Bidder system using multiple computers communicating data to carry out selling fixed income instruments

• US 20080120247A1
• Filed: 11/14/2006
• Published: 05/22/2008
• Est. Priority Date: 10/28/1992
• Status: Active Grant

• Current Assignee: Graff/Ross Holdings LLP
• Original Assignee: Graff/Ross Holdings LLP
• Inventors: Graff, Richard A.
• Granted Patent: US 7,908,202 B2
• Time in Patent Office: Days
• US Class Current: 705/36R
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/123 Tax preparation or submission
• CPC Class Codes: Y02P 90/90 Financial instruments for climate change mitigation, e.g. environmental taxes, subsidies or financing

Abstract

An electronic system, the system for selling fixed income instruments, the system including a second computer having an output device and at least one buyer'"'"'s computer having an electrically coupled input device and a monitor, the buyer'"'"'s computer and the second computer being respectively located, the computers being used in cooperation in a multiple computer system in electronically communicating data between the computers.

Claims

1. A multiple computer system to make financial analysis outputs, the multiple computer system including:

a first computer system controlled to generate a first valuation of a component of property, wherein the property is a tax-exempt fixed-income asset comprised of at least one tax-exempt fixed-income security, as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the first financial analysis output including the first valuation as input, programmed to generate using at least some of said input a second valuation of the component reflecting computation of a yield/discount rate for the property, and controlled to produce a second financial analysis output in consummating a sale and corresponding purchase of the component at a price corresponding to the second valuation, wherein the second financial analysis output includes the price.

15. The multiple computer system of claim 1, wherein the first valuation reflects an expected return under a performance scenario.

29. The multiple computer system of claim 1, wherein the first valuation reflects a price.

43. The multiple computer system of claim 1, wherein the first valuation reflects a quantitative description of risk.

128. The multiple computer system of any one of claims 1 to 8, 15 to 22, 29 to 36, 43 to 50, further including a financial exchange through which the sale is consummated.

161. The multiple computer system of any one of claims 1, 3 to 8 wherein the processor of the second computer system is controlled to produce the second financial analysis output comprising an offering document for the property including the system-determined purchase price.

2. A multiple computer system to make financial analysis outputs, the multiple computer system including:

a first computer system controlled to generate a valuation of a component of property comprised of tangible personal property, as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the first financial analysis output including the valuation of a component as input, programmed to generate using at least some of said input a valuation of the property, and controlled to produce a second financial analysis output in consummating a sale and corresponding purchase of the component at a price corresponding to the valuation of the property, wherein the second financial analysis output includes the price.

16. The multiple computer system of claim 2, wherein the valuation of a component reflects an expected return under a performance scenario.

30. The multiple computer system of claim 2, wherein the valuation of a component reflects a price.

44. The multiple computer system of claim 2, wherein the valuation of a component reflects a quantitative description of risk.

84. The multiple computer system of claim 2, wherein the valuation of a component is comprised of a valuation for tangible personal property as the property.

85. The multiple computer system of claim 2, wherein the valuation of a component is comprised of a valuation for tangible personal property as the property.

86. The multiple computer system of claim 2, wherein the valuation of a component is comprised of a valuation for tangible personal property as the property.

87. The multiple computer system of claim 2, wherein the valuation of a component is comprised of a valuation for tangible personal property as the property.

3. A multiple computer system to make financial analysis outputs, the multiple computer system including:

a first computer system controlled to generate a first valuation of a component of property, wherein the property is at least one fixed-income asset, as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the first financial analysis output including the first valuation as input, programmed to generate using at least some of said input a second valuation of the component reflecting computation of a yield/discount rate for the property, and controlled to produce a second financial analysis output in consummating a sale and corresponding purchase of the component at a price corresponding to the second valuation, wherein the second financial analysis output includes the price.

4. The multiple computer system of claim 3, wherein the at least one fixed-income asset is comprised of corporate debt.

5. The multiple computer system of claim 3, wherein the at least one fixed-income asset is comprised of a security for debt.

6. The multiple computer system of claim 5, wherein the debt is corporate debt.

7. The multiple computer system of claim 3, wherein the yield/discount rate is comprised of a current market-based yield/discount rate.

8. The multiple computer system of claim 7, wherein the at least one fixed-income asset is comprised of a tax-exempt security.

17. The multiple computer system of claim 3, wherein the first valuation reflects an expected return under a performance scenario.

18. The multiple computer system of claim 4, wherein the first valuation reflects an expected return under a performance scenario.

19. The multiple computer system of claim 5, wherein the first valuation reflects an expected return under a performance scenario.

20. The multiple computer system of claim 6, wherein the first valuation reflects an expected return under a performance scenario.

21. The multiple computer system of claim 7, wherein the first valuation reflects an expected return under a performance scenario.

22. The multiple computer system of claim 8, wherein the first valuation reflects an expected return under a performance scenario.

31. The multiple computer system of claim 3, wherein the first valuation reflects a price.

32. The multiple computer system of claim 4, wherein the first valuation reflects a price.

33. The multiple computer system of claim 5, wherein the first valuation reflects a price.

34. The multiple computer system of claim 6, wherein the first valuation reflects a price.

35. The multiple computer system of claim 7, wherein the first valuation reflects a price.

36. The multiple computer system of claim 8, wherein the first valuation reflects a price.

45. The multiple computer system of claim 3, wherein the first valuation reflects a quantitative description of risk.

46. The multiple computer system of claim 4, wherein the first valuation reflects a quantitative description of risk.

47. The multiple computer system of claim 5, wherein the first valuation reflects a quantitative description of risk.

48. The multiple computer system of claim 6, wherein the first valuation reflects a quantitative description of risk.

49. The multiple computer system of claim 7, wherein the first valuation reflects a quantitative description of risk.

50. The multiple computer system of claim 8, wherein the first valuation reflects a quantitative description of risk.

9. An apparats to make financial analysis outputs, the apparatus including:

a first computer system controlled to generate a valuation of a component of a fixed-income asset, as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the financial analysis output as input, programmed to generate using at least some of the input a valuation of the property reflecting computation of a yield/discount rate, and programmed to produce a second financial analysis output in consummating a sale and corresponding purchase of the component at a price corresponding to the valuation of the property, wherein the second financial analysis output includes the price.

10. The apparats of claim 9, wherein the fixed-income asset is comprised of a corporate debt.

11. The apparats of claim 9, wherein the fixed-income asset is comprised of at least one security for debt.

12. The apparats of claim 11, wherein the debt is corporate debt.

13. The apparats of claim 9, wherein the fixed-income asset is comprised of at least one Treasury security.

14. The apparats of claim 9, wherein the fixed-income asset is comprised of at least one tax-exempt fixed-income security.

23. The apparats of claim 9, wherein the valuation of a component reflects an expected return under a performance scenario.

24. The apparats of claim 10, wherein the valuation of a component reflects an expected return under a performance scenario.

25. The apparats of claim 11, wherein the valuation of a component reflects an expected return under a performance scenario.

26. The apparats of claim 12, wherein the valuation of a component reflects an expected return under a performance scenario.

27. The apparats of claim 13, wherein the valuation of a component reflects an expected return under a performance scenario.

28. The apparats of claim 14, wherein the valuation of a component reflects an expected return under a performance scenario.

37. The apparats of claim 9, wherein the wherein the valuation of a component reflects a price.

38. The apparats of claim 10, wherein the valuation of a component reflects a price.

39. The apparats of claim 11, wherein the valuation of a component reflects a price.

40. The apparats of claim 12, wherein the valuation of a component reflects a price.

41. The apparats of claim 13, wherein the valuation of a component reflects a price.

42. The apparats of claim 14, wherein the valuation of a component reflects a price.

51. The apparats of claim 9, wherein the valuation of a component reflects a quantitative description of risk.

52. The apparats of claim 10, wherein the valuation of a component reflects a quantitative description of risk.

53. The apparats of claim 11, wherein the valuation of a component reflects a quantitative description of risk.

54. The apparats of claim 12, wherein the valuation of a component reflects a quantitative description of risk.

55. The apparats of claim 13, wherein the valuation of a component reflects a quantitative description of risk.

56. The apparats of claim 14, wherein the valuation of a component reflects a quantitative description of risk.

130. The apparatus of any one of claims 9 to 14, 23 to 28, 37 to 42, 51 to 56, 64 to 75, further including a financial exchange through which the sale is consummated.

162. The apparats of any one of claims 9 to 14, wherein the second financial analysis output includes an offering document for the property.

57. A computer system to make financial analysis output, the system including:

a processor, an input device and an output device, the processor programmed to manipulate input digital signals received from the input device representing a component of property, wherein the property is more than one fixed-income security, to compute a system-determined purchase price for the component of property and controlled to generate financial analysis output comprised of an offering document for the property and the system-determined purchase price for the component at said output device.

62. The computer system of claim 57, wherein the component is comprised of at least one Treasury security.

63. The computer system of claim 57, wherein the component is comprised of at least one tax-exempt fixed-income security.

129. The computer system of any one of claims 57 to 63, further including a financial exchange throucih which a sale of the property is consummated.

58. A computer system to make financial analysis output, the system including:

a processor programmed to receive input signals and connected to an output means, the input signals representing property, wherein the property is a fixed-income asset, wherein the processor is programmed to compute a system-determined purchase price for the fixed-income asset using at least some of the input signals and controlled to generate financial analysis output, the financial analysis output comprising an offering document for the fixed-income asset including the system-determined purchase price, at said output means.

59. The computer system of claim 58, wherein the fixed-income asset is a corporate debt.

60. The computer system of claim 58, wherein the fixed-income asset is at least one security for debt.

61. The computer system of claim 60, wherein the at least one security is a corporate debt security.

64. A An apparats to make financial analysis outputs, the apparats including:

a first computer system including a processor programmed to receive input signals representing a fixed-income asset and controlled to manipulate the input signals to generate a valuation of a component of the fixed-income asset as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the first financial analysis output including the valuation as input and controlled to generate, using at least some of the input, a second financial analysis output including a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component.

65. The apparats of claim 64, wherein the processor of the second computer system is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the second financial analysis output includes the yield/discount rate.

66. The apparats of claim 64, wherein the processor of the second computer system is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

67. The apparats of claim 64, wherein the processor of the second computer system is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

68. The apparats of claim 64, wherein the processor of the first computer system receives the input signals representing more than one fixed-income security for corporate debt as the fixed-income asset.

69. The apparats of claim 65, wherein the processor of the first computer system receives the input signals representing more than one fixed-income security for corporate debt as the fixed-income asset.

70. The apparats of claim 66, wherein the processor of the first computer system receives the input signals representing more than one fixed-income security for corporate debt as the fixed-income asset.

71. The apparats of claim 67, wherein the processor of the first computer system receives the input signals representing more than one fixed-income security for corporate debt as the fixed-income asset.

72. The apparats of claim 64, wherein the processor of the first computer system receives the input signals representing more than one tax-exempt fixed-income security as the fixed-income asset.

73. The apparats of claim 65, wherein the processor of the first computer system receives the input signals representing more than one tax-exempt fixed-income security as the fixed-income asset.

74. The apparats of claim 66, wherein the processor of the first computer system receives the input signals representing more than one tax-exempt fixed-income security as the fixed-income asset.

75. The apparats of claim 67, wherein the processor of the first computer system receives the input signals representing more than one tax-exempt fixed-income security as the fixed-income asset.

76. An apparats to make financial analysis outputs, the apparats including:

a first computer system programmed to receive input signals representing property comprised of real estate and controlled to manipulate the input signals to generate a valuation of the property, as part of a first financial analysis output; and

a second computer system programmed to receive at least some of the first financial analysis output including the valuation as input and controlled to generate, using at least some of the input including the valuation, a second financial analysis output including a system-determined purchase price for the property in consummating a sale and corresponding purchase of the property.

77. The apparats of claim 76, wherein the valuation reflects an expected return under a performance scenario.

78. The apparats of claim 76, wherein the valuation reflects a price.

79. The apparats of claim 76, wherein the valuation reflects a quantitative description of risk.

80. The apparats of claim 76, wherein the first computer system is programmed to receive the input signals for real estate as the property.

81. The apparats of claim 77, wherein the first computer system is programmed to receive the input signals for real estate as the property.

82. The apparats of claim 78, wherein the first computer system is programmed to receive the input signals for real estate as the property.

83. The apparats of claim 79, wherein the first computer system is programmed to receive the input signals for real estate as the property.

88. A multiple computer system to make financial analysis outputs, the multiple computer system including:

a first computer system controlled to generate a valuation of a component of property comprised of real estate as part of a first financial analysis output; and

a second computer system including a processor programmed to receive at least some of the first financial analysis output including the valuation of a component as input, programmed to generate using at least some of said input a valuation of the property, and controlled to produce a second financial analysis output in consummating a sale and corresponding purchase of the component at a price corresponding to the valuation of the property, wherein the second financial analysis output includes the price.

89. The multiple computer system of claim 88, wherein the valuation of a component reflects an expected return under a performance scenario.

90. The multiple computer system of claim 88, wherein the valuation of a component reflects a price.

91. The multiple computer system of claim 88, wherein the valuation of a component reflects a quantitative description of risk.

92. The multiple computer system of claim 88, wherein the valuation of a component is comprised of a valuation for real estate as the property.

93. The multiple computer system of claim 89, wherein the valuation of a component is comprised of a valuation for real estate as the property.

94. The multiple computer system of claim 90, wherein the valuation of a component is comprised of a valuation for real estate as the property.

95. The multiple computer system of claim 91, wherein the valuation of a component is comprised of a valuation for real estate as the property.

96. An apparats to make financial analysis outputs, the apparats including:

a first computer system to receive input signals representing property comprised of tangible personal property and controlled to manipulate the input signals to generate a valuation of the property as part of a first financial analysis output; and

a second computer system programmed to receive at least some of the first financial analysis output including the valuation as input and controlled to generate, using at least some of the input including the valuation, a second financial analysis output including a system-determined purchase price for the property in consummating a sale and corresponding purchase of the property.

97. The apparatus of claim 96, wherein the valuation reflects an expected return under a performance scenario.

98. The apparatus of claim 96, wherein the valuation reflects a price.

99. The apparats of claim 96, wherein the valuation reflects a quantitative description of risk.

100. The apparats of claim 96, wherein the valuation of the property is comprised of a valuation for tangible personal property as the property.

101. The apparats of claim 97, wherein the valuation of the property is comprised of a valuation for tangible personal property as the property.

102. The apparats of claim 98, wherein the valuation of the property is comprised of a valuation for tangible personal property as the property.

103. The apparats of claim 99, wherein the valuation of the property is comprised of a valuation for tangible personal property as the property.

104. A computer system to make financial analysis output having a system-determined purchase price for at least one component from property in consummating a sale, the system comprising:

an input device converting input data, representing at least one component from property, wherein the property is a fixed-income asset, into input digital electrical signals representing the input data;

a digital electrical computer system controlled by a processor electrically connected to receive said input digital electrical signals and electrically connected to an output means, the processor controlled to manipulate electrical signals to compute a system-determined purchase price for at least one component from property in consummating a sale and corresponding purchase of the component, and to generate financial analysis output at said output means.

105. The system of claim 104, wherein the digital electrical computer processor manipulates the electrical signals to generate the system-determined purchase price for corporate debt as the fixed income asset.

106. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of property from an other computer system, wherein the property is a fixed-income asset, and to convert the input data into input signals representing the input data;

a processor connected to the input device to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

107. The computer system of claim 106 that includes said input device, wherein the processor is controlled to compute the system-determined purchase price for at least one fixed-income security for corporate debt as the component of the fixed-income asset.

108. The computer system of claim 106 that includes said input device, wherein the processor is controlled to compute the system-determined purchase price for at least one tax-exempt fixed-income security as the component of the fixed-income asset.

109. The computer system of claim 106 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

110. The computer system of claim 106 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

111. The computer system of claim 106 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

112. The computer system of claim 107 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

113. The computer system of claim 107 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

114. The computer system of claim 107 that includes said input device, wherein the programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

115. The computer system of claim 108 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

116. The computer system of claim 108 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

117. The computer system of claim 108 that includes said input device, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

126. The computer system that includes said input device of any one of claims 106 to 117, 155 to 158, wherein the processor is controlled to generate the financial analysis output comprising an offering document for the property including the system-determined purchase price.

155. The computer system of claim 106, wherein the processor is controlled to compute the system-determined purchase price for at least one fixed-income security as the component of the fixed-income asset.

156. The computer system of claim 155, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

157. The computer system of claim 155, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate proporty.

158. The computer system of claim 155, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

159. The computer system that includes said input device of any one of claims 106 to 117, 155 to 158, wherein the processor is program-controlled to manipulate the input signals to compute the system-determined purchase price in consummating the sale and corresponding purchase.

163. The computer system that includes said input device of any one of claims 106 to 117, 131 to 138, 155 to 158, further including a financial exchange through which the sale is consummated.

165. The method of claim 106, wherein the controlling includes computing the valuation for at least one fixed-income security as the component of the fixed-income asset.

166. The method of claim 106, wherein the controlling includes computing the valuation for at least one fixed-income security for corporate debt as the component of the fixed-income asset.

167. The method of claim 106, wherein the controlling includes computing the valuation for at least one tax-exempt fixed-income security as the component of the fixed-income asset.

169. The method of claim 165, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the financial analysis output includes the yield/discount rate.

170. The method of claim 166, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the financial analysis output includes the yield/discount rate.

171. The method of claim 167, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the financial analysis output includes the yield/discount rate.

173. The method of claim 165, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

174. The method of claim 166, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

175. The method of claim 167, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

177. The method of claim 165, wherein the controlling includes generating a yield/discount rate for the component using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

178. The method of claim 166, wherein the controlling includes generating a yield/discount rate for the component using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

179. The method of claim 167, wherein the controlling includes generating a yield/discount rate for the component using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

118. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of property from an other computer system, wherein the property is comprised of real estate, and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

119. The computer system of claim 118 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for real estate as the component.

120. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing property from an other computer system, wherein the property is real estate, and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the property in consummating a sale and corresponding purchase of the property and to generate financial analysis output including the system-determined purchase price at said output device.

121. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of property from an other computer system, wherein the property is comprised of tangible personal property, and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

122. The system of claim 121 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for tangible personal property as the component.

123. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing property from an other computer system, wherein the property is tangible personal property, and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the property in consummating a sale and corresponding purchase of the property and to generate financial analysis output including the system-determined purchase price at said output device.

124. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of tangible personal property from an other computer system and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

125. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of real estate from an other computer system and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

131. A computer system to make financial analysis output, the system comprising:

an input device to receive input data representing a component of property from an other computer system, wherein the property is one of a fixed-income asset, tangible personal property, and real estate, and to convert the input data into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a yield/discount rate and a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device, wherein the system-determined purchase price reflects the yield/discount rate.

132. The computer system of claim 131 that includes said input device, wherein the financial analysis output includes the yield/discount rate.

133. The computer system of claim 131 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for a fixed-income asset as the property.

134. The computer system of claim 131 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for tangible personal property.

135. The computer system of claim 131 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for real estate as the property.

136. The computer system of claim 132 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for a fixed-income asset as the property.

137. The computer system of claim 132 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for tangible personal property as the property.

138. The computer system of claim 132 that includes said input device, wherein the processor is controlled manipulate the input signals to compute the system-determined purchase price for real estate as the property.

139. A computer system to make financial analysis output, the system comprising:

an input device to convert input data representing a component of property, wherein the property is a fixed-income asset, into input signals representing the input data;

a processor connected to receive said input signals and connected to an output device, wherein the processor is controlled to manipulate the input signals to compute a system-determined purchase price for the component in consummating a sale and corresponding purchase of the component and to generate financial analysis output including the system-determined purchase price at said output device.

127. The computer system of any one of claims 139 to wherein the financial analysis output includes an offering document for the property.

140. The computer system of claim 139 wherein the processor is controlled to compute the system-determined purchase price for at least one fixed-income security as the component of the fixed-income asset.

141. The computer system of claim 139 wherein the processor is controlled to compute the system-determined purchase price for at least one fixed-income security for corporate debt as the component of the fixed-income asset.

142. The computer system of claim 139 wherein the processor is controlled to compute the system-determined purchase price for at least one tax-exempt fixed-income security as the component of the fixed-income asset.

143. The computer system of claim 139 wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

144. The computer system of claim 140 wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

145. The computer system of claim 141, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

146. The computer system of claim 142, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the financial analysis output includes the yield/discount rate.

147. The computer system of claim 139, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

148. The computer system of claim 140, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

149. The computer system of claim 141, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

150. The computer system of claim 142, wherein the processor is programmed to generate a yield/discount rate for the fixed-income asset using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

151. The computer system of claim 139, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

152. The computer system of claim 140, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

153. The computer system of claim 141, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

154. The computer system of claim 142, wherein the processor is programmed to generate a yield/discount rate for the component using one of the at least some of the input and at least some of the input, and wherein the system-determined purchase price reflects the yield/discount rate.

160. The computer system of any one of claims 139 to 154, wherein the processor is program-controlled to manipulate the input signals to compute the system-determined purchase price.

164. A method to make financial analysis output, the method comprising:

receiving input signals at a processor in a computer system, the input signals representing data received from another computer system, the data including data associated with a component of property, wherein the property is a fixed-income asset;

controlling the processor to manipulate at least some of the input signals to compute a valuation for the component in consummating a sale and corresponding purchase of the component at a price corresponding to the valuation; and

producing financial analysis output including one of the valuation and the price at an output device connected to the processor.

168. The method of claim 164, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the financial analysis output includes the yield/discount rate.

172. The method of claim 164, wherein the controlling includes generating a yield/discount rate for the fixed-income asset using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

176. The method of claim 164, wherein the controlling includes generating a yield/discount rate for the component using one of the at least some of the input signals and at least some of the input signals, and wherein the valuation reflects the yield/discount rate.

180. The method of any one of claims 164 to 179, further including a financial exchange through which the sale is consummated.

181. The method of any one of claims 164 to 179, wherein the processor of the second computer system is controlled to produce the second financial analysis output comprising an offering document for the property.

182. The method of claim 181, wherein the offering document includes the price.