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Systems and methods for requesting a reservation for a set of debt instruments to be offered

  • US 10,074,131 B2
  • Filed: 03/14/2013
  • Issued: 09/11/2018
  • Est. Priority Date: 03/05/2004
  • Status: Active Grant
First Claim
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1. A computer-implemented method for interactively displaying a bidstream comprising a collection of indications of demand for one or more reservations for a set of debt instruments to be offered by an issuer to participants for later sale, providing real-time feedback and requesting one or more reservation by a first participant computer associated with a first participant, comprising the steps of:

  • (a) transmitting, from the first participant computer comprising a display screen, to one or more servers, via a web services system, a first request to obtain the bidstream relating to a debt instrument offering, the debt instrument offering comprises a plurality of units of a debt instrument offering of one or more types at one or more yields that are available for reservation, wherein(i) each of the units of the debt instrument offering is intended to be offered as a debt instrument for later sale to potential debt instrument purchasers, and(ii) for at least one of the types having at least one of the yields, a plurality of units is available for reservation;

    (b) receiving in real-time, at the first participation computer via the web services system, from the one or more servers, at a first time, the bidstream including first status information accessible by the first participant computer;

    (c) graphically displaying in real-time, on the display screen of the first participant computer, the bidstream as a first graphic display including the first status information, wherein the first status information comprises at least information that identify;

    (i) first available units of the debt instrument offering for each type at each yield that are available for reservation as of the first time, including the type, yield, and number of units available for reservation, and(ii) first reserved units of the debt instrument offering that have been reserved by one or more other participants as of the first time, including the type, yield, and number of units that have been reserved by the one or more other participants, so that the information that identifies the first reserved units of the debt instrument offering that have been reserved by the one or more other participants at the first time is transparent to the first participant and indicates true market demand for the one or more sets of units of the debt instrument offering;

    (d) receiving, at the first participant computer, a second request by the first participant to reserve a first group of one or more of the units of the debt instrument offering selected from the first available units of the debt instrument offering as displayed as part of the first graphic display;

    (e) transmitting, from the first participant computer to the one or more servers, the second request;

    (f) receiving in real-time, at the first participant computer via the web services system, from the one or more servers, at a second time, an updated bidstream including second status information accessible by the first participant computer;

    (g) graphically displaying in real-time, on the display screen of the first participant computer, the updated bidstream as a second graphic display including the second status information, wherein the second status information comprises at least information that identify;

    (i) second available units within said plurality of units of the debt instrument offering that are yet available for request for reservation as of the second time, including the type, yield, and number of units available, and(ii) second reserved units of the debt instrument offering that have been reserved by the one or more other participants, including the type, yield, and number of units reserved by the one or more other participants as of the second time, wherein the second reserved units that have been reserved by the one or more other participants include at least a first set of units within the first group that were available for reservation, so that the information that identifies the second reserved units of the debt instrument offering that have been reserved by the one or more other participants at the second time is transparent to the first participant and indicates true market demand for the one or more sets of units of the debt instrument offering.

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