US 11,783,420 B2
System and method for enhanced electronic networked settlement processor
Steven I. Givot, Chicago, IL (US)
Assigned to NYSE Chicago, Inc., Chicago, IL (US)
Filed by NYSE Chicago, Inc., Chicago, IL (US)
Filed on Mar. 28, 2023, as Appl. No. 18/127,186.
Application 17/183,711 is a division of application No. 16/742,159, filed on Jan. 14, 2020, granted, now 10,970,783, issued on Apr. 6, 2021.
Application 18/127,186 is a continuation of application No. 17/982,932, filed on Nov. 8, 2022, granted, now 11,651,433.
Application 17/982,932 is a continuation of application No. 17/465,353, filed on Sep. 2, 2021, granted, now 11,526,942, issued on Dec. 13, 2022.
Application 17/465,353 is a continuation of application No. 17/183,711, filed on Feb. 24, 2021, granted, now 11,170,441, issued on Nov. 9, 2021.
Application 16/742,159 is a continuation of application No. 15/072,950, filed on Mar. 17, 2016, granted, now 10,565,649, issued on Feb. 18, 2020.
Claims priority of provisional application 62/134,885, filed on Mar. 18, 2015.
Prior Publication US 2023/0237578 A1, Jul. 27, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 12 Claims
OG exemplary drawing
 
1. A system for operating an enhanced electronic networked settlement processing system, the system comprising:
one or more servers in communication with a member computer associated with an account via a communications network interface, the member computer comprising a graphical user interface (GUI), the one or more servers comprising a system processor and a memory storing computer-readable instructions executable by the system processor,
the system processor of the one or more servers configured to:
store open ended mutual fund (OEMF) data related to an OEMF in the memory, the stored OEMF data structured to comprise data related to fund assets and a plurality of fund shares having a value related to the fund assets; and
store OEMF futures contract (FC) data relating to an OEMF FC in the memory, the OEMF FC data defining: a) a plurality of contract shares of the fund shares, which constitutes a contract size, b) a contract settlement date, and c) contract settlement terms, the member computer configured to:
send a first electronic message responsive to user input via the GUI, comprising a request for an election for an optional OEMF FC physical settlement (PS) of a requested number of shares defining a final position, the first electronic message comprising the request for the election, and
the system processor of the one or more servers further configured to:
receive, via the communications network interface, the first electronic message from the member computer;
upon determining that the first electronic message is timely and the requested number of shares defining the final position is within a predetermined range of number of shares:
generate and send an electronic order to redeem the requested number of shares to a third party computer system,
send, via the communications network interface, a second electronic message to the member computer, the second electronic message comprising information relating to the electronic order, and
display, via the GUI, the information relating to the electronic order on the member computer; and
upon determining that the first electronic message is untimely and the requested number of shares defining the final position is outside the predetermined range of number of shares:
ignore and terminate the request,
send, via the communications network interface, an electronic rejection message to the member computer, and
display, via the GUI, the electronic rejection message on the member computer.