Simulation auction for public offering
First Claim
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1. A computer implemented method for determining a simulated price and other market information corresponding to real-world securities in an offering comprising:
- selecting a real world securities offering for a simulation auction and providing information about the selected offering to stimulate simulated bids for simulated securities corresponding to the selected offering;
offering to accept simulated bids from one or more potential participants via a communication network for the simulation auction of securities, said offering requiring payment of a bid participation fee that increases with the total value of the securities for which the simulated bid is made;
receiving simulated bids via a communication network from paying participants;
determining a simulated clearing price for the securities in the simulation auction based upon the received simulated bids; and
providing to participants making a bid an individual auction outcome indicating whether or not their bid was rejected or not and, if rejected, whether it was rejected as below the simulated clearing price determined in the simulation auction.
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Abstract
The invention provides a method and system to estimate demand, pricing, allocation and aftermarket demand for public offerings via a simulation auction using collaborative forecasting. The simulation auction incorporates features to enhance participant knowledge about a particular company and its proposed auction. The simulation auction may be used to collect information regarding likely or equilibrium pricing of actual offerings, as well as to generate demand curve provides for different types of participants (e.g. retail and institutional investors).
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Citations
20 Claims
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1. A computer implemented method for determining a simulated price and other market information corresponding to real-world securities in an offering comprising:
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selecting a real world securities offering for a simulation auction and providing information about the selected offering to stimulate simulated bids for simulated securities corresponding to the selected offering;
offering to accept simulated bids from one or more potential participants via a communication network for the simulation auction of securities, said offering requiring payment of a bid participation fee that increases with the total value of the securities for which the simulated bid is made;
receiving simulated bids via a communication network from paying participants;
determining a simulated clearing price for the securities in the simulation auction based upon the received simulated bids; and
providing to participants making a bid an individual auction outcome indicating whether or not their bid was rejected or not and, if rejected, whether it was rejected as below the simulated clearing price determined in the simulation auction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computer readable medium containing a computer program for determining a simulated price and other market information corresponding to real-world securities in an offering, the computer program comprising:
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a code component defining a simulation auction and providing information about a selected real world securities offering corresponding to the simulation auction to stimulate simulated bids for simulated securities corresponding to the selected offering;
a code component for offering to accept simulated bids from one or more potential participants via a communication network for the simulation auction of securities, said offering requiring payment of a bid participation fee that increases with the total value of the securities for which the simulated bid is made;
a code component for receiving simulated bids via a communication network from participants;
a code component for determining a simulated clearing price for the securities in the simulation auction based upon the received simulated bids; and
a code component for providing to participants making a bid an individual auction outcome indicating whether or not their bid was rejected or not and, if rejected, whether it was rejected as below the simulated clearing price determined in the simulation auction. - View Dependent Claims (16, 17)
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18. A computer system for data processing with a computer program for determining a simulated price and other market information corresponding to real-world securities in an offering, the computer program comprising:
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a code component defining a simulation auction and providing information about a selected real world securities offering corresponding to the simulation auction to stimulate simulated bids for simulated securities corresponding to the selected offering;
a code component for offering to accept simulated bids from one or more potential participants via a communication network for the simulation auction of securities, said offering requiring payment of a bid participation fee that increases with the total value of the securities for which the simulated bid is made;
a code component for receiving simulated bids via a communication network from participants;
a code component for determining a simulated clearing price for the securities in the simulation auction based upon the received simulated bids; and
a code component for providing to participants making a bid an individual auction outcome indicating whether or not their bid was rejected or not and, if rejected, whether it was rejected as below the simulated clearing price determined in the simulation auction. - View Dependent Claims (19, 20)
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Specification