Systems and methods for auctioning access to securities research resources

• US 7,752,103 B2
• Filed: 09/10/2004
• Issued: 07/06/2010
• Est. Priority Date: 09/10/2004
• Status: Active Grant

• Current Assignee: Morgan Stanley Services Group Inc. (Morgan Stanley)
• Original Assignee: Morgan Stanley
• Inventors: Hurewitz, Barry S.
• Primary Examiner(s): Felten; Daniel S
• Assistant Examiner(s): Shaikh; Mohammad Z
• Application Number:
  US10/939,087
• Publication Number:
  US 20060059075A1
• Time in Patent Office: 2,125 Days
• Field of Search: 705/35, 705/7
• US Class Current: 705/35
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Methods and systems for auctioning units of securities research resources from a supplier of securities research services to potential consumers of the supplier'"'"'s securities research are disclosed. According to various embodiments, the method includes the steps of receiving from a plurality of the potential consumers at least one bid for at least one unit of the securities research resources services of the supplier in at least one bidding stage, and allocating units of securities research resources services of the supplier to certain of the potential consumers (i.e., winning bidders) based on the received bids of the potential consumers. The units may be, for example, research time units of a research team of the supplier of the securities research. Also, the units may be a preferred service access level to a member of a research team of the supplier of the securities research. The preferred access level may entitle a holder thereof to direct enhanced consultative contact with the member of the research team.

Claims

1. A computer-implemented method for auctioning units of limited securities research resources from a supplier of securities research to consumers of the supplier'"'"'s securities research, the method comprising:

generating auction search data by an auction server of a computer system, wherein the auction server comprises at least one processor and an operatively associated computer readable medium, wherein the auction server is in electronic communication with a database comprising data describing the units of securities research, wherein the generated auction search data comprises data that enables bidders to search for units to be auctioned;

generating, by the auction server, auction description data that comprises a listing of the units being auctioned, an indication of a minimum bid price for each unit, and an indication of a current auction stage;

generating, by the auction server, bid submission data, wherein the bid submission data enables the bidders to submit bids;

receiving, by the auction server, a plurality of bid data, during one of a plurality of auction stages, wherein each bid data is received from one of the bidders and identifies a quantity of the units and a price for the identified units;

verifying the bid data by the auction server;

determining, by the auction server, an allocation of the units among the bidders that have submitted bid data based on the verified bid data;

generating, by the auction server, auction result data, wherein the auction result data indicates the results of completed auctions; and

wherein the units of the securities research resources comprise a plurality of first preferred access level positions associated with a first research team, and a plurality of second preferred access level positions associated with the first research team, wherein the first preferred access level positions entitle holders thereof to a superior level of research-related direct contact between the consumer of securities research and the first research team as compared to the second preferred access level positions; and

wherein the first and second preferred access level positions entitle their holders to at least one research-related direct contact with the first research team selected from the group consisting of;

a meeting between a representative of the position holder and at least one member of the first research team;

attendance by a representative of the position holder at a conference call with at least one member of the first research team;

attendance by a representative of the position holder at a conference conducted by at least one member of the first research team;

attendance by a representative of the position holder at a seminar conducted by at least one member of the first research team; and

attendance by a representative of the position holder at a corporate access meeting with at least one member of the first research team.

2. The method of claim 1, further comprising posting the auction search data prior to receiving the bid data.

3. The method of claim 1, wherein determining the allocation of the units includes, when the quantity of units requested by winning bidders exceeds the number of units offered in the auction, allocating the units to the winning bidders on a pro rata basis.

4. The method of claim 3, further comprising posting the results data after the allocation of the units.

5. The method of claim 1, wherein the first research team is associated with a particular industry sector.

8. The method of claim 1, wherein the first preferred access level positions entitle holders thereof to research-related direct contact with a primary analyst of the first research team the second preferred access level positions entitle holders thereof to research-related direct contact with a second analyst of the first research team.

9. The method of claim 1, wherein the plurality of bid data is received at a compilation module of the auction server.

6. A computer-implemented system for auctioning units of limited securities research resources from a supplier of securities research to consumers of the supplier'"'"'s securities research, the system comprising an auction server comprising at least one processor and an operatively associated computer readable medium, wherein the auction server is in electronic communication with a database describing the units of securities research, and wherein the computer readable medium comprises instructions thereon that, when executed by the auction server, cause the auction server to:

generate auction search data, wherein the generated auction search data comprises data that enables bidders to search for units to be auctioned;

generate auction description data that comprises a listing of the units being auctioned, an indication of a minimum bid price for each unit, and an indication of a current auction stage;

generate bid submission data, wherein the bid submission data enables the bidders to submit bids;

receive a plurality of bid data, during one of a plurality of auction stages, wherein each bid data is received from one of the bidders and identifies a quantity of the units and a price for the identified units;

verify the bid data;

determine an allocation of the units among the bidders that have submitted bid data based on the verified bid data;

generate auction result data, wherein the auction result data indicates the results of completed auctions; and

wherein the units of the securities research resources comprise a plurality of first preferred access level positions associated with a first research team, and a plurality of second preferred access level positions associated with the first research team, wherein the first preferred access level positions entitle holders thereof to a superior level of research-related direct contact between the consumer of securities research and the first research team as compared to the second preferred access level positions; and

wherein the first and second preferred access level positions entitle their holders to at least one research-related direct contact with the first research team selected from the group consisting of;

a meeting between a representative of the position holder and at least one member of the first research team;

attendance by a representative of the position holder at a conference call with at least one member of the first research team;

attendance by a representative of the position holder at a conference conducted by at least one member of the first research team;

attendance by a representative of the position holder at a seminar conducted by at least one member of the first research team; and

attendance by a representative of the position holder at a corporate access meeting with at least one member of the first research team.

7. The system of claim 6, wherein the research team is associated with a particular industry sector.

10. The system of claim 6, wherein the first preferred access level positions entitle holders thereof to research-related direct contact with a primary analyst of the first research team the second preferred access level positions entitle holders thereof to research-related direct contact with a second analyst of the first research team.

11. The system of claim 6, wherein the plurality of bid data is received at a compilation module of the auction server.