Data processing system and method for financial debt instruments
First Claim
1. A data processing system for administering a financial instrument which provides, within a predetermined limited period of time, a return commensurate with an established capital market, the system comprising:
- computer means for selecting one or more securities the return performance of which is representative of a valuation of the capital market over the limited period of time;
means for generating a basket of shares of said one or more selected securities, said basket of shares defining the financial instrument;
data entry means for receiving information on each of said one or more selected securities of the financial instrument;
data processing means responsive to the information from the data entry means for determining a price for the financial instrument so as to reflect the current aggregate value of the basket of shares and income and expenses associated therewith; and
output means for communicating said price to users.
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Abstract
A data processing system and method is disclosed for implementing and control of a financial instrument which is issued for a limited period of time. The instrument is based on an underlying basket of stocks optimally selected to track an established capital market and its price also reflects accrued investment income and maintenance expenses. The data processing system receives input from the capital market and periodically evaluates the performance of the financial instrument, reporting its price to customers. Also disclosed is a data processing system for administering an investment group of such instruments designed to track the performance of several domestic and foreign markets, estimate their return and provide current price information to customers.
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Citations
21 Claims
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1. A data processing system for administering a financial instrument which provides, within a predetermined limited period of time, a return commensurate with an established capital market, the system comprising:
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computer means for selecting one or more securities the return performance of which is representative of a valuation of the capital market over the limited period of time; means for generating a basket of shares of said one or more selected securities, said basket of shares defining the financial instrument; data entry means for receiving information on each of said one or more selected securities of the financial instrument; data processing means responsive to the information from the data entry means for determining a price for the financial instrument so as to reflect the current aggregate value of the basket of shares and income and expenses associated therewith; and output means for communicating said price to users. - View Dependent Claims (2, 3)
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4. In a combination, a data processing system for administering an investment group of financial instruments issued in series on a periodic basis, each series comprising at least one instrument and providing, within a predetermined limited period of time, a return commensurate with one of a select group of established capital markets, each series of instruments being structured to provide investment advantages to a class of potential customers, the data processing system comprising:
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computer means for selecting one or more securities corresponding to each capital market in said select group, the return performance of such selected one or more securities being representative of a valuation of the corresponding capital market in said select group over the predetermined limited period of time; computer means for generating a basket of shares of said one or more selected securities corresponding to each capital market, said basket of shares defining a financial instrument for the corresponding capital market; means for determining the price to be charged for financial instruments in each series, wherein such price is based upon factors comprising the current trading value of the underlying basket of shares;
data concerning the expected income and dividend distributions for the underlying basket of shares;
the capital market settlement costs; and
a market impact factor which reflects the expected trading patterns for the capital market within the predetermined period of time;data entry means for receiving information on each of said one or more selected securities in each capital market of the select group of capital markets; data processing means responsive to the information from the data entry means for determining a price for the instruments in each series so as to reflect the current aggregate value of the basket of shares and income and expenses associated therewith; and output means for communicating said price for each series to users. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11)
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12. A computer-based data processing method for administering a financial instrument which provides, within a predetermined limited period of time, a return commensurate with an established capital market, the method comprising the steps of:
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selecting a basket of shares of one or more securities the return performance of which is representative of the returns of the capital market over the limited period of time; generating a basket of shares of said one or more selected securities, said basket of shares defining the financial instrument; receiving trade information on shares of said one or more securities of the selected basket of shares; and determining a price for the instrument in response to the received information so as to reflect the current aggregate value of the basket of shares and income and expenses associated therewith. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A data processing system for providing to investors a computer generated information on the current price of at least one financial instrument, such instrument the price of which is based upon the value of an underlying preselected basket of securities in an existing capital market, the system comprising:
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means for storing in a computer memory of records comprising first type of data associated with each security in the basket; means for receiving and storing records comprising second type of data associated with each security in the basket; means for merging the first type of data with the received second type of data into a composite record for each security in the basket; means for combining the composite records for each security into a global record for the basket of securities, the global record reflecting the current aggregate value of the basket of security shares and income and expenses associated therewith; and means for generating and communicating to the investors a report containing information from the global record. - View Dependent Claims (20, 21)
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Specification