FORM 2
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENTS RULES, 2003
COMPLETE SPECIFICATION
(See section 10, rule 13)
1. Title of the invention:
CLEARING HOUSE SYSTEM FOR LAUNCHING PRODUCTS
2. Applicant(s)
NAME NATIONALITY ADDRESS
TATA CONSULTANCY Indian Nirmal Building, 9th Floor, Nariman Point SERVICES LIMITED Mumbai-400021, Maharashtra, India


3. Preamble to the description
COMPLETE SPECIFICATION
The following specification particularly describes the invention and the manner in which it
is to be performed.

TECHNICAL FIELD
[0001] The present subject matter relates, in general, to clearing houses, and in
particular, to a method and system to launch products and generate contracts in a clearing house system.
BACKGROUND
[0002] An exchange deals in trade of commodities, securities, stocks, contracts, etc.
An example of such an exchange is a derivative exchange that deals in trading various contracts like futures, options, forwards, average price futures, average price options, etc, between buyers and sellers. As known in the art, the futures is a standardized contract to buy or sell an underlying asset on or before a future date at a current price. The forwards is same as the future, however a non-standardized contract. Further, the options is a contract that gives the owner the right, but not the obligation, to buy or sell an asset. In addition, the future contract and the option contract in which the difference between the purchase price and the exercise price is based on the average price of the underlying asset on a specific set of dates over a period of time, are known as average price futures and average price options, respectively.
[0003] Each of such derivative contracts has an underlying asset or product. Such
underlying products are segregated into different product classes. Examples of product classes include equities, debt, commodities, and mutual funds. As an example, the products corresponding to a product class named equity includes share, rights and other similar entities. The contracts corresponding to the products are generated on the basis of various contract parameters and are then traded in the derivative exchange between buyers and sellers.
[0004] Generally, contracts define terms and conditions associated with the sale and
purchase of underlying products. For example, the future depicts conditions to trade a product in a future time period between a buyer and a seller. In order to generate contracts associated with the products, a clearing house generates contracts governing the trade of the products. Accordingly, the clearing house steps between the two original traders and assumes a role of decision maker, thereby outlining the terms and conditions associated with the trade of the

products. The terms and conditions are decided keeping in the mind the interests of buyer and seller, as well as business conditions prevailing in the exchange. Such a type of clearing house service may be provided either by the exchange or by independent organizations.
SUMMARY
[0005] The subject matter described herein relates to a system and a method for
launching products in the clearing house system. In one implementation, the clearing house system includes a product launching module to extract a plurality of product characteristics corresponding to a product. The product launching module maps product characteristics with a number of product-class attributes to classify the plurality of product characteristics into a generic set of product characteristics and a specific set of product characteristics. Further, the product launching module provides a product-class template for creating a product class including the generic set of product characteristics and the specific set of product characteristics.
[0006] These and other features, aspects, and advantages of the present subject matter
will be better understood with reference to the following description and appended claims. This summary is provided to introduce a selection of concepts in a simplified form. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
BRIEF DESCRIPTION OF DRAWINGS
[0007] The detailed description is described with reference to the accompanying
figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to reference like features and components. For simplicity and clarity of the illustration, elements in the figures are not necessarily to scale.
[0008] Fig. 1 illustrates an exemplary network environment implementing a clearing
house system, according to an embodiment of the present subject matter.

[0009] Fig. 2 illustrates the clearing house system, according to an embodiment of the
present subject matter.
[00010] Fig. 3 illustrates a method for launching various types of products within the
clearing house system, according to an embodiment of the present subject matter.
DETAILED DESCRIPTION
[00011] With the expansion of the derivatives exchange business, there has been an
inflow of a large variety of products for the purposes of trading and clearing towards a clearing house system. The examples of the products range from foreign exchange rates, interest rates, carbon credits to weather, temperature, economic indicators, etc. Such newly introduced products generally do not correspond to a product class defined within the conventional clearing house systems. This is because the conventional clearing house systems are configured to cater to a limited number of products through the defined product classes and the characteristics of the newly introduced products do not match with the features of the product classes defined within the conventional clearing house systems.
[00012] Accordingly, the conventional clearing house system cannot be utilized to
accommodate trading and clearing of the newly introduced products due to a conflict of product characteristics between the newly introduced products and the conventional products. As the newly introduced products also need to be traded along with the conventional products, the clearing house systems specifically dealing with newly introduced products have been developed.
[00013] However, development of such product-specific clearing house systems is cost
ineffective and time consuming. In addition, the product-specific clearing houses systems are able to serve only a specific class of buyers and sellers. Furthermore, the conventional clearing house systems are able to present tradable products or tradable contracts associated with the products to a limited number of exchanges for trading purposes and are further upgraded if the products are presented to other type of exchanges. Accordingly, different types of conventional clearing house systems in large numbers are required for carrying out a

global trade, thereby incurring huge expenditure and frequently requiring technical know-how to deal with various types of products and exchanges.
[00014] To this end, the present subject matter illustrates an exemplary product
launching system for launching various types of tradable products in a clearing house system, irrespective of the characteristics of the products. In one implementation, the clearing house system is able to accommodate all possible types of products, corresponding to which various contracts can be traded in an exchange, for example commodity exchange, securities exchange, derivative exchange and other similar type of exchanges.
[00015] In one implementation, the present clearing house system offers a number of
features for a number of product classes to support various characteristics of the products in these product classes. As a result, new products are easily launched through a number of product classes defined within the product launching system of clearing house system. Additionally, new product classes may be defined or created at run time in case the products do not correspond to the pre-defined product classes of the product launching system. Further, based upon the launched products, a unique symbol, corresponding to each launched product, is created and linked to various global exchanges to enable trading of the products in various global exchanges or derivative markets.
[00016] In addition, corresponding to the symbols associated with the exchanges, a
contract generator of the clearing house system facilitates setting up of derivatives or derivative contracts based upon a number of contract parameters, which may be a set of behavioural parameters and economic parameters. Such parameters may be derived from various rules governing the generation of derivative contract. In addition, a number of contract series are further generated based upon a type of contract. Examples of such contract series are an expiry date, a strike, a first notice date for physically delivered futures, and an underlying future expiry date for option on futures, and average price options, etc,.
[00017] The description hereinafter describes the clearing house system for usage in a
derivative exchange. However, without limiting the scope of the present subject matter, the description can be extended to cover implementation of the clearing house system for other

exchanges, which may include a commodity exchange, a security exchange and other similar types of exchanges.
[00018] While aspects of described systems and methods for the clearing house system
can be implemented in any number of different computing systems, environments, and/or configurations, the embodiments are described in the context of the following exemplary system(s).
[00019] Fig. 1 illustrates an exemplary network environment 100 implementing a
clearing house system 102, in accordance with an embodiment of the present subject matter. In said embodiment, the clearing house system 102 is connected to a plurality of user devices 104-1, 104-2 ...104-N, collectively referred to as the user devices 104 and individually referred to as a user device 104. The clearing house system 102 and the user devices 104 may be implemented as any of a variety of conventional computing devices, including, for example, servers, a desktop PC, a notebook or portable computer, a workstation, a mainframe computer, a mobile computing device, an entertainment device, and an internet appliance.
[00020] In one implementation, the clearing house system 102 is connected to the user
devices 104 over a network 106 through one or more communication links. The communication links between the clearing house system 102 and the user devices 104 are enabled through a desired form of communication, for example, via dial-up modem connections, cable links, digital subscriber lines (DSL), wireless or satellite links, or any other suitable form of communication.
[00021] In one implementation, the network environment 100 can be a company
network, including thousands of office personal computers, laptops, various servers, such as blade servers, and other computing devices connected over the network 106. In another implementation, the network environment 100 can be a home network with a limited number of personal computers and laptops connected over the network 106.
[00022] The network 106 may be a wireless network, a wired network, or a
combination thereof. The network 106 can also be an individual network or a collection of many such individual networks, interconnected with each other and functioning as a single large network, e.g., the Internet or an intranet. The network 106 can be implemented as one of

the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and such. The network 106 may either be a dedicated network or a shared network, which represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), etc, to communicate with each other. Further, the network 106 may include network devices, such as network switches, hubs, routers, HBAs, for providing a link between the clearing house system 102 and the user devices 104. The network devices within the network 106 may interact with the clearing house system 102 and the user devices 104 through the communication links.
[00023] Trader(s) or Exchange(s) or Trade Source (s) or agent(s) of the trader(s), and
Exchange(s) or Trade Source (s) including the users of the clearing house system 102 may be collectively referred to as users. The users may interact through the user devices 104 with the clearing house system 102 to carry out various business transactions related to the derivative contracts. These transactions may include, for example, providing a list of products for launching, a set of product characteristics, and a set of contract parameters to register a number of products and generate contracts associated thereto, that can be traded on almost each derivative exchange.
[00024] For the purpose of explanation, the clearing house system 102 may be
hereinafter referred to as a clearing system 102. In an implementation, the clearing system 102 includes a product launching module 108, which is configured to launch a number of products. Once the products are launched, either the products themselves are traded in an exchange, for example a spot exchange, or derivative contracts associated with the products are traded in a derivative exchange (not shown in figure). Such products may be provided by a trader or a user. Accordingly, the product launching module 108 includes a feature of product registration for registering a product along-with its associated characteristics into the clearing house system 102. Specifically, the product launching module 108 has a set of pre-defined product classes, each class representing a group of products with similar or equivalent characteristics. Any product registered by the product launching module 108 corresponds to one such product class.

[00025] In an example, the pre-defined product classes within the clearing system 102
may be debt, mutual funds, agro, carbon credits, and so on. The products corresponding to debt product class may be various types of debts differing from each other numerically or categorically in terms of characteristics, for example, currency, maturity value, price indicators, and tax rate. Accordingly, each product class has a set of generic attributes to register the characteristics of the product which are common to all the products corresponding to a certain product class. Such characteristics corresponding to the generic attributes may also be referred as generic characteristics of the product.
[00026] In one implementation, the product launching module 108 displays a list of
default or pre-defined product classes, such product classes being pre-defined in the product launching module 108. The products corresponding to the pre-defined product classes may include, for example, the products which were dealt earlier by the product launching module 108. The pre-defined product classes may be stored within the product launching module 108 as a part of default settings. In an example, the pre-defined product classes include debt, mutual funds, agro, carbon credits and so on. The user may choose any one of the pre-defined product classes in order to register a product corresponding to the chosen product class. In other implementation, the product launching module 108 selects a product class out of the pre-defined product classes corresponding to the product provided by the user.
[00027] Further, the product launching module 108 provides a user interface
corresponding to the chosen product class, the user interface presenting the list of generic attributes by default, so that user may enter the generic characteristics of the product. In some cases, the product entered by user may have a certain number of characteristics, in addition to the generic characteristics, which are product-specific characteristics and these do not map with the generic attributes presented by the product class. This usually happens in case of those products, which correspond to the chosen product class even though they have not been ever launched by the product launching module 108.
[00028] In case of such kind of products, the product launching module 108 provides
an additional set of attributes within the chosen product class. Such additional attributes correspond to the specific or non-generic characteristics of the product and may be referred as

specific attributes. The generic and specific attributes as present within the product class may be collectively referred as product-class attributes.
[00029] Further, in case the pre-defined product classes within the product launching
module 108 do not correspond to the product to be registered, the user is presented an option to create a new product class of his/her own choice by a feature of product class creation. Examples of such type of user created product class include a weather indicator, a temperature indicator, an economic indicator, etc. It may be understood that the product class is created for that product which does not correspond to the pre-defined product classes, as such product has substantially a large number of product-specific characteristics as compared to the generic characteristics.
[00030] In order to facilitate creation of such product classes, the product launching
module 108 creates a product-class template. Such type of product class template largely has a set of attributes corresponding to all the product specific characteristics of the product. Still, a substantial number of attributes related to generic characteristics may also be present. The product class template acts a medium through which the user creates the product class having different types of attributes to capture all the characteristics (generic and specific) of the product. Accordingly, the products, which do not corresbond to any one of the pre-defined product classes, are also registered.
[00031] In one implementation, the product launching module 108 creates the product
class template by modifying the attributes of any pre-defined product class. Accordingly, the product class template includes a number of attributes based on the attributes of the selected pre-defined product class. It may be understood that the Pre-defined product class chosen for creating the product class template resembles the product class created thereof. In other implementation, the created product class template has altogether a unique set of attributes as compared to the attributes of the pre-defined product classes.
[00032] It may be appreciated that the products corresponding to the user created
product classes were not launched earlier by the product launching module 108. Once the user creates the product class, the created product class is included in the list of pre-defined

classes. Accordingly, any entry or registration of product within such created class is then managed by the feature of product registration as mentioned before.
[00033] Further, in an implementation, a symbol-exchange association module (shown
in Fig. 2) is linked to the product launching module 108 for generating a unique symbol corresponding to the product. Such type of a symbol is created based on the symbolic representation followed in various global exchanges. As an example, the symbol generated for a particular product is composed of characters as well as special characters, which are worldwide recognized to be associated with the product.
[00034] Specifically, the symbol-exchange association module provides a user interface
to generate the symbol. Such a user interface presents a number of fields by default, so that the user may enter details for the generated symbol corresponding to the registered product.
[00035] Further, the symbol created by the symbol-exchange association module for a
particular product is associated with one or more exchanges. Such exchanges are chosen or selected by the user from a number of choices provided by the symbol-exchange association module. Such choices generally cover all the global exchanges across the world dealing in the derivative contracts. Accordingly, one or more symbol-exchange combinations are created corresponding to every symbol, which in turn corresponds to a launched or registered product. Accordingly, the registered product becomes compatible with the exchanges chosen by the user for trading purposes.
[00036] For associating the generated symbol with an exchange, the symbol-exchange
association module further provides a user interface presenting a number of fields by default. Such fields help the user in selecting the exchange from the provided choices and entering details of the selected exchange, the generated symbol, and some characteristics of the registered product. Accordingly, the exchange is linked to the generated symbol. In an example, the fields provided in the user interface for capturing the details of the exchange and the symbol are symbol name, exchange name, market, etc. In the same example, the fields for capturing some characteristics of the registered product are segment, currency and instrument type.

[00037] Further, the clearing system 102 includes a contract set up module 110, which
generates contracts corresponding to the launched products. The contract set up module 110 facilitates automatic generation of a contract corresponding to each symbol-exchange combination provided by the symbol-exchange association module. Such contracts are generated on the basis of various behavioural and economic contract parameters provided by the user.
[00038] Examples of behavioural contract parameters include margin type, price
reference, exercise style, premium settlement model, etc. Typically, the behavioural contract parameters associated with any contract denote the qualitative aspects of the contract intended to be generated, whereas the economical parameters denote the quantitative aspects required for the intended contract. The examples of economic parameters include lot size, strike, unit size, nominal multiplier, and price multiplier. In an example, the contract set up module 110 provides a user interface for generation of contract each symbol-exchange combination, the user interface including various attributes or fields corresponding to the various types of behavioural and economic parameters. These attributes or fields may be populated by the user with relevant contract parameters to generate a contract.
[00039] Further, depending upon a type of contract selected by the user and the type of
contract parameters entered, the contract set up module 110 generates various types of contracts. In an implementation, the contracts generated by the contract set up module 110 include futures, forwards, options, average price options, average price futures, etc, .
[00040] Further, in an example, a set of generic contract parameters for generating
futures and options are currency, lot size, settlement mode and so on. However, some specific contract parameters required for generation of futures are price reference and margin type, whereas for generation of options, the contract parameters required are exercise price type, basis price, strike price, etc, . Likewise, there are a number of specific contract parameters and generic contract parameters required for generation of forwards, average price options and average price futures.
[00041] In one implementation, the contract set up module 110 automatically generates
various types of contract series, corresponding to each contract generated. The types of

contract series include an expiry date, a strike, a first notice date, and an underlying future expiry date. The type of contract series generated for any contract depends upon the type and nature of such contract. In an example, the expiry date is generated for futures and options, the strike is generated for options, and the first notice date is generated for physically delivered futures, forwards, and average price futures. Further, the underlying future expiry date is generated for options and average price options having an underlying future.
[00042] The various types of contract series are generated on the basis of a set of
contract series parameters provided by the user. Examples of such contract series parameters include start month, end month, expiry week, expiry day, number of days and other similar entities. In an example, the contract set up module 110 provides a user interface for generation of each type of contract series, the user interface including various attributes or fields corresponding to the various types of contract series parameters.
[00043] In an example of the user interface configured to generate the expiry date for
the derivative contracts (futures and options), the fields are start, end, month, week, day and other similar attributes. The fields 'start' and 'end' denote the beginning and conclusion of the period of the contracts. The fields 'month', 'week', 'day' denote the month, week, day at which the expiry date of the derivative contract falls, respectively. The week may be entered by the user as first week, second week, etc, of a particular month. The days may be entered by the user in terms of Monday, Tuesday, Wednesday, etc., or first business say, last business day, and calendar day. If the contract generated is an option based upon a future, the days may be entered in terms of future expiry date, future first notice date, and future last trading date. Accordingly, the user can select at least one of the fields provided in the user interface to enter the expiry date. In addition, the user interface presents another field 'maturity format' to indicate a maturity of the derivative contract. Based upon the selection by the user, the maturity format can be set to monthly, weekly or daily.
[00044] Further in another example of the user interface configured to generate the first
notice date for the derivative contracts (futures, forwards, average price features), the fields are 'first notice week' and 'first notice day', which represent the week and day at which the first notice date falls. The week may be entered as first week, second week, etc., of a particular month. The days may be entered in terms of Monday, Tuesday, Wednesday, etc., or

first business day, last business day, calendar day, and the future expiry date. Accordingly, at least one of the fields of the user interface can be used to enter the first notice date. The contract series parameters related to these fields is provided either by the symbol-exchange association module or by the user.
[00045] Likewise, the user interface configured to generate the underlying future expiry
date for the derivative contracts (options, average price options) includes fields like future expiry week and future expiry day. The week may be entered as first week, second week, etc., of a particular month. The days may be entered in terms of Monday, Tuesday, Wednesday, etc, or first business say, last business day, calendar day, and the future expiry date. Accordingly, at least one of the fields of the user interface can be used to enter the underlying future expiry date. The contract series parameters related to these fields is either provided by the symbol-exchange association module or by the user.
[00046] In yet another example of the user interface configured to generate the strike
for options, the fields are basis price, strike price, price and other similar attributes. The fields 'basis price' and 'price' are populated by the user, while the contract series parameters related to the field 'strike price' is provided by the symbol-exchange association module.
[00047] As mentioned before, the generation of expiry date corresponding to any
contract, like the expiry date depicts a period during which the contract remains in force. While generating the contract for a symbol-exchange combination with the given inputs for a specified time period (month, week or day), it is determined whether another derivative contract already exists. If another derivative contract exists, then the derivative contract to be generated is not generated for the specified time period. Instead, this contract is generated after the already existing derivative contract expires. As an example, if a derivative contract for a particular symbol-exchange combination is active 15th January 2010 onwards and expires on 15th February 2010, then generation of another derivative contract for the same symbol-exchange combination is only possible at the beginning of the expiry date 15th February 2010. Accordingly, the number of derivative contracts generated in a particular period are kept fixed.

[00048] In another implementation of the contract set up module 110, the different
types of contract series are generated manually by a user. Likewise, in another implementation of the clearing house system 102, the user may manually generate the contracts corresponding to the products launched by the product launching module 108. Accordingly, in the separate implementations, the clearing house system 102 and the contract set up module 110 exhibits the automatic and the manual modes for the generation of the contracts and the contract series, respectively.
[00049] Fig. 2 illustrates for the exemplary clearing system 102, according to an
embodiment of the present subject matter. In said embodiment, the clearing system 102 includes one or more processor(s) 202, interface(s) 204, and a memory 206. The processor(s) 202 may include one or more processing units. The processor(s) 202 can be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor(s) 202 are configured to fetch and execute computer-readable instructions and data stored in the memory 206.
[00050] The interface(s) 204 may include a variety of software and hardware
interfaces, for example, interfaces for peripheral device(s), such as a keyboard, a mouse, an external memory, and a printer. Further, the interface(s) 204 may enable the clearing system 102 to communicate with other computing devices, such as web servers and external databases. The interface(s) 204 may facilitate multiple communications within a wide variety of protocols and networks, including wired networks, e.g., LAN, cable, etc., and wireless networks, e.g., WLAN, cellular, satellite, etc. For the purpose, the interface(s) 204 may include one or more ports for connecting to a number of computing devices.
[00051] The memory 206 can be implemented using any computer-readable medium
including, for example, volatile memory (e.g., RAM) and/or non-volatile memory (e.g., flash, etc.). The memory 206 includes module(s) 208 and data 209. The module(s) 208 includes routines, programs, objects, components, data structure, etc. which perform particular task or implement particular abstract data types. In one implementation, the module(s) 208 includes the product launching module 108, the symbol-exchange association module 210, the

contract-set up module 110, and other module(s) 210. Other module(s) 210 includes programs that supplement applications implemented by the clearing system 102.
[00052] The data 209 may include product data 214, symbol-exchange data 216,
contract data 218, and other data 220. The other data 220 may mcrude data that is generated as a result of the execution of one or more modules in the other modules 212.
[00053] As mentioned before, the product launching module 108 is configured to
launch or register a number of products in the clearing system 102 to trade contracts associated with the products. Such products may be provided by a user, such as a trader. In one implementation, the product launching module 108 registers a product along-with its associated characteristics, notwithstanding whether the product falls within the pre-defined product classes or not. Data related to every such product registered and the associated characteristics is stored by the product launching module 108 into the product data 214.
[00054] In addition, data related to the registered product or launched product is stored
by the product launching module 108 in the product data 214. As mentioned before, some product classes are created for the registration of those products, which do not correspond to the pre-defined classes. The data related to pre-defined classes within the product launching module 108 may also be pre-stored within the product data 214 as a part of default settings.
[00055] Further, data related to symbol corresponding to every registered product may
be stored inside the symbol-exchange data 216 by the symbol-exchange association module 210. As aforementioned, the symbol as created by the symbol-exchange association module 210 is recognized by a number of global exchanges for trading purposes. In addition, data related to various types of symbol-exchange combination corresponding to a launched product may be stored by the symbol-exchange association module 210 within the symbol-exchange data 216.
[00056] Further, data related to the generated contracts for each symbol-exchange
combination and generated contract series for each contract may be stored by the contract set up module 110 into the contract data 218. As aforementioned, a contract is generated for every launched product and corresponds to a symbol-exchange combination created for the

launched product. For a particular contract, various types of contract series may be generated depending upon the type or nature of the contract.
[00057] Fig. 3 illustrates an exemplary method 300 to launch products, according to an
embodiment of the present subject matter. The method 300 may be described in the general context of computer executable instructions. The method 300 may be a computer implementable method. Generally, computer executable instructions can include routines, programs, objects, components, data structures, procedures modules, functions, and the like that perform particular functions or implement particular abstract data types. The method 300 may also be practiced in a distributed computing environment where functions are performed by remote processing devices that are linked through a communication network. In a distributed computing environment, computer executable instructions may be located in both local and remote computer storage media, including memory storage devices.
[00058] The order in which the method is described is not intended to be construed as
a limitation, and any number of the described method blocks can be combined in any order to implement the method, or an alternate method. Additionally individual blocks may be deleted from the method without departing from the spirit and scope of the subject matter described herein. Furthermore, the method can be implemented in any suitable hardware, software, firmware, or combination thereof. The method 300 described herein is in the context of the clearing system 102, however, the method 300 can be implemented in other systems as will be understood by a person skilled in the art.
[00059] At block 302, a request for launching a product is received. In one
implementation, a request for launching a product is received from a user. Further, based on the request, a list of product characteristics, which are required for registration of the product are extracted.
[00060] Further, at block 304, it is checked whether the requested product is already
present in the list of products corresponding to pre-defined product classes within the clearing system 102. In other words, the number of product characteristics are mapped with a number of product-class attributes. In one implementation, the requested product is compared with a list that shows products that have been already dealt with by the product launching module

108 corresponding to the selected product class. If the requested product is present in the list of already dealt with products ("Yes" Branch), the control is transferred to block 308. However, if the requested product does not feature in the list of products ("No" Branch), the control is transferred to block 306.
[00061] At block 306, a product class is generated corresponding to the requested
product. In one implementation, the product launching module 108 generates the product class corresponding to the requested product by creating a product class template. Specifically, based upon mapping performed in the block 304, the number of product characteristics is classified into generic characteristics and specific characteristics. Then, the product class template is created and includes attributes for capturing generic and specific characteristics of the considered product.
[00062] Accordingly, the newly created product class acts as the product class for the
purposes of registration of the requested product. Once the product class has been created, it is included into the list of pre-defined product classes.
[00063] At block 308, the requested product is registered as a part of the corresponding
product class. For example, the user may enter the characteristics of the considered product into the attributes of the corresponding product class. Accordingly, the considered product is registered as a part of the corresponding product class.
[00064] At block 310, a symbol corresponding to the registered product is created. In
addition, the symbol created for every considered product is associated with an exchange to create a symbol-exchange combination corresponding to a particular product. The symbol is created keeping in mind the convention followed in global exchanges. Accordingly, various contracts associated with such symbol are tradable in global exchanges.
[00065] At block 312, at least one contract is generated corresponding to the created
symbol-exchange combination. In an example, such a contract may be futures, options, forwards, average price futures, average price options and so on. For a particular symbol-exchange combination, more than one type of contracts may be generated. The contract parameters required for generation of a contract are provided by the user with reference to the

particular symbol-exchange combination. Such contract parameters include behavioral and economic parameters.
[00066] Examples of behavioural contract parameters include margin type, price
reference, exercise style, premium settlement model, etc. The behavioural contract parameters associated with any contract denote the qualitative aspects of the contract, whereas the economical parameters denote the quantitative aspects required for the intended contract. The examples of economic parameters include lot size, strike, unit size, nominal multiplier, price multiplier. Further, as mentioned in the description of Fig. 1, the contracts may be generated both automatically and manually by the user.
[00067] At block 314, different types of contract series are generated for each contract
generated in the step 312. Accordingly, the number of contract series is generated with reference to the symbol-exchange combination. In an example, different types of contract series are an expiry date, a strike, a first notice date and an underlying future expiry date. The type of contract series generated for any contract depends upon the nature and type of contract. For example, generation of the expiry date is applicable for all contracts, whereas generation of the first notice date is only applicable in case of futures, forwards, and average price futures. Like the contract generation, the various types of contract series for every contract may be generated automatically or manually.
[00068] The clearing system 102 described in the present subject matter facilitates
registration of various types of conventional and non-conventional products that have not been earlier registered or launched by the clearing system 102. Accordingly, the present clearing system 102 is product independent as it is capable of generating contracts corresponding to almost any product having an economic significance. In addition, the clearing system 102 generates symbols corresponding to the launched products, the symbols being recognizable in every global exchange. Accordingly, the contracts generated by the clearing system 102 are tradable in every global exchange, thereby making the clearing house universally acceptable.
[00069] In addition, the clearing system 102 facilitates generation of contracts
corresponding to the products as well as contract series for every contract, both automatically

and manually. Accordingly, the user of the clearing system 102 is presented a flexible platform to launch contracts related to the products in a short span of time.
[00070] Although embodiments for the clearing system 102 for launching products
have been described in language specific to structural features and/or methods, it is to be understood that the invention is not necessarily limited to the specific features or methods described. Rather, the specific features and methods are disclosed as exemplary implementations for the clearing system 102 for launching products.

I/We Claim:
1. A method for registering products in a clearing house system, the method comprising:
extracting a plurality of product characteristics corresponding to aproduct;
mapping the plurality of product characteristics with a plurality of product-class attributes;
classifying the plurality of product characteristics into a generic set of product characteristics and a specific set of product characteristics based in part on the mapping; and
creating a product-class template comprising a plurality of product-class attributes associated with the generic set of product characteristics and the specific set of product characteristics.
2. The method as claimed in claim 1, wherein the creating comprises modifying the plurality of product-class attributes to create the product-class template.
3. The method as claimed in claim 1 further comprising generating a symbol corresponding to the product, wherein the symbol is associated with an exchange to create a symbol-exchange combination for trading the product in the exchange.
4. The method as claimed in claim 3 further comprising generating a contract for the symbol-exchange combination based on a plurality of contract parameters, wherein the contract parameters comprise a plurality of behavioral parameters and a plurality of economic parameters.
5. The method as claimed in claim 4 further comprising generating at least one of a plurality of contract series for the contract based on a plurality of contract series parameters, wherein the plurality of contract series comprise an expiry date, a strike, a first notice date, and a nature expiry date.
6. A clearing house system (102) for registering products, the system (102) comprising:
a processor (202); and
a memory (206) coupled to the processor (206), the memory (206) comprising:

a product launching module (108) configured to:
extract a plurality of product characteristics corresponding to a product;
map the plurality of product characteristics with a plurality of product-class attributes to classify the plurality of product characteristics into a generic set of product characteristics and a specific set of product characteristics; and
create a product class template comprising a plurality of product-class attributes associated with the generic set of product characteristics and the specific set of product characteristics.
7. The system (102) as claimed in claim 6, wherein the product launching module (108) creates the product class template by modifying the plurality of product-class attributes.
8. The system (102) as claimed in claim 6, wherein the product launching module (108) receives the plurality of product characteristics of the product from a user.
9. The system (100) as claimed in claim 6, further comprising:
a symbol exchange association module (210) to generate a symbol corresponding to the product received by the product launching module (108), wherein the symbol exchange association module (210) associates the generated symbol with an exchange to create a symbol-exchange combination; and a contract set up module (110) configured to:
generate at least one contract for the created symbol-exchange combination based on a plurality of behavioral parameters and a plurality of economic parameters; and
generate at least one of a plurality of contract series for the contract based on a plurality of contract series parameters, wherein the plurality of contract series comprises an expiry date, a strike, a first notice date, and a future expiry date.

10. A computer-readable medium having embodied thereon a computer program for executing a method comprising;
extracting a plurality of product characteristics corresponding to a product;
mapping the plurality of product characteristics with a plurality of product-class attributes;
classifying the plurality of product characteristics into a generic set of product characteristics and a specific set of product characteristics based in part on the mapping; and
creating a product-class template comprising a plurality of product-class attributes associated with the generic set of product characteristics and the specific set of product characteristics.