US Patent Issued to NYSE Chicago on May 12 for "System and method for enhanced electronic networked settlement processor" (Illinois Inventor)

ALEXANDRIA, Va., May 12 -- United States Patent no. 12,626,301, issued on May 12, was assigned to NYSE Chicago Inc. (Chicago).

"System and method for enhanced electronic networked settlement processor" was invented by Steven I. Givot (Chicago).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system and method are provided for settlement and delivery of cash settled futures contracts overlying open-ended mutual fund shares with optional delivery of mutual fund shares when physical settlement is elected. On the last date of the contract, a party which has an open position in the contract tenders the clearing organization a request to elect optional physical settlement of a specified number of shares of the mutu...