COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR CLEARING A DERIVATIVE TRADE INVOLVING MULTIPLE TRADING EXCHANGES

摘要

A derivative trade order at a home marketplace is routed to an away market place having a better price for a counter position to the order where it is executed. The executed order triggers creation of a “balance derivative trade” at the home marketplace to balance at a home clearing house the away trade. The home clearing house uses the balance derivative trade to create derivative positions of the balance derivative trade and informs a balancing clearing entity which manages the balance derivative trade obligations. The balance derivative trade order account permits netting and reduced margin benefits for the trading participant. A dual derivative exercise operation allows balance derivative positions to be performed in one day to reduce overnight risk for the clearing entity.

主权项

1. A method comprising:
using a processing system, which includes at least one hardware processor, to perform a computer-implemented method comprising:
receiving, from a first client computer system of a first trading participant that is associated with a first electronic exchange computing system, an electronic data message that includes an instruction for a first order for a derivative instrument, the first electronic exchange computing system being associated with a first clearing house computing system, which is correspondingly affiliated with a balancing clearing entity computing system;determining which electronic exchange computing system, from among at least the first electronic exchange computing system and a second electronic exchange computing system, that the electronic data message is to be routed, the first electronic exchange computer system being different from the second electronic exchange computing system;routing, in accordance with the determining, the electronic data message to the second electronic exchange computing system to be matched with a counter order for the first order, where a matched trade of the first order to the counter order is cleared via a second clearing house computing system that is associated with the second electronic exchange computing system and different from the first clearing house computing system;in accordance with a determination that the first order is matched at the second electronic exchange computing system, automatically generating a new electronic data message that includes a newly generated balance trade for the derivative instrument that corresponds to the matched trade, the new electronic data message including data that indicates the newly generated balance trade is between the first trading participant and a balancing clearing entity that is associated with the balancing clearing entity computing system; andsending the new electronic data message to cause the newly generated balance trade to be cleared via the first clearing house computing system.