Method and apparatus for conducting a transaction
First Claim
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1. A method for issuing a unit to a holder, comprising:
- creating a forward contract, the forward contract specifying a settlement amount and a settlement date;
creating a note securing obligations of said holder under said forward contract, said note specifying an initial capped remarketing, at least a first subsequent capped remarketing, and an uncapped remarketing, said uncapped remarketing performed only if each of said capped remarketings fail, each of said capped and uncapped remarketings scheduled to occur prior to said settlement date; and
issuing said forward contract and said note as a unit.
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Accused Products
Abstract
Systems, methods, apparatus, computer program code and means for conducting a transaction are provided. In some embodiments, a unit is issued to a holder including a forward contract and a note, in which the note specifies an initial capped remarketing, at least a first subsequent capped remarketing, and an uncapped remarketing, the uncapped remarketing performed only if each of the capped remarketings fail.
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Citations
21 Claims
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1. A method for issuing a unit to a holder, comprising:
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creating a forward contract, the forward contract specifying a settlement amount and a settlement date;
creating a note securing obligations of said holder under said forward contract, said note specifying an initial capped remarketing, at least a first subsequent capped remarketing, and an uncapped remarketing, said uncapped remarketing performed only if each of said capped remarketings fail, each of said capped and uncapped remarketings scheduled to occur prior to said settlement date; and
issuing said forward contract and said note as a unit. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for remarketing a mandatory unit:
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attempting an initial capped remarketing of a note portion of said mandatory unit, said initial remarketing attempted prior to a settlement date of a forward contract portion of said mandatory unit, said initial remarketing subject to a reset rate cap;
attempting a subsequent capped remarketing if said initial remarketing is unsuccessful; and
attempting, if both said initial capped remarketing and said subsequent capped remarketings are unsuccessful, a final remarketing of said note portion of said mandatory unit, said final remarketing attempted prior to said settlement date and not subject to a reset rate cap. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method for issuing a mandatory unit from an issuer to a holder, the method comprising:
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creating a forward contract, the forward contract having a contract term extending from an issue date of said unit to a settlement date, said forward contract specifying a share delivery ratio for calculating a share delivery of issuer stock to said holder at said settlement date in exchange for a settlement amount;
creating a note securing obligations of said holder under said forward contract, said note specifying an initial capped remarketing, at least a first subsequent capped remarketing, an opportunistic remarketing period, and an uncapped remarketing, said uncapped remarketing performed only if each of said capped remarketings and any remarketings attempted during said opportunistic remarketing period fail; and
issuing said forward contract and said note as a unit. - View Dependent Claims (18)
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19. A unit administration system, comprising:
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a processor; and
a storage device in communication with said processor and storing instructions adapted to be executed by said processor to;
administer an attempt of an initial capped remarketing of a note portion of said mandatory unit, said initial remarketing attempted prior to a settlement date of a forward contract portion of said mandatory unit, said initial remarketing subject to a reset rate cap;
administer an attempt of a subsequent capped remarketing if said initial remarketing is unsuccessful; and
administer an attempt, if both said initial capped remarketing and said subsequent capped remarketings are unsuccessful, a final remarketing of said note portion of said mandatory unit, said final remarketing attempted prior to said settlement date and not subject to a reset rate cap.
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20. The unit administration system of claim 20, further comprising a communication device coupled to receive information from at least one of an issuer, a holder, a remarketing agent, and a market data source.
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21. A method for remarketing a mandatory unit:
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(a) attempting an initial capped remarketing of a note portion of said mandatory unit, said initial remarketing attempted prior to a settlement date of a forward contract portion of said mandatory unit, said initial remarketing subject to a reset rate cap;
(b) attempting a subsequent capped remarketing if said initial remarketing is unsuccessful; and
(c) attempting, if both said initial capped remarketing and said subsequent capped remarketings are unsuccessful, a final remarketing of said note portion of said mandatory unit, said final remarketing attempted prior to said settlement date and not subject to a reset rate cap;
wherein at least some of said (a)-(c) are performed using a computer.
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Specification