sponsor’ stakeholders specify a particular product relating to an event or phenomenon for which there is a range of possible future outcomes.
- ‘Ordering’ stakeholders then offer contracts relating to the predetermined phenomenon and corresponding range of outcomes. The offered contracts specify an entitlement or (pay-off) at the future time of maturity for each outcome, and a consideration (or premium) payable, in exchange, to a ‘counter-party’ stakeholder.
- Independently of the offered contracts, the ‘counter-party’ stakeholders input data as to their view of the likelihood of occurrence of each outcome in the predetermined range into the future, or specifically at the predetermined date of maturity.
- Each offered contract is priced by the processing units by calculating counter-party premiums from the registered data, and a match attempted by a comparison of the offered premium with the calculated premiums.
- Matched contracts can be further traded until maturity, and at-maturity processing handles the exchange of entitlement as between the matched parties to the contract.

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47 Claims

1. A data processing system to enable the exchange of an obligation between parties, the system comprising:
- a first party device,a data storage unit having stored therein(a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, and(b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution;
  
  and a computer, coupled to said data storage unit, that is configured to(a) receive a transaction from said first party device;
  
  (b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and
  
  (c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.
- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 42, 43)
- - 2. The data processing system of claim 1, wherein said first and/or second exchange institution is a central bank.
  - 3. The data processing system of claim 2, wherein said exchange obligation involves currency.
  - 4. The data processing system of claim 3, wherein said first exchange institution and said second exchange institution operate in different time zones.
  - 5. The data processing system of claim 1, wherein said first exchange institution and said second exchange institution are the same.
  - 6. The data processing system of claim 1, wherein said second account and said fourth account are the same account.
  - 7. The data processing system of claim 1, wherein said exchange obligation involves currency.
  - 8. The data processing system of claim 1, wherein said first and/or second exchange institution is a non-bank clearing house or depository.
  - 9. The data processing system of claim 1, wherein adequate value requires that said first account and/or said third account have a positive balance.
  - 10. The data processing system of claim 1, wherein said instruction to said first exchange institution and/or said second exchange institution represents adjustments to said first and/or said third account netted throughout a period of time.
  - 11. The data processing system of claim 1, further comprising means for allowing said first party to acquire an item from said second party, wherein the exchange obligation relates to said item.
  - 12. The data processing system of claim 1, further comprising a second party device, wherein said computer is further configured to receive a transaction from said second party device.
  - 13. The data processing system of claim 12, wherein said first party device and said second party device include a computer.
  - 42. The data processing system of claim 1, wherein said second and fourth accounts are different.
  - 43. The data processing system of claim 1, wherein said information about a first account and said information about a third account includes a credit and debit account balance.

14. A data processing system to enable the exchange of an obligation between parties, the system comprising:
- a communications controller,a data storage unit having stored therein(a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, and(b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution; and
  
  a computer, coupled to said data storage unit and said communications controller, that is configured to(a) receive a transaction from said first party via said communications controller;
  
  (b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and
  
  (c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.
- View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 44, 45)
- - 15. The data processing system of claim 14, wherein said first and/or second exchange institution is a central bank.
  - 16. The data processing system of claim 15, wherein said exchange obligation involves currency.
  - 17. The data processing system of claim 16, wherein said first exchange institution and said second exchange institution operate in different time zones.
  - 18. The data processing system of claim 14, wherein said first exchange institution and said second exchange institution are the same.
  - 19. The data processing system of claim 14, wherein said second account and said fourth account are the same account.
  - 20. The data processing system of claim 14, wherein said exchange obligation involves currency.
  - 21. The data processing system of claim 14, wherein said first and/or second exchange institution is a non-bank clearing house or depository.
  - 22. The data processing system of claim 14, wherein adequate value requires that said first account and/or said third account have a positive balance.
  - 23. The data processing system of claim 14, wherein said instruction to said first exchange institution and/or said second exchange institution represents adjustments to said first and/or said third account netted throughout a period of time.
  - 24. The data processing system of claim 14, further comprising means for allowing said first party to acquire an item from said second party, wherein the exchange obligation relates to said item.
  - 25. The data processing system of claim 14, wherein said computer is further configured to receive a transaction from said second party via said communications controller.
  - 44. The data processing system of claim 14, wherein said second and fourth accounts are different.
  - 45. The data processing system of claim 14, wherein said information about a first account and said information about a third account includes a credit and debit account balance.

26. A data processing system to enable the exchange of an obligation between parties, the system comprising:
- a communications controller,a first party device, coupled to said communications controller,a data storage unit having stored therein(a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, and(b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution; and
  
  a computer, coupled to said data storage unit and said communications controller, that is configured to(a) receive a transaction from said first party device via said communications controller;
  
  (b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and
  
  (c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.
- View Dependent Claims (27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 46, 47)
- - 27. The data processing system of claim 26, wherein said first and/or second exchange institution is a central bank.
  - 28. The data processing system of claim 27, wherein said exchange obligation involves currency.
  - 29. The data processing system of claim 28, wherein said first exchange institution and said second exchange institution operate in different time zones.
  - 30. The data processing system of claim 26, wherein said first exchange institution and said second exchange institution are the same.
  - 31. The data processing system of claim 26, wherein said second account and said fourth account are the same account.
  - 32. The data processing system of claim 26, wherein said exchange obligation involves currency.
  - 33. The data processing system of claim 26, wherein said first and/or second exchange institution is a non-bank clearing house or depository.
  - 34. The data processing system of claim 26, wherein adequate value requires that said first account and/or said third account have a positive balance.
  - 35. The data processing system of claim 26, wherein said instruction to said first exchange institution and/or said second exchange institution represents adjustments to said first and/or said third account netted throughout a period of time.
  - 36. The data processing system of claim 26, further comprising means for allowing said first party to acquire an item from said second party, wherein the exchange obligation relates to said item.
  - 37. The data processing system of claim 26, further comprising a second party device, wherein said computer is further configured to receive a transaction from said second party device via said communications controller.
  - 38. The data processing system of claim 37, wherein said first party device and second party device include a computer.
  - 46. The data processing system of claim 26, wherein said second and fourth accounts are different.
  - 47. The data processing system of claim 26, wherein said information about a first account and said information about a third account includes a credit and debit account balance.

39. A computer program product comprising a computer readable storage medium having computer readable program code embodied in the medium for use by a party to exchange an obligation between a first party and a second party, the computer program product comprising:
- program code for causing a computer to send a transaction from said first party relating to an exchange obligation arising from a currency exchange transaction between said first party and said second party; and
  
  program code for causing a computer to allow viewing of information relating to processing, by a supervisory institution, of said exchange obligation, wherein said processing includes (1) maintaining information about a first account for the first party, independent from a second account maintained by a first exchange institution, and information about a third account for the second party, independent from a fourth account maintained by a second exchange institution;
  
  (2) electronically adjusting said first account and said third account, in order to effect an exchange obligation arising from said transaction between said first party and said second party, after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and
  
  (3) generating an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.
- View Dependent Claims (40, 41)
- - 40. The computer program product of claim 39, wherein said transaction involves currency.
  - 41. The computer program product of claim 39, wherein said program code for causing a computer to allow viewing of information further includes only allowing access to preauthorized information relating to said processing.

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Current Assignee
Alice Corporation Pty Limited
Original Assignee
Alice Corporation Pty Limited
Inventors
Shepherd, Ian Kenneth
Primary Examiner(s)
Kramer; James A
Assistant Examiner(s)
WONG, ERIC TAK WAI

Application Number

US11/166,387
Publication Number

US 20050246197A1
Time in Patent Office

1,793 Days
Field of Search

705/37, 705/35
US Class Current

705/35
CPC Class Codes

G06Q 10/06   Resources, workflows, human...

G06Q 10/087   Inventory or stock manageme...

G06Q 30/06   Buying, selling or leasing ...

G06Q 30/08   Auctions

G06Q 40/00   Finance; Insurance; Tax str...

G06Q 40/02   Banking, e.g. interest calc...

G06Q 40/03   Credit; Loans; Processing t...

G06Q 40/04   Trading; Exchange, e.g. sto...

G06Q 40/06   Asset management; Financial...

G06Q 40/08   Insurance

G06Q 50/188   Electronic negotiation

Systems and computer program products for exchanging an obligation

First Claim

2 Assignments

0 Petitions

Accused Products

Abstract

100 Citations

47 Claims

Specification

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Systems and computer program products for exchanging an obligation

First Claim

2 Assignments

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0 Petitions

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Accused Products

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Abstract

100 Citations

47 Claims

Specification

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Solutions

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