DETAILED ACTION
Notice of Pre-AIA or AIA Status
The present application, filed on or after March 16, 2013, is being examined under the first inventor to file provisions of the AIA .
Claim Status
The claims filed 4/21/2025 are examined herein.
Claims 1-32 are pending and original.
Claims 1, 15, and 29 are independent.
Double Patenting
The nonstatutory double patenting rejection is based on a judicially created doctrine grounded in public policy (a policy reflected in the statute) so as to prevent the unjustified or improper timewise extension of the “right to exclude” granted by a patent and to prevent possible harassment by multiple assignees. A nonstatutory double patenting rejection is appropriate where the conflicting claims are not identical, but at least one examined application claim is not patentably distinct from the reference claim(s) because the examined application claim is either anticipated by, or would have been obvious over, the reference claim(s). See, e.g., In re Berg, 140 F.3d 1428, 46 USPQ2d 1226 (Fed. Cir. 1998); In re Goodman, 11 F.3d 1046, 29 USPQ2d 2010 (Fed. Cir. 1993); In re Longi, 759 F.2d 887, 225 USPQ 645 (Fed. Cir. 1985); In re Van Ornum, 686 F.2d 937, 214 USPQ 761 (CCPA 1982); In re Vogel, 422 F.2d 438, 164 USPQ 619 (CCPA 1970); In re Thorington, 418 F.2d 528, 163 USPQ 644 (CCPA 1969).
A timely filed terminal disclaimer in compliance with 37 CFR 1.321(c) or 1.321(d) may be used to overcome an actual or provisional rejection based on nonstatutory double patenting provided the reference application or patent either is shown to be commonly owned with the examined application, or claims an invention made as a result of activities undertaken within the scope of a joint research agreement. See MPEP § 717.02 for applications subject to examination under the first inventor to file provisions of the AIA as explained in MPEP § 2159. See MPEP § 2146 et seq. for applications not subject to examination under the first inventor to file provisions of the AIA . A terminal disclaimer must be signed in compliance with 37 CFR 1.321(b).
The filing of a terminal disclaimer by itself is not a complete reply to a nonstatutory double patenting (NSDP) rejection. A complete reply requires that the terminal disclaimer be accompanied by a reply requesting reconsideration of the prior Office action. Even where the NSDP rejection is provisional the reply must be complete. See MPEP § 804, subsection I.B.1. For a reply to a non-final Office action, see 37 CFR 1.111(a). For a reply to final Office action, see 37 CFR 1.113(c). A request for reconsideration while not provided for in 37 CFR 1.113(c) may be filed after final for consideration. See MPEP §§ 706.07(e) and 714.13.
The USPTO Internet website contains terminal disclaimer forms which may be used. Please visit www.uspto.gov/patent/patents-forms. The actual filing date of the application in which the form is filed determines what form (e.g., PTO/SB/25, PTO/SB/26, PTO/AIA /25, or PTO/AIA /26) should be used. A web-based eTerminal Disclaimer may be filled out completely online using web-screens. An eTerminal Disclaimer that meets all requirements is auto-processed and approved immediately upon submission. For more information about eTerminal Disclaimers, refer to www.uspto.gov/patents/apply/applying-online/eterminal-disclaimer.
US 12,307,523 B2
Claims 1-32 are rejected on the ground of nonstatutory double patenting as being unpatentable over claims 1-34 of U.S. Patent No. 12,307,523 B2. Although the claims at issue are not identical, they are not patentably distinct from each other. The claims are anticipated by the reference claims as mapped below.
Instant Claims
Reference Claims (US 12,307,523 B2)
1. A system comprising:
a processor communicatively coupled to a non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
store, in a memory coupled with the processor, data indicative of a plurality of interest rate swaps including a non-deliverable interest rate swap based on a deliverable currency;
receive, via a first application program interface, an electronic trade submission message to clear the non-deliverable interest rate swap and based on the receipt thereof:
calculate a valuation of the non-deliverable interest rate swap based on a:
translation of a first overnight index swap (OIS) curve based on the deliverable currency to a second OIS curve based on a non-deliverable currency using onshore futures, onshore spreads, and offshore spreads which reflect an actual offshore interest rate for the non-deliverable currency without accessing, and independent of, a remote computing system which stores data characterizing the non-deliverable currency; and
construction of a discount curve for the non-deliverable currency based on an offshore non-deliverable rate derived from an interest rate differential between the deliverable and the non-deliverable currencies; and
communicate, via a second application program interface in an inter-computer electronic messaging format, a clearing confirmation message of the non-deliverable interest rate swap and a consent request message to clear the non-deliverable interest rate swap; and
net, upon clearing of the non-deliverable swap, by a netting module, the cleared non-deliverable swap with one or more other interest rate swaps of the plurality of interest rate swaps based on the calculated valuation and remove one or both the data of the non-deliverable swap or data indicative of the one or more other interest rate swaps from the memory to reduce an amount of data storage needed to store and process the data.
1. A system comprising:
a processor communicatively coupled to a non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
implement an application programming interface (API) for processing data stored in a memory coupled with the processor indicative of a plurality of interest rate swaps including at least one non-deliverable interest rate swap based on a first deliverable currency without accessing, and independent of, a remote computing system which stores data characterizing a second non-deliverable currency;
calculate at least one discount curve for use in determining a valuation of the at least one non-deliverable interest rate swap including:
a translation of a first overnight index swap (OIS) curve based on the first currency to a second OIS curve based on the second currency using onshore futures, onshore spreads, and offshore spreads which reflect an actual offshore interest rate for the second currency;
a construction of a discount curve for the second currency based on an offshore non-deliverable rate derived from an interest rate differential between the first currency and the second currency;
a determination of a valuation of the at least one non-deliverable interest rate swap based on the second OIS curve and the discount curve; and
communication of a clearing confirmation message of the at least one non-deliverable interest rate swap and a consent request message to clear the at least one non-deliverable interest rate swap, the clearing confirmation and consent request message being in an inter-computer electronic messaging format; and
net, upon clearing of the at least one non-deliverable swap, by a netting module, the cleared at least one non-deliverable swap with one or more other interest rate swaps of the plurality of interest rate swaps and remove one or both the data of the at least one non-deliverable swap or data indicative of the one or more other interest rate swaps from the memory to reduce an amount of data storage needed to store and process the data.
2. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to display, via a display device coupled with the processor, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps.
2. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to display, via a display device coupled with the processor, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps.
3. The system of claim 1 wherein the calculation manages the currency differences without requiring a remote connection to a remote computing system located in country associated with the second currency.
3. The system of claim 1 wherein the calculation manages the currency differences without requiring a remote connection to a remote computing system located in country associated with the second currency.
4. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to: communicate a message confirming a clearing process associated with the non-deliverable interest rate swap based on a calculated valuation of the non-deliverable interest rate swap; and receive, from a remote device, confirmation to perform the clearing process.
4. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to:
communicate a message confirming a clearing process associated with the at least one non-deliverable interest rate swap based on a calculated valuation of the at least one non-deliverable interest rate swap; and
receive, from a remote device, confirmation to perform the clearing process.
5. The system of claim 1, wherein the first API comprises a messaging function, configured to receive the electronic trade submission message, for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the electronic trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the non-deliverable interest rate swap.
5. The system of claim 1, wherein the API comprises a messaging function comprising a trade submission message for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the at least one non-deliverable interest rate swap.
6. The system of claim 5, wherein the electronic trade submission message is configured in a financial communication messaging format.
6. The system of claim 5, wherein the trade submission message is configured in a financial communication messaging format.
7. The system of claim 1, wherein the first API comprises at least one interface function to facilitate communication using a financial information exchange messaging language (FIXML) or using a financial products markup language (FpML) message format.
7. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial information exchange messaging language (FIXML).
8. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial products markup language (FpML) message format.
8. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one interest rate swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to an interest rate swap and includes a first row corresponding to characteristics of the interest rate swap.
9. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one interest rate swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to an interest rate swap and includes a first row corresponding to characteristics of the interest rate swap.
9. The system of claim 8, wherein the first row is expandable to show a second row associated with a first leg of the interest rate swap and a third row associated with a second leg of the interest rate swap, wherein the second row and the third row includes columns associated with at least one characteristic of the interest rate swap.
10. The system of claim 9, wherein the first row is expandable to show a second row associated with a first leg of the interest rate swap and a third row associated with a second leg of the interest rate swap, wherein the second row and the third row includes columns associated with at least one characteristic of the interest rate swap.
10. The system of claim 1, wherein the second API comprises at least one function corresponding to a clearing firm settlement provision, wherein the second API comprises a financial products markup language (FpML) element included at a leg-level of each interest rate swap clearing confirmed message generated through the second API and a request consent message generated through the second API.
11. The system of claim 1, wherein the API comprises at least one function corresponding to a clearing firm settlement provision, wherein the API comprises a financial products markup language (FpML) element included at a leg-level of each interest rate swap clearing confirmed message generated through the API and a request consent message generated through the API.
11. The system of claim 10, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
12. The system of claim 11, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
12. The system of claim 12, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
13. The system of claim 1, wherein the instructions, when executed by the processor, cause the clearing house computing system to process at least one of the OIS curve or the discount curve to create a valuation model for use in computing a value of the interest rate swap, wherein the valuation model calculates a price alignment between cleared and un-cleared interest rate swaps based on at least the overnight rate in the deliverable currency.
13. The system of claim 12, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
14. The system of claim 13, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
14. The system of claim 1, wherein the first currency is one of United States dollars and European Euros and the second currency is one of a plurality of non-deliverable currencies.
15. The system of claim 1, wherein the first currency is one of United States dollars and European Euros and the second currency is one of a plurality of non-deliverable currencies.
Instant claims 15-28 are directed to a method with substantially similar limitations as instant claims 1-14 and are rejected similarly as being anticipated by reference method claims 16-30.
Instant claims 29-32 are directed to system with substantially similar limitations as instant claims 1, 14, 10, and 12 and are rejected similarly as being anticipated by reference claims 31-34.
US 11,830,068 B2
Claims 1-32 are rejected on the ground of nonstatutory double patenting as being unpatentable over claims 1-34 of U.S. Patent No. 11,830,068 B2. Although the claims at issue are not identical, they are not patentably distinct from each other. The claims are anticipated by the reference claims as mapped below.
Instant Claims
Reference Claims (US 11,830,068 B2)
1. A system comprising:
a processor communicatively coupled to a non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
store, in a memory coupled with the processor, data indicative of a plurality of interest rate swaps including a non-deliverable interest rate swap based on a deliverable currency;
receive, via a first application program interface, an electronic trade submission message to clear the non-deliverable interest rate swap and based on the receipt thereof:
calculate a valuation of the non-deliverable interest rate swap based on a:
translation of a first overnight index swap (OIS) curve based on the deliverable currency to a second OIS curve based on a non-deliverable currency using onshore futures, onshore spreads, and offshore spreads which reflect an actual offshore interest rate for the non-deliverable currency without accessing, and independent of, a remote computing system which stores data characterizing the non-deliverable currency; and
construction of a discount curve for the non-deliverable currency based on an offshore non-deliverable rate derived from an interest rate differential between the deliverable and the non-deliverable currencies; and
communicate, via a second application program interface in an inter-computer electronic messaging format, a clearing confirmation message of the non-deliverable interest rate swap and a consent request message to clear the non-deliverable interest rate swap; and
net, upon clearing of the non-deliverable swap, by a netting module, the cleared non-deliverable swap with one or more other interest rate swaps of the plurality of interest rate swaps based on the calculated valuation and remove one or both the data of the non-deliverable swap or data indicative of the one or more other interest rate swaps from the memory to reduce an amount of data storage needed to store and process the data.
1. A modified computing system for reducing data storage and computing capacity requirements of a portfolio, the system providing a clearing framework for clearing a non-deliverable interest rate swap comprising a first currency which is deliverable and a second currency which is non-deliverable and characterized by data stored in a computing system located in a geographic region remote from the modified computing system, the non-deliverable interest rate swap being one of a plurality of interest rate swaps of the portfolio for which data indicative thereof is stored in a memory coupled with the modified computing system, the modified computing system comprising:
a display device;
a non-transitory memory device;
a processor communicatively coupled to the display and the non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
implement an application programming interface (API) for processing non-deliverable interest rate swaps by the system based on the first currency without accessing, and independent of, the remote computing system, the API implementing functions to process trade messages having an inter-computer electronic message format and including information used by a clearing house computing system in clearing the non-deliverable interest rate swap;
calculate at least one discount curve for use in determining a valuation of the non-deliverable interest rate swap including:
a translation of a first overnight index swap (OIS) curve based on the first currency to a second OIS curve based on the second currency using onshore futures, onshore spreads, and offshore spreads which reflect an actual offshore interest rate for the second currency;
a construction of a discount curve for the second currency, the discount curve based on an offshore non-deliverable rate based on an interest rate differential between the first currency and the second currency; and
a determination of a valuation of the non-deliverable interest rate swap position based on the second OIS curve and the discount curve; and
communication of a clearing confirmation message of the non-deliverable interest rate swap and a consent request message to clear the non-deliverable interest rate swap, the clearing confirmation and consent request message being in the inter-computer electronic messaging format; and
condense, upon clearing of the non-deliverable swap, by using a netting module to net the cleared non-deliverable swap with one or more other swaps of the portfolio and remove one or both the data of the non-deliverable swap or data indicative of the one or more other swaps from the memory of the modified computing system to reduce an amount of data storage needed to store and process the data indicative of the portfolio.
2. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to display, via a display device coupled with the processor, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps.
2. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to display, via the display device, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps.
3. The system of claim 1 wherein the calculation manages the currency differences without requiring a remote connection to a remote computing system located in country associated with the second currency.
3. The system of claim 1 wherein the calculation manages the currency differences without requiring a remote connection to a remote computing system located in country associated with second currency.
4. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to: communicate a message confirming a clearing process associated with the non-deliverable interest rate swap based on a calculated valuation of the non-deliverable interest rate swap; and receive, from a remote device, confirmation to perform the clearing process.
4. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to:
communicate a message confirming a clearing process associated with the interest rate swap position based on a calculated valuation of the interest rate swap position; and
receive, from a remote device, confirmation to perform the clearing process.
5. The system of claim 1, wherein the first API comprises a messaging function, configured to receive the electronic trade submission message, for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the electronic trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the non-deliverable interest rate swap.
5. The system of claim 1, wherein the API comprises a messaging function comprising a trade submission message for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the non-deliverable interest rate swaps.
6. The system of claim 5, wherein the electronic trade submission message is configured in a financial communication messaging format.
6. The system of claim 5, wherein the trade submission message is configured in a financial communication messaging format.
7. The system of claim 1, wherein the first API comprises at least one interface function to facilitate communication using a financial information exchange messaging language (FIXML) or using a financial products markup language (FpML) message format.
7. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial information exchange messaging language (FIXML).
8. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial products markup language (FpML) message format.
8. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one interest rate swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to an interest rate swap and includes a first row corresponding to characteristics of the interest rate swap.
9. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to a swap and includes a first row corresponding to characteristics of the swap.
9. The system of claim 8, wherein the first row is expandable to show a second row associated with a first leg of the interest rate swap and a third row associated with a second leg of the interest rate swap, wherein the second row and the third row includes columns associated with at least one characteristic of the interest rate swap.
10. The system of claim 9, wherein the first row is expandable to show a second row associated with a first leg of the swap and a third row associated with a second leg of the swap, wherein the second row and the third row includes columns associated with at least one characteristic of the swap
10. The system of claim 1, wherein the second API comprises at least one function corresponding to a clearing firm settlement provision, wherein the second API comprises a financial products markup language (FpML) element included at a leg-level of each interest rate swap clearing confirmed message generated through the second API and a request consent message generated through the second API.
11. The system of claim 1, wherein the API comprises at least one function corresponding to a clearing firm settlement provision, wherein the API comprises a financial products markup language (FpML) element included at a leg-level of each swap clearing confirmed message generated through the API and a request consent message generated through the API.
11. The system of claim 10, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
12. The system of claim 11, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
12. The system of claim 12, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
13. The system of claim 1, wherein the instructions, when executed by the processor, cause the clearing house computing system to process at least one of the OIS curve or the discount curve to create a valuation model for use in computing a value of the swap, wherein the valuation model calculates a price alignment between cleared and un-cleared swaps based on at least the overnight rate in the deliverable currency.
13. The system of claim 12, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
14. The system of claim 13, wherein the valuation model generates values in both the deliverable and the non-deliverable currency, wherein the deliverable currency value is netted with other deliverable currency amounts when combined with other financial products associated with the deliverable currency.
14. The system of claim 1, wherein the first currency is one of United States dollars and European Euros and the second currency is one of a plurality of non-deliverable currencies.
15. The system of claim 1, wherein the first currency is one of United States dollars and European Euros and the second currency is one of a plurality of non-deliverable currencies.
Instant claims 15-28 are directed to a method with substantially similar limitations as instant claims 1-14 and are rejected similarly as being anticipated by reference method claims 16-30.
Instant claims 29-32 are directed to system with substantially similar limitations as instant claims 1, 14, 10, and 12 and are rejected similarly as being anticipated by reference claims 31-34.
US 10,572,939 B1
Claims 1-11, 14-25 and 28-31 are rejected on the ground of nonstatutory double patenting as being unpatentable over claims 1-9 of U.S. Patent No. 10,572,939 B1 in view of Pinkava (US 2006/0224492 A1). Although the claims at issue are not identical, they are not patentably distinct from each other. The claims are rejected as being obvious over the reference claims as follows.
Instant Claims
Reference Claims (US 10,572,939 B1)
1. A system comprising:
Omission of an element and its function is obvious if the function of the element is not desired (see MPEP 2144.04)
a processor communicatively coupled to a non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
store, in a memory coupled with the processor, data indicative of a plurality of interest rate swaps including a non-deliverable interest rate swap based on a deliverable currency;
receive, via a first application program interface, an electronic trade submission message to clear the non-deliverable interest rate swap and based on the receipt thereof:
Omission of an element and its function is obvious if the function of the element is not desired (see MPEP 2144.04)
calculate a valuation of the non-deliverable interest rate swap based on a:
translation of a first overnight index swap (OIS) curve based on the deliverable currency to a second OIS curve based on a non-deliverable currency using onshore futures, onshore spreads, and offshore spreads which reflect an actual offshore interest rate for the non-deliverable currency without accessing, and independent of, a remote computing system which stores data characterizing the non-deliverable currency; and
construction of a discount curve for the non-deliverable currency based on an offshore non-deliverable rate derived from an interest rate differential between the deliverable and the non-deliverable currencies; and
communicate, via a second application program interface in an inter-computer electronic messaging format, a clearing confirmation message of the non-deliverable interest rate swap and a consent request message to clear the non-deliverable interest rate swap; and
net, upon clearing of the non-deliverable swap, by a netting module, the cleared non-deliverable swap with one or more other interest rate swaps of the plurality of interest rate swaps based on the calculated valuation and remove one or both the data of the non-deliverable swap or data indicative of the one or more other interest rate swaps from the memory to reduce an amount of data storage needed to store and process the data.
1. A system providing a clearing framework for clearing a non-deliverable interest rate swap, the system comprising:
a display device;
a non-transitory memory device; a processor communicatively coupled to the display and the non-transitory device, wherein the non-transitory memory device stores instructions, that when executed by the processor, cause the system to:
process one or more functions of an application programming interface (API) including functions for processing trade messages including information used by a clearing house computing system in clearing non-deliverable interest rate swaps;
display, via the display device, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps;
calculate, via a calculation module, at least one discount curve for use in determining a valuation of the non-deliverable interest rate swaps based on the discount curve; and
The elements further describe the calculations performed in clearing particular instruments. It would have been obvious to one of ordinary skill in the art at the time of invention to adapt the calculations performed in order to accommodate clearing of those financial instruments.
process one or more functions of the API for reporting clearing information, wherein the one or more functions comprises a messaging function to confirm clearing of the one or more non-deliverable interest rate swaps and a second messaging function to request consent to clear the one or more non-deliverable interest rate swaps.
Pinkava teaches netting of financial instruments that apply broadly to derivates, including interest rate swaps and non-deliverable swaps (see [0452]). It would have been obvious to one of ordinary skill in the art at the time of invention to include such netting in order to reduce credit risk by offsetting obligations across multiple transactions and to reduce back office and middle office costs (see Pinkava [0452]).
2. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to display, via a display device coupled with the processor, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps.
1.
…
display, via the display device, one or more user interface screens comprising information corresponding to one or more non-deliverable interest rate swaps and one or more user interface screens comprising information of cleared interest rate swaps;
3. The system of claim 1 wherein the calculation manages the currency differences without requiring a remote connection to a remote computing system located in country associated with the second currency.
1.
The claim does not require a remote connection to a remote computing system located in country associated with the second currency.
4. The system of claim 1 wherein the stored instructions, when executed by the processor, further cause the processor to: communicate a message confirming a clearing process associated with the non-deliverable interest rate swap based on a calculated valuation of the non-deliverable interest rate swap; and receive, from a remote device, confirmation to perform the clearing process.
1.
…
wherein the one or more functions comprises a messaging function to confirm clearing of the one or more non-deliverable interest rate swaps and a second messaging function to request consent to clear the one or more non-deliverable interest rate swaps.
5. The system of claim 1, wherein the first API comprises a messaging function, configured to receive the electronic trade submission message, for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the electronic trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the non-deliverable interest rate swap.
2. The system of claim 1, wherein the API comprises a messaging function comprising a trade submission message for use at a trade input terminal to communicate a trade submission to the clearing framework, wherein the trade submission message includes a plurality of attributes corresponding to deliverable and non-deliverable currencies associated with the non-deliverable interest rate swaps.
6. The system of claim 5, wherein the electronic trade submission message is configured in a financial communication messaging format.
3. The system of claim 2, wherein the trade submission message is configured in a financial communication messaging format.
7. The system of claim 1, wherein the first API comprises at least one interface function to facilitate communication using a financial information exchange messaging language (FIXML) or using a financial products markup language (FpML) message format.
4. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial information exchange messaging language (FIXML).
5. The system of claim 1, wherein the API comprises at least one interface function to facilitate communicate using a financial products markup language (FpML) message format.
8. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one interest rate swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to an interest rate swap and includes a first row corresponding to characteristics of the interest rate swap.
6. The system of claim 1, wherein at least one user interface screen comprises a position management system interface screen to communicate a visual representation of at least one swap, wherein the position management system interface comprises a tabular format, wherein a first row displays information corresponding to a swap and includes a first row corresponding to characteristics of the swap.
9. The system of claim 8, wherein the first row is expandable to show a second row associated with a first leg of the interest rate swap and a third row associated with a second leg of the interest rate swap, wherein the second row and the third row includes columns associated with at least one characteristic of the interest rate swap.
7. The system of claim 6, wherein the first row is expandable to show a second row associated with a first leg of the swap and a third row associated with a second leg of the swap, wherein the second row and the third row includes columns associated with at least one characteristic of the swap.
10. The system of claim 1, wherein the second API comprises at least one function corresponding to a clearing firm settlement provision, wherein the second API comprises a financial products markup language (FpML) element included at a leg-level of each interest rate swap clearing confirmed message generated through the second API and a request consent message generated through the second API.
8. The system of claim 1, wherein the API comprises at least one function corresponding to a clearing firm settlement provision, wherein the API comprises a financial products markup language (FpML) element included at a leg-level of each swap clearing confirmed message generated through the API and a request consent message generated through the API.
11. The system of claim 10, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
9. The system of claim 8, wherein the settlement provision may be represented in a fixing schedule format of a FpML message or a fixing date format of the FpML message.
14. The system of claim 1, wherein the first currency is one of United States dollars and European Euros and the second currency is one of a plurality of non-deliverable currencies.
1.
The reference claim does not specify particular currencies, but it would have been obvious to one of ordinary skill in the art at the time of invention to modify the invention to apply to US dollars and European Euros because they are popular currencies.
Instant claims 15-25 and 28 are directed to a method with substantially similar limitations as instant claims 1-11 and 14 and are rejected similarly over reference claims 1-9.
Instant claims 29-31 are directed to system with substantially similar limitations as instant claims 1, 14, and 10 and are rejected similarly over reference claims 1 and 8.
Conclusion
The prior art made of record and not relied upon is considered pertinent to applicant's disclosure.
Pinkava (US 2006/0224492 A1) discloses central clearing and centrally designed API’s via the FpML and FIX protocols (see para. 0116).
Brady (US 2012/0254008 A1) discloses a system that allows a user to use instant messaging (IM) communications to directly communicate with an electronic facility or platform so that the trader can negotiate the terms of and enter into bilateral transactions with one or more market participants.
Green (US 2011/0153521 A1) discloses systems and methods for swap contracts management with a discount curve feedback loop
DEEL-SMITH (US 2015/0106250 A1) discloses computing systems and computer-implemented methods for use with interest rate swap future instruments
Wilson, JR (US 10,586,284 B2) discloses non-biased, centrally-cleared financial instrument and method of clearing and settling
Wilson, JR (US 2007/0239589 A1) discloses an interest rate derivative financial product
Lis (US 2014/0040097 A1) discloses a firm trade processing system and method
Albert (US 2007/0118455 A1) discloses a system and method for directed request for quote
Bauerschmidt (US 2007/0118460 A1) discloses detection of intra-firm matching and response thereto
Lindblom (US 2010/0332370 A1) discloses a computer system and method for calculating margin
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/ERIC T WONG/Primary Examiner, Art Unit 3693
ERIC WONG
Primary Examiner
Art Unit 3693
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