Patent ID: 8086515

Claim:
A computer-implemented system for tracking ownership of a product, the system comprising: a first exchange interface that electronically communicates with a system operated at a first exchange, wherein the first exchange interface receives an electronic authenticated delivery instrument authenticated by the first exchange and that can be used to redeem the product; a second exchange interface that electronically communicates with a system operated at a second exchange, wherein the second exchange interface receives an electronic proxy for the electronic authenticated delivery instrument and the electronic proxy may be exchanged for the electronic authenticated delivery instrument; a trader interface that receives a message from a first trader to make delivery of the product to a second trader, wherein the delivery is associated with a trade undertaken at the second exchange; and a clearing firm interface that communicates with a clearing firm associated with the second trader, wherein the clearing firm interface transmits the electronic proxy to the clearing firm, whereby ownership of the authenticated delivery instrument is transferred from the first trader to the second trader.