1. A computer implemented method of facilitating a payment between a first trader and a second trader by a central counterparty which requires the first and second traders to each maintain associated accounts in which funds are deposited to cover trading losses, the central counterparty comprising a payment processor, a settlement processor, a margin processor, and a memory coupled with the payment, settlement and margin processors, the method comprising:
providing, by the central counterparty, an account database stored in the memory, the account database comprising a first account record associated with the first trader which includes data reflecting funds maintained on account to cover trading losses by the first trader, and a second account record associated with the second trader which includes data reflecting funds maintained on account to cover trading losses by the second trader;
performing, periodically by the central counterparty, based on a first position in a first instrument held by the first trader to which the second trader is a counterparty:
determining, by the payment processor, the amount of a payment to be made from one of the first or second trader to the other of the first or second trader in advance of settlement thereof based on a fixed percentage of a final settlement value of the first instrument;
assigning, by the payment processor, the first trader a second position in a futures contract characterized by a settlement date, a quantity and a price, the second position being characterized by a value based on the quantity and the price of the futures contract as of the assigning;
assigning, by the payment processor, the second trader a third position, counter to the second position, in the futures contract, the first and second traders not being identified to each other;
valuing, by the settlement processor upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined payment amount;
modifying, by the margin processor, the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the second trader; and
modifying, by the margin processor, the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the first trader; and
wherein the first position and the periodic payment amounts are characterized by economic characteristics similar to economic characteristics of a coupon bearing, fixed income security.
2. The computer implemented method of claim 1 further comprising:
when the account of the first trader is credited and the account of the second trader is debited:
determining, by the payment processor, the amount of an interest payment to be made from the first to the second trader in advance of settlement thereof based on the amount credited to the first trader;
assigning, by the payment processor, the first trader a fourth position in a futures contract characterized by a settlement date, a quantity and a price, the fourth position being characterized by a value based on the quantity and the price of the futures contract as of the assigning;
assigning, by the payment processor, the second trader a fifth position, counter to the fourth position, in the futures contract, the first and second traders not being identified to each other;
valuing, by the settlement processor upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined interest payment amount; and
modifying, by the margin processor, the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value; and
when the account of the first trader is debited and the account of the second trader is credited:
determining, by the payment processor, the amount of an interest payment to be made from the second to the first trader in advance of settlement thereof based on the amount credited to the first trader;
assigning, by the payment processor, the first trader a sixth position in a futures contract characterized by a settlement date, a quantity and a price, the sixth position being characterized by a value based on the quantity and the price of the futures contract as of the assigning;
assigning, by the payment processor, the second trader a seventh position, counter to the sixth position, in the futures contract, the first and second traders not being identified to each other;
valuing, by the settlement processor upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined interest payment amount; and
modifying, by the margin processor, the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value.
3. The computer implemented method of claim 1 wherein the quantity of futures contract is 1, the assigning of the second and third positions to the first and second traders respectively, further comprising assigning the second and third positions in a plurality of the futures contract, the quantity of the plurality of the futures contract being determined based on the payment amount.
4. The computer implemented method of claim 1 wherein the value of the second and third positions as of the assigning is zero.
5. The computer implemented method of claim 1 wherein the value of the second and third positions as of the assigning is non-zero.
6. The computer implemented method of claim 1 wherein the determining of the payment amount occurs upon occurrence of the settlement date.
7. The computer implemented method of claim 1 wherein the performing occurs one of quarterly, semiannually, or annually.
8. The computer implemented method of claim 1 wherein the quantity of the futures contract is 1, the assigning of the second and third positions to the first and second traders respectively, further comprising assigning the second and third positions in a plurality of the futures contract, the quantity of the plurality of the futures contract being determined based on the payment amount.
9. The computer implemented method of claim 1 wherein the spot value is valued based on a multiplier and a final settlement value.
10. The computer implemented method of claim 1 wherein the first instrument comprises a futures contract.
11. A system for facilitating a payment between a first trader and a second trader by a central counterparty which requires the first and second traders to each maintain associated accounts in which funds are deposited to cover trading losses, the system comprising:
an account database stored in a memory, the account database comprising a first account record associated with the first trader which includes data reflecting funds maintained on account to cover trading losses by the first trader, and a second account record associated with the second trader which includes data reflecting funds maintained on account to cover trading losses by the second trader;
a payment processor coupled with the memory and operative to, periodically based on a first position in a first instrument held by the first trader to which the second trader is a counter party, determine the amount of a payment to be made from one of the first or second trader to the other of the first or second trader in advance of settlement thereof based on a fixed percentage of a final settlement value of the first instrument; and
wherein the payment processor is further operative to assign the first trader a second position in a futures contract characterized by the settlement date, a quantity and a price, the second position being characterized by a value based on the quantity and the price of the futures contract as of the assignment, and assign the second trader a third position, counter to the second position, in the futures contract, the first and second traders not being identified to each other;
a settlement processor coupled with the memory and operative to value, upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined payment amount;
a margin processor coupled with the settlement processor and the memory and operative to modify the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the second trader, and modify the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the first trader; and
wherein the first position and the periodic payment amounts are characterized by economic characteristics similar to economic characteristics of a coupon bearing, fixed income security.
12. The system of claim 11 further comprising:
when the account of the first trader is credited and the account of the second trader is debited:
the payment processor being further operative to determine the amount of an interest payment to be made from the first to the second trader in advance of settlement thereof based on the amount credited to the first trader, assign the first trader a fourth position in a futures contract characterized by a settlement date, a quantity and a price, the fourth position being characterized by a value based on the quantity and the price of the futures contract as of the assignment, and assign the second trader a fifth position, counter to the fourth position, in the futures contract, the first and second traders not being identified to each other;
the settlement processor being further operative to value, upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined interest payment amount; and
the margin processor being further operative to modify the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value; and
when the account of the first trader is debited and the account of the second trader is credited:
the payment processor being further operative to determine the amount of an interest payment to be made from the second to the first trader in advance of settlement thereof based on the amount credited to the first trader, assign the first trader a sixth position in a futures contract characterized by a settlement date, a quantity and a price, the sixth position being characterized by a value based on the quantity and the price of the futures contract as of the assignment, and assign the second trader a seventh position, counter to the sixth position, in the futures contract, the first and second traders not being identified to each other;
the settlement processor being further operative to value, upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined interest payment amount; and
the margin processor being further operative to modify the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value.
13. The system of claim 11 wherein the quantity of futures contract is 1, the payment processor being further operative to assign the second and third positions in a plurality of the futures contract, the quantity of the plurality of the futures contract being determined based on the payment amount.
14. The system method of claim 11 wherein the value of the second and third positions as of the assignment is zero.
15. The system of claim 11 wherein the value of the second and third positions as of the assignment is non-zero.
16. The system of claim 11 wherein the payment processor is operative to determine the payment amount upon occurrence of the settlement date.
17. The system of claim 11 wherein the payment processor determines the payment amount one of quarterly, semiannually, or annually.
18. The system of claim 11 wherein the quantity of the futures contract is 11, the assigning of the second and third positions to the first and second traders respectively, further comprising assigning the second and third positions in a plurality of the futures contract, the quantity of the plurality of the futures contract being determined based on the payment amount.
19. The system of claim 11 wherein the spot value is valued based on a multiplier and a final settlement value.
20. The system of claim 11 wherein the first instrument comprises a futures contract.
21. A system for facilitating a payment between a first trader and a second trader by a central counterparty which requires the first and second traders to each maintain associated accounts in which funds are deposited to cover trading losses, the system comprising:
providing, by the central counterparty, an account database means stored in a memory, the account database means comprising a first account record associated with the first trader which includes data reflecting funds maintained on account to cover trading losses by the first trader, and a second account record associated with the second trader which includes data reflecting funds maintained on account to cover trading losses by the second trader;
means for determining, periodically based on a first position in a first instrument held by the first trader to which the second trader is a counterparty, the amount of a payment to be made from one of the first or second trader to the other of the first or second trader in advance of settlement thereof based on a fixed percentage of a final settlement value of the first instrument;
means for assigning the first trader a second position in a futures contract characterized by the settlement date, a quantity and a price, the second position being characterized by a value based on the quantity and the price of the futures contract as of the assigning;
means for assigning the second trader a third position, counter to the second position, in the futures contract, the first and second traders not being identified to each other;
means for valuing, upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined payment amount;
means for modifying the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the second trader; and
means for modifying the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the first trader.
22. A system for facilitating a payment between a first trader and a second trader by a central counterparty which requires the first and second traders to each maintain associated accounts in which funds are deposited to cover trading losses, the central counterparty comprising a processor and a memory coupled therewith, the system comprising:
an account database stored in the memory, the account database comprising a first account record associated with the first trader which includes data reflecting funds maintained on account to cover trading losses by the first trader, and a second account record associated with the second trader which includes data reflecting funds maintained on account to cover trading losses by the second trader;
first logic stored in the memory and executable by processor to determine, periodically based on a first position in a first instrument held by the first trader to which the second trader is a counterparty, the amount of a payment to be made from one of the first or second trader to the other of the first or second trader in advance of settlement thereof based on a fixed percentage of a final settlement value of the first instrument;
the first logic being further executable to assign the first trader a second position in a futures contract characterized by the settlement date, a quantity and a price, the second position being characterized by a value based on the quantity and the price of the futures contract as of the assignment, and assign the second trader a third position, counter to the second position, in the futures contract, the first and second traders not being identified to each other;
second logic stored in the memory and executable by the processor to value, upon occurrence of the settlement date, the futures contract at a spot value different from the price of the futures contract, the spot value being based on the determined payment amount;
third logic stored in the memory and executable by the processor to modify the first and second account records in the account database to reflect a credit to the account of the first trader and a debit from the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the second trader, and modify the first and second account records in the account database to reflect a debit from the account of the first trader and a credit to the account of the second trader in the amount of the difference between the value of the second position and the spot value when the difference represents a loss for the first trader.
The claims below are in addition to those above.
All refrences to claim(s) which appear below refer to the numbering after this setence.
1. A suction tip apparatus for use during surgical procedures for the removal of debris from a surgical site, the apparatus comprising:
(a) a suction tip at a distal end of the apparatus, the suction tip having a suction opening at a distal end thereof and having a suction channel for the removal of debris through suction applied at the suction opening,
(b) a hose attachment portion at a proximal end of the apparatus for attachment to a suction source,
(c) a handle portion for handling of the apparatus, the handle portion being located between the suction tip and the hose attachment portion,
(d) an ejection wire channel extending from a distal end of the handle portion and opening into the suction channel of the suction tip proximate the suction opening of the suction tip,
(e) an ejection wire that is transitionable between a retracted position and an advanced position such that,
(i) when the ejection wire is in the retracted position, the ejection wire is retained within the ejection wire channel and does not obstruct suctioning of debris through the suction channel of the suction tip, and
(ii) when the ejection wire is in the advanced position, the ejection wire extends from the ejection wire channel through the suction channel of the suction tip to the suction opening
(f) a spring element that biases the ejection wire toward the retracted position, and
(g) a manually operated control located on the handle portion for transitioning the ejection wire from the retracted position to the advanced position in opposition to the spring bias while handling the apparatus, whereby debris clogging the suction tip may be removed.
2. The suction tip apparatus of claim 1, wherein the ejection wire channel extends from the handle portion to the suction tip.
3. The suction tip apparatus of claim 1, wherein the manually operated control comprises an ejection tab, wherein manually depressing the ejection tab transitions the ejection wire from the retracted position to the advanced position in opposition to the spring bias.
4. The suction tip apparatus of claim 1, wherein the handle portion comprises a vacuum tunnel opening, and wherein the manually operated control is located on the same side of the handle portion as the vacuum tunnel opening.
5. The suction tip apparatus of claim 1, wherein the ejection wire is removably attached to the apparatus.
6. The suction tip apparatus of claim 5, wherein the handle portion defines a threaded opening by which the ejection wire is attached.
7. The suction tip apparatus of claim 1, wherein the ejection wire comprises a cable.
8. The suction tip apparatus of claim 1, wherein the spring element returns the ejection wire to the retracted position from the advanced position when the manually operated control ceases acting in opposition to the spring bias.
9. The suction tip apparatus of claim 4, wherein the manually operated control is located between the vacuum tunnel opening and the distal end of the handle portion.
10. The suction tip apparatus of claim 1, wherein the handle portion is plastic.
11. The suction tip apparatus of claim 1, wherein the ejection wire occupies the ejection wire channel.
12. The suction tip apparatus of claim 3, wherein the distal end of the ejection wire does not extend more than three millimeters beyond the suction opening when the ejection wire is fully advanced by depression of the ejection tab.
13. The suction tip apparatus of claim 3, wherein the ejection tab extends within a threaded opening of the handle portion.
14. The suction tip apparatus of claim 3, wherein the ejection tab is manually depressible in a direction that is angled toward the distal end of the handle portion.
15. The suction tip apparatus of claim 14, wherein the ejection tab is located behind a proximal end of the ejection wire relative to the direction of depression of the ejection tab.
16. The suction tip apparatus of claim 1, wherein the manually operated control comprises a plunger that has a press head and that is depressible in a direction angled toward the distal end of the handle portion.
17. The suction tip apparatus of claim 16, wherein the plunger extends within a threaded opening of the handle portion.
18. The suction tip apparatus of claim 16, wherein the press head of the plunger is located behind a proximal end of the ejection wire relative to the direction of depression of the plunger.
19. The suction tip apparatus of claim 18, wherein the distal end of the ejection wire does not extend more than three millimeters beyond the suction opening when the ejection wire is fully advanced by depression of the plunger.
20. A suction tip apparatus for use during surgical procedures for the removal of debris from a surgical site, the apparatus comprising:
(a) a suction tip at a distal end of the apparatus, the suction tip having a suction opening at a distal end thereof and having a suction channel for the removal of debris through suction applied at the suction opening,
(b) a hose attachment portion at a proximal end of the apparatus for attachment to a suction source,
(c) a handle portion for handling of the apparatus, the handle portion being located between the suction tip and the hose attachment portion,
(d) an ejection wire channel extending from a distal end of the handle portion and opening into the suction channel of the suction tip adjacent the suction opening of the suction tip,
(e) an ejection wire that is transitionable between a retracted position and an advanced position such that,
(i) when the ejection wire is in the retracted position, the ejection wire is retained within the ejection wire channel and does not obstruct suctioning of debris through the suction channel of the suction tip, and
(ii) when the ejection wire is in the advanced position, the ejection wire extends from the ejection wire channel through the suction channel of the suction tip to the suction opening, and
(f) a spring loaded control located on the handle portion for transitioning the ejection wire from the retracted position to the advanced position, wherein debris clogging the suction tip may be removed while handling the apparatus by manually actuating the control against the spring loading.