US Patent Issued to Chicago Mercantile Exchange on Nov. 11 for "System for processing withholding payments" (Illinois, New York Inventors)

ALEXANDRIA, Va., Nov. 11 -- United States Patent no. 12,469,078, issued on Nov. 11, was assigned to Chicago Mercantile Exchange Inc. (Chicago).

"System for processing withholding payments" was invented by Richard Co (Chicago), Timothy Francis McCourt (New York), Thomas Patrick Rafferty (Chicago) and John Balaam Alexander Kerpel (Chicago).

According to the abstract* released by the U.S. Patent & Trademark Office: "Systems and methods are provided for efficiently processing withholding payments for constructive dividends. A party that receives constructive dividend payments also has a corresponding short position in a withholding financial instrument. A clearing house computer system adjusts the value of a withholding financial instrument i...