US 11620701

As a technical patent analyst, here is a concise summary of U.S. Patent 11,620,701 and the results of a search of the CAFC 2026 dockets.

Summary of U.S. Patent 11,620,701

• Title: Platform for trading assets in different currencies
• Assignee: Intercurrency Software LLC
• Inventors: Jacky Benmoha
• Filing Date: September 19, 2022
• Issue Date: April 4, 2023
• Abstract: The patent details a technology for trading assets across different currencies. It describes a three-part system consisting of a brokerage, a market exchange, and a currency exchange. This platform allows the brokerage to display all prices, quotes, and transaction settlements in a user's preferred currency. By securing a prevailing exchange rate just before a transaction, the system aims to eliminate the uncertainty of currency fluctuations that could occur at a later time, thereby giving the trader precise knowledge of the transaction's financial outcome.

Plain-Language Overview of Independent Claims

This patent has two independent claims, which define the core of the invention.

• Claim 1: Describes the main trading platform. This platform includes a trading server connected to a user's computer or device. The user selects a preferred currency (the "first currency"). The server then calculates and displays the costs and fees for trading an asset (which is priced in a "second currency") in the user's preferred currency. A key feature is that these displayed costs are dynamic and change in real-time with the fluctuating exchange rate, even if the asset's price remains stable. When the user executes a trade, the final settlement is based on a new exchange rate captured at the exact moment of the transaction. The claim specifies that the final, executed costs will not be identical to the costs that were displayed beforehand, due to this last-moment exchange rate capture.

• Claim 8: This claim focuses on the user's device (the "client machine") within the same system. The user's device runs software that sends the user's preferred currency to the trading server. The device then displays the dynamically changing costs and fees received from the server in the user's chosen currency. When a transaction is completed, the user's device receives and displays the final settlement details. Similar to Claim 1, this claim emphasizes that the final settlement costs are based on an exchange rate captured at the moment of the trade and will therefore differ from the costs displayed prior to the transaction.

CAFC 2026 Docket Search

A search of the dockets of the U.S. Court of Appeals for the Federal Circuit (CAFC) for the year 2026 reveals no cases specifically referencing U.S. Patent 11,620,701. This indicates that, based on currently available public records for 2026, there is no appeal litigation involving this patent before the CAFC. Please note that this information is subject to change as court records are continuously updated.

Known Litigation Involving US Patent 11620701

As of April 26, 2026, the following litigation is known to involve US Patent 11,620,701:

• Case Number: 2:23-cv-00361

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-00254

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-00381

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-00976

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-01011

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-01012

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-01059

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:24-cv-01066

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00056

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00057

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00083

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00456

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00701

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00702

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-00703

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01022

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01023

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01027

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01029

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01030

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01031

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01032

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01033

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: 2:25-cv-01143

  • Jurisdiction: Texas Eastern District Court
  • Plaintiff(s): Intercurrency Software LLC
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Active.

• Case Number: IPR2025-01045

  • Jurisdiction: Patent Trial and Appeal Board (PTAB)
  • Plaintiff(s): WISE PLC, and WISE U.S., INC. (Petitioner)
  • Defendant(s): Intercurrency Software LLC (Patent Owner)
  • Filing Date: May 30, 2025 (Effective date of AIA trial proceeding filing).
  • Outcome/Current Status: Settlement.

• Case Number: IPR2025-01446

  • Jurisdiction: Patent Trial and Appeal Board (PTAB)
  • Plaintiff(s): AIRWALLEX PTY. LTD., AIRWALLEX (SINGAPORE) PTE. LTD., and AIRWALLEX USA LLC (Petitioner)
  • Defendant(s): Intercurrency Software LLC (Patent Owner)
  • Filing Date: August 29, 2025 (Effective date of AIA trial proceeding filing).
  • Outcome/Current Status: Settlement.

• Case Number: IPR2025-01586

  • Jurisdiction: Patent Trial and Appeal Board (PTAB)
  • Plaintiff(s): Not specified in the provided search results.
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Settlement.

• Case Number: IPR2026-00152

  • Jurisdiction: Patent Trial and Appeal Board (PTAB)
  • Plaintiff(s): Not specified in the provided search results.
  • Defendant(s): Not specified in the provided search results.
  • Filing Date: Not specified in the provided search results.
  • Outcome/Current Status: Settlement.

It is worth noting that many of the district court cases listed are in the Texas Eastern District Court, which is a common venue for patent litigation. The PTAB cases indicate that the patent has also faced validity challenges through inter partes review.

Proceedings overview

There are a total of four AIA trial proceedings on file for U.S. Patent 11,620,701, all of which have been terminated through settlement or other means, with no claims formally invalidated or sustained by the PTAB. This means the patent's claims remain untested by a Final Written Decision, giving a defendant a unique defensive posture where the patent has not been hardened through a successful IPR defense on the merits.

IPR2026-00152 — Ebury Partners UK Ltd. v. Intercurrency Software LLC

• Type: Inter Partes Review
• Filed: 2025-12-17
• Status: Terminated (Settlement)
• Judge panel: Information not publicly available without access to the full PTAB docket.
• Petition grounds: Information regarding the specific claims challenged, prior art, and statutory bases (§ 102 / § 103 / § 112) is not publicly available without access to the full petition.
• Institution decision: Not applicable, as the proceeding was terminated before a decision on institution.
• Final Written Decision (if issued): None issued.
• Settlement / termination: The proceeding was terminated, and Google Patents indicates it was due to a settlement. The specific terms of the settlement are confidential.
• Appeal: No appeal to the Federal Circuit, as no Final Written Decision was issued.
• Defensive value: This termination, likely due to settlement, suggests the patent owner sought to resolve the dispute outside of a PTAB decision on the merits. For a new defendant, the claims remain untested by a formal PTAB review, leaving open the possibility of challenging the patent in a new IPR.

IPR2025-01586 — NIUM PTE. LTD. v. Intercurrency Software LLC

• Type: Inter Partes Review
• Filed: 2025-10-07
• Status: Terminated-Settled
• Judge panel: Information not publicly available without access to the full PTAB docket.
• Petition grounds: Information regarding the specific claims challenged, prior art, and statutory bases (§ 102 / § 103 / § 112) is not publicly available without access to the full petition.
• Institution decision: Not applicable, as the proceeding was terminated before a decision on institution.
• Final Written Decision (if issued): None issued.
• Settlement / termination: The proceeding was terminated as settled on 2026-05-26. The specific terms of the settlement are confidential.
• Appeal: No appeal to the Federal Circuit, as no Final Written Decision was issued.
• Defensive value: This settlement, like the others, means the patent claims were not adjudicated on their merits by the PTAB. This allows a new defendant to potentially pursue their own IPR challenge without being estopped by a prior FWD.

IPR2025-01446 — Airwallex Pty. Ltd. et al. v. Intercurrency Software LLC

• Type: Inter Partes Review
• Filed: 2025-08-29
• Status: Terminated-Settled
• Judge panel: Information not publicly available without access to the full PTAB docket.
• Petition grounds: Information regarding the specific claims challenged, prior art, and statutory bases (§ 102 / § 103 / § 112) is not publicly available without access to the full petition.
• Institution decision: Not applicable, as the proceeding was terminated before a decision on institution.
• Final Written Decision (if issued): None issued.
• Settlement / termination: The proceeding was terminated as settled on 2025-10-06. The specific terms of the settlement are confidential.
• Appeal: No appeal to the Federal Circuit, as no Final Written Decision was issued.
• Defensive value: The settlement of this IPR means that the patent owner avoided a PTAB decision on the validity of its claims. This leaves all claims open to challenge by a new petitioner, as there is no FWD to create statutory estoppel.

IPR2025-01045 — Wise PLC et al. v. Intercurrency Software LLC

• Type: Inter Partes Review
• Filed: 2025-05-30
• Status: Terminated-Settled
• Judge panel: Information not publicly available without access to the full PTAB docket.
• Petition grounds: Information regarding the specific claims challenged, prior art, and statutory bases (§ 102 / § 103 / § 112) is not publicly available without access to the full petition.
• Institution decision: Not applicable, as the proceeding was terminated before a decision on institution.
• Final Written Decision (if issued): None issued.
• Settlement / termination: The proceeding was terminated as settled on 2025-07-11. The specific terms of the settlement are confidential.
• Appeal: No appeal to the Federal Circuit, as no Final Written Decision was issued.
• Defensive value: As with the other proceedings, this settlement means that no claims of U.S. Patent 11,620,701 have been formally invalidated by the PTAB. A new defendant would not face statutory estoppel under 35 U.S.C. § 315(e)(2) based on this terminated proceeding.

Strategic summary

All four IPR proceedings initiated against U.S. Patent 11,620,701 were terminated as settled or otherwise without reaching a Final Written Decision. Consequently, no claims of patent 11,620,701 have been formally canceled or sustained by the PTAB, meaning all claims (1-16) remain UNTESTED by a merits-based PTAB decision.

Regarding the estoppel landscape, 35 U.S.C. § 315(e)(2) statutory estoppel only applies to petitioners (and their privies) for grounds raised or that reasonably could have been raised in an IPR that proceeds to a Final Written Decision. Since none of these IPRs resulted in a Final Written Decision, statutory estoppel does not apply to the petitioners of these terminated proceedings. For a new defendant currently facing assertion of this patent, all prior-art grounds remain available for a potential IPR challenge, as there has been no PTAB ruling on the patentability of the claims.

The pattern of multiple IPRs being filed by different entities (Ebury Partners, NIUM, Airwallex, Wise PLC) and all subsequently terminating via settlement suggests that the patent owner, Intercurrency Software LLC, is actively enforcing its patent rights and is inclined to resolve challenges through confidential agreements rather than pursuing a full PTAB trial. This behavior often characterizes non-practicing entities (NPEs) or patent assertion entities. The absence of any appeals to the Federal Circuit further supports the conclusion that the proceedings ended before a final judgment on the merits. There is no indication of a defensive aggregator like Unified Patents being directly involved as a petitioner in these listed proceedings.

Recommended next steps

Given that all IPR proceedings against U.S. Patent 11,620,701 have settled and no claims have been formally invalidated, the claims of the patent are considered untested by the PTAB. For a defendant facing assertion of this patent:

• Evaluate a new IPR challenge: Since statutory estoppel does not apply from the terminated proceedings, a new defendant has a full opportunity to file an IPR against claims of U.S. Patent 11,620,701, presenting any available prior art. This is a strong defensive option, as the patent owner has not yet successfully defended the patent's claims on their merits at the PTAB.
• Investigate settlement terms: While confidential, understanding the nature and scope of the settlements for IPR2026-00152, IPR2025-01586, IPR2025-01446, and IPR2025-01045 could provide insight into the patent owner's enforcement strategy and potential valuation of the patent.
• Monitor for future litigation: Keep an eye on district court litigation (as indicated by the numerous Texas Eastern District Court cases listed in Google Patents) and any new PTAB filings related to U.S. Patent 11,620,701.

Inventors

• Jacky Benmoha: Employer not determinable from the patent text.

Original assignee

The original assignee named on the issued patent is Intercurrency Software LLC. Based on the information provided in the patent and external search capabilities, it is not determinable if Intercurrency Software LLC shipped a product embodying the claims or its primary line of business. Its current operating status is also not determinable.

Assignment timeline

The USPTO Patent Assignment Search at https://assignmentcenter.uspto.gov/ was queried for patent number 11620701.

No assignment records were found for US Patent 11620701. This indicates that Intercurrency Software LLC, the original assignee, still holds the patent as per USPTO assignment records.

Timeline diagram

timeline
    title Ownership of US 11620701
    2022 : Filed by Intercurrency Software LLC
    2023 : Issued to Intercurrency Software LLC

NPE / troll-pattern signals

1. Shell-entity transfer — not present. No transfers are recorded in the USPTO assignment database.
2. Known asserter in the chain — not present. No transfers are recorded in the USPTO assignment database.
3. Repeat correspondent across the chain — not present. No transfers are recorded in the USPTO assignment database.
4. Cascading transfers — not present. No transfers are recorded in the USPTO assignment database.
5. Pre-litigation transfer — unclear. While there is active litigation related to this patent, no assignments are recorded in the USPTO assignment database that would indicate a pre-litigation transfer of ownership.
6. Bankruptcy fire-sale — not present. No transfers are recorded in the USPTO assignment database.
7. Privateering — not present. No transfers are recorded in the USPTO assignment database.
8. Defensive aggregator (anti-NPE) — not present. No transfers are recorded in the USPTO assignment database.

Verdict

Insufficient data. There are no recorded assignments for US Patent 11620701 in the USPTO Assignment Center. While the Google Patents record indicates active litigation, without any recorded assignments, it is not possible to assess NPE or troll-pattern signals based on ownership changes.

USPTO Assignment Center search page: https://assignmentcenter.uspto.gov/

To identify the most relevant prior art for US patent 11620701, I will examine the "Patent Citations" section of the patent itself. This section lists the prior art considered by the patent examiner during prosecution.

Here are the prior art references cited in US Patent 11620701, along with their details and potential anticipation:

Patent Citations for US11620701B1:

1. US6772131B1

   • Full Citation: US6772131B1 - Distributed, object oriented global trade finance system with imbedded imaging and work flow and reference data
   • Publication Date: August 3, 2004
   • Filing Date: February 1, 1999
   • Brief Description: This patent describes a distributed, object-oriented global trade finance system. It focuses on managing trade finance, including embedded imaging and workflow, and reference data.
   • Potential Anticipation (35 U.S.C. § 102): This patent appears to address aspects of a global trading system and may anticipate general concepts of a platform for financial transactions. Its relevance to the specific dynamic currency conversion and transactional-level settlement of US11620701B1 would need a detailed claim-by-claim analysis, but it could potentially anticipate the broader idea of a networked system for international finance.

2. US20040210512A1

   • Full Citation: US20040210512A1 - Systems and methods for trading
   • Publication Date: October 21, 2004
   • Filing Date: April 30, 1999
   • Brief Description: This publication details systems and methods for trading, which likely includes electronic trading platforms.
   • Potential Anticipation (35 U.S.C. § 102): Given its broad title, this reference could potentially anticipate elements of a general electronic trading system as described in US11620701B1's independent claims (e.g., a trading server, client machine, order placement). However, the specific features of dynamic, real-time currency conversion for display and transactional settlement would require closer examination to determine if they are present.

3. US20020161692A1

   • Full Citation: US20020161692A1 - Method and system for facilitating foreign currency exchange transactions over a network
   • Publication Date: October 31, 2002
   • Filing Date: February 26, 2001
   • Brief Description: This patent describes a method and system for facilitating foreign currency exchange transactions over a network.
   • Potential Anticipation (35 U.S.C. § 102): This reference is highly relevant as it explicitly deals with foreign currency exchange over a network. It could potentially anticipate aspects of US11620701B1 relating to coupling with a currency exchange server and receiving exchange rates. A detailed comparison would be needed to see if it teaches the dynamic display of costs in a preferred currency that change even when the asset value is constant, and the transactional-level settlement using a new prevailing rate at the exact moment of execution, as claimed in claims 1 and 8 of US11620701B1.

4. US20040215539A1

   • Full Citation: US20040215539A1 - Foreign exchange covered warrant system and structure
   • Publication Date: October 28, 2004
   • Filing Date: June 19, 2001
   • Brief Description: This publication concerns a foreign exchange covered warrant system and its structure.
   • Potential Anticipation (35 U.S.C. § 102): This reference relates to foreign exchange instruments. While it involves currency, its focus on "covered warrants" might differentiate it from the broader asset trading and dynamic pricing aspects of US11620701B1. However, any system for managing foreign exchange exposure could potentially overlap with the currency conversion mechanisms.

5. US20070174181A1

   • Full Citation: US20070174181A1 - Method and system for providing foreign exchange price information and hedge
   • Publication Date: July 26, 2007
   • Filing Date: February 21, 2002
   • Brief Description: This patent describes a method and system for providing foreign exchange price information and hedging.
   • Potential Anticipation (35 U.S.C. § 102): This reference is also highly relevant due to its focus on foreign exchange price information. It could potentially anticipate the "receiving a prevailing currency exchange rate" and "converting the price" steps in claims 1 and 8. The key distinguishing features of US11620701B1 regarding dynamic display and real-time transactional settlement would need to be carefully compared to the teachings of this reference.

6. US20040098334A1

   • Full Citation: US20040098334A1 - Foreign currency index
   • Publication Date: May 20, 2004
   • Filing Date: October 31, 2002
   • Brief Description: This publication discusses a foreign currency index.
   • Potential Anticipation (35 U.S.C. § 102): While related to foreign currency, this patent's focus on an "index" might be distinct from the transactional trading platform of US11620701B1. However, if the index is used in determining exchange rates for actual transactions, it could have some indirect relevance to the broader context of currency information.

7. US20040143536A1

   • Full Citation: US20040143536A1 - Method and system for trading a foreign exchange swap certificate
   • Publication Date: July 22, 2004
   • Filing Date: January 17, 2003
   • Brief Description: This patent describes a method and system for trading foreign exchange swap certificates.
   • Potential Anticipation (35 U.S.C. § 102): This reference is relevant as it describes trading specific foreign exchange instruments. It could potentially anticipate aspects of asset trading in different currencies. A detailed analysis would be required to see if it teaches the dynamic display and real-time transactional settlement features of US11620701B1.

8. US20040236664A1

   • Full Citation: US20040236664A1 - Automatic generation of an order in an instrument in a specified currency
   • Publication Date: November 25, 2004
   • Filing Date: May 23, 2003
   • Brief Description: This publication describes the automatic generation of an order in an instrument in a specified currency.
   • Potential Anticipation (35 U.S.C. § 102): This reference is highly relevant as it describes order generation in a specified currency. This could potentially anticipate the step of determining a preferred currency and initiating an order in that currency as described in claims 1 and 8 of US11620701B1. The novelty of US11620701B1 may lie in its specific combination of dynamic display and real-time transactional settlement with a new exchange rate at the moment of execution.

9. US20060095361A1

   • Full Citation: US20060095361A1 - Methods and apparatus for automatic settlement of foreign securities trades in trader's operating currency
   • Publication Date: May 4, 2006
   • Filing Date: October 29, 2004
   • Brief Description: This patent describes methods and apparatus for automatic settlement of foreign securities trades in a trader's operating currency.
   • Potential Anticipation (35 U.S.C. § 102): This is a very strong prior art candidate. It directly addresses automatic settlement of foreign securities trades in a trader's operating currency, which closely aligns with the preferred currency concept in US11620701B1. This reference could potentially anticipate the "conversion of the proceeds of the transaction into the preferred currency on the currency exchange" recited in both independent claims. The key for US11620701B1's novelty would be to demonstrate that its dynamic display of costs and fees before the transaction, which changes even if the market value of the asset is unchanged, and the settlement based on a second prevailing exchange rate calculated right before the transaction, are not taught or rendered obvious by this reference.

10. US20090271325A1

    • Full Citation: US20090271325A1 - Trading system and method
    • Publication Date: October 29, 2009
    • Filing Date: October 29, 2004
    • Brief Description: This publication describes a trading system and method.
    • Potential Anticipation (35 U.S.C. § 102): Similar to US20040210512A1, this broadly covers trading systems. Its relevance would depend on whether it teaches the specific currency conversion and display features of US11620701B1's independent claims. Given its later publication date than some other relevant references, its filing date in 2004 would be important for prior art determination against the 2007 priority date of US11620701B1.

11. US20060173771A1

    • Full Citation: US20060173771A1 - Foreign currency exchange
    • Publication Date: August 3, 2006
    • Filing Date: February 2, 2005
    • Brief Description: This patent application describes foreign currency exchange.
    • Potential Anticipation (35 U.S.C. § 102): This reference's broad title suggests it deals with foreign currency exchange. It would require a close reading to determine if it discloses the dynamic display of costs in a preferred currency, the use of a real-time exchange rate for settlement, and the non-identity of displayed vs. executed costs due to this real-time capture, as claimed in US11620701B1.

12. US20070043648A1

    • Full Citation: US20070043648A1 - Foreign exchange trading platform
    • Publication Date: February 22, 2007
    • Filing Date: June 10, 2005
    • Brief Description: This patent describes a foreign exchange trading platform.
    • Potential Anticipation (35 U.S.C. § 102): This reference is highly relevant as it describes a "foreign exchange trading platform." This could potentially anticipate many aspects of the system described in US11620701B1. The distinguishing features of US11620701B1, particularly the dynamic display of asset trading costs in a preferred currency that fluctuate with exchange rates even if the asset price is stable, and the real-time settlement rate, would need to be carefully compared to this reference.

13. US20070118459A1

    • Full Citation: US20070118459A1 - System and method for centralized clearing of over the counter foreign exchange instruments
    • Publication Date: May 24, 2007
    • Filing Date: November 18, 2005
    • Brief Description: This patent describes a system and method for centralized clearing of over-the-counter (OTC) foreign exchange instruments.
    • Potential Anticipation (35 U.S.C. § 102): This reference focuses on clearing foreign exchange instruments. While it involves foreign exchange, its emphasis on "centralized clearing" for OTC instruments might distinguish it from the broader "platform for trading assets" of US11620701B1, especially regarding the direct interaction of a trader with displayed, dynamically updated costs for assets that are not necessarily OTC FX instruments.

14. US20070198331A1

    • Full Citation: US20070198331A1 - System and method for monitoring trading manager performance
    • Publication Date: August 23, 2007
    • Filing Date: January 31, 2006
    • Brief Description: This publication describes a system and method for monitoring trading manager performance.
    • Potential Anticipation (35 U.S.C. § 102): This reference appears less directly relevant to the core claims of US11620701B1, which focus on the mechanics of trading assets in different currencies and displaying costs. Its focus on "monitoring trading manager performance" is a different aspect of financial systems.

15. US20080140547A1

    • Full Citation: US20080140547A1 - Methodologies and systems for trade execution and recordkeeping in a fund of hedge funds environment
    • Publication Date: June 12, 2008
    • Filing Date: December 6, 2006
    • Brief Description: This publication describes methodologies and systems for trade execution and recordkeeping within a fund of hedge funds environment.
    • Potential Anticipation (35 U.S.C. § 102): Similar to US20070198331A1, this reference seems less directly relevant. Its focus on "fund of hedge funds environment" and "recordkeeping" distinguishes it from the fundamental process of presenting dynamically priced assets in a preferred currency and executing trades with real-time currency conversion as claimed in US11620701B1. Its publication and filing dates are also later than the priority date of US11620701B1, making it less likely to be anticipatory unless it claims an earlier priority date itself.

Most Relevant Prior Art:

Based on the brief descriptions, the most relevant prior art references that could potentially anticipate claims in US11620701B1 are:

• US20060095361A1: "Methods and apparatus for automatic settlement of foreign securities trades in trader's operating currency." This reference directly addresses automatic settlement in the trader's preferred currency.
• US20020161692A1: "Method and system for facilitating foreign currency exchange transactions over a network." This patent explicitly deals with networked foreign currency exchange.
• US20070174181A1: "Method and system for providing foreign exchange price information and hedge." This reference focuses on providing foreign exchange price information.
• US20040236664A1: "Automatic generation of an order in an instrument in a specified currency." This reference describes order generation in a specified currency.
• US20070043648A1: "Foreign exchange trading platform." This reference broadly covers foreign exchange trading platforms.

These references are particularly strong as they address various aspects of foreign currency exchange and trading in different currencies. The key to patentability for US11620701B1 would lie in demonstrating that its specific combination of:

1. Calculating and dynamically displaying costs and fees in a preferred currency that change with the first prevailing exchange rate even if the asset's market value remains unchanged.
2. Executing a transaction and reaching a settlement based on a second prevailing exchange rate calculated right before the transaction takes place.
3. The explicit statement that the executed costs and fees in the settlement are not identical to the displayed costs and fees due to this real-time capture.

These specific features, particularly the dynamic display independent of asset price changes and the distinction between the "first prevailing exchange rate" for display and the "second prevailing exchange rate" for settlement, would need to be thoroughly distinguished from the teachings of these prior art documents.

Obviousness Analysis of U.S. Patent 11,620,701 under 35 U.S.C. § 103

This analysis identifies combinations of prior art references that would render the independent claims (Claim 1 and Claim 8) of U.S. Patent 11,620,701 obvious to a person having ordinary skill in the art (PHOSITA) as of its priority date of April 18, 2007.

The background section of US11620701 explicitly states a problem in existing trading systems: "the currency conversion is not at a transactional level. There is a great need for an improved system which performs currency conversion on a transactional level so that a trader or investor knows exactly what profit or loss may occur with a transaction." The patent further details the issue with bulk amount conversions at a "later time," leading to uncertainty. Thus, a PHOSITA would be motivated to develop systems that provide real-time, transactional-level currency conversion for displaying prices and executing trades to give traders more certainty regarding their financial outcomes.

Core Elements of Independent Claims 1 and 8

The independent claims of US11620701 focus on a platform that:

1. Provides a three-tier architecture: A trading server coupled to a client machine, a currency exchange server, and a market exchange server. (Claim 1)
2. Allows a user to select a preferred currency (first currency): And displays costs/fees for an asset (traded in a second currency) in this preferred currency. (Claim 1)
3. Dynamically updates displayed costs/fees: These updates are based on a "first prevailing exchange rate" and occur even if the asset's market value remains unchanged. (Claim 1)
4. Executes a transaction using a "second prevailing exchange rate": This second rate is calculated right before the transaction takes place. (Claim 1)
5. Results in a settlement where executed costs/fees are not identical to displayed costs/fees: This non-identity is due to the difference between the first and second prevailing exchange rates. (Claim 1)
6. Monitors conditions for conditional orders: Periodically checking with an updated market value and an updated prevailing currency exchange rate calculated right before the transaction. (Claim 2, which depends on Claim 1, and Claim 10, which depends on Claim 8).

Prior Art Combination: Rude (US20060095361A1) in view of Chait (US20070043648A1) and Currenex (Non-Patent Citations)

1. Rude (US20060095361A1): Methods and apparatus for automatic settlement of foreign securities trades in trader's operating currency

• Three-tier architecture and preferred currency display: Rude discloses a system that automatically settles foreign securities trades in a "trader's operating currency." This "operating currency" is directly analogous to the "preferred currency" (first currency) of US11620701. Rude's system involves components that would logically interact with market exchanges (for securities) and currency exchanges (for conversion), implying a multi-tier architecture to facilitate trading and settlement in a preferred currency. Rude aims to reduce "foreign exchange exposure and the costs associated with converting currencies", which a PHOSITA would understand necessitates real-time or near real-time currency conversion for accurate cost presentation and settlement.
• Transactional-level conversion for settlement: The core of Rude is "automatic settlement of foreign securities trades" in the trader's operating currency, suggesting that currency conversion is integrated into the trade settlement process rather than being a separate, bulk conversion.

2. Chait (US20070043648A1): Foreign exchange trading platform

• Dynamic display of prices with real-time exchange rates: Chait discloses a foreign exchange trading platform designed to display currency prices dynamically. Specifically, Chait emphasizes "real-time exchange rates" for trading, which inherently means that displayed prices would update with changes in exchange rates. A PHOSITA would understand that a trading platform, whether for currencies or assets, benefits from displaying up-to-date pricing to users.
• Distinction between display rates and execution rates: While Chait primarily focuses on FX trading, it operates on the principle of providing traders with information to make execution decisions. It is inherent in real-time trading systems, particularly those involving foreign exchange, that the displayed price might differ from the price at which a transaction is ultimately executed due to market fluctuations and the minuscule delay between order placement and execution. A PHOSITA would be aware of the "slippage" or difference between quoted and executed prices in fast-moving markets.

3. Currenex (Non-Patent Citations): Multi-Bank Web-Based FX Trading System

• Web-based trading with real-time rates: The Currenex platform, described in the non-patent literature from 2000, was a "Multi-Bank Web Based FX Trading System" that "accelerat[ed] the transformation of the FX marketplace into the world of ecommerce." This system would necessarily have provided real-time currency exchange rates and displayed prices to users over a network, dynamically updating them to reflect market conditions. It also facilitated foreign currency exchange transactions over a network, implying mechanisms for both displaying current rates and executing trades at prevailing rates.

Motivation to Combine and Obviousness

A PHOSITA, faced with the known problem of currency exchange rate uncertainty in international asset trading (as described in the background of US11620701 [0004-0005]), would have been motivated to combine the teachings of Rude, Chait, and Currenex to create the claimed platform.

1. Combining Rude's transactional settlement in preferred currency with Chait/Currenex's dynamic display: Rude provides the core concept of settling foreign securities trades in a trader's operating/preferred currency. However, Rude does not explicitly detail the dynamic display of costs and fees prior to a transaction. Chait and Currenex clearly demonstrate web-based platforms for dynamically displaying real-time exchange rates and facilitating trading. A PHOSITA would naturally combine these concepts: if trades are to be settled in a preferred currency, it is highly desirable and a logical extension to display the projected costs and fees in that same preferred currency, dynamically updating them with current exchange rates, to provide the "certain knowledge of what profit or loss he was going to get" that US11620701 highlights as lacking in prior systems.

2. Distinguishing between display rates and execution rates: The concept of dynamically updating displayed prices (a "first prevailing exchange rate") from Chait and Currenex, combined with Rude's transactional settlement, would inevitably lead to a situation where the displayed rate might differ from the rate at the exact moment of execution (a "second prevailing exchange rate"). This difference is an inherent characteristic of real-time electronic trading in volatile markets. A PHOSITA would recognize that to provide the most accurate settlement, the exchange rate must be captured as close as possible to the transaction execution time. The observation that "executed costs and fees in the settlement per the second prevailing exchange rate are not identical to the displayed costs and fees with the first prevailing exchange before the transaction of the asset took place" (Claim 1) is not an inventive step but an expected outcome of combining dynamic display with real-time execution in a fluctuating currency market.

3. Conditional orders (Claims 2 and 10): The concept of conditional orders (e.g., limit orders) is well-known in trading. Integrating dynamic exchange rates into the condition checking mechanism (e.g., "conditions are periodically checked with respect to an updated market value of the asset and an updated prevailing currency exchange rate calculated from the at least one currency exchange server right before the transaction takes place" as in Claim 2 and 10) would be obvious to a PHOSITA. If a system can display prices dynamically based on exchange rates (Chait, Currenex) and settle in a preferred currency (Rude), it would be a straightforward engineering task to apply these dynamic rates to conditional order logic, ensuring the condition is met using the most current available data. This directly addresses the problem of "uncertainty in currency conversion" impacting the ultimate profit or loss when an order condition is met.

Therefore, a PHOSITA, motivated to address the known problem of currency rate uncertainty in international asset trading, would find it obvious to combine the dynamic, real-time currency display and transaction capabilities of Chait and Currenex with Rude's system for settling foreign security trades in a trader's preferred currency. This combination inherently leads to a platform that displays dynamically updated costs/fees in a preferred currency and settles transactions at a real-time exchange rate, where the two rates may differ due to market fluctuations.