Multi-Laterally Traded Contract Settlement Mode Modification

Abstract

Stored data may define a multilaterally-traded contract type and specify final settlement of contracts conforming to the contract type by delivery of a defined quantity of a commodity. Additional data may be received, which additional data may indicate potential invocation of an alternate cash settlement mode for a plurality of contracts. Each contract of the plurality may be a contract conforming to the contract type. Further data may be received, with the further data indicating the alternate cash settlement mode is invoked for a group of contracts. The group may be all of the contracts of the plurality or a sub-portion of the plurality. Data may be transmitted to indicate cash final settlement of each contract of the group by payment of a cash settlement value instead of by delivery of the defined quantity of the commodity.

1 . (canceled) 
     
     
         2 . A method comprising:
 storing first data at a computer system, the first data defining a multilaterally-traded contract type and specifying final settlement of contracts conforming to the contract type by delivery of a defined quantity of a commodity, the first data further defining an alternate cash settlement mode;   receiving second data at the computer system, the second data indicating willingness of long and short counterparties to use the alternate cash settlement mode in connection with contracts conforming to the contract type;   identifying, by the computer system, contracts of the long counterparties that match contracts of the short counterparties;   calculating, by the computer system, a cash settlement value for the identified contracts of the long counterparties that match contracts of the short counterparties; and   transmitting, by the computer system, third data indicating cash final settlement of the identified contracts of the long counterparties that match contracts of the short counterparties.   
     
     
         3 . The method of  claim 2 , wherein calculating the cash settlement value comprises sampling market values for the commodity within a time window specified by the first data, discarding a portion of the sampled values, and computing the cash settlement value based on a statistical measure of the sampled values not discarded. 
     
     
         4 . The method of  claim 2 , wherein the commodity specified by the first data is one of an agricultural commodity, a foreign exchange commodity, an energy commodity, or a metals commodity. 
     
     
         5 . The method of  claim 2 , wherein the commodity is a type of transferrable benefit issued by a governmental entity, and further comprising
 receiving data indicating that the type of transferrable benefit is not available from the governmental entity.   
     
     
         6 . The method of  claim 2 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, and wherein the identifying comprises randomly selecting from the first set of contracts, and further comprising transmitting data, to the counterparties holding contracts in the first set not selected, indicating that alternate cash settlement is not authorized. 
     
     
         7 . The method of  claim 2 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, and wherein the identifying comprises apportioning authorization for alternate cash settlement among the contracts in the first set based on sizes of positions, in contracts of the contract type, of the counterparties holding contracts in the first set, and further comprising transmitting data, to the counterparties holding contracts in the first set to which authorization for alternate cash settlement was not apportioned, indicating that alternate cash settlement is not authorized. 
     
     
         8 . One or more non-transitory computer-readable media storing computer executable instructions that, when executed, cause a computer system to perform operations that include:
 storing first data, the first data defining a multilaterally-traded contract type and specifying final settlement of contracts conforming to the contract type by delivery of a defined quantity of a commodity, the first data further defining an alternate cash settlement mode;   receiving second data, the second data indicating willingness of long and short counterparties to use the alternate cash settlement mode in connection with contracts conforming to the contract type;   identifying contracts of the long counterparties that match contracts of the short counterparties;   calculating a cash settlement value for the identified contracts of the long counterparties that match contracts of the short counterparties; and   transmitting third data indicating cash final settlement of the identified contracts of the long counterparties that match contracts of the short counterparties.   
     
     
         9 . The or more non-transitory computer-readable media of  claim 8 , wherein calculating the cash settlement value comprises sampling market values for the commodity within a time window specified by the first data, discarding a portion of the sampled values, and computing the cash settlement value based on a statistical measure of the sampled values not discarded. 
     
     
         10 . The or more non-transitory computer-readable media of  claim 8 , wherein the commodity specified by the first data is one of an agricultural commodity, a foreign exchange commodity, an energy commodity, or a metals commodity. 
     
     
         11 . The or more non-transitory computer-readable media of  claim 8 , wherein the commodity is a type of transferrable benefit issued by a governmental entity, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include receiving data indicating that the type of transferrable benefit is not available from the governmental entity. 
     
     
         12 . The or more non-transitory computer-readable media of  claim 8 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, wherein the identifying comprises randomly selecting from the first set of contracts, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include transmitting data, to the counterparties holding contracts in the first set not selected, indicating that alternate cash settlement is not authorized. 
     
     
         13 . The or more non-transitory computer-readable media of  claim 8 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, wherein the identifying comprises apportioning authorization for alternate cash settlement among the contracts in the first set based on sizes of positions, in contracts of the contract type, of the counterparties holding contracts in the first set, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include transmitting data, to the counterparties holding contracts in the first set to which authorization for alternate cash settlement was not apportioned, indicating that alternate cash settlement is not authorized. 
     
     
         14 . A computer system comprising:
 at least one processor; and   at least one non-transitory memory, wherein the at least one non-transitory memory stores instructions that, when executed, cause the computer system to perform operations that include
 storing first data, the first data defining a multilaterally-traded contract type and specifying final settlement of contracts conforming to the contract type by delivery of a defined quantity of a commodity, the first data further defining an alternate cash settlement mode, 
 receiving second data, the second data indicating willingness of long and short counterparties to use the alternate cash settlement mode in connection with contracts conforming to the contract type, 
 identifying contracts of the long counterparties that match contracts of the short counterparties, 
 calculating a cash settlement value for the identified contracts of the long counterparties that match contracts of the short counterparties, and 
 transmitting third data indicating cash final settlement of the identified contracts of the long counterparties that match contracts of the short counterparties. 
   
     
     
         15 . The computer system of  claim 14 , wherein calculating the cash settlement value comprises sampling market values for the commodity within a time window specified by the first data, discarding a portion of the sampled values, and computing the cash settlement value based on a statistical measure of the sampled values not discarded. 
     
     
         16 . The computer system of  claim 14 , wherein the commodity specified by the first data is one of an agricultural commodity, a foreign exchange commodity, an energy commodity, or a metals commodity. 
     
     
         17 . The computer system of  claim 14 , wherein the commodity is a type of transferrable benefit issued by a governmental entity, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include receiving data indicating that the type of transferrable benefit is not available from the governmental entity. 
     
     
         18 . The computer system of  claim 14 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, wherein the identifying comprises randomly selecting from the first set of contracts, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include transmitting data, to the counterparties holding contracts in the first set not selected, indicating that alternate cash settlement is not authorized. 
     
     
         19 . The computer system of  claim 14 , wherein a first set of contracts consists of one of (i) contracts held by one of the long counterparties and corresponding to a long position in a contract of the contract type, or (ii) contracts held by one of the short counterparties and corresponding to a short position in a contract of the contract type, wherein a second set of contracts consists of the other of (i) or (ii), wherein the number of contracts in the first set is greater than the number of contracts in the second set, wherein the identifying comprises apportioning authorization for alternate cash settlement among the contracts in the first set based on sizes of positions, in contracts of the contract type, of the counterparties holding contracts in the first set, and wherein the stored instructions further comprise instructions that, when executed, cause the computer system to perform operations that include transmitting data, to the counterparties holding contracts in the first set to which authorization for alternate cash settlement was not apportioned, indicating that alternate cash settlement is not authorized.