Mark to Market - MTM. BREAKING DOWN Mark til marked - MTM.1 Problemer kan oppstå når markedsbasert måling ikke nøyaktig reflekterer den underliggende eiendelens sanne verdi. Dette kan oppstå når et selskap er tvunget til å beregne salgsprisen på disse eiendelene eller forpliktelser under ugunstige eller volatile tider, for eksempel en finansiell krise. For eksempel hvis likviditeten er lav eller investorene er redd, kan den nåværende salgsprisen på bankens eiendeler være mye lavere enn den faktiske verdien. Resultatet vil være en redusert aksjonær egenkapital. Dette problemet ble sett under finanskrisen i 2008 09 hvor mange verdipapirer som ble holdt på bankenes balanser ikke kunne verdsettes effektivt da markedene var forsvunnet fra dem. I april 2009 stemte FASBs regnskapsstandard og godkjente nye retningslinjer som gjør det mulig for verdsettelsen å være basert på en pris som vil bli mottatt i et ordnet marked i stedet for en tvungen likvidasjon som begynner i første kvartal 2009.2 Dette gjøres oftest i terminkontoer for å sikre at marginkravene blir oppfylt. Dersom den nåværende markedsverdien fører til at marginkontoen faller under det påkrevde nivået, vil næringsdrivende bli utsatt for marginavtale.3. Ulike fond er merket til marked daglig på markedet nært slik at investorer har en ide om fondets NAV. Invurderlig handels - og oppgjørsmetode og system US 7716130 B2. Metoder og systemer i samsvar med foreliggende oppfinnelse overvinne manglene i eksisterende handelssystemer ved å gi en fakturabelt handelssystem som skaper incitamenter for kundene å betale leverandørene innen en forutbestemt periode, for eksempel en oppgjørstid. Spesielt gjør det faktumløse handelssystemet det mulig for en kunde å få rabatt på bestillinger plassert hos leverandører i retur for umiddelbar betaling, f. eks. innen 24 timer av kunden Leverandøren mottar betaling innen forutbestemt tidsperiode, og kunden mottar ytterligere ca. sh fordeler ved å gi leverandøren en tidlig betaling For å kommunisere med og overføre midler mellom kunder og leverandører, kan det fakturable handelssystemet bruke en elektronisk gateway og en oppgjørsbank. I tillegg til å skape et incitament til å omfavne e-handel, er både kunder og leverandører unngå å manuelt behandle bestillinger og bruk fakturaer for å fullføre transaksjoner. 23.1 Ett eller flere datamaskinlesbare lagringsmedier som er innebygd ett eller flere dataprogrammer, idet en eller flere dataprogrammer implementerer en metode for en oppgjørsbank for å avgjøre en bestilling for en kunde slik at kunden får en tidlig betalingsrabatt for Bestilling fra en leverandør ved å betale leverandøren av en pengeforvalter via avregningsbanken innen en forutbestemt tid, den ene eller flere dataprogrammer som omfatter et sett med instruksjoner for. å fastlegge, ved oppgjørsbanken, en oversikt over en avregningsbankavtale med Kunden for å avgjøre bestillingen som kunden stiller til leverandøren ved å betale leverandøren ved hjelp av midler fra leverandøren av fondet, oppførelsen omfatter en rentesats. Selektivt mottar, ved oppgjørsbanken, en betalingsmelding fra kunden for å gjøre en nedsatt pris Betaling til leverandøren for bestillingen på en første dato ved bruk av midler fra fondleverandøren, den diskonterte betalingen er et beløp som tilsvarer en kostnad for bestillingen minus tidlig betalingsrabatt, hvor tidlig betalingsrabatt er basert på en skattemessig egenskap hos kunden, og etter at betalingsmeldingen er mottatt av oppgjørsbanken, betaler neddiskontert betaling ved bruk av midler oppnådd fra fondleverandøren ved oppgjøret bank til leverandøren for bestillingen innen den første datoen. der etter den første datoen mottar fondleverandøren elektronisk fra kunden innen en annen dato en forhandlet betaling som tilsvarer den nedsatte betalingen pluss et servicegebyr etablert mellom kunden og fondleverandøren og et rentebeløp beregnet ut fra renten etablert mellom kunden og fondleverandøren basert på en tidsperiode mellom den første og den andre dato. Det ene eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 1, som videre omfatter tidlig betaling rabatt blir forhandlet av kunden og leverandøren basert på en skattemessig egenskap hos kunden.3 Den ene eller flere komp utlæsbare medier som inneholder datautførbare instruksjoner som angitt i krav 1, karakterisert ved at renten forhandles basert på en skattemessig egenskap hos kunden. 4. Ett eller flere datamaskiner som kan lese datamaskiner som inneholder datautførbare instruksjoner ifølge krav 1, karakterisert v e d at en elektronisk gateway brukes til å kommunisere mellom oppgjørsbanken, leverandøren, fondleverandøren og kunden.5 Den ene eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner som angitt i krav 1, hvor den tidlige betalingsrabatten er en prosentandel av kostnaden for bestillingen.6 Den ene eller flere maskinlesbare medier som inneholder datamaskin-utførbare instruksjoner ifølge krav 1 som videre omfatter et sett med instruksjoner for mottak av kunden en bekreftelsesmelding fra leverandøren som indikerer at bestillingen kan fylles før leverandøren mottar betaling.7 Den ene eller flere datamaskinlesbart medium inneholdende datamaskin-eksekverbare instruksjoner ifølge krav 1, hvor den første datoen faller innenfor forutbestemt rekkefølge ed tid etter at kunden mottar et fraktvarsel fra leverandøren. 8. Det eller de avlesbare datamaskiner som inneholder datautførbare instruksjoner som angitt i krav 1, hvor fondleverandøren og oppgjørsbanken er deler av en enkelt finansinstitusjon. 9 Den ene eller flere datamaskinlesbart medium som inneholder datautførbare instruksjoner ifølge krav 1, hvor mottak av betalingsmeldingen av oppgjørsbanken skjer etter en forhåndsbestemt hendelse etter mottak av en fraktmelding fra kunden.10 Det ene eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner av krav 1 hvor fondleverandøren og oppgjørsbanken er en del av samme institusjon.11. Det ene eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 1, hvorved den skattemessige egenskapen til kunden er en balanse av kunden. Den ene eller flere maskinlesbare medier som inneholder datautførbare instruksjoner i krav 1, furthe r hvor den skattemessige egenskapen til kunden er en kredittvurdering av kunden.13 Ett eller flere datamaskiner som kan leses, og som er innebygd ett eller flere dataprogrammer, sier en eller flere dataprogrammer som implementerer en metode for en oppgjørsbank for å bosette seg en ordre for en kunde slik at kunden får en tidlig betalingsrabatt for ordren fra en leverandør ved å betale leverandøren av en fondleverandør via oppgjørsbanken, den ene eller flere dataprogrammer som omfatter et sett med instruksjoner for. oppgjørsbanken, en oversikt over en avregningsbankavtale med kunden for avregning av ordrer plassert av kunden ved å betale leverandører ved hjelp av midler fra finansieringsleverandøren, hvor posten omfatter en rentesats. elektronisk mottar av betalingsbanken en betalingsmelding fra kunden til å foreta en nedsatt betaling til leverandøren for bestillingen på en første dato ved bruk av midler fra fondleverandøren, den diskonterte betalingen er et beløp som tilsvarer en kostnad for bestillingen, med mindre en tidlig betalingsrabatt avtalt mellom kunden og leverandøren basert på leverandøren som mottar betaling for bestillingen innen en forutbestemt tidsperiode. etter at betalingsmeldingen er mottatt av oppgjørsbanken og betaler Tilbakebetalt betaling ved bruk av midler hentet fra fondleverandøren, av oppgjørsbanken til leverandøren for bestillingen innen den første datoen. Deretter etter den første datoen mottar fondleverandøren elektronisk fra kunden innen en annen dato en forhandlet betaling som tilsvarer den nedsatte betalingen pluss en serviceavgift og et rentebeløp beregnet på grunnlag av en tidsperiode mellom første og andre datoer og hvor rentebeløpet er relatert til avregningsbankavtalen.14 Det ene eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner i krav 13 som videre omfatter et sett med instruksjoner for å forhandle, av kunden og leverandøren, den tidlige betalingsrabatt basert på a skattemessig karakteristikk av kunden. 15 Det eller de datamaskiner som kan leses, inneholder datakomponerende instruksjoner ifølge krav 13, hvor renten er etablert av kunden og fondleverandøren basert på en skattemessig egenskap hos kunden. 16 Den ene eller flere datamaskiner lesbart medium inneholdende datamaskin-eksekverbare instruksjoner ifølge krav 13, hvor en elektronisk gateway brukes til å kommunisere mellom oppgjørsbanken, leverandøren, fondleverandøren og kunden.17 Det eller de andre datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 13 hvor tidlig betalingsrabatt er en prosentandel av kostnaden for ordren. 18. Det eller de andre datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 13, som videre omfatter et sett med instruksjoner for å sende en bekreftelsesmelding fra leverandøren til kunden som indikerer at bestillingen kan fylles ut før leverandøren mottar betaling.19 Den ene eller flere maskinlesbare medier inneholder Kredittkompatible instruksjoner som angitt i krav 13, hvor fondleverandøren og oppgjørsbanken er deler av en enkelt finansinstitusjon. 20. Det eller flere datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 13, hvor betalingsmeldingen mottas av oppgjørsbanken etter en forhåndsbestemt hendelse etter mottak av en fraktmelding fra kunden.21 Det eller de andre datamaskinlesbare medier som inneholder datautførbare instruksjoner som angitt i krav 13, hvor fondleverandøren og oppgjørsbanken er en del av samme institusjon.22 Den ene eller flere datamaskiner lesbare medier som inneholder datamaskin-eksekverbare instruksjoner ifølge krav 15, hvor den skattemessige egenskapen til kunden er en balanse av kunden. 23. Det eller de andre datamaskinlesbare medier som inneholder datautførbare instruksjoner ifølge krav 15, hvor kundens skattemessige egenskap er er en kredittvurdering av kunden. Denne søknaden er en deling av og fordringsfordel av p Rioritet fra søknad Ser nr. 09 561 990, innlevert 2. mai 2000, som ble tillatt 18. oktober 2006 nå US patent nr. 7 266 525, som er inkorporert heri som referanse. BAKGRUND FOR OPPFINNELSEN. Oppfinnelsens område. Denne oppfinnelsen vedrører generelt data prosesseringssystemer og mer spesielt til elektroniske handels - og oppgjørssystemer. B Beskrivelse av tilhørende Art. Conventional trading and settlement systemer involverer generelt store bedriftskunder, kommersielle leverandører og store finansinstitusjoner, for eksempel avviksbanker. Disse systemene handler med store mengder papir Det vil si at konvensjonelle handels - og oppgjørssystemer oppretter papirløyper som tjener til å forlenge en forretningstransaksjon fra den opprinnelige bestillingen til den endelige betalingen. For eksempel kan en kunde legge inn en bestilling og en bestillingsordre hos en leverandør. Når leverandøren mottar bestillingen, Leverandøren lager en pakke, og sender bestillingen til kunden. Med forsendelsen av bestillingen inkluderer leverandøren en faktura for bestillingen Fakturaen krever vanligvis betaling innen en standard tidsperiode fastsatt av leverandøren f. eks. 30 dager I praksis kan mange kunder imidlertid ta opptil 60 dager til å avgjøre sine utestående kontoer hos leverandører. Det kan derfor ta over to måneder fra tidspunktet en kunde legger inn en ordre og den sendes til leverandøren mottar en betaling. Bortsett fra redusert kontantstrøm og kredittrisiko født av leverandøren før mottak av betaling, må kunden enten manuelt eller elektronisk behandle hver faktura og konto med leverandøren. Som følge av de iboende problemene med konvensjonelle handels - og oppgjørssystemer, bytter flere og flere leverandører og / eller kunder til Internett, og handler og settler på nettet. Det vil si systemer som forsyningssidehandelssystemer som bruker vanlige handelsvilkår F. eks. betalingsavgift 30 dager tilbys av forretningsløsningsfirmaer, for eksempel ORACLE, COMMERCE ONE, eller ARIBA. Selv om disse elektroniske handel og oppgjør systemer skaper en elektronisk markedsplass som gjør det mulig for både kunder og leverandører å handle online, handelssystemet gjør det til en høy pris Det vil si, med mindre alle parter, for eksempel kunder, leverandører, avregningsbanker er koblet, er fordelene ved elektronisk handel og oppgjør ikke realisert Det kan med andre ord være at kunden har bygget en stor infrastruktur som er i stand til å fullføre automatisert bestilling, med mindre leverandøren har gjensidig funksjonalitet, må kunden ty til mer konvensjonell bestilling, for eksempel papirkjøpsordrer for å engasjere leverandøren. Selv om fordelene er Det er åpenbart at både kunder og leverandører har vært sakte til å vedta elektronisk handel og bosetting. Det er derfor behov for et system som oppfordrer både leverandører og kunder til å vedta elektroniske handels - og oppgjørsmuligheter. Derfor er det behov for å forbedre eksisterende handels - og oppgjørssystemer ved å muliggjøre elektroniske fakturable handels - og oppgjørssystemer som gir de incentiver for både kunder og leverandører til å handle og avgjøre elektronisk. Et slikt system bør ikke bare gi et konkret incitament til både kunder og leverandører, men også det bør legge liten eller ingen risiko på oppgjørsbanken. Oppsummering av oppfinnelsen. Metoder og systemer i samsvar med foreliggende oppfinnelse overvinne manglene i eksisterende handelssystemer ved å gi et fakturabelt handelssystem som skaper incitamenter for kundene å betale leverandører innen en bestemt tidsperiode, for eksempel en oppgjørstid. Spesielt gjør det faktumløse handelssystemet det mulig for en kunde å skaffe seg en rabatt på bestillinger plassert hos leverandører i retur for umiddelbar betaling, for eksempel innen 24 timer av kunden Leverandøren mottar betaling innen forutbestemt tidsperiode, og kunden mottar ekstra kontantfordeler ved å gi leverandøren en tidlig betaling For å kommunisere med og overføre Fond mellom kunder og leverandører, det faktumløse handelssystemet m Bruk en elektronisk gateway og en oppgjørsbank. I tillegg til å skape et incitament til å omfavne e-handel, unngår både kunder og leverandører behovet for å manuelt behandle bestillinger og bruke fakturaer for å fullføre transaksjoner. BESKRIVELSE AV TEGNINGENE. Den medfølgende tegning, hvilken er innarbeidet i og utgjør en del av denne spesifikasjonen, illustrerer en implementering av oppfinnelsen og tjener sammen med beskrivelsen fordelene og prinsippene til oppfinnelsen på tegningene. Fig. 1A viser et fakturabelt handelssystem egnet for praktiseringsmetoder og systemer som er i samsvar med foreliggende oppfinnelse. FIG 1B viser en annen utførelsesform av et fakturabelt handelssystem som er egnet for å praktisere metoder og systemer som er i samsvar med foreliggende oppfinnelse. FIG 2A viser et mer detaljert diagram over kundedatamaskinen vist i figur 1.FIG 2B viser en mer detaljert diagram over leverandørdatamaskinen vist i figur 1.FIG 3 viser et mer detaljert diagram av t han oppgjøret bank server avbildet i figur 1 og. FIG 4 skildrer et flytskjema av trinnene utført av det faktumløse handelssystemet i samsvar med prinsippene for foreliggende oppfinnelse. Den følgende detaljerte beskrivelse av oppfinnelsen refererer til de vedlagte tegningene Selv om beskrivelsen inkluderer eksempler på implementeringer, andre implementeringer er mulige, og endringer kan gjøres til de beskrevne implementeringer uten å avvike fra oppfinnelsens og omfangets omfang. Den følgende detaljerte beskrivelse begrenser ikke oppfinnelsen. I stedet er oppfinnelsens ramme definert av de vedlagte krav hvor som helst mulig, vil samme referansenumre bli anvendt i hele tegningene og den følgende beskrivelse for å referere til de samme eller like deler. Metoder og systemer i samsvar med foreliggende oppfinnelse tilveiebringer et fakturabelt handelssystem som gir incentiver for kunder å betale leverandører innen en forutbestemt periode av tid, for eksempel en oppgjørstidspunkt tommer og leverandør forvalter et incentivbeløp som skal gjelde for hver ordre. Det faktureringsløse handelssystemet tegner et beløp som tilsvarer fullverdien av en ordre som er lagt av kunden og fylles av leverandøren fra en bankkonto knyttet til kunden. Periodisk sett er handelssystemet rabatter til kunden forforhandlet beløp Slike metoder og systemer gir rabatt som et incitament til kunden, slik at kunden betaler leverandøren innen en forutbestemt oppgjørstid, f. eks. en dag. Det faktumløse handels - og oppgjørssystemet omfatter en rekke komponenter, for eksempel en kundebank, en oppgjørsbank, en leverandørbank og en elektronisk gateway som forbinder en kunde og en leverandør. En kunde, for eksempel selskap eller statlig enhet, legger en ordre ved hjelp av en elektronisk gateway for å kjøpe produkter fra en leverandør. Produktene er bredt definert som varer, tjenester , fysiske gjenstander eller varer, eller noe annet element som en leverandør kan selge til en kunde. En ordre kan være en elektronisk melding levert i et velkjent økonomisk kommunikasjonsformat, for eksempel FTP, EDI, SMTP. A leverandør tilbyr produkter til flere kunder For å lokke kunden om å betale umiddelbart innen en oppgjørstid, tilbyr leverandøren et incitament til kunden, for eksempel rabatter, bonuser, priser og lignende For å sikre nøyaktighet av en bestilling, sender leverandøren straks en elektronisk melding til kunden ved hjelp av den elektroniske gatewayen. En leverandør kan fylle kundeordrer med noen tradisjonelle metoder. For eksempel kan leverandøren skanningspakke som beskrevet nedenfor. I tillegg til skanningspakker kan leverandøren sende elektronisk bekreftelsesmelding, f. eks. Avansert forsendelsesmelding, ASN til kunden ved hjelp av den elektroniske gatewayen. ASN beskrives nærmere nedenfor. En oppgjørsbank, som en bedriftsbank eller enhver lignende finansinstitusjon betaler leverandøren på et tidspunkt som avtalt på forhånd mellom kunden og leverandøren. Når en kunde overfører en autorisasjon til s enlement bank for å betale leverandøren via den elektroniske gatewayen, legger oppgjørsbanken rydde midler til et spesifisert beløp eller et diskontert beløp i en leverandørs bank. Avvikte midler kan hentes fra kundens bank som lån til kunden, tilbaketrekking fra en kunde s innskuddskonto eller lignende. En elektronisk gateway kan være en uavhengig enhet eller spesifikk for typen produkter som blir kjøpt og solgt. For eksempel, når det gjelder et privat nettverk, kan en elektronisk gateway inneholde en administrator som utveksler, logger og oversetter meldinger mellom abonnerende kunder og abonnentleverandører. Ved et åpent nettverk kan den elektroniske gatewayen være Internett For å gi sikkerhet i et åpent nettverk, kan en brannmur eller VPN brukes når du kobler kunden, leverandøren, deres respektive banker og oppgjørsbanken I tillegg kan den elektroniske gatewayen omfatte oversettelses-, logging - og videresendingstjenester for å sikre nøyaktigheten av alle bestillinger, betalinger og Merknader Et eksempel på en elektronisk gateway som er egnet for å utøve metoder og systemer som er i samsvar med foreliggende oppfinnelse, er AT T INTERCOMMERCE-gatewayen, tilgjengelig fra AT T. Inkursløse handelssystemer gir en rekke fordeler i forhold til tradisjonelle handels - og oppgjørssystemer. både kunder og leverandører et konkret incitament til å omfavne e-handel Kunder kan generere ekstra fortjeneste ved å motta en kontant fordel for å forbedre kontantstrømmen til leverandøren ved å gi oppgjørsbanken mulighet til å overføre en tidlig betaling til leverandørens bankkontoer. Leverandøren kan motta betaling av en enestående kundekonto innen kort tid, for eksempel en virkedag i oppgjørsbanken, som mottar instruksjoner fra kunden for å betale opp kontoen. Andre fakturafrie handelssystemer reduserer betraktelig kostnadene knyttet til leverandørhandel for både kunde og leverandører ved å bruke en elektronisk gateway, ikke bare gjør en suppli Det er ikke nødvendig å produsere fakturaer, oppfølging av utestående kontoer eller prosessbetalinger, men også leverandøren kan nesten umiddelbart motta midler siden oppgjørsbanken direkte legger inn midler til leverandørens bank. Videre kan overføringsråd automatisk bli innlevert til leverandør s regnskapsprogramvare Kunder kan ha tilgang til elektroniske kataloger på leverandørens system, og kunden kan også motta automatisert og umiddelbar bekreftelse på forsendelsen. Endelig skaper det fakturelle handelssystemet ekstra fortjeneste for både leverandører og kunder Det vil si kundens saldo ark brukes til å generere ekstra fortjeneste for kunden gjennom leverandørrabatter. Det er styrken til kundens balanse som gjør det mulig for leverandørene å motta umiddelbar betaling og derfor ha incentiv til å bruke det fakturaløse handelssystemet. Kundens balanse påvirkes ikke negativt ved å betale sine leverandører tidlig som lånte midler brukes til å discha Rge handelskreditorer, og dermed avbryter tilleggsansvaret for låneopptaket. Slik forbedres balansen marginalt ettersom nettopå lånet er mindre enn pålydende av handelskreditorer. I tillegg skaper det fakturale handelssystemet ekstra fortjeneste for kunden ved å tilby en rabatt fra oppgjørsbanken Siden kunden generelt er et større og sterkere parti enn leverandøren, har kunden en lavere kostnad på midler. Derfor bestemmer differansen mellom kostnaden og tilgjengeligheten av midler til kunden og leverandøren i stor grad størrelsen på Leverandørens incentivrabatt og dermed størrelsen på rabatten fra oppgjørsbanken Som en del av deres incitament fra leverandøren mottar kunden en rabatt fra oppgjørsbanken basert på kundens styrke og kredittvurdering. FIG 1A skildrer et eksemplarisk fakturabelt handelssystem 100 egnet til å utøve metoder og systemer som er konsistente med foreliggende oppfinnelsesfaktura mindre handelssystem 100 omfatter en kundedatamaskin 102 en leverandør datamaskin 104 og en oppgjørsbankserver 106 som alle er forbundet via en elektronisk gateway 120, slik som Internettet. Også inkludert i fakturabelt handelssystem 100 er en kundebankdator 108 og en leverandørbankdator 110 Bank datamaskiner 108 110 kan være direkte koblet til bankserver 106 direkte koblet til kunde 102 og leverandør 104 eller forbundet med både gjennom elektronisk gateway 120 En kunde kan bruke kundedatamaskinen 102 til å plassere en bestilling med en leverandør for produkter En leverandør kan bruke leverandørdatamaskin 104 å motta og behandle ordrer og sende elektronisk fraktbrev til en kundedatamaskin 102. Selv om bare én kundecomputer 102 og leverandørcomputer 104 er avbildet i system 100, vil en fagmann forstå at mange flere kunder og leverandører av datamaskiner kan være koblet til systemet 100.FIG 1B skildrer et annet eksempelvis fakturabelt handelssystem 150 for praktiserende metoder og systemer som er i samsvar med foreliggende oppfinnelse. Feilløst handelssystem 150 omfatter kundedatamaskin 102 leverandørdatamaskin 104 en avviksbank 112 og en fondleverandør 114 I system 150 kan kunde 102 oppnå en tidlig betalingsrabatt for en ordre fra leverandør 104 ved å betale leverandøren av en fondleverandør 114 via en oppgjørsbank 112 I en utførelsesform kan kunde 102 opprette en avregningsbankavtale med oppgjørsbank 112 for oppgjørsbestemmelser plassert av kunde 102 ved å betale leverandører ved hjelp av midler fra fondleverandøren 114 Kunden 102 kan også etablere en finansieringsavtale med fondleverandør 114 innbefattende for eksempel et servicegebyr og en rente som skal betales av kunde 102 til fondleverandør 114 Når kunde 102 overfører en ordremelding til leverandør 104 med en ordre for en vare, kan kunden 102 da motta En fraktmelding fra leverandør 104 som angir at bestillingen er fylt Etter at fraktmeldingen er mottatt av c ustomer 102 fra leverandør 104 kunde 102 kan sende en betalingsmelding til avviksbank 112 for å foreta en nedsatt betaling til leverandør 104 for bestillingen på en første dato ved bruk av midler fra fondleverandør 114 I et eksempel kan den nedsatte betaling være lik en kostnad for bestillingen mindre en tidlig betalingsrabatt avtalt mellom kunde 102 og leverandør 104 basert på leverandør 104 mottar betalinger for bestillingen med en forutbestemt tidsperiode Etter den første datoen kan kunde 102 betale en forhandlet betaling, f. eks. lik den diskonterte betalingen pluss servicegebyr og rentebeløp til fondleverandør 114 For eksempel kan renten beregnes basert på en tidsperiode mellom den første datoen og datoen da kunden betaler fondleverandøren 114.FIG 2A viser et mer detaljert diagram av kundedatamaskinen 102 som inneholder et minne 210 en sekundær lagringsanordning 220, en sentralbehandlingsenhet CPU 230, en inngangsenhet 240 og en videodisplay 250 Minne 210 inkluderer b rowser 212 som gjør det mulig for kunder å samhandle med datamaskin 104 og banker 106 108 ved å overføre og motta filer, for eksempel websider. En nettside kan inkludere bilder eller tekstinformasjon for å gi et grensesnitt for å motta forespørsler om produkter fra en bruker ved hjelp av HTML , Java eller andre teknikker Eksempler på nettlesere som er egnet for bruk med metoder og systemer som er i samsvar med foreliggende oppfinnelse, er nettleseren Netscape Navigator, fra Netscape Communications Corp og Internet Explorer-nettleseren, fra Microsoft Corp. As vist i figur 2B leverandørdatamaskin 104 inkluderer en minnet 260 en sekundær lagringsenhet 270 en CPU 280 en inngangsenhet 290 og en videodisplay 292 Minne 260 inkluderer regnskapsmessig programvare 262 som behandler mottatte ordrer og skaper ASNer for kunden. En ASN er en melding sendt til en kunde ved forsendelse av varer i tillegg regnskapsprogramvare 262 inneholder et brukergrensesnitt som ikke er vist for å kommunisere med datamaskin 102 og bankservere 106 110 Th e brukergrensesnitt kan være en webside, API for applikasjonsprogramgrensesnitt, e-postprogram eller annet inngangsgrensesnitt En API er et sett med rutiner, protokoller eller verktøy for kommunikasjon med programmer. APIer gir effektiv tilgang til regnskaps programvare 262 uten Behov for ytterligere programvare for grensesnitt med programvarens webprogramvare, for eksempel APACHE Web-programvare eller e-postprogram, for eksempel Sendmail-e-postprogramvaren, kan også bli inkludert som brukergrensesnitt for å overføre og motta informasjon Sekundær lagringsenhet 270 inneholder en database 272 som inneholder informasjon knyttet til kundefordringer og kontoskulder. Som vist i figur 3 omfatter avviksbankserver 106 et minne 310 en sekundær lagringsanordning 320 en CPU 330 en inngangsenhet 340 og en videodisplay 350 Minne 310 innbefatter oppgjør programvare 312 og et bankgrensesnitt 314 Settlingsprogramvare 312 sender midler til en konto tilknyttet leverandøren i leverandørbanken 110 og debiterer midler fra m en konto knyttet til kunden i kundebanken 108 Avregningssoftware 312 kan kommunisere med datamaskiner 102 104 og banker 108 110 ved hjelp av bankgrensesnitt 314 Et bankgrensesnitt er en betalingsgateway for en bank. Inkludert handelsprosess. FIG 4 skildrer et flytskjema over trinnene som utføres av fakturabelt handelssystem 100 ved levering av fakturabel handel mellom kunder og leverandører Det første trinnet er at en kunde som bruker kundedatamaskin 102, sender en ordre til en leverandør datamaskin 104 gjennom elektronisk gateway 120 trinn 402. Som forklart tidligere kan elektronisk gateway 120 oversette kundens ordre til et format som er forståelig av leverandørdatamaskin 104 og videresende ordren til regnskapsmessig programvare 262 i leverandørdatamaskin 104 For eksempel kan en leverandør bruke et webgrensesnitt og eller e-post for å gi tilgang til regnskapsmessig programvare 262, men kunden kan ikke har e-post eller web-funksjonalitet, og kan i stedet bare ha telefaksfunksjon Kunden kan fakse et kjøp bestille til en faksimile server ikke vist i elektronisk gateway 120 Gateway 120 konverterer deretter faksimile til en e-post og videresender e-posten til leverandørcomputeren 104 Elektronisk gateway 120 kan også opprettholde en logg av alle bestillinger plassert av kunden i en sentralisert database for regnskaps - eller revisjonsformål. Hvis en kundes bestilling inneholder flere produkter fra flere leverandører, for eksempel produkt A fra en leverandør og produkt B fra en annen leverandør, kan elektronisk gateway 120 opprette og videresende ordremeldinger som inneholder passende produkter for hver leverandør 104. Neste leverandør datamaskin 104 behandler bestillingen og overfører et svar til kundedatamaskinen 102, inkludert statusen til bestillingssteget 404. Leverandøren kan først sende en bekreftelsesmelding til kundedatamaskinen 102 som indikerer at bestillingen kan fylles, for eksempel at leverandøren har Produkt på lager Leverandøren kan behandle bestillingen ved hjelp av en skanningspakkteknikk. Scan-pakking betyr først å bestemme om den bestilte s roducts er tilgjengelige, og i så fall skanner strekkoderne til de bestilte produktene, lager en pakke, en leveringsetikett og en ASN umiddelbart før forsendelsen av produktene. ASN-meldingen sendes til kunden som bekreftelse på at varene er sendt , og bekreftelse på innholdet i forsendelsen. Scan-pakkingsteknikken sikrer kundens integritet og ansvar, siden teknikken lager strekkodens pakke, leveringsetikett og ASN-melding. Ved tidspunktet for den faktiske forsendelsen, f. eks. UPS, Federal Express kan leverandøren videresende ASN-meldingen til kundedatamaskinen 102 via elektronisk gateway 120 På samme måte som kundeordren i trinn 402 kan elektronisk gateway 120 transformere den elektroniske meldingen i et format valgt av leverandør 104, for eksempel e-post, forespørsel Elektronisk gateway 120 oversetter ASN til et format som er forståelig av kunden, logger ASN, og leverer ASN til kundedatamaskin 102. Ved kundedatamaskin 102 mottar ASN ASN melding kan kunden bekrefte at innholdet i ASN er identisk med ordren. I så fall kan kunden bruke kundedatamaskinen 102 til å sende en betalingsinstruksjon til avregningssoftware 312 plassert på oppgjørsbankens server 106 trinn 406 Kunden kan bruke elektronisk gateway 120 or any other communication means, such as facsimile, to instruct bank server 106 to pay the supplier The payment instruction may include supplier details eg name, address, bank account number , amount of purchase, discounted amount, and the like If the customer transmits the payment instruction using electronic gateway 120 electronic gateway 120 may translate the payment instruction into a format understandable by settlement bank server 106 and deliver the instruction to banking interface 314 in bank server 106 For example, if the customer transmits a payment instruction as an e - mail, and settlement bank server 106 requires an Electronic Data Interchange EDI format, electronic gateway 120 may translate the payment instruction to an EDI format before forwarding the message to banking interface 314 The customer may transmit the payment instruction regardless of whether or not the actual products have been received Alternatively, the customer may transmit a payment instruction once the products have been received and or scan-packed by the customer, or after some other prearranged event, such as issuance of a delivery tracking number by a shipping company. Regardless of the method used to transmit the payment instruction to settlement bank server 106 once received, settlement software 312 processes the payment instruction step 408 That is, settlement software 312 first determines the amount to discount the payment and transfers cleared funds e g customer loan, direct deposit to the supplier s deposit account located at supplier bank 110 Settlement software 312 may determine the amount to discount from the payment instruction received from the customer To deposit the funds with s upplier bank 110 settlement software 312 may use banking interface 314 to wire transfer, prepare a check, or use any other well-known banking network, such as the EDI banking network In addition, settlement software 312 may issue a remittance advice e g electronic message, facsimile, e-mail to the supplier by transmitting a notification though electronic gateway 120 to accounting software 262 though a user interface If the supplier can not accept an automated remittance, settlement bank 106 may forward the remittance notice in another format, such as facsimile, or mail. As mentioned before, the discounted payment is prearranged and may be different for each customer and supplier based on a negotiated contract For example, a supplier may offer a large customer a higher discount, or a supplier may offer a customer that pays within a shorter period of time e g 24 hours of receiving the ASN a higher discount Settlement bank server 106 may obtain cleared funds from the customer by providing a loan, or direct withdrawal from the customer s bank account at customer bank 108 One skilled in the art will appreciate that other accounting-exercises between a customer and a supplier may exist, such as the customer and the supplier negotiating a price based on an immediate payment from the customer to the supplier, such that the payment includes a discount In this case, settlement bank 106 may pay the supplier a full amount without any deduction. After a credit period measured from the time at which settlement software 312 transfers the discounted funds to supplier bank 110 e g one month , settlement software 312 debits the customer s account at customer bank 108 an amount equivalent to the face value of the payment before any discount step 410 One skilled in the art will appreciate that other accounting exercises between settlement bank 106 and the customer may exist, such as debiting the amount equivalent to the discounted amount plus any additional bank fees e g wire transfer, h andling fees. For example, if settlement software 312 directly debits the customer s bank account the full amount, a bank or an intermediary software developer may be entitled to a facility fee described below , and or a bank fee to process any supplier payment In addition, if settlement bank 106 provides a loan to the customer, settlement bank 106 may also be entitled to an interest fee for the time the bank s funds are outstanding. Finally, settlement bank 106 periodically e g month, quarterly rebates to the customer the amount of the discount deducted from the supplier account, less the settlement bank interest on funds for the time outstanding, plus any applicable fees step 412.Electronic gateway 120 may contain added functionality That is, a software supplier of business to business e-commerce solutions may add various software to electronic gateway 120 such as additional security, additional auditing and or database functionality, or any other software to enhance financial settleme nts The software supplier may request an electronic gateway 120 owner to include a facility fee for each order that uses the suppliers software in electronic gateway 120 The software supplier may license the software to the owners of electronic gateway 120 and in return for the use of the software, electronic gateway 120 may pay a license fee based on a revenue share agreement, or a set percentage based on dollars transacted. This licensing agreement would therefore enable the software suppliers to charge a facility fee for their software. As explained, systems consistent with the present invention overcome the shortcomings of existing trading systems by providing incentives for customers to pay suppliers within a shortened settlement period The customer pays a reduced price and the supplier receives payment more quickly reducing the cost of financing its sales. Although aspects of the present invention are described as being stored in memory, one skilled in the art will appreciate that t hese aspects may be stored on or read from other computer readable media, such as secondary storage devices, like hard disks, floppy disks, and CD-ROM a carrier wave received from a network, such as the Internet or other forms of ROM or RAM Additionally, although specific components and programs of computers 102 104 and various bank servers have been described, one skilled in the art will appreciate that these may contain additional or different components or programs. The foregoing description of an implementation of the invention has been presented for purposes of illustration and description It is not exhaustive and does not limit the invention to the precise form disclosed Modifications and variations are possible in light of the above teachings or may be acquired from practicing of the invention For example, other discounts, and or incentives for the customer may apply Moreover the described implementation includes software but the present invention may be implemented as a combinat ion of hardware and software or in hardware alone The invention may be implemented with both object-oriented and non-object-oriented programming systems. System and method for creating and trading credit rating derivative investment instruments US 20060253368 A1.A method of creating and trading packaged standard credit rating derivatives on an exchange is provided, as well as a trading facility for trading such packaged standard credit rating derivatives Credit rating derivatives are created by identifying a credit rating service that includes a plurality of risk categories Unique monetary values are mapped to risk categories and an entity rated by the credit rating service is identified A credit rating derivative is then created whose value is determined at least in part by the monetary value to which the risk category associated with the rated entity is mapped. 19.1 A method of creating and trading derivative investment instruments based on an entity s credit rating, the method comprising. identifying a credit rating service having a credit rating scheme that includes a plurality of risk categories, wherein the credit rating service rates an entity s credit worthiness by associating an appropriate one of said plurality of risk categories with the entity. mapping the risk categories to unique monetary values. identifying an entity which is rated by the credit rating service and. creating a credit rating derivative investment instrument whose value is determined at least in part by the monetary value to which the risk category associated with the rated entity is mapped.2 The method of claim 1 wherein the credit rating derivative investment instrument comprises a credit rating futures contracts.3 The method of claim 1 wherein the credit rating investment instrument comprises a credit rating call option.4 The method of claim 1 wherein the credit rati ng investment instrument comprises a credit rating put option.5 The method of claim 1 wherein the credit rating service comprises one of. Moody s Investor Services Standard and Poor s or Fitch s ratings.6 The method of claim 1 further comprising listing the credit rating derivative investment instrument on an exchange.7 The method of claim 6 further comprising accepting orders from investors to take positions in credit rating derivative investment instruments, and executing orders by matching corresponding orders to take opposite sides in credit rating derivative investment instruments.8 A method of creating investment instruments comprising. identifying a rating scheme having a plurality of different levels, each level corresponding to a state of a variable attribute of an entity. associating each level with a value. evaluating the state of the variable attribute of the entity over time to determine the level of the rating scheme that corresponds to a current state of the variable attribu te in order to rate the entity and. creating an investment instrument whose value is derived from the entity s rating and the value associated with the corresponding level of the rating scheme.9 The method of claim 8 wherein the investment instrument comprises a credit rating futures contracts.10 The method of claim 8 wherein the investment instrument comprises a credit rating call option.11 The method of claim 8 wherein the investment instrument comprises a credit rating put option.12 The method of claim 8 wherein the rating scheme comprises a credit rating scheme employed by a credit rating service.13 The method of claim 12 wherein the credit rating service comprises one of Moody s Investor Services Standard and Poor s or Fitch s ratings.14 The method of claim 8 wherein evaluating a variable attribute of an entity comprises evaluating the entity s credit worthiness.15 The method of claim 14 wherein the entity comprises one of a business a municipal government, a national government or a supranational organization.16 The method of claim 8 wherein evaluating a variable attribute of an entity comprises evaluating a level of risk related to a debt issue.17 The method of claim 1 further comprising listing the investment instrument on an exchange.18 The method of claim 17 further comprising accepting orders from investors to take positions in credit rating derivative investment instruments, and executing orders by matching corresponding orders to take opposite sides in credit rating derivative investment instruments.19 A system for creating and trading credit rating derivative investment instruments on an exchange comprising. a credit rating derivative definition module for defining a credit rating derivative investment instrument. a pricing data accumulation and dissemination module for receiving price data based on executed trades of said credit rating derivative investment instruments, and disseminating said pricing data to investors. a credit rating monitoring module fo r monitoring the credit rating of an entity and. a settlement calculation module for calculating a settlement amount based at least in part on a monetary value to which the current credit rating of the entity is mapped. FIELD OF THE INVENTION. The present invention relates to methods and systems for creating and trading credit rating derivative investment instruments based on the credit ratings of various organizations. Lending money involves risk Regardless of who the borrower is, be it an individual, corporation, municipality, national government, or supranational organization such as the World Bank or the United Nations, there is always a possibility of default In many cases the risk of default is very, very remote In others it is less so Interest rates on loans are determined based on, among other things, a borrower s perceived ability to repay the loan Paradoxically, a borrower whose ability to repay a loan is less certain will have pay more to borrow money in the form of higher inter est rates than a borrower who is perceived to be less of a risk Because debt plays a vital role in the world s economy, assessing risk is of critical importance to ensuring the desired flow capital from those who have it to those who would use it. Over time, credit rating services have developed to assist lenders and investors in assessing risk and evaluating the overall credit worthiness of individuals and organizations These credit rating services produce credit ratings for individuals and organizations that reflect the rated party s ability to repay its debts Investors and lenders rely on such ratings when deciding whether to extend financing, and on what terms In the United States, three major credit rating services are Moody s Investor Services Moody s , Standard and Poor s S P , and Fitch s Ratings Fitch s. The rating schemes followed by the three major rating services are all similar Each includes multiple levels, with each level representing a different level of risk, or a differ ent ranking of the perceived ability of a rated entity to meet its debt obligations Each of the different levels is identified by a 1 to 3 letter code For example Moody s defines nine primary risk levels. Aaa, Aa, A, Baa, Ba, B, Caa, Ca, and C. According to this system, the Aaa rating is reserved for the entities that demonstrate the strongest credit worthiness Debt issuers or debt issues rated Aa demonstrate very strong credit worthiness but somewhat less than those rated Aaa, while rated simply those A represent above average credit worthiness Issuers or issues rated Baa represent average credit worthiness Those rated Ba demonstrate below average credit worthiness, and those rated B demonstrate weak credit worthiness Finally, issuers or issues rated Caa demonstrate very weak credit worthiness Those rated Ca demonstrate extremely weak credit worthiness, and those rated C demonstrate the weakest credit Moody s also appends a numeric modifier 1, 2 or 3 to the categories Aa through Caa The numeric modifiers indicate where within the particular risk category the entity being evaluated falls 1 indicates the top rating within the group 2 indicates the middle of the group 3 represents the bottom The modifiers 1, 2, 3 effectively expand the number of risk categories to a total of twenty-one. S P s alphabetic rating system is similar to Moody s S P defines its primary risk categories as. AAA, AA, A, BBB, BB, B, CCC, CC, C, and D. The definitions of S P s categories roughly track those of Moody s and need not be explicitly related here S P append a or to categories AA to CCC in order to show an entity s relative standing within the major rating categories With the modifiers, S P s rating system effectively includes 16 different levels of risk. Fitch also relies on a letter rating code similar to those already described. AAA, AA, A, BBB, BB, B, CCC, CC, C, DDD, DD, and D. Fitch also includes a or modifier to categories AA-CCC to indicate an entities relative position within a categor y Thus, Fitch ratings may take on up to 18 different the levels. The rating services monitor the financial health of the organizations they rate, updating their ratings as conditions warrant If the rating services perceive a change in an organizations ability to meet its obligations the rating service may downgrade its rating of the organization In contrast, improved financial circumstances may cause the rating services to upgrade an entity s credit rating Thus, much like a company s stock price an entity s credit rating may serve as a barometer of the entity s financial health During good times the credit rating will go up In the bad times it will likely go down. Derivatives are financial securities whose values are derived in part from a value or characteristic of some other underlying asset or variable the underlying asset The underlying asset may include securities such as stocks, commodities market indicators and indexes, and interest rate to name but a few Two common forms of deriv atives are options contracts and futures contracts. An option is a contract giving the holder of the option the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a certain date Generally, a party who purchases an option is said to have taken a long position with respect to the option The party who sells the option is said to have taken a short position There are generally two types of options calls and puts An investor who has taken a long position in a call option has bought the right to purchase the underlying asset at a specific price, known as the strike price If the long investor chooses to exercise the call option, the long investor pays the strike price to the short investor, and the short investor is obligated to deliver the underlying asset. Alternatively, an investor who has taken a long position in a put option receives the right, but not the obligation to sell the underlying asset at a specified price, again referred to as the strike price on or before a specified date If the long investor chooses to exercises the put option, the short investor is obligated to purchase the underlying asset from the long investor at the agreed upon strike price The long investor must then deliver the underlying asset to the short investor Thus, the traditional settlement process for option contracts involves the transfer of funds from the purchaser of the underlying asset to the seller, and the transfer of the underlying asset from the seller of the underlying asset to the purchaser Cash settlement, however, is more common Cash settlement allows options contracts to be settled without actually transferring the underlying asset A call option is in-the-money when the price or value of the underlying asset rises above the strike price of the option A put option is in-the-money when the price or value of the underlying asset falls below the strike price of the option An at-the-money option wherein the price or value of the underl ying asset is equal to the strike price of the option A call option is out-of-the-money when the price or value of the underlying asset is below the strike price An A put option is out-of-the-money when the price or value of the underlying asset is above the strike price If an option expires at-the-money or out-of-the-money, it has no value The short investor retains the amount paid by the long investor the option price and pays nothing to the long investor Cash settlement of an in-the-money option, be it a call or a put, however, requires the short investor to pay to the long investor the difference between the strike price and the current market value of the underlying asset. Cash settlement allows options to be based on more abstract underlying assets such as market indicators, stock indices, interest rates, futures contracts and other derivatives For example, an investor may take a long position in a market index call option In this case, the long investor receives the right to purc hase not the index itself, but rather a cash amount equal to the value of the index typically multiplied by a multiplier at a specified strike value An index call option is in-the-money when the value of the index rises above the strike value When the holder of an in-the-money index call option exercises the option, the short investor on the opposite side of the contract is obligated to pay the long investor the difference between the current value of the index and the strike price, usually multiplied by the multiplier If the current value of the index is less than or equal to the strike value, the option has no value An index put option works in the same way but in reverse, having value, or being in-the-money when the value of the index falls below the strike value. Futures contracts are another common derivative security In a futures contract a buyer purchases the right to receive delivery of an underlying commodity or asset on a specified date in the future Conversely, a seller agree s to deliver the commodity or asset to an agreed location on the specified date Futures contracts originally developed in the trade of agricultural commodities, but quickly spread to other commodities as well Because futures contracts establish a price for the underlying commodity in advance of the date on which the commodity must be delivered, subsequent changes in the price of the underlying asset will inure to the benefit of one party and to the detriment of the other If the price rises above the futures price, the seller is obligated to deliver the commodity at the lower agreed upon price The buyer may then resell the received product at the higher market price to realize a profit The seller in effect loses the difference between the futures contract price and the market price on the date the goods are delivered Conversely if the price of the underlying commodity falls below the futures price, the seller can obtain the commodity at the lower market price for delivery to the buyer w hile retaining the higher futures price In this case the seller realizes a profit in the amount of the difference between the current market price on the delivery date and the futures contract price The buyer sees an equivalent loss. Like options contracts, futures contracts may be settled in cash Rather than actually delivering the underlying asset, cash settlement merely requires payment of the difference between the market price of the underlying commodity or asset on the delivery date and the futures contract price The difference between the market price and the futures price is to be paid by the short investor to the long investor, or by the long investor to the short investor, depending on which direction the market price has moved If the prevailing market price is higher than the contract price, the short investor must pay the difference to the long investor If the market price has fallen, the long investor must pay the difference to the short investor. Again, like options, cash s ettlement allows futures contracts to be written against more abstract underlying assets or commodities, such as market indicators, stock indices, interest rates, futures contracts and other derivatives For example, an investor may take a long position in a market index futures contract In this case, the long investor buys the index at a specified futures price i e a future value of the index on the delivery date The index based futures contract is cash settled One party to the contract pays the difference between the futures price and the actual value of the index often multiplied by a specified multiplier to the other investor depending on which direction the market has moved If the value of the index has moved above the futures price, or futures value, the short investor pays the difference the long investor If the value of the index has moved below the futures price, or futures value the long investor pays the difference to the short investor. Cash settlement provides great flexibil ity regarding the types of underlying assets that derivative investment instruments may be built around Essentially any variable whose value is subject to change over time, may serve as the underlying asset for a derivative investment instrument While standard derivatives may be based on many different underlying assets, there currently exist no derivative investment instruments that capture changes in the credit ratings of various organizations. The present invention relates to systems and methods for creating and trading credit rating derivative investment instruments A credit rating derivative investment instrument is an instrument which derives its value based on the credit rating of an entity such as a corporation, municipal government, national government, or supranational organization The risk categories of an independent credit rating services rating scheme are mapped to individual monetary values When an entity is rated by the credit rating service, the rating service assigns a risk level which identifies the perceived credit worthiness of the rated entity The applicable rating may change over time according to the financial health of the rated entity As the rated entity s credit rating rises and falls, so do the values to which the various ratings are mapped According to the invention, credit rating derivative investment instruments such as credit rating options and credit rating futures contracts may be created which are based on the mapped values associated with an entity s credit rating. A method of creating and trading credit rating derivative investment instruments according to one aspect of the invention includes identifying a credit rating service that rates various entities and organization using a credit rating scheme that includes a plurality of risk categories The credit rating service rates an entity s credit worthiness by associating a risk category with the entity that accurately reflects the credit rating services assessment of the rated entit ies credit worthiness The various risk categories are mapped to unique monetary values, such that if the risk category associated with a rated entity is changed, i e upgraded or downgraded, the mapped value will likewise change accordingly Next an entity which is rated by credit rating service is identified Derivative investment instruments such as call and put options and futures contracts may be created based on the monetary values to which the rated entity s credit rating is mapped The value of the derivative investment instrument is determined at least in part by the monetary value to which the current risk category associated with the rated entity is mapped. According to another aspect of the invention, a system for creating and trading credit rating derivative investment instruments is provided The system includes a credit rating derivative investment instrument definition module for defining a credit rating derivative investment instrument A pricing data accumulation and dissemin ation module is provided for receiving price data which are based on executed credit rating derivative investment instrument trades The pricing data accumulation and dissemination module also disseminates the pricing data to investors, and data vendors A credit rating monitoring module monitors the credit rating of the entity on which the credit rating derivative investment is based Finally, a settlement calculation module is provided for calculating a settlement amount based at least in part on a monetary value to which the current credit rating of the entity is mapped. Other systems, methods, features and advantages of the invention will be, or will become, apparent to one with skill in the art upon examination of the following figures and detailed description It is intended that all such additional systems, methods, features and advantages be included within this description, be within the scope of the invention, and be protected by the appended claims. BRIEF DESCRIPTION OF THE DRAWIN GS. FIG 1 is a table showing the risk categories of a credit rating system mapped to corresponding monetary values. FIG 2 is flow chart showing a method of creating and trading credit rating derivative investment instruments. FIG 3 is a block diagram of an electronic trading facility for trading credit rating derivative investment instruments. FIG 4 is a block diagram of backend systems supporting the trading of credit rating derivative contracts. DETAILED DESCRIPTION OF THE PRESENTLY PREFERRED EMBODIMENTS. The present invention provides derivative investment instruments that are based on the movements of an organization s credit rating In the same way that traditional options and futures contracts derive their value based on changes in the market price or value of an underlying asset, the derivative investments of the present invention derive their value based on changes in an entity s credit rating The credit rating derivatives of the present invention may encompass options and futures-typ e instruments and may be traded on an exchange, in either an open outcry format or electronically. According to one embodiment, the various credit rating levels of a credit rating service s rating scheme are mapped to specific monetary values For example, FIG 1 shows a table 10 mapping the primary risk categories of S P s credit rating scheme to various dollar amounts Table 10 includes two columns The first column 12 contains the letter ratings defining the different risk categories As described in the background of the invention, the S P credit rating scheme includes nine primary risk categories AAA, AA, A, BBB, BB, B, CCC, CC, and C The number of categories is actually expanded by the addition of the and modifiers to rating categories AA-CCC but, for ease of illustration, the modifiers have been omitted The second column 14 contains the dollar values to which the primary risk categories of column 12 are mapped In the present example, the highest rating AAA is mapped to 125 AA is mappe d to 120 and so forth in 5 decrements until the lowest rating C is mapped to 85.The mapping of risk categories to monetary values is substantially arbitrary A different credit rating scheme may be employed having more or less risk categories For example, Moody s or Fitch s rating systems may have been employed The modifiers 1 , 2 , 3 or and may be included to increase the number of risk categories, increasing the number of mapped values as a result Or a different rating scheme altogether may be selected A different currency may be employed as the monetary unit for column 14 Different mapped values may be employed, with different increments there between The only restriction regarding the selection of the mapped values is that the mapped values progress in a logical manner that corresponds with the progression of their associated risk categories. The monetary values to which the various credit rating risk categories are mapped have many similarities with corporate share prices commodity prices, and market indexes Keep in mind that only a single risk category AAA, AA, A, etc 16 will be applied to a rated entity corporation, municipal government, national government, supranational, etc at any given time However, the credit rating risk category applied to describe the entity s credit worthiness may in fact change over time depending on the rated entity s perceived ability to repay its debts As the credit rating risk category changes, the mapped monetary value changes with it For example, for an entity having a B credit rating the associated mapped value is 100 If the entity s credit rating is upgraded to BB, the corresponding mapped value is 105 Similarly, if the entity s rating is downgraded to CCC, the corresponding mapped value is 95 Thus, just like a company s share price, which moves up and down with the company s performance, or just as a market index goes up and down based on the performance of a group of stocks, or just as commodity prices move up and down based on supply and demand, so the mapped values associated with an entity s credit rating will rise and fall with chances in the entity s perceived ability to pay its debts And just as derivative investment instruments may be written based on corporate share prices, market indexes or commodity prices, so to may derivative investment instruments be written based on the monetary values associated with an entity s credit rating. A credit rating call option may be created as follows A long investor may choose to buy the right to purchase an entity s credit rating at a specified category or strike value, such as BB or 105, the value to which a BB credit rating is mapped If the entity s credit rating improves before expiration of the option, for example if the entity s credit rating is upgraded to AA, the call option will be in-the-money This situation corresponds exactly with a standard in-the-money call option based on a company s share price When a corporate share price rises above the strike p rice, a call option is in-the-money The long investor is entitled to collect the difference between the actual share price and the strike price In the case of the credit rating call option, the strike price is the credit rating category BB, or the corresponding mapped value 105 When the entity s credit rating is upgraded to AA, the current credit rating is several levels above the BB strike rating Similarly the value mapped to the current credit rating, 120, is 15 above the BB strike price Or we can say that the value or price to 105 corresponds to the value to which the BB strike rating is mapped The long investor bought the right to purchase the entity s credit rating at BB or 105, since current rating is AA, which maps to 120, the long investor is entitled to collect the difference between the present value 120 and the strike value 105 or a total of 15 Since the credit rating option is to be settled in cash, the short investor who sold the option is obligated to pay the 15 to the lo ng investor. A credit rating put option operates in much the same way, only in reverse A long investor may choose to buy the right to sell an entity s credit rating at a specified category or strike value such A or 115, the value to which an A credit rating is mapped If the entity s credit rating is downgraded to a level below A before the expiration of the option, for example if the entity s credit rating is downgraded to CC, the credit rating put option will be in-the-money This situation corresponds exactly with an in-the-money put option based on a company s share price When a corporate share price falls below the strike price, the put option is in-the-money The short investor who sold the option must pay the difference between the current share price and the strike price to the long investor In the case of the present credit rating put option, the strike rating is AA This maps to a strike value or strike price, of 120 When the entity s credit rating is downgraded CC, the credit rat ing is several levels below the A strike rating Similarly, value to which the CC rating is mapped, 90, is lower than the 115 value to which the strike value is mapped In this case, the long investor bought the right to sell the credit rating at A or 115 Since the current rating is CC which maps to 90, the long investor is entitled to collect the difference Since the credit rating option is to be cash settled, the short investor is obligated to pay the 25 difference between A strike rating 120 and the current CC rating 90.Next we will consider a credit rating futures contract Again referring to the table 10 in FIG 1 the values to which the various credit rating risk categories are mapped may function as the commodity or asset price for a credit rating futures contract A long investor may anticipate that a particular entity s credit rating will be at or above a certain level at some time in the future A short investor may hold the opposite view that the entity s credit rating will in fac t be below the level anticipated by the long investor For example, assume that the long investor believes the entity s credit rating will be at A or above BB rating and the short investor believes it will be below that level on a specified date in the future. The long and short investors may then enter into a futures agreement wherein the long investor agrees to buy the entity s credit rating on the specified date for the amount corresponding to the BB rating, or 105 If, on the specified date, the entity s credit rating has been upgraded to a level above the BB futures rating, the short investor will be obligated to pay the difference between the value to which the actual credit rating is mapped, and the 105 value to which the BB futures rating is mapped For example, if the entity s credit rating had been upgraded and stands at AAA on the specified date, the short investor would be obligated to pay the long investor the difference between 125, the value to which an AAA rating is mapped, and 105, the value to which the BB futures rating is mapped, and 105, the value to which the BB futures rating is mapped, or a total of 20 Conversely, if on the specified date the entity s credit rating has been downgraded to a level below the futures rating, the long investor will be obligated to pay the difference between the value to which the actual credit rating is mapped and the 105 value to which the BB futures rating is mapped For example, if the entity s credit rating had been downgraded and stands at C rating on the expiration date, the long investor would be obligated to pay to the short investor the difference between 85, the value to which a C credit rating is mapped, and 105, the value to which the BB futures credit rating is mapped, or a total of 20.FIG 2 shows a flow chart of a method of creating and trading credit rating derivative investment instruments According to an embodiment of the invention, step S 1 is to identify a credit rating service whose rating of an ent ity or organization will serve as the basis of a derivative investment instrument Step S 2 is to map the various risk categories of the rating services rating scheme to specific monetary values Step S 3 is to identify an entity which is rated by the credit rating service identified in Step S 1 and whose credit rating is to serve as the basis for the credit rating derivative instruments Step S 4 is to specify a credit rating derivative instrument based on the credit rating of the entity identified in Step S 3 and the monetary values to which the credit risk categories of the credit rating service s rating scheme are mapped to Step S 5 is to create a market for the credit rating derivative instrument Step S 6 is to accept bids, offers and purchase orders for both long and short positions credit rating derivative instruments which are to be created according to the credit rating derivative investment instrument specified in step S 4 Step S 7 is to execute credit rating derivative investme nt instrument by matching corresponding orders for long and short positions And, finally, step S 8 is to settle positions in the executed credit rating derivative investment instruments. It is intended that credit rating derivative investment instruments according to the present invention will be traded on an exchange The exchange may be a traditional open outcry exchange, or it may be an electronic trading platform such as the Chicago Board Options Exchange CBOE Futures Network CFN Employing the method outlined in FIG 2 the exchange may from time to time identify entities whose credit ratings may be of interest to investors The exchange may decide to specify credit rating derivative investment instruments such as credit rating option contracts or credit rating futures contracts based on the entities credit rating, as determined by an independent credit rating service. Creating a market for the credit rating derivative investment instruments may be accomplished by listing one or more spe cified contracts on an exchange or trading platform Listing a contract includes disseminating information about the contract to potential investors and providing a mechanism whereby investors may make bids and offers and place orders for the contracts Credit rating derivative investment instruments may traded on the CBOEdirect electronic trading platform For example, CBOEdirect is a trading facility which disseminates information regarding contracts traded on the platform, and allows brokers and dealers to place orders for customers who enter bids and make offers to buy and sell positions in such contracts. Essentially, once a contract is defined and listed, the CBOEdirect electronic trading platform, in conjunction with other backend systems of the exchange, is responsible for all of the remaining steps of the method shown in FIG 2 CBOE direct accepts bids and offers from investors or brokers Step S 6 , and executes marketable orders by matching buyers to sellers Step S 7 And settles t he contracts Step S 8.FIG 3 shows an electronic trading system 300 which may be used for listing and trading credit rating derivative investment instruments The system 300 includes components operated by an exchange, as well as components operated by others who access the exchange to execute trades The components shown within the dashed lines are those operated by the exchange Components outside the dashed lines are operated by others, but nonetheless are necessary for the operation of a functioning Exchange The exchange components of the trading system 300 include an electronic trading platform 320 a member interface 308 a matching engine 310 and backend systems 312 Backend systems not operated by the exchange but which are integral to processing trades and settling contracts are the Clearing Corporation s systems 314 and Member Firms backend systems 316.Market Makers may access the trading platform 320 directly through personal input devices 304 which communicate with the member inte rface 308 Market makers may quote prices for digital futures contracts Non-member Customers 302 however, must access the Exchange through a Member Firm Customer orders are routed through Member Firm routing systems 306 The Member Firms routing systems 306 forward the orders to the Exchange via the member interface 308 The member interface 308 manages all communications between the Member Firm routing systems 306 and Market Makers personal input devices 304 determines whether orders may be processed by the trading platform and determines the appropriate matching engine for processing the orders Although only a single matching engine 310 is shown in FIG 3 the trading platform 320 may include multiple matching engines Different exchange traded products may be allocated to different matching engines for efficient execution of trades When the member interface 302 receives an order from a Member Firm routing system 306 the member interface 308 determines the proper matching engine 310 for p rocessing the order and forwards the order to the appropriate matching engine The matching engine 310 executes trades by pairing corresponding marketable buy sell orders Non-marketable orders are placed in an electronic order book. Once orders are executed, the matching engine 310 sends details of the executed transactions to the exchange backend systems 312 to the Clearing Corporation systems 314 and to the Member Firms backend systems 316 The matching engine also updates the order book to reflect changes in the market based on the executed transactions Orders that previously were not marketable may become marketable due to changes in the market If so, the matching engine 310 executes these orders as well. The exchange backend systems 312 perform a number of different functions For example, contract definition and listing data originate with the exchange backend systems 312 Pricing information for credit rating derivative investment instruments is disseminated from the exchange backend systems to market data vendors 318 Customers 302 market makers 304 and others may access the market data regarding derivative investment instruments via, for example, proprietary networks, on-line services, and the like The exchange backend systems also monitor the credit ratings of the entities on which the derivative investment instruments are based At settlement, the backend systems 312 determine the appropriate settlement amounts and supply final settlement data to the Clearing Corporation The Clearing Corporation acts as the exchange s bank and performs a final mark-to-market on Member Firm margin accounts based on the positions taken by the Member Firms customers The final mark-to-market reflects the final settlement amounts for credit rating derivate investment instruments, and the Clearing Corporation debits credits Member Firms accounts accordingly These data are also forwarded to the Member Firms systems 316 so that they may update their customer accounts as well. FIG 4 shows the exchange backend systems 312 needed for trading credit rating derivative investment instruments in more detail A credit rating derivative investment instrument definition model definition module 340 stores all relevant data concerning the credit rating derivative investment instrument, to be traded on the trading platform 320 including the contract symbol, the identity of the rated entity, the rating service, mapping of the credit risk categories to the monetary values, strike prices futures prices and the like A pricing data accumulation and dissemination module 348 receives contract information from the credit rating derivative investment instrument definition module 340 and transaction data from the matching engine 310 The pricing data accumulation and dissemination module 348 provides the market data regarding open bids and offers and recent transactions to the market data vendors 318 The pricing data accumulation and dissemination module 348 also forwards transaction data to t he Clearing Corporation so that the Clearing Corporation may mark-to-market the accounts of Member Firms at the close of each trading day, taking into account current market prices for the credit rating derivative investment instruments Finally, a settlement calculation module 346 receives input from the credit rating service when a credit rating derivative investment instrument is settled, the settlement date the settlement calculation module 346 calculates the settlement amount based on the rated entity s present rating and the monetary value to which it is mapped The settlement calculation module 346 forwards the settlement amount to the Clearing Corporation which performs a final mark-to-market on the Member Firms accounts to settle the credit rating derivative investment instrument. According to another aspect of the present invention, chooser options may be created based on credit rating options A chooser option is an option wherein the purchaser of the option buys a call or a put option at some time in the future The call and the put option will typically share the same expiration date and the same strike price value , although, split chooser options may be crafted wherein the call and the put options have different expirations and or different strikes. Chooser options are advantageous in situations in which investors believe that the price of the underlying asset is for a significant move, but the redirection of the move is in doubt For example, some event, such as the approval disapproval of a new product, a new earnings report, or the like, may be anticipated such that positive news is likely cause the share price to rise, and negative news will cause the share price to fall The ability to choose whether an option will be a put or a call having knowledge of the outcome of such an event is a distinct advantage to an investor. The purchase of a chooser option is akin to purchasing both a put and a call option on the same underlying asset Typically, the chooser option is priced accordingly In the present case, purchasing a credit rating chooser option amounts to buying both a put and a call option based on the credit rating of a rated entity Chooser options may be traded on an exchange just like other credit rating derivative investment instruments The only accommodations necessary for adapting an exchange for trading chooser options is that a final date for making the choice between a call option and a put option must be established and maintained Also, post trade processing on the exchange s and systems must be updated to implement and track the choice of the call or a put once the choice has been made One option for processing the chosen leg of a chooser option is to convert the chooser option into a standard option contract according to the standard series for the same underlying asset and having the same strike price as the chosen leg of the chooser option. The method of creating and trading credit rating derivative investment instruments and the system for trading such instruments provides investors with a vehicle for taking position relative to changes in various organizations credit ratings The ability to take positions regarding organization s credit ratings provides investors with additional tools for managing and diversifying investment risks. While various embodiments of the invention have been described, it will be apparent to those of ordinary skill in the art that many more embodiments and implementations are possible within the scope of the invention Accordingly, the invention is not to be restricted except in light of the attached claims and their equivalents.
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