Systems and methods for auctioning access to securities research resources

• US 7,904,364 B2
• Filed: 05/21/2010
• Issued: 03/08/2011
• 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): Colbert; Ella
• Assistant Examiner(s): Shaikh; Mohammad Z
• Application Number:
  US12/784,787
• Publication Number:
  US 20100257086A1
• Time in Patent Office: 291 Days
• Field of Search: 705 35- 42
• 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 method for auctioning units of securities research resources from a supplier of securities research to consumers of the supplier'"'"'s securities research, the method comprising:

generating auction description data, by a computer device, wherein the auction description data comprises a listing of the units being auctioned and an indication of a minimum bid price for each unit, and wherein the computer device comprises at least one processor and an operatively associated computer readable medium;

receiving bid data, by the computer device, wherein the bid data describes a plurality of bids received from a plurality of bidders, and wherein each bid is received from one of the plurality of bidders and identifies a quantity of the units and a price for the identified units;

determining, by the computer device, an allocation of the units among the plurality of bidders that have submitted bid data based on the bid data;

generating, by the computer device, auction result data indicating the results of completed auctions;

wherein the units of the securities research resources comprise a plurality of first preferred access level positions associated with a first research team; and

wherein the first 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, wherein the generated auction description data further comprises an indication of a current auction stage.

3. The method of claim 1, further comprising verifying the bid data.

4. The method of claim 1, wherein the units of securities research further comprise 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.

5. The method of claim 4, wherein the 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.

6. The method of claim 4, wherein the first preferred access level positions entitle holders thereof to research-related direct contact with a primary analyst of the first research team and the second preferred access level positions entitle holders thereof to research-related direct contact with a second analyst of the first research team.

7. The method of claim 1, further comprising generating bid submission data, wherein the bid submission data enables the bidders to submit bids.

8. The method of claim 1, wherein determining the allocation of the units comprises, 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.

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

10. A computer system for auctioning units of securities research resources from a supplier of securities research to consumers of the supplier'"'"'s securities research, the system comprising:

at least one computer device comprising at least one processor and an operatively associated computer readable medium, wherein the computer readable medium comprises instructions that, when executed by the at least one processor, causes the computer device to;

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

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

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

generate auction result data indicating the results of completed auctions;

wherein the units of the securities research resources comprise a plurality of first preferred access level positions associated with a first research team; and

wherein the first 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.

11. The system of claim 10, wherein the generated auction description data further comprises an indication of a current auction stage.

12. The system of claim 10, wherein the computer readable medium further comprises instructions that, when executed by the at least one processor, causes the computer device to verify the bid data.

13. The system of claim 10, wherein the units of securities research further comprise 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.

14. The system of claim 13, wherein the 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.

15. The system of claim 13, wherein the first preferred access level positions entitle holders thereof to research-related direct contact with a primary analyst of the first research team and the second preferred access level positions entitle holders thereof to research-related direct contact with a second analyst of the first research team.

16. The system of claim 10, wherein the computer readable medium further comprises instructions that, when executed by the at least one processor, causes the computer device to generate bid submission data, wherein the bid submission data enables the bidders to submit bids.

17. The system of claim 10, wherein determining the allocation of the units comprises, 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.

18. The system of claim 10, wherein the first research team is associated with a first industry sector.