US 11,900,461 B2
Exchange for physicals
Benoit Andre Lamour, London (GB); and Anais Fabienne Christiane Dony, Vincennes (FR)
Assigned to LIFFE Administration and Management, London (GB)
Filed by LIFFE Administration and Management, London (GB)
Filed on Aug. 24, 2023, as Appl. No. 18/455,055.
Application 18/455,055 is a continuation of application No. 18/118,489, filed on Mar. 7, 2023, granted, now 11,783,419.
Application 18/118,489 is a continuation of application No. 17/684,741, filed on Mar. 2, 2022, granted, now 11,636,545, issued on Apr. 25, 2023.
Application 17/684,741 is a continuation of application No. 17/234,909, filed on Apr. 20, 2021, granted, now 11,308,558, issued on Apr. 19, 2022.
Application 17/234,909 is a continuation of application No. 17/064,839, filed on Oct. 7, 2020, granted, now 11,017,473, issued on May 25, 2021.
Application 17/064,839 is a continuation of application No. 14/341,078, filed on Jul. 25, 2014, granted, now 10,832,323, issued on Nov. 10, 2020.
Claims priority of provisional application 61/861,297, filed on Aug. 1, 2013.
Prior Publication US 2023/0394579 A1, Dec. 7, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 14 Claims
OG exemplary drawing
 
1. A non-transitory computer-readable medium storing program instructions that, when executed by one or more processors, causes the one or more processors to perform the functions of:
receiving one or more orders from a buyer computer via one or more of a wired and a wireless network, the one or more orders comprising an amount of futures contracts for securities to be purchased in exchange for an amount of shares in the securities and a designated buy price;
receiving one or more counter orders from a seller computer via one or more of the wired and the wireless network, the one or more counter orders comprising an amount of the futures contracts for the securities to be sold in exchange for an amount of the shares in the securities and a designated sale price;
storing the one or more orders and the one or more counter orders in an order book;
matching, based on one or more priority rules based on at least the designated buy price and the designated sale price, an order of the one or more orders with a counter order of the one or more counter orders stored in the order book to create a matched order having an exchange for physicals (EFP) price, the matched order comprising futures contracts for the securities to be exchanged and shares in the securities to be exchanged;
automatically determining a value of a first leg of the matched order based on a price and a quantity of the futures contracts for the securities to be exchanged;
automatically determining a value of a second leg of the matched order based on a price and a quantity of the shares in the securities to be exchanged by:
continuously monitoring one or more live index values that fluctuate according to market movement, and
continuously generating a new price for the shares in the securities to be exchanged that closely matches current market pricing by modifying a price of at least one underlying component of the securities based on, at least, the continuously monitored one or more live index values, wherein each of the at least one underlying component of the securities comprises a respective number of shares;
continuously monitoring a difference between the value of the first leg and the value of the second leg; and
once the difference is equivalent to the EFP price, simultaneously executing the first leg and the second leg.