Method and system for computer-implemented trading of new issue debt securities
First Claim
1. A computer-implemented method for providing an announcement of a security, and bid and/or offer terms thereof, comprising:
- electrically determining the exchange of said announcement between at least one dealer and investors;
electrically transmitting said announcement of the security and bid and/or offer terms thereof to a computer of the investors listing the available issues from the at least one dealer so that each investor can access the security announcement via his or her respective investor computer interface, and providing the investors immediate access to a multi-dealer inventory of issues responsive to the announcement including a calendar on which issues are placed prior to the time they are priced, and the calendar indicating at least one of a lead manager, a status of the issue, price talk, the coupon, maturity, rating, benchmark, and bookrunner, where an available issue may be handled one dealer or a group of dealers,the group of dealers led by one or more co-managers;
electrically receiving from the investors indications of interest in response to the announcement;
electrically enabling investors to submit indications of interest to only one or more selected dealers;
electrically enabling investors to determine whether additional dealers are informed that indications of interest were sent to other dealers;
electrically providing a notice to the investor providing terms associated with the indication of interest that must be accepted before the indication of interest is sent;
receiving an indication from an investor whether an indication of interest is to be re-confirmed or auto-accepted;
electrically providing a real-time status and history of an investor'"'"'s indication of interest,the status and history indicating history notices, whether a price has been confirmed, an allocation has been verified, an allocation is available and should be verified, an indication of interest has been verified, an indication of interest should be reviewed and verified, or an indication of interest has been submitted;
electrically enabling the investors to view additional indications of interest that have been submitted;
electrically determining at least one of an allocation and a price for the security based upon the received indications of interest;
electrically transmitting to the investors that the indication of interest has been allocated;
displaying final pricing information to the investors; and
electrically providing a timer to indicate a time to complete a transaction, where the time can be different for different dealers.
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Accused Products
Abstract
A computer-implemented method and system for trading of debt securities (bonds), where multiple dealers participate and compete on a single platform (100). Dealers and investors have respective interfaces (250, 230) for communicating. In one aspect, dealers announce new debt security issues (400), the investors communicate an indication of interest (IOI) (500) in purchasing the new debt security issues, and the issues are allocated to the investors. In another aspect, issues from multiple dealers are made available to investors on a secondary trading market in a searchable format (1000). In response to price inquiries sent by the investors (1200), the dealers provide offers (1300) which are briefly held and released to the investor concurrently to allow the investor to consider all offers together. In another aspect, the dealers post bid and offer terms for actively traded issues (1700) that are updated in real-time to avoid the need for the inquiry procedure.
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Citations
21 Claims
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1. A computer-implemented method for providing an announcement of a security, and bid and/or offer terms thereof, comprising:
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electrically determining the exchange of said announcement between at least one dealer and investors; electrically transmitting said announcement of the security and bid and/or offer terms thereof to a computer of the investors listing the available issues from the at least one dealer so that each investor can access the security announcement via his or her respective investor computer interface, and providing the investors immediate access to a multi-dealer inventory of issues responsive to the announcement including a calendar on which issues are placed prior to the time they are priced, and the calendar indicating at least one of a lead manager, a status of the issue, price talk, the coupon, maturity, rating, benchmark, and bookrunner, where an available issue may be handled one dealer or a group of dealers, the group of dealers led by one or more co-managers; electrically receiving from the investors indications of interest in response to the announcement; electrically enabling investors to submit indications of interest to only one or more selected dealers; electrically enabling investors to determine whether additional dealers are informed that indications of interest were sent to other dealers; electrically providing a notice to the investor providing terms associated with the indication of interest that must be accepted before the indication of interest is sent; receiving an indication from an investor whether an indication of interest is to be re-confirmed or auto-accepted; electrically providing a real-time status and history of an investor'"'"'s indication of interest, the status and history indicating history notices, whether a price has been confirmed, an allocation has been verified, an allocation is available and should be verified, an indication of interest has been verified, an indication of interest should be reviewed and verified, or an indication of interest has been submitted; electrically enabling the investors to view additional indications of interest that have been submitted; electrically determining at least one of an allocation and a price for the security based upon the received indications of interest; electrically transmitting to the investors that the indication of interest has been allocated;
displaying final pricing information to the investors; andelectrically providing a timer to indicate a time to complete a transaction, where the time can be different for different dealers. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system for providing an announcement of a security, and bid and/or offer terms thereof, comprising:
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a data center enabled to determine that said announcement is to be exchanged between the dealer and investors; and a computer system having a server enabled to electrically communicate said announcement to investors via an interface so that each investor can access the security announcement via his or her respective investor interface, the announcement comprising a listing of at least one of the security name, security details, status and one or more lead managers prior to the pricing of the security; and receive from at least one investor, via the interface, indications of interest in response to the announcement, the indications of interest including at least one of quantity, level, type, settlement, special instructions, the respective dealer or dealers to receive the indication of interest, and an indication whether the indication of interest is to be re-confirmed or auto-accepted, provide a real-time status and history of an indication of interest, and determine, at a pricing date, at least one of an allocation and a price for the security based upon the received indications of interest.
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18. A computer-implemented method for providing an announcement of a security, and bid and/or offer terms thereof, comprising:
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electrically determining the exchange of the announcement between dealers and investors, the announcement comprising a calendar of new issues containing details of at least one new issue security; electrically communicating the announcement of the security and bid and/or offer terms thereof to an interface of a computer of the investors so that each investor can access the security announcement via their respective investor interface; electrically receiving from the investors indications of interest in response to the announcement, the indications of interest including at least one of quantity, level, type, settlement, special instructions, the respective dealer or dealers to receive the indication of interest, and an indication whether the indication of interest is to be re-confirmed or auto-accepted; electrically receiving an indication from an investor whether an indication of interest is to be re-confirmed or auto-accepted; electrically providing a real-time status and history of an indication of interest the real-time status and history including at least an indication whether a price has been confirmed, an allocation has been verified, and indication of interest should be reviewed and verified, or an indication of interest has been submitted; electrically determining, at a pricing date, at least one of an allocation and a price for the security based upon the received indications of interest, and transmitting to the investors that the indication of interest has been allocated; displaying final pricing information to the investors; and electrically providing a timer to indicate a time to complete a transaction, where the time can be different for different dealers. - View Dependent Claims (19, 20, 21)
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Specification