| 摘要 |
A central counterparty receives a contract having transaction terms associated with an interest rate swap (IRS) and a position of a security, the transaction terms including an expiration date. Upon the expiration date and in a case of a physical settlement of the contract the IRS is generated based on the transaction terms. The central counterparty facilitates delivery of the security from a second counterparty to a first counterparty and starting on a specified date after the expiration date, receives payment of a fixed side of the IRS from the first counterparty, pays the fixed side of the IRS to the second counterparty, receives a floating side of the IRS from the second counterparty, and pays the floating side of the IRS to the first counterparty. In a case of a cash settlement of the contract and upon a specified date after the expiration date the contract is cash settled based on a market value of the contract. |
| 主权项 |
1. A method for executing a trade, comprising the steps of:
receiving, by a central counterparty, a contract having transaction terms associated with an interest rate swap and a position of a security, the transaction terms including an expiration date; upon the expiration date:
generating the interest rate swap based on the transaction terms,facilitating, by the central counterparty, delivery of the security from a second counterparty to a first counterparty; and starting on a specified date after the expiration date:
receiving, by the central counterparty, payment of a fixed side of the interest rate swap from the first counterparty,paying, by the central counterparty, the fixed side of the interest rate swap to the second counterparty,receiving, by the central counterparty, a floating side of the interest rate swap from the second counterparty, andpaying, by the central counterparty, the floating side of the interest rate swap to the first counterparty. |
