发明名称 COLLATERALIZED LENDING USING A CENTRAL COUNTERPARTY
摘要 A collateralized lending system and method using a central counterparty is disclosed. Lenders place orders to enter into long contracts with a central counterparty obligating them to lend an asset, or portion thereof. Borrowers place orders to enter into short contracts with the central counterparty obligating them to borrow an asset or a substantial equivalent thereof. The net effect acts like a lending transaction between the lender and the borrower. The contracts, referred to below as “General Repo Futures” (“GRF”) and “Special Repo Futures” (“SRF”), may be characterized at least by the value, type or amount of an asset, the interest rate, the delivery/settlement date, i.e. when the loan begins, the term of the loan, or combinations thereof. The asset may be cash or one or more particular securities, such as Treasury securities. The central counterparty anonymously matches counter-orders from one or more borrowers and one or more lenders and facilitates, at the settlement/delivery date, the lending transaction by novating itself into the matched transaction between the borrower(s) and the lender(s), i.e. the lender(s) tenders the asset, or portion thereof, to the central counterparty, such as to a clearing entity operated by the central counterparty, and the central counterparty/clearing entity loans/delivers the asset, or portion thereof, or a substantial equivalent, to the borrower. In one embodiment, the central counterparty/clearing entity may collect collateral from the borrower in exchange for loan. Upon expiration of the loan, the central counterparty/clearing entity facilitates redemption of the loan, e.g. repayment by the borrower to the central counterparty, and return of the collateral, and repayment by the central counterparty to the lender, as well as collection and payment of interest, etc. As a result of the novation, the transactions between the central counterparty and the lender and borrower are independent and guaranteed. Thereby, the risk of loss due to borrower default is absorbed by the central counterparty encouraging lending activity by prospective lenders resulting in increased credit availability.
申请公布号 US2010169205(A1) 申请公布日期 2010.07.01
申请号 US20080344839 申请日期 2008.12.29
申请人 LABUSZEWSKI JOHN W;CO RICHARD 发明人 LABUSZEWSKI JOHN W.;CO RICHARD
分类号 G06Q40/00 主分类号 G06Q40/00
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