Bond trading system
First Claim
1. A computer-implemented bond trading system embodied on a computer-readable medium, the system enabling a broker to effect a sales transaction of a bond on behalf of a seller to a high-bidding buyer in a private auction conducted without disclosing the seller'"'"'s identity to the buyer, and without revealing bids to other bidders in a broker-conducted private auction of a bond lot to multiple prospective buyers wherein the system comprises:
- a) a broker computer system for electronically distributing a bid wanted form to the prospective buyers to solicit bids for the bond lot at prices determined by the buyers, each said bid wanted form having;
i) bond lot identification information identifying a bond lot to be sold;
ii) an auction deadline for receipt of bids on the bond lot to be sold, the deadline being not more than two days after electronic distribution of the bid wanted form; and
iii) no seller identification information; and
b) means for receiving the solicited bids for the bond lot, from the prospective buyers at the broker station, in secrecy and prior to the auction deadline;
wherein the broker computer system electronically determines a high bid for the auctioned bond lot from the received bids, the high bid being the bid with the highest price, whereby the sales transaction selling the bond lot to the high bidder at the high bid price can be effected.
6 Assignments
0 Petitions
Accused Products
Abstract
The invention provides a computer-implemented municipal bond trading system having a capability to conduct a private electronic auction of bid wanteds between a central brokers'"'"' broker and multiple prospective remote bidders and to maintain a reference database of accurate bond lot descriptions and identifications, notably, CUSIP (trademark) numbers.
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Citations
16 Claims
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1. A computer-implemented bond trading system embodied on a computer-readable medium, the system enabling a broker to effect a sales transaction of a bond on behalf of a seller to a high-bidding buyer in a private auction conducted without disclosing the seller'"'"'s identity to the buyer, and without revealing bids to other bidders in a broker-conducted private auction of a bond lot to multiple prospective buyers wherein the system comprises:
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a) a broker computer system for electronically distributing a bid wanted form to the prospective buyers to solicit bids for the bond lot at prices determined by the buyers, each said bid wanted form having; i) bond lot identification information identifying a bond lot to be sold; ii) an auction deadline for receipt of bids on the bond lot to be sold, the deadline being not more than two days after electronic distribution of the bid wanted form; and iii) no seller identification information; and b) means for receiving the solicited bids for the bond lot, from the prospective buyers at the broker station, in secrecy and prior to the auction deadline; wherein the broker computer system electronically determines a high bid for the auctioned bond lot from the received bids, the high bid being the bid with the highest price, whereby the sales transaction selling the bond lot to the high bidder at the high bid price can be effected. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer-implemented bond trading system having a program embodied on a computer-readable medium enabling a broker to complete a bond-sale transaction to high bidders on behalf of prospective sellers, said bond trading system comprising:
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a) a bid wanted entry module to create electronic bid wanted forms, each said bid wanted form having a bond identifier, a bond lot description, par value, and an auction timetable specifying a deadline for receipt of bids on the bond lot; b) bid wanted broadcast means to broadcast said bid wanted forms to prospective buyers, in accordance with said auction timetable; and
,c) bid entry means to receive bids in accordance with said auction timetable and determine a high bidder; wherein a transaction comprising acceptance of a high bid by a seller is system implemented and wherein the system further comprises d) a buyers file of prospective buyers, said buyers file having a fax address for each said buyer; e) a broadcast preparation module to select and tag said bid wanted forms for broadcast and to specify a relative broadcast time for completion of broadcasting to said prospective buyers; and f) a fax broadcast service communication module including a fax broadcast service address to send said selected bid wanteds to said fax broadcast service for broadcast to said prospective buyers by said broadcast time.
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Specification