Patent ID: 7613649
Filing Date: 2009-11-03
Classification: G06Q

Abstract:
1. A system for exchanging OTC (Over the Counter) derivatives related data comprising: a plurality of data input/output and processing stations, an optional central station and a network interconnecting all stations, wherein the data input/output and processing stations are operable by parties participating in OTC derivatives related contracts for transmitting and receiving, through the network, trade details for existing OTC derivative transactions carried out with other parties, wherein the optional central station is for receiving the trade details over the network from the data input/output and processing stations, wherein the existing OTC derivative transactions include linked OTC derivative transactions for which the trade details are available for both of the parties to the respective existing OTC derivative transaction; wherein at least one of the data input/output and processing stations or optional central station includes a processor, wherein the processor is operable for generating, using the existing linked OTC derivative transactions, premature termination and assignment proposals consisting of packages of a plurality of linked OTC derivative transactions having designated maturity dates, wherein each of the proposals includes at least three involved parties, and wherein the proposals are for premature termination or assignment of the linked OTC derivative transactions of the packages at a date at which there is no prescribed value and no prescribed method of determining a value at which the termination or assignment of the linked OTC derivative transactions of the packages should take place, and at which there is no obligation for the involved parties to make premature terminations or premature assignments of the linked OTC derivative transactions of the packages, wherein there is substantially no financial loss to all of the involved parties to terminate or assign prematurely before their respective designated maturity dates, according to parameters set by the involved parties; wherein the at least one station provides the premature termination and assignment proposal packages to the involved parties for their approval.