Event Timing Mechanisms for Dutch Auction of Securities
First Claim
1. A method for auctioning securities, the method comprising:
- defining an auction start time and an auction end time, the time therebetween being defined by a plurality of transparency intervals;
at the auction start time, commencing a real-time auction of securities over a communications network, including receiving bids from prospective purchasers;
at the end of each transparency interval;
i. updating public bid information related to the auction, andii. making the updated public bid information available to the prospective purchasers; and
after the auction end time;
i. establishing a final auction price for the securities based upon the bids made during the auction, andii. allocating the securities to the prospective purchasers at the final auction price.
1 Assignment
0 Petitions
Accused Products
Abstract
A method for auctioning securities defines an auction start time and an auction end time. The time therebetween is defined by time bucket intervals and transparency intervals. At the auction start time, a real-time auction of securities over a communications network begins. During each time bucket interval bids are received from prospective purchasers, and assigned a time bucket stamp such that bids with the same time stamp are treated as having occurred at the same time. At the end of each transparency interval public bid information related to the auction is updated and made available to the prospective purchasers. After the auction end time, a final auction price for the securities is established based upon the bids made during the auction, and the securities are allocated to the prospective purchasers at the final auction price.
52 Citations
15 Claims
-
1. A method for auctioning securities, the method comprising:
-
defining an auction start time and an auction end time, the time therebetween being defined by a plurality of transparency intervals; at the auction start time, commencing a real-time auction of securities over a communications network, including receiving bids from prospective purchasers; at the end of each transparency interval; i. updating public bid information related to the auction, and ii. making the updated public bid information available to the prospective purchasers; and after the auction end time; i. establishing a final auction price for the securities based upon the bids made during the auction, and ii. allocating the securities to the prospective purchasers at the final auction price. - View Dependent Claims (2, 3, 4)
-
-
5. A method for auctioning securities, the method comprising:
-
defining an auction start time and an auction end time, the time therebetween being defined by a plurality of time bucket intervals; at the auction start time, commencing a real-time auction of securities over a communications network, including, during each time bucket interval; i. receiving bids from prospective purchasers, and ii. assigning a time bucket stamp to each received bid such that bids with the same time stamp are treated as having occurred at the same time; and after the auction end time; i. establishing a final auction price for the securities based upon the bids made during the auction, and ii. allocating the securities to the prospective purchasers at the final auction price. - View Dependent Claims (6, 7, 8)
-
-
9. A method for auctioning securities, the method comprising:
-
defining an auction start time and an auction end time, the time therebetween being defined by; i. a plurality of time bucket intervals, and ii. a plurality of transparency intervals; at the auction start time, commencing a real-time auction of securities over a communications network, including, during each time bucket interval; i. receiving bids from prospective purchasers, and ii. assigning a time bucket stamp to each received bid such that bids with the same time stamp are treated as having occurred at the same time; at the end of each transparency interval; i. updating public bid information related to the auction, and ii. making the updated public bid information available to the prospective purchasers; and after the auction end time; i. establishing a final auction price for the securities based upon the bids made during the auction, and ii. allocating the securities to the prospective purchasers at the final auction price. - View Dependent Claims (10, 11, 12, 13, 14, 15)
-
Specification