US 12,406,304 B2
Systems and methods for trades priced relative to a reference benchmark value associated with an underlying index future
Clifford J. Weber, Basking Ridge, NJ (US); and Lynn C. Martin, New York, NY (US)
Assigned to NYSE American LLC, New York, NY (US)
Filed by NYSE American LLC, New York, NY (US)
Filed on Apr. 29, 2025, as Appl. No. 19/192,862.
Application 19/192,862 is a continuation of application No. 18/824,418, filed on Sep. 4, 2024, granted, now 12,321,988.
Application 18/824,418 is a continuation of application No. 18/437,334, filed on Feb. 9, 2024, granted, now 12,112,379, issued on Oct. 8, 2024.
Application 18/437,334 is a continuation of application No. 18/357,673, filed on Jul. 24, 2023, granted, now 11,941,699, issued on Mar. 26, 2024.
Application 18/357,673 is a continuation of application No. 14/542,701, filed on Nov. 17, 2014, granted, now 11,756,118, issued on Sep. 12, 2023.
Application 14/542,701 is a continuation of application No. 14/212,077, filed on Mar. 14, 2014, granted, now 10,430,879, issued on Oct. 1, 2019.
Claims priority of provisional application 61/790,782, filed on Mar. 15, 2013.
Prior Publication US 2025/0259237 A1, Aug. 14, 2025
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 16 Claims
OG exemplary drawing
 
1. A system comprising:
at least one database comprising one or more data tables; and
an electronic platform operatively coupled to the at least one database, the electronic platform comprising non-transitory memory and at least one processor configured to execute computer-readable instructions stored in the non-transitory memory, the electronic platform configured to:
store trade information associated with a trade as a record among the one or more data tables of the at least one database, the trade initiated in a first time zone and priced relative to a reference benchmark value associated with multiple time zones;
communicate with at least one external data source and receive components of the reference benchmark value associated with the multiple time zones from the at least one external data source, each of the components received at a specific time point associated with a respective one of the multiple time zones;
delay execution of the trade while the components of the reference benchmark value are received from the at least one external data source via an electronic network;
automatically determine the reference benchmark value based on all of said components of the reference benchmark value associated with the multiple time zones upon determining that a last of the components of the reference benchmark value is available;
retrieve the trade information associated with the trade from the record among the one or more data tables;
assign a final value of the trade to the retrieved trade information, based on the automatically determined reference benchmark value associated with the multiple time zones, and create an executable trade, the final value comprising a final price and a quantity;
automatically create, responsive to the executable trade, a derivative on an underlying index future priced according to at least one market in at least one of the multiple time zones;
report the executable trade to a reporting platform;
clear the trade; and
arrange for the trade to physically settle into the underlying index future.