System and method for pricing and allocation of commodities or securities
    2.
    发明授权
    System and method for pricing and allocation of commodities or securities 有权
    商品或证券定价和分配的制度和方法

    公开(公告)号:US07644034B2

    公开(公告)日:2010-01-05

    申请号:US12193175

    申请日:2008-08-18

    IPC分类号: G06Q40/00 G07F7/00 H04L9/00

    摘要: An auction server node is described for a computer network having user nodes for conducting an auction run by an auction adviser for awarding securities from an issuer to bidders of the auction. There is real-time monitoring of the auction as it occurs, a bid mechanism for receiving competitive bids from the bidders at the user nodes, including a quantity of securities to be purchased, an initial price revealed to the other bidders, and a firm price not revealed to the other bidders and within a predetermined range of the initial price. A single market clearing price is determined that allocates to the bidders all of the securities in the auction. An incremental adjustment of the market clearing price may be made by at least one of the auction advisor and the issuer, and an allocation made of the securities to the bidders at the adjusted clearing price.

    摘要翻译: 描述了一种用于具有用户节点的计算机网络的拍卖服务器节点,用于由拍卖顾问进行拍卖,以从发行商向投标者发放证券。 拍卖会实时监控,用于从用户节点接收投标人的竞标,包括要购买的证券数量,向其他投标人透露的初始价格以及固定价格的出价机制 不向其他投标人透露,并在初始价格的预定范围内。 确定单一的市场清算价格,将拍卖中的所有证券分配给投标人。 市场清算价格的增量调整可以由拍卖顾问和发行人中的至少一个进行,并且以调整后的清算价格向投标人分配证券。

    System and Method for Pricing and Allocation of Commodities or Securities
    3.
    发明申请
    System and Method for Pricing and Allocation of Commodities or Securities 有权
    商品或证券的定价和分配制度与方法

    公开(公告)号:US20080306865A1

    公开(公告)日:2008-12-11

    申请号:US12193175

    申请日:2008-08-18

    IPC分类号: G06Q40/00

    摘要: An auction server node is described for a computer network having user nodes for conducting an auction run by an auction adviser for awarding securities from an issuer to bidders of the auction. There is real-time monitoring of the auction as it occurs, a bid mechanism for receiving competitive bids from the bidders at the user nodes, including a quantity of securities to be purchased, an initial price revealed to the other bidders, and a firm price not revealed to the other bidders and within a predetermined range of the initial price. A single market clearing price is determined that allocates to the bidders all of the securities in the auction. An incremental adjustment of the market clearing price may be made by at least one of the auction advisor and the issuer, and an allocation made of the securities to the bidders at the adjusted clearing price.

    摘要翻译: 描述了一种用于具有用户节点的计算机网络的拍卖服务器节点,用于由拍卖顾问进行拍卖,以从发行商向投标者发放证券。 拍卖会实时监控,用于从用户节点接收投标人的竞标,包括要购买的证券数量,向其他投标人透露的初始价格以及固定价格的出价机制 不向其他投标人透露,并在初始价格的预定范围内。 确定单一的市场清算价格,将拍卖中的所有证券分配给投标人。 市场清算价格的增量调整可以由拍卖顾问和发行人中的至少一个进行,并且以调整后的清算价格向投标人分配证券。

    System and method for pricing and allocation of commodities or securities
    4.
    发明授权
    System and method for pricing and allocation of commodities or securities 有权
    商品或证券定价和分配的制度和方法

    公开(公告)号:US07415436B1

    公开(公告)日:2008-08-19

    申请号:US09668255

    申请日:2000-09-21

    IPC分类号: G06Q40/00 G07F7/00 H04L9/00

    摘要: The present invention provides an economical, high performance, adaptable system and method (designated “the OpenBook system”) for conducting an auction of debt securities to institutional and individual investors on the Web. In the OpenBook system auction: (1) Bidders are rewarded for anonymously revealing their bids early; (2) All winners pay a single market-clearing price that sells out the securities; and (3) All participants can monitor the auction in real time. The OpenBook system thus creates a transparent and low-cost new issue market; offers all bidders equal access to securities; and gives both investors and issuers a “seat on the syndicate desk.”

    摘要翻译: 本发明提供了一种经济,高性能,适应性强的系统和方法(指定为“OpenBook系统”),用于向网络上的机构和个人投资者进行债务证券拍卖。 在OpenBook系统拍卖中:(1)投标人以匿名方式提供报价; (2)所有获胜者支付出售证券的单一市场清算价格; 和(3)所有参与者可以实时监控拍卖。 OpenBook系统因此创造了一个透明和低成本的新问题市场; 提供所有投标人平等获得证券的机会; 并给投资者和发行人一个“集团席位”。