Bidder System Using Multiple Computers Communicating Data to Carry Out Selling Fixed Income Instruments

• US 20080235120A2
• Filed: 03/24/2005
• Published: 09/25/2008
• Est. Priority Date: 10/28/1992
• Status: Active Grant

• Current Assignee: Graff/Ross Holdings LLP
• Original Assignee: Graff/Ross Holdings LLP
• Inventors: Graff, Richard
• Granted Patent: US 7,685,053 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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. An electronic process for selling financial assets in an electronic system including bidders in response to at least one price a buyer is willing to pay for at least one financial asset, said electronic system including respectively located multiple buyers'"'"' computers and an other computer, the computers being used in cooperation in a multiple computer system, including communicating data to said other computer including respective data associated with a respective price at least one respective buyer is willing to pay for respective at least one financial asset, the process comprising:

(a) operating the multiple computer system to perform the electronic process, wherein each of the computers has a respectively coupled input means and output means and each of said multiple buyers'"'"' computers has a monitor;

(b) communicating data associated with at least one financial asset within said multiple computer system to said multiple buyers'"'"' computers and displaying at least some of said data on at least some of said buyers'"'"' computer monitors;

(c) presenting data associated with at least one price a buyer is willing to pay for at least one of the financial assets to said other computer as input over said multiple computer system;

(d) providing some data associated with some of the at least one price a buyer is willing to pay for at least one of the financial assets to at least some of the multiple buyers'"'"' computers over said multiple computer system;

(e) presenting data associated with another price a buyer is willing to pay for at least one of the financial assets to said other computer as additional input over said multiple computer system;

(f) generating, with the other computer and the input, a system-determined purchase price for at least one of said financial assets.

2. The process of claim 1, wherein the at least one of said financial assets is a fixed-income asset.

3. The process of claim 1, wherein the financial assets are fixed-income assets.

4. The process of claim 2, wherein the at least one of said financial assets includes a bond.

5. The process of claim 3, wherein the fixed-income assets are bonds.

6. The process of claim 4, wherein the bond includes one from a group consisting of corporate bonds and tax-exempt bonds.

7. The process of claim 5, wherein the bonds are from a group consisting of corporate bonds and tax-exempt bonds.

8. The process of claim 1, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

9. The process of claim 2, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

10. The process of claim 3, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

11. The process of claim 4, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

12. The process of claim 5, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

13. The process of claim 6, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

14. The process of claim 7, wherein the step of generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

15. An electronic system including bidders for selling financial assets in response to at least one price a buyer is willing to pay for at least one financial asset, said electronic system including respectively located multiple buyers'"'"' computers and an other computer, wherein each of the computers has a respectively coupled input means and output means and each of said multiple buyers'"'"' computers has a monitor, the system comprising:

the computers being used in cooperation in a multiple computer system;

a computer program providing data associated with the at least one financial asset to said multiple buyers'"'"' computers over the multiple computer system;

the multiple computer system communicating to the other computer data associated with at least one price a buyer is willing to pay for at least one of the financial assets, the other computer having the data associated with at least one price a buyer is willing to pay for at least one of the financial assets as input, said data being electronically presented respectively by at least one respective buyer'"'"'s computer over the multiple computer system;

wherein the electronic system;

(a) provides some data associated with some of the at least one price a buyer is willing to pay for at least one of the financial assets to at least some of the multiple buyers'"'"' computers over said multiple computer system;

(b) presents data associated with another price a buyer is willing to pay for at least one of the financial assets to said other computer as additional input over said multiple computer system;

(c) generates, with the other computer and the input, a system-determined purchase price for at least one of said financial assets.

16. The electronic system of claim 15, wherein the at least one of said financial assets is a fixed-income asset.

17. The electronic system of claim 15, wherein the financial assets are fixed-income assets.

18. The electronic system of claim 16, wherein the at least one of said financial assets includes a bond.

19. The electronic system of claim 17, wherein the fixed-income assets are bonds.

20. The electronic system of claim 18, wherein the bond includes one from a group consisting of corporate bonds and tax-exempt bonds.

21. The electronic system of claim 19, wherein the bonds are from a group consisting of corporate bonds and tax-exempt bonds.

22. The electronic system of claim 15, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

23. The electronic system of claim 16, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

24. The electronic system of claim 17, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

25. The electronic system of claim 18, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

26. The electronic system of claim 19, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

27. The electronic system of claim 20, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

28. The electronic system of claim 21, wherein the electronic system consummates a sale of the at least one of said financial assets having the system-determined purchase price.

29. An electronic system including bidders for selling financial assets in response to at least one price a buyer is willing to pay for at least one financial asset, said electronic system comprising:

respectively located multiple buyers'"'"' computers and an other computer, the computers being used in cooperation in a multiple computer system, including communicating data to said other computer including respective data associated with a respective price at least one respective buyer is willing to pay for respective at least one financial asset, each of the computers having a respectively coupled input means and output means and each of said multiple buyers'"'"' computers has a monitor;

a computer program providing data associated with the at least one financial asset to said multiple buyers'"'"' computers over the multiple computer system;

the multiple computer system communicating to the other computer data associated with at least one price a buyer is willing to pay for at least one of the financial assets, the other computer having the data associated with at least one price a buyer is willing to pay for at least one of the financial assets as input, said data being electronically presented respectively by at least one respective buyer'"'"'s computer over the multiple computer system, the electronic system;

(a) providing some data associated with some of the at least one price a buyer is willing to pay for at least one of the financial assets to at least some of the multiple buyers'"'"' computers over said multiple computer system;

(b) presenting data associated with another price a buyer is willing to pay for at least one of the financial assets to said other computer as additional input over said multiple computer system;

(c) generating, with the other computer and the input, a system-determined purchase price for at least one of said financial assets.

30. The electronic system of claim 29, wherein the at least one of said financial assets is a fixed-income asset.

31. The electronic system of claim 29, wherein the financial assets are fixed-income assets.

32. The electronic system of claim 30, wherein the at least one of said financial assets includes a bond.

33. The electronic system of claim 31, wherein the fixed-income assets are bonds.

34. The electronic system of claim 32, wherein the bond includes one from a group consisting of corporate bonds and tax-exempt bonds.

35. The electronic system of claim 33, wherein the bonds are from a group consisting of corporate bonds and tax-exempt bonds.

36. The electronic system of claim 29, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

37. The electronic system of claim 30, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

38. The electronic system of claim 31, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

39. The electronic system of claim 32, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

40. The electronic system of claim 33, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

41. The electronic system of claim 34, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

42. The electronic system of claim 35, wherein the generating is carried out in consummating a sale of the at least one of said financial assets with the system-determined purchase price.

43. In an electronic multiple bidder sale system, including a second computer having an output means and at least one buyer'"'"'s computer having an electrically coupled input means and a monitor, said buyer'"'"'s computer and said second computer being respectively located, said computers being used in cooperation in a multiple computer system in electronically communicating data between said computers, an electronic multiple bidder sale process for selling fixed income instruments, the process comprising:

inputting data associated with at least one price the buyer is willing to pay for at least one fixed income instrument into said buyer'"'"'s computer via said input means;

automatically computing a yield/discount rate based at least in part on said inputted data, said automatically computed yield/discount rate associated with said at least one fixed income instrument;

presenting said price by outputting at least some of said inputted data from said buyer'"'"'s computer over said multiple computer system; and

communicating data associated with said price to said second computer over said multiple computer system and displaying, on said output means, information associated with said price including said computed yield/discount rate, wherein at least one of the inputting step, the presenting step, and the communicating step includes the step of using a computer program for receiving data from an other computer in said multiple computer system.

45. The process of claim 43, wherein said presenting step includes presenting a price said buyer is willing to pay for at least one of an entire fixed income instrument and a component of the fixed income instrument.

46. The process of claim 43, wherein said system further includes a third computer respectively located in said multiple computer system, and said presenting step comprises outputting said data from said buyer'"'"'s computer, and said third computer receiving said data, by electronic communication.

47. The process of claim 43, wherein said inputting step includes inputting an interest rate for at least one maturity associated with at least one fixed income Treasury instrument including one or more series of maturities.

48. The process of claim 43, wherein said inputting step includes inputting a purchase price for one of a component of a portfolio of fixed income instruments and all of the portfolio of fixed income instruments.

49. The process of claim 43, wherein said inputting step includes inputting a yield/discount rate for each maturity associated with a portfolio of fixed income Treasury instruments associated with a Treasury yield curve.

50. The process of claim 43, wherein said system further includes a third computer respectively located in said multiple computer system, said third computer having a monitor, and said process further includes at least some of said data inputted by said inputting step being received by electronic communication by said third computer in said multiple computer system for display on said third computer'"'"'s monitor.

51. The process of claim 50, wherein receipt of electronically communicated data including at least text by said third computer is performed in real time response to said presenting step.

52. The process of claim 50, wherein said communicating step is performed in real time response to said presenting step.

53. The process of claim 43, wherein said computing step comprises computing the yield/discount rate.

54. The process of claim 43, further including receiving at least some output by said buyer'"'"'s computer in the multiple computer system communicated from a second other computer in the multiple computer system, said buyer'"'"'s computer and said second other computer respectively located, and said at least some output including an offering memorandum.

55. The process of claim 43, wherein said process further includes automatically verifying said inputted data.

60. The process of claim 43, wherein said inputting step includes inputting an interest rate for at least one maturity associated with at least one fixed income Treasury instrument including one or more series of maturities.

44. In an electronic multiple bidder sale system including multiple buyers'"'"' computers and an other computer, the multiple buyers'"'"' computers and the other computer respectively located, each of said multiple buyers'"'"' computer having a respective electrically coupled input means and monitor, said other computer having an output means, said computers being used in cooperation in a multiple computer system in electronically communicating data between said computers, an electronic multiple bidder sale process for selling fixed income instruments, the process comprising:

at one of said multiple buyers'"'"' computers, inputting data associated with a price one of the multiple buyers is willing to pay for fixed income instruments into said buyer'"'"'s computer via said respective input means;

automatically computing a yield/discount rate based at least in part on said inputted data, said automatically computed yield/discount rate associated with said fixed income instruments;

outputting said yield/discount rate over said multiple computer system to said other computer; and

displaying said yield/discount rate on said other computer'"'"'s output means, wherein at least one of the inputting step and the transmitting step is performed using a computer program for receiving data from a separate computer in said multiple computer system.

56. The process of claim 44, wherein said displaying step comprises displaying said yield/discount rate.

57. The process of claim 44, further including selling the fixed income securities to the one of said multiple buyers first presenting the most favorable price at least one of the multiple buyers is willing to pay.

58. The process of claim 44, further including selling the fixed income securities to the buyer presenting said price said buyer is willing to pay.

59. The process of claim 44, wherein said system further includes a second other computer respectively located in said multiple computer system, and said process further includes outputting said inputted data from said buyer'"'"'s computer and said second other computer receiving said inputted data by electronic communication.

61. The process of claim 44, wherein said inputting step includes inputting a purchase price for one of a component of a portfolio of fixed income instruments and all of the portfolio of fixed income instruments.

62. The process of claim 44, wherein said inputting step includes inputting a yield for each maturity associated with a portfolio of fixed income Treasury instruments associated with a Treasury yield curve.

63. The process of claim 44, wherein said system further includes a second other computer respectively located in said multiple computer system, said second other computer having a monitor, and said process further includes receiving by electronic communication at least some of said data inputted by said inputting step by said second other computer in said multiple computer system for display on said second other computer'"'"'s monitor.

64. The process of claim 63, further including presenting at least one price at least one of the multiple buyers is willing to pay based on the inputting step, and receipt of electronically communicated data including at least text by said second other computer is performed in real time response to said presenting step.

65. The process of claim 44, further including presenting at least one price at least one of the multiple buyers is willing to pay based on the inputting step, and wherein said communicating step is performed in real time response to said presenting step.

66. The process of claim 44, wherein said computing step comprises computing the yield/discount rate.

67. The process of claim 44, further including, by each of said multiple buyers'"'"' computers in the multiple computer system, receiving at least some output, including an offering memorandum, electronically communicated from a second other computer in the multiple computer system, said multiple buyers'"'"' computers and said second other computer respectively located.

68. The process of claim 44, wherein said process further includes automatically verifying said inputted data.

69. The process of claim 44, wherein said presenting step includes presenting a price said buyer is willing to pay for at least one of an entire fixed income instrument and a component of the fixed income instrument.

70. An electronic multiple bidder sale system, including:

a second computer having an output means and at least one buyer'"'"'s computer having an electrically coupled input means and a monitor, said buyer'"'"'s computer and said second computer being respectively located, said computers cooperating in a multiple computer system in electronically communicating data between said computers to sell fixed income instruments, wherein the multiple computer system is adapted to facilitate operations comprising;

inputting data associated with at least one price the buyer is willing to pay for at least one fixed income instrument into said buyer'"'"'s computer via said input means;

automatically computing a yield/discount rate based at least in part on said inputted data, said automatically computed yield/discount rate associated with said at least one fixed income instrument;

presenting said price by outputting at least some of said inputted data from said buyer'"'"'s computer over said multiple computer system; and

communicating data associated with said price to said second computer over said multiple computer system and displaying, on said output means, information associated with said price including said computed yield/discount rate, wherein at least one of the inputting operation, the presenting operation, and the communicating operation includes using a computer program to receive data from an other computer in said multiple computer system.

72. The apparatus of claim 70, wherein said presenting operation includes presenting a price said buyer is willing to pay for at least one of an entire fixed income instrument and a component of the fixed income instrument.

73. The apparatus of claim 70, wherein said system further includes a third computer respectively located in said multiple computer system, and said presenting operation comprises outputting said data from said buyer'"'"'s computer, and said third computer receiving said data, by electronic communication.

74. The apparatus of claim 70, wherein said inputting operation includes inputting an interest rate for at least one maturity associated with at least one fixed income Treasury instrument including one or more series of maturities.

75. The apparatus of claim 70, wherein said inputting operation includes inputting a purchase price for one of a component of a portfolio of fixed income instruments and all of the portfolio of fixed income instruments.

76. The apparatus of claim 70, wherein said inputting operation includes inputting a yield/discount rate for each maturity associated with a portfolio of fixed income Treasury instruments associated with a Treasury yield curve.

77. The apparatus of claim 70, wherein said system further includes a third computer respectively located in said multiple computer system, said third computer having a monitor, and said operations include at least some of said data inputted by said inputting operation being received by electronic communication by said third computer in said multiple computer system for display on said third computer'"'"'s monitor.

78. The apparatus of claim 77, wherein receipt of electronically communicated data including at least text by said third computer is performed in real time response to said presenting operation.

79. The apparatus of claim 77, wherein said communicating operation is performed in real time response to said presenting operation.

80. The apparatus of claim 70, wherein said computing operation comprises computing the yield/discount rate.

81. The apparatus of claim 70, wherein said operations include receiving at least some output by said buyer'"'"'s computer in the multiple computer system communicated from a second other computer in the multiple computer system, said buyer'"'"'s computer and said second other computer being respectively located, and wherein said at least some output includes an offering memorandum.

82. The apparatus of claim 70, wherein said operations include automatically verifying said inputted data.

87. The apparatus of claim 70, wherein said inputting operation includes inputting an interest rate for at least one maturity associated with at least one fixed income Treasury instrument including one or more series of maturities.

71. An electronic multiple bidder sale system, including:

multiple buyers'"'"' computers and an other computer, the multiple buyers'"'"' computers and the other computer being respectively located, each of said multiple buyers'"'"' computer having a respective electrically coupled input means and monitor, said other computer having an output means, said computers cooperating in a multiple computer system in electronically communicating data between said computers to sell fixed income instruments, wherein the multiple computer system is adapted to facilitate operations comprising;

at one of said multiple buyers'"'"' computers, inputting data associated with a price one of the multiple buyers is willing to pay for fixed income instruments into said buyer'"'"'s computer via said respective input means;

automatically computing a yield/discount rate based at least in part on said inputted data, said automatically computed yield/discount rate associated with said fixed income instruments;

outputting said yield/discount rate over said multiple computer system to said other computer; and

displaying said yield/discount rate on said other computer'"'"'s output means, wherein at least one of the inputting operation and the transmitting operation is performed using a computer program to receive data from a separate computer in said multiple computer system.

83. The apparatus of claim 71, wherein said displaying operation comprises displaying said yield/discount rate.

84. The apparatus of claim 71, wherein said operations include selling the fixed income securities to the one of said multiple buyers first presenting the most favorable price at least one of the multiple buyers is willing to pay.

85. The apparatus of claim 71, wherein said operations include selling the fixed income securities to the buyer presenting said price said buyer is willing to pay.

86. The apparatus of claim 71, wherein said system further includes a second other computer respectively located in said multiple computer system, and said operations include outputting said inputted data from said buyer'"'"'s computer and said second other computer receiving said inputted data by electronic communication.

88. The apparatus of claim 71, wherein said inputting operation includes inputting a purchase price for one of a component of a portfolio of fixed income instruments and all of the portfolio of fixed income instruments.

89. The apparatus of claim 71, wherein said inputting operation includes inputting a yield for each maturity associated with a portfolio of fixed income Treasury instruments associated with a Treasury yield curve.

90. The apparatus of claim 71, wherein said system further includes a second other computer respectively located in said multiple computer system, said second other computer having a monitor, and wherein said operations include receiving by electronic communication at least some of said data inputted by said inputting operation by said second other computer in said multiple computer system for display on said second other computer'"'"'s monitor.

91. The apparatus of claim 90, wherein said operations include presenting at least one price at least one of the multiple buyers is willing to pay based on the inputting operation, and receipt of electronically communicated data including at least text by said second other computer is performed in real time response to said presenting operation.

92. The apparatus of claim 71, wherein said operations include presenting at least one price at least one of the multiple buyers is willing to pay based on the inputting operation, and wherein said communicating operation is performed in real time response to said presenting operation.

93. The apparatus of claim 71, wherein said computing operation comprises computing the yield/discount rate.

94. The apparatus of claim 71, wherein said operations include, at each of said multiple buyers'"'"' computers in the multiple computer system, receiving at least some output, including an offering memorandum, electronically communicated from a second other computer in the multiple computer system, said multiple buyers'"'"' computers and said second other computer being respectively located.

95. The apparatus of claim 71, wherein said operations include automatically verifying said inputted data.

96. The apparatus of claim 71, wherein said presenting operation includes presenting a price said buyer is willing to pay for at least one of an entire fixed income instrument and a component of the fixed income instrument.