CN1441934A - Techniques for investing in proxy assets - Google Patents

Abstract

A new form of security designated the proxy asset provides risk management capabilities, such as liquid interests in illiquid assets and economic indicators, without the deficiencies associated with other types of financial instruments. A proxy assets set is defined to respond to one or more indices. Each proxy asset has a share value and a number of shares. The proxy assets have a prox y assets set account value equal to a sum over all proxy assets of the products of the share value and the number of shares. At least one proxy asset account value per share is a function of an index. The function is called an account formula. The account value for the entire set of proxy assets is constrained by a value of a resources pool. The proxy asset account value is reevaluated according to the account formula upon occurence of each event of a plurality of predetermined events.

Description

Invest in the technology of proxy assets

CROSS-REFERENCE TO RELATED APPLICATION

The application is that the sequence number of submitting on September 29th, 1999 is US09/408,103, be entitled as the part continuity of the U.S. Patent application of " proxy assets data processor ", and sequence number is US09/408,103 U.S. Patent application is that the sequence number of submitting on October 30th, 1997 is US08/961,121, be entitled as the continuity of the U.S. Patent application of " proxy assets data processor ", patented claim US08/961,121 is open on November 16th, 1999, open text is a U.S. Pat 5,987,435.

Technical field

The present invention relates generally to the technology of a kind of novel proxy assets investment tool of management and realize the necessary system of proxy assets.More especially, the present invention has defined the proxy assets group, distributes, manages and safeguard the share of multiple proxy assets, according to the activity of pre-determined criteria linked accounts.Some embodiment also carry out transaction, distribution to these proxy assets and redeem.

Background technology

The investor has multiple investment way, and the assets that its scope spreads all over real estate, stock, stock make up capital stock interest of (portfolio), niche market and extensive participant in the market or the like.Known to the those of ordinary skill of those investment fields, the Long Position of special assets is appreciated when assets value increases, and the Short Position of assets is appreciated when assets value descends.The principles and requirements of risk management is invested some value preservings of being illegally bought up that make in these investments by skew.Yet the skew investment that can make correct response often is difficult to obtain.In addition, some investments all be difficult to sell or transaction bear notice (trade on short notice) non-current asset, and and these non-current assets usually forced some burdens in order to bear Long Position to administering of property.

In addition, it is very important non-current asset being flowed.In non-current asset market, the investor may bear the abnormal risk that can't break away to some non-current assets, and the investor can not make their assets combination variation simultaneously.For example, house market in single family, people may exceedingly bear the price risk of the single family dwelling house in their cities, place, can not come this risk of hedge by the dwelling house in short sales (short) their cities, and can not invest the single family dwelling house in other city.

About the law and regulations of security exchange security and derivant (for example Futures and Options), security and bear have been done clearly and to have defined.To have security may be limited by article, statement or regulations as the system of their part assets and can not freely sell derivant or sell short.Designing these qualifications is in order to prevent some abuse, for example to carry out speculating excessively.Individual's investor, run into for fear one be difficult to expect the position of playing leverage or the very big or unconfined loss of under a certain environment, bearing, for example a margin call may use simple, independent thumb rule so that they can not buy uncommon investment bill.

In the past, a lot of different investment tools are arranged.Trust and investment (REIT), be the bill of US Congress nineteen sixty designed to allow great amount of investment person to invest in real estate.A kind of tax-free assets combination of the real estate investment that this trust and investment is only now generally carried out.The real estate that they comprised is limited to the stratum that invests existing, do not comprise, as, the dwelling house that the owner oneself occupies.REIT is very dumb, thereby can not satisfy the needs of present hedge and investment.

The method that has many mortgage, anti-mortgage or remaining sum to sell, the risk that the price that individual dwelling house owner can use these methods to reduce their dwelling house fluctuates and brings to them.The increment mortgage of sharing has very long (although being limited) history.A variation of this respect is the house property limited partnership.Anti-mortgage is the contract that obtains a whole life annuity the dwelling house owner can be worth from it or she's dwelling house.These anti-mortgage may be given to some risks the obligee of mortgage.Remaining sum is sold and is meant that the dwelling house owner can sell one fen share in house the opposing party's a contract, and still lives in this house by a contract dwelling house owner.

Robert J.Shiller and the Allan N.Weiss paper " insurance of dwelling house rights and interests " in " American National Economic Services Bureau research work collection of thesis 1994 ", this article is published on " Real Estate Finance and economic magazine " at press, point out that wherein the insurance of dwelling house rights and interests is the insurance contract of a relevant individual dwelling house, if the price index in area will fully descend, individual family will be compensated.

1994, Barclays de Zoete Wedd (BZW) started property index certificate (PIC).These certificates are bonds, and be respectively 2,3,4 and 5 years its maturity, and their capital is fixed according to commercial Real Estate Price Indexes during repayment.Because property debt-credit improperly, BZW has had and has resembled Canary Wharf and the such company of Imry, and BZW issues PIC always, with this as making its own and isolated a kind of method of commodity apartment Land Estate Price.In November, 1996, BZW has also created the fixedly futures that come down to Britain's commodity apartment property index, although there is not clearinghouse, BZW is a side of contract always.The Britain commodity apartment real estate futures market of having planned to start true fixation index by AMP asset management (Asset Management) (the fund management department of Australia Mutual Provident) leader's a industry group (industry-wide group) in 1997.

Exist for a period of time with the common stock of index clearing always and sell power and stock is bought in power, for example standard and general ear index option (the Standard and Poor's IndexOptions).Also exist certain swap arrangement that the investment bank is done between the own and negative side at them always.Many such swap arrangements may have been done by bank, make swap credit cancel mutually in this way, and bank itself do not run any risk.

The index that American Stock Exchange (AMEX) 1989 is founded participates in (indexparticipation) (IP) some months of in fact only having concluded the business there, then with regard to owing to difficult management has stopped contract.(the same year, a similar bill (instrument) was also founded by Philadelphia Stock Exchange.IP is designed to a substitute of stock index futures, and it can be concluded the business in a stock exchange, and can not conclude the business a futures exchange.The regular dividend that the investor of Long Position receives is directly proportional with the dividend of being paid according to the general ear composite stock price index of standard.In this sense, the IP investor of the Long Position stock that may in fact be considered to hold is included among the index itself.The investor of Short Position provides 150% guaranty money, and makes a promise the investor's disbursement of dividends to Long Position.If price will drop, bear will be subjected to the domination of regular margin call, rather than all holds stock in any case.Contract does not relate to the actual holder of stock, and the dividend that Long Position investor collects is from the investor of Short Position, rather than is 500 company from the general ear index of standard.If the investor of Short Position is remargin constantly, they will face unlimited loss.In addition, also has a kind of short of cash option (option).The investor of Long Position can at any time require the Short Position holder to pay the Short Position of exponential quantity.IP does not allow the price of IP and the general ear index of standard that any difference is arranged, and they do not allow by allowing market determine the price of share among the IP to seek any price discovery.

The general ear keeping income of standard (SPDR perhaps is commonly referred to as spiders) was founded in American Stock Exchange in 1993.Each SPDR similarly is security, and it can be concluded the business in the stock exchange, and is the preferential assets of a basket in its back, and representative is in order to the stock of the stock price mean value of the general ear aggregative index of the basis of calculation.Redeeming with the distribution rule forces the market price corresponding with the market price of preferential assets.The assets of being held are actual stock itself.However, use SPDR, and guarantee that the market price is at any time corresponding with the value of this basket stock with the assets of foundation as stock." hyperelement " and " super share " founded at AMEX also shared this property in early time.

Some computerized business system, for example the system that uses in Iowa's test marketing (Iowa Experimental Markets) of Iowa university is used in the past always.For example, in their presidential election transaction system, for each presidential candidate has set up security, if that people is elected as President, system just pays 1 dollar.Whenever because a people president-elect can only be arranged, so to all presidential candidate's the order of buying in, transaction system can both generate new security automatically, this is bought in order and is attended by and equals 1 dollar combined offer.

Also can reference, the patent US5 that Robert R.Champion and Basil R.Twist Jr. were awarded on June 30th, 1992,126,936 " a kind of financial asset management system of direct target ", the patent US4 that is awarded August 28 nineteen ninety with Charles A.Atkins and Amelia Island, 953,085 " a kind of systems of operation accounts of finance ".

Although investment bill is ever-changing, the investment with a kind of specific respone usually is difficult to obtain.Thereby, there is not a kind of prior art to allow a kind of risk of any investment is carried out hedge.Needed is a kind of investment bill, and this investment bill can be fabricated with the permission investor hedge is carried out in its any rational economic position that can bear, but it also will allow market to set price.

Summary of the invention

Proxy assets according to the present invention is a kind of N. B., its be designed to conclude the business effectively assets of many types or to the credits of revenue stream, the perhaps economic target that the individual is difficult to or can not directly buys, hold, sell.This proxy assets is designed to have the market price of a transaction, and the real circulation market of these price reflection assets or credits or economic target is worth.For example, proxy assets can be founded not only to allow people that the local real estate in a given city is invested, and allows the owner of local real estate that the real estate risk of bearing in that city is carried out hedge.This proxy assets also must allow the buyer to see, with the share price of proxy assets, and the index of real estate in this city.The another one example is, this proxy assets can be created to allow people to invest in about now the credits of a state at year in one's duty national revenue stream share in future, perhaps allow people that their income risk is carried out hedge, and allow people to see a market price of so a kind of unprecedented credits.Therefore, as used herein, this noun of proxy assets belongs to the investment that relates to index, and for example the measurement of assets, income source wants credits and economic target.Such assets are measured, the credits and the economic target of income source comprise that the assets relevant with people's labour or manpower fund are measured, the credits and the economic target of income source.May comprise corporate share that the individual holds or transaction seldom, bond, steamer and the aircraft of transaction seldom, rare coin, expensive jewel, famous oil painting, domestic animal and thoroughbred etc. for the non-current asset on the basis of proxy assets.These assets as real estate, are highly illiquid, and are difficult to or can not use traditional hedge mechanism to carry out hedge.In most of the cases, if the exponential quantity of an index is not subjected to those people's of one group of proxy assets investment control or influences, this index just is applicable to this group proxy assets so.

Concerning the investment supplier, an advantage of proxy assets is to be to be subsidized fully by the joint operation of the resource under investment supplier's control (resource pool) to the expenditure of one group of proxy assets of defined and redemption value.Thereby or even little mechanism can stipulate effectively, provide and the administration agent assets.This is the aspect that the derivant that is provided by big investment institution (investment house) is provided proxy assets.

The proxy assets data processor is used as the part of proxy assets management system in one embodiment, and is designed to create, distributes, manages and the maintenance proxy assets.New data processor regulation and the value of managing the account of these proxy assets by managing the payment of the distribution that preferential surrender value account guaranteed to stipulate, and promote transaction, the distribution of these proxy assets and redeem.These attributes thereby guaranteed certain clearing (adding-up) restriction that the account is worth.

Proxy assets is configured to make the investor to its use and understand simplification, paralleling aspect activity that the existing assets of being familiar with involves in outward appearance with the kind and the investor of incident, and provides the sensation of same financial integrity.The proxy assets data processor is designed to by strengthening the proxy assets necessary equivalent necessary basic function corresponding with other assets, strengthens and consolidate these being formed on impression among the investor.

Proxy assets is designed to be similar to existing well-known security kind, as common stock, makes the qualification of standardization can reach the effect of wanting.Therefore, in an embodiment of the present invention, the proxy assets share can be bought immediately, and does not have the leeway (position) of lever adjustment or not arranged by remargin.The proxy assets alike with existing security also can have certain psychological surplus.The first, people fear a bit to the investment of special derivant, because they think that the structure of contract is too complicated and abstract, are the bases of human society unlike the property of general law notion just from long ago always.Compare with the price of marketing, for the investment that contract or mathematical formulae determined of its expenditure by complexity, it is dangerous that people trend towards feeling.The second, have existing system and the practice relevant with the security owner, said here security and most of derivant are different.The example of these systems and practice is that simple notion-an assets not only have long-term capital value, and along with the time also can produce income, and some investors may consume income but consumption capital value itself not.The 3rd, many derivants may relate to the margin call that the investor can produce very strong negative reaction, because such margin call forces investors to pay close attention to the loss of the single part in their the assets combination (portfolio), in addition when their whole combination assets progress fine.For example, for the loss of the assets that prevent to hold and by on the futures market, carrying out the investor of hedge do bear transaction, can upset very much because of margin call repeatedly, because if rise in price, the result of such hedge just will be a margin call.The investor trends towards feeling to upset because of margin call, although their losses in the futures market are compensated (because the value of the assets of other assets combination increases).This is because owing to need take action, make that margin call influence psychologically is more outstanding.Risk is carried out the individual of hedge by the transaction of making the proxy assets aspect, here the price of proxy assets is opposite with the trend of the price of the assets of hedge, can not run into margin call, as long as they forget the assets combination, thereby can keep better phychology, this helps lend some impetus to hedge.

Therefore, an object of the present invention is to provide the technology of establishment, distribution and administration agent assets.

Another target of the present invention provides a kind of data handling system, and this data handling system is stipulated to distribute based on the holder of proxy assets to them according to the programming rule of storage.This predetermined rule characterization the value of proxy assets, make in the proxy assets market variation of price will be reflected at approx in the value of priority index of expection and expect to obtain changing.

The investor becomes one or more proxy assets credits holder of (being called " share " at this), and this proxy assets is owing to the interlock of itself and resource joint operation has a prior value.The account balance of this proxy assets is momentarily correspondingly adjusted along with relevant index variation with by the resource surplus of the joint operation that investment manager or bank managed.System uses the index of assets value or at the time interval of setting or the index of income in the incident or economic target, and as a kind of instrument of determining account balance, this will influence the price and the expenditure (being called " dividend " at this) of this proxy assets conversely with these indexes.Database comprises the account balance of upgrading that detailed account information and storage are controlled by processing logic in setting-up time interval or incident.In a preferred embodiment, according to the generation of setting incident, this system is by transferring accounts between the account according to the formula relevant with each proxy assets, is adjusted in each proxy assets and the corresponding account balance of each investor.New surplus is controlled at the dividend paid on this proxy assets or the ratio of distribution, repays those proxy assets relevant with formula by the time, and wherein the increase of proxy assets is determined by index.Proxy assets is by traditional brokerage or directly conclude the business by the defined here transaction system of the present invention, and allowing widely, the investor uses this investment and risk management tool.

According to some embodiments of the present invention, the proxy assets system comprises that further processing logic optionally is the assets combination or the proxy assets bag of proxy assets with the proxy assets bag to allow.These proxy assets bags are configured to such an extent that allow to improve distribute, to require to respond to the variation of the investment of priority index with to the hedge of priority index.Account's feature comprise with the joint operation be distributed to subsequently in their the single proxy assets.By with those technology similar techniques that are used for stock and bond transaction now, the account is connected to traditional market to allow transaction and clearing agent's assets.

According to an aspect of the present invention, some technology provide corresponding with the group with one or more index proxy assets group with two or more proxy assets.Each proxy assets in the proxy assets group all has a lot of proxy assets shares that a proxy assets account is worth and proxy assets account value is had equal credits.The share sum that the proxy assets group has equals the summation of the number of proxy assets share in the proxy assets group, and the account of the proxy assets group that has of proxy assets group is worth and equals the summation that the proxy assets account is worth in the proxy assets group.A proxy assets account is worth with predetermined account's formula defined, and this formula responds at least one the corresponding index in the group with one or more index.The proxy assets group account is worth and limited by the value of resource joint operation.When each incident in a plurality of scheduled events takes place, proxy assets account value is reappraised according to account's formula.

According to another aspect of the present invention, be used for some technology of proxy assets investment are comprised maintenance data base that this database has the information indication of the value of resource joint operation and particular investor account's information indication.This investment in capital a/c information comprises a particular investor with one group of investor, has particular agent assets of proxy assets group, and an investment in capital a/c number of proxy assets share.The signal indication of the value of resource joint operation is sent out by a communication line.For each proxy assets in the proxy assets group, per share part proxy assets account of an index of response is worth and is received by a communication line, and index wherein is made up of the group with one or more index.

According to another aspect of the present invention, provide some technology, these technology are used for the exchange share of a proxy assets group with two or more proxy assets is concluded the business.Each proxy assets of proxy assets group has a proxy assets account and is worth and many proxy assets shares.The summation that the proxy assets account of proxy assets group is worth equals the value of resource joint operation in fact.Comprise the complete group of the proxy assets group share of the proxy assets group share that one or more can be concluded the business, wherein have one or more bids, be provided for a deal maker the transaction share of proxy assets group.Complete group satisfies the certain condition in the share of proxy assets group.

According to another aspect of the present invention, some technology are provided for that management is corresponding with the group with one or more index to have two or a more proxy assets group of proxy assets.The value of an index of the value of resource joint operation and the group of this index is received.According to assessing proxy assets account value in response to the value of this index and account's formula of a restriction.This restriction is to be forced on the proxy assets group account is worth by the value of resource joint operation.The assessment of carrying out according to each scheduled event in a plurality of scheduled events.

According to another aspect of the present invention, system provides corresponding with the group with one or more index proxy assets group with two or more proxy assets.A network links to each other with a computer-readable medium.Each investor in one group of investor, this computer-readable medium comprises the value of a resource joint operation and many shares of each proxy assets.One or more bank processor that is connected to this network is configured to be used for the value of computational resource joint operation.It is the function with at least one the corresponding index in the group of one or more index that one or more proxy assets group processor is configured to be used for proxy assets account value assessment.One or more proxy assets group processor also is configured for the account's value that limits the proxy assets group by the value of resource joint operation.

Description of drawings

The constructed illustrative data handling system of describing in detail below according to the present invention can help to understand better above-mentioned feature, and this illustrative data handling system comprises the accompanying drawing of illustrative embodiment, and accompanying drawing is as follows:

Fig. 1 is a block scheme of the example of the definite closed path of explanation data processor of the present invention;

Fig. 2 is related side's block diagram describing the proxy assets account manager;

Fig. 3 A is a block scheme realizing computer hardware of the present invention;

Fig. 3 B is a block scheme that comprises a computer system of a network;

Fig. 4 is a proxy assets maker logical flow chart that provides according to one embodiment of present invention;

Fig. 5 is the logical flow chart of an account manager providing according to one embodiment of present invention;

Fig. 6 is the logical flow chart of a dividend maker providing according to one embodiment of present invention;

Fig. 7 is logical flow chart of describing proxy assets order processing device according to one embodiment of present invention;

Fig. 8 illustrates that according to one embodiment of present invention proxy assets concludes the business, issues and redeem the logical flow chart of an embodiment of system; With

Fig. 9 is relevant block scheme of describing the proxy assets package manager according to one embodiment of present invention.

Embodiment

The invention describes a kind of proxy assets system of novelty, this system is operated by the system operator who is responsible for realization and management a group or one group of proxy assets.System operator links to each other with outlet with various ancillary sources by communication line (for example private server circuit or telephone wire are connected to Internet).Therefore, middle man or exogenous investment person can be by a kind of limited and predetermined mode access system.The connection of this embodiment is used for monitoring the value of one or more index.

In one embodiment, the proxy assets system is realized by the control law of a proxy assets data processor and a sequencing that is used to operate, and this rule can be by participant's thorough.This proxy assets data processor comprises a proxy assets account manager and a proxy assets dividend maker.In addition, the proxy assets system preferably includes a transaction, distribution and redemption system, and this system receives and store client's dealing order, and order comprises market order, limited order and other possible various orders etc.System also carries out these orders by the existing proxy assets share of transaction or by the proxy assets share in distribution or the redemption close set (as defining hereinafter).

In this example, the distribution expenditure formula that the program of storage has realized account's formula or account's transfer function of the surplus among the definition account and realized each proxy assets, this point will be discussed hereinafter.The joint operation resource of all accounts in the system is by a management of investment device, and perhaps some assets, for example money market note are invested in by the independent company (refering in particular to bank at this) outside the system.The value of joint operation resource is reported to the operator of system by bank, and each account of the operator of system tracking agent assets, and these accounts are the credits to pooled fund in bank.The priority rule that the account handles is disclosed branch and is equipped with and guarantees to be understood fully by the participant.In the proxy assets system, transfer accounts and between cash account, carry out.Here each illustrative example has a single proxy assets system, and recognizes may have one with last such system, and each such system moves under the different operating system by different system operator's operations.

Another exemplary proxy assets system embodiment has realized two proxy assets to real estate at a given standard year with minimum value in a given city.These two proxy assets are meant the make progress proxy assets of (up) and the proxy assets of downward (down), form a close set (vide infra) by a share in each proxy assets.First proxy assets, the proxy assets that promptly makes progress, has per share account balance, wherein per share account balance is adjusted according to account's formula by the operator of system, this account formula specifies it to comprise, in common interval (for example each season), the surplus that is directly proportional with Real Estate Price Indexes in that city of a given standard year.In addition, the investor of proxy assets (" shareholder ") receives a regular dividend or distribution according to distribution expenditure formula, and expenditure of this distribution expenditure formula appointment equals an expenditure rate constant, that be scheduled to and multiply by the account balance corresponding with that share and have the upper limit.Second proxy assets, it is downward proxy assets, have per share account balance, wherein per share account balance is set the synthetic surplus of proxy assets up and down in cash account that equals per share according to its account's formula and deducts surplus in per share upwards proxy assets cash account.The expenditure rate that equals its a dividend of distribution expenditure formula regulation multiply by the surplus in that account, and condition is that surplus is positive, and can not surpass the upper bound.This system is prescribed to such an extent that make that institute's cum dividend expenditure is always feasible.By making up, the summation of the distribution expenditure formula of make progress a share and a downward share is always less than the synthetic added value of these two accounts on per share surplus in the bank.

Thereby, buy in the real estate that share in the proxy assets upwards is equivalent to invest in no rotational premium; Although proxy assets is flowable.Yet this proxy assets has circulating capital.In addition, share in the proxy assets that makes progress is the same with sensation with the appearance of a common investment, because they authorize the investor credits (claim) on " support " this proxy assets account, thereby promote the acceptable market psychology of generation to these assets.Investment and existing investment to downward proxy assets are obviously not similar.People can press for payment of one share in (call) above-mentioned proxy assets up and down, one share in the above-mentioned proxy assets up and down with the assets combination of the Short Position that comprises real estate similar and also with this Short Position to append account balance similar.Explain by the here, for example, if when index is 100, created assets, can one 200% initial margin be arranged talkative remargin account so, rather than Federal Reserve Board is desired 150% to traditional Short Position, higher initial margin allow to be used for one reasonably, the hedge instrument of perfect in shape and function and need not margin call.If index is away from initial value 100, to create index at a newer standard year be 100 new proxy assets up and down in the proxy assets system so, issues proxy assets up and down with 100.The investor just can redeem their original proxy assets and buy the share of standard year newly then.

Because downwards proxy assets does not relate to margin call and the spitting image of assets, and it is better as a kind of basic new investment instrument, it makes their risk of the easier hedge of participant.

According to predetermined logic and control system instruction, system operator has two main effects.First effect is to found proxy assets and the share of these assets is distributed, a upwards downward proxy assets of in above-mentioned example, describing, and this allows freely commercial visit and pays proxy assets and redeem share with market price to a certain extent.Second effect, referring to above-mentioned example, relate to management, so that the value of an index changes the variation that is converted into account balance and finally converts distribution to the holder of proxy assets share to the joint operation resource account of each proxy assets of linking to each other with other proxy assets account in the system.The 3rd effect of transaction, distribution and the system of redemption selectively becomes a feature of system.

First mainly acts on is to found proxy assets.In certain embodiments, this system provides some instruments to discern the predetermined account's transformational relation in one group of proxy assets of exponential sum that will be used for people.

In an interchangeable embodiment, system comprises that computer logic is best proxy assets group to develop one to the operator.In this embodiment, receive input by graphical user interface, this graphical user interface allows investor's selection index from pick list.Each potential investor is allowed to select from the following option: (1) investor thinks the index of fetch bit (take a position); (2) they think the direction (side) of the index of fetch bit; (3) leverage of index (leverage) amount; (4) they think the investment amount amount; (5) they can be ready the Price Range bought; (6) they want to hold the time span of such investment; (7) frequency of assets assessment and exchange; (8) condition of termination proxy assets.All some such investors' of this interchangeable system handles input and set up account's formula according to one group of selected index then for the selected index of this group, can be found surplus from interesting investor's investment.Some options, for example the similarity of index and compatibility are bigger than the weighting coefficient of other options (for example leverage amount).Also the weighting coefficient than other options (for example Ping Gu frequency) is big for these other options itself.

In the above example, each proxy assets in the proxy assets system all has preassigned account's formula, and this account formula is defined on each time point price per share among the account.Those proxy assets are called as a close set of proxy assets, account's formula of those proxy assets will with the corresponding account of all proxy assets of this close set in add up to per share synthetic value in the same manner.As long as all proxy assets are the parts of proxy assets close set, the all proxy assets that so always may create, these proxy assets are created to such an extent that make that the proxy assets data processor can be attached to the resource on account's formula of regulation proxy assets surplus and not can the break the bank joint operation.(restriction to various close set also can be arranged, redeem and initial public offering to produce share.) only proxy assets will and be redeemed by proxy assets data processor distribution in close set, so that by the account balance of account's formula defined and and distribute and can be paid according to account's formula.

We will reappraise to above-mentioned account, issue and redeem with the form of mathematics and set forth.We use V _tThe account who acts on behalf of group of assets when being illustrated in time t is worth or the total value of all the joint operation resource accounts in a given standard year bank.S _tThe number of the share of all proxy assets in the expression system.Therefore, the average per share value of the total system of standard year is V _t/ S _tThough single proxy assets can have different share value in the system.Only otherwise disturb V _t/ S _t, issue new shares with its value when the proxy assets data processor allows at any time t and redeem existing strand.Thereby, when in new stock of time t distribution, if among this ancestor s arranged _tIndividual share, this ancestor's total value must be V so _ts _t/ S _tSo, after the distribution S will be arranged _t+ s _tIndividual share, and the total value after the distribution is V _t+ V _ts _t/ S _t, to reach a conclusion thus, the per share value in distribution back will be (V _t+ V _ts _t/ S _t)/(S _t+ s _t), (V _t+ V _ts _t/ S _t)/(S _t+ s _t) per share value V before equaling to issue _t/ S _tIn this attention, in general, individual's share can not be with V _t/ S _tPrice distribution or redeem, per share basic surrender value account can not comprise that amount of money.

According to the generation of scheduled event, regular time at interval (as a season) for example, the per share value that account's formula of each proxy assets specifies its account to comprise.Per share account's value is given according to the preferential index of the value of assets or income or proxy assets, also available V _t/ S _tGiven.

A close set is the combination of a proxy assets n share, makes per share account's the summation of account's formula equal nV _t/ S _tThereby as long as share comprises a close set according to formula regulation, they just can be issued together or be redeemed and not influenced V _t/ S _tIn one embodiment, when a close set is identified in one group of bid (bid), issue and just carry out automatically.In another embodiment, can interfere with people before satisfying bid in that close set is released.In an interchangeable embodiment, according to the identification of a close set, redeem carry out automatically or issue and redeem all be carry out automatically or these two do not carry out automatically, can make up arbitrarily.

How many distribution expenditure formulate per share owners to proxy assets in each time cycle of each proxy assets pays, the expenditure number is a function of the surplus in the per share cash account of that proxy assets, also may be the function of other data (for example interest rate and inflation rate), or belong to the function of the surplus among the account of same close set.Under the situation of the surplus in given cash account, distribute the expenditure formula necessary designated so that the dividend payment is always feasible.

Employing makes the impregnable mode of average per share value of total system issue or redeem share, and a major reason is arranged.Therefore this reason is exactly that individual's account balance will be protected and is not subjected to other investor's distribution or the influence of the decision-making redeemed.

The account of each proxy assets has several purposes.The first, all proxy assets holders distribute by being received by an expenditure factor of distributing the expenditure formula definition, this distributions with the evaluate events of being scheduled to or in the time quantity among their the assets value account be directly proportional.In a preferred embodiment, the identical expenditure factor can be applied to all proxy assets of being managed by single proxy assets system.The second, the account balance that system uses is used for determining whether the quotation of buying or selling can be by issuing new proxy assets or redeeming old proxy assets and close.The 3rd, account balance is that the conduct information relevant with the assessment of their proxy assets offers the user's.Account balance may refer to the investment surrender value based on the joint operation resource value.

Two illustrative technical descriptions the distribution and the redemption of proxy assets.First technology relates to by the close set of traditional underwriting method to middle man issue agent assets, just as present company issues new shares.The middle man who the buys close set then composition in the client sells off close set of will trying one's best has been left the client of problem find out to(for) the composition in the close set for middle man.In addition, the middle man can redeem the close set of proxy assets by buying close set on market, and they are returned to the operator of system.

Second technology provides integrated transaction, distribution and a redemption system that is realized by the operator of system, (may relate to the participation of an existing electronic trading system), it has solved the problem of the close set of being found concerning the middle man, and also allows the existing share of transaction.If transaction proxy assets share on existing transaction system described here, so the participant of this system (for example middle man and may be individual) can with market order (buy or sell) or limit order with any price (with give price or than buying in or sell for the price that is priced low with appointment valency or the price higher than appointment valency), also may be the order that proxy assets was bought or sold in the form setting of the order of other kind.They buy in or seller's order in management, and its mode is a bit done as present existing other transaction system.Using under the situation of limit order, system is equal to or less than the limit order of selling of search matched one single proxy assets to buy in limit order, then they is removed.Also can adopt alternate manner to carry out and buy or sell order.In case find one group can not mate buy in order, these buy in the close set that order is formed proxy assets, its synthetic price equals or is higher than proxy assets account's synthetic value, then this order just the close set by creating a new proxy assets and by with sales revenue (deducting some commissions) with present this account in the corresponding quantity of surplus charge to this account and carry out.In case find one group of seller's order, these seller's orders are formed a close set of proxy assets, its synthetic price is equal to or less than the synthetic value of the cash account of proxy assets, then these orders just close set by the redemption proxy assets and by with the surplus in the cash (deducting some commissions) with present account in the corresponding quantity of surplus transfer accounts and carry out to the seller.When such close set buying in or seller's order in when being found, just mean and by distribution and/or to redeem execution of order, and can not influence the operator of system the assets surplus is not remained on ability by the value of cash account formula appointment, carry out then and will be finished automatically.Under given possible standardization or other distribution, transaction, distribution and redemption system are preferably full automatic and electronics, though the composition of possibility system can need manual finishing.See also the U.S. Pat 4,674,044 about the automated transaction technology such as Kalmus, the whole contents of this patent is used as reference.

In this exchange, may have multiple mode and satisfy the dealing order, comprise transaction, distribution or the various combinations of redeeming.In these embodiments, a rule selection makes a side's of proxy assets group price maximization or minimized bargain transaction group, size according to order is carried out priority ordering to bargain transaction, if people are ready to wait for this rule order are assembled in groups, perhaps replace or use certain combination of these standards in these choice criteria.Can use any method that other sorts to trade deal well-known in the art.

In some enforcements of transaction, distribution and the system of redemption, system owner (proprietor) is not only this exchange, perhaps even is not main exchange, and existing proxy assets is concluded the business in main exchange.Transaction in system may be limited to distribution and redeem, and perhaps is limited to certain number of times, and for example every month once.Regulations, taxation problem with the reaction federal and state and the problem that is proposed by existing stock exchange are forced in the spare system restriction.

An independent aspect relates to the establishment of proxy assets bag, and this proxy assets bag is to can be used as a grouping of wrapping some proxy assets of concluding the business, even single composition can not individually be concluded the business.By this method, under situation about selecting, system realizes disassembling the proxy assets bag.Pack and disassemble and will be described hereinafter.In certain embodiments, rule comprises trigger event and the detailed description of dismission proxy assets group and the distribution that whole resource is pooled that the termination situation takes place.In these embodiments, trigger event comprises that the proxy assets group reaches certain duration from the beginning, reach a number percent of the joint operation resource in the sub-portfolio of a proxy assets or proxy assets, the fixed threshold of acquisition in a sub-portfolio of a proxy assets or proxy assets, change all relations of proxy assets group, or change the definition or the calculating of the index of one of proxy assets institute's foundation, the perhaps combination in any of these incidents.

Definition proxy assets or the employed index of proxy assets group can be any amounts, and the investor that this amount be can't help in proxy assets or the proxy assets group determines.Only need to the interested investor of the corresponding investment of index variation.Provide other several examples of index among following other several embodiment, this index is the index that an investor wants the assets response.

Index can comprise a comprehensive stock index, for example the general ear (S﹠amp of standard; P) 500 indexes or Dow Jones industrial average.Index can comprise any economic target.

In one embodiment, proxy assets of the comprehensive stock index of use definition, this proxy assets is followed the tracks of income, and for example, this proxy assets is peeled off a part from the overall growth of the index that brings owing to the income the season.Another proxy assets in this group is followed the tracks of the increment of preferential and comprehensive stock in " an increment band " then.If at first calculate the increment band, follow the tracks of income with residual error (residual) between stock price and the increment band so.In other embodiments, income band proxy assets can be peeled off income according to 1 year or for many years valuation.

In other embodiments, the income of the various combination of the Index Tracking Ltd of definition or other company or the income of sub-portfolio.For example, in one embodiment, one or more Ltd of exponential representation.In another embodiment, the income of a plurality of companies of exponential representation in a specific time cycle.In another embodiment, index is used to represent the price and income ratio of a corporate share.In another embodiment, index is based on the tracking stock to a branch of company.

In one embodiment, economic target is user price index (CPI).There are the people of fixed income may want to follow the tracks of the proxy assets of CPI as preventing inflationary a kind of hedge.CPI is a right natural products of proxy assets that is used for up/down.In another embodiment, this index is the composition of CPI, for example energy or medical treatment cost.The industry that the cheap energy of needs is at war with can be by investing its transaction of hedge to a proxy assets, and this proxy assets rises in value along with the rise of energy prices.The CPI composition is the data that is used for many assets joint operations, and this will be described below.

In another embodiment, economic target is a gain form trade.The up/down proxy assets may be concluded the business according to other local situation of the relative world of the U.S..Many assets joint operations can define one group of proxy assets, and this proxy assets is followed the tracks of the situation of each country with respect to the world or any a pair of country.Those countries that currency is invested may need such proxy assets one or more currencys that they are held with hedge.

In another embodiment, the credit side can their be concluded the business with the proxy assets hedge, and this proxy assets is followed the tracks of the consumptive credit rate of violation as a kind of index.Also have, this need the up/down proxy assets to or a plurality of assets of holding by country.

In another embodiment, these indexes comprise the identical storage sale result that the proxy assets to those needs carries out, and these proxy assets carry out hedge with retail outlet (retail outlet) to their transaction.

In another embodiment, index is included in the buying price one selling price price differential (bid-ask spread) in one or more commodity market.Any one market can be hired out oneself it and give a up/down proxy assets right, and a plurality of cities field energy is used to a plurality of proxy assets.Those may want with a proxy assets hedge to be carried out in their transaction the investor that a commodity market has the seat, and this proxy assets rises in value along with reducing of buying price one selling price price differential.

In another embodiment, at least one index measurement revenue stream.Such embodiment uses the index relevant with the revenue stream of a country.The example of the revenue stream that these are national comprises national income, gross national product (GNP), operator's income, import, outlet and comes from country's income of a country and other clauses and subclauses of product account (NIPA).These measurements can be at par, real, overall or per capita.

Another embodiment uses the index relevant with revenue stream, and this revenue stream is to the work force measurement.The example of these labour's revenue streams comprises a professional income index, for example doctor or lawyer or economist's income; The index of wage, salary or both combinations of natural increase that perhaps comprises one group of labour of the labour of certain stratum or similar performance.

Other embodiment uses the index relevant with the consumption expenditure.Example comprises consumption and user credit index.

Also have other embodiment to use the index relevant, a price differential between price differential (spread) between for example dissimilar mortgage rates and the dissimilar rate of dividends, perhaps these combination in any with other price differential.

In a word, any economic target or macro-performance indicator can be used as an index that defines a proxy assets group, and wherein the investor is interested in and set up a transaction this economic target or macro-performance indicator.

Example I is proxy assets upwards-downwards

Said structure is applied in the real estate example, for setting up two proxy assets by each city (with relevant standard year) that system manages: one (upwards proxy assets) is used for the Long Position of the real estate in that city, another (proxy assets downwards) is used for the Short Position in that city, or reciprocal business.We will suppose when at the proxy assets of this standard year when this standard year is issued for the first time, the residential price index is adjusted and makes this index equal 100, then upwards proxy assets and downwards the original account of proxy assets all comprise 100 dollars at first.Afterwards, upwards account's formula of assets in each season is exactly a price index:

Upwards cash account surplus=residential price index that every End Of Quarter is per share.

The cash account formula that is used for per share downward proxy assets cash account surplus, it determines that its cash account surplus is when time t:

The total account surplus of per share downward cash account surplus=2 of every End Of Quarter * per share-

The residential price index.

(in the mathematical notation formula in the above, the residential price index I when the proxy assets account balance that makes progress when season t end equals time t _t, and the proxy assets account balance equals 2V downwards _t/ S _t-I _t).Per season, these account's formula were satisfied when guaranteeing at every End Of Quarter transferring accounts between the account.Thereby, if index is 100 at standard year, and be 120 now, (this has reflected the growth of property price since the standard year), there are 120 dollars in the preferential account of each assets stock that makes progress so.The account balance of one downward assets is exactly that the synthetic investment value of the surplus of the assets up and down in that city deducts index.The Base day up and down the synthetic investment value of two strands of assets be 200 dollars, be 100 at this moment according to the definition index.After payment was according to the dividend that distributes the expenditure formula definition, synthetic now investment value had been the accumulation investment value (in the Money Market Fund that the resource joint operation is invested) since the Base day.Therefore, for example, if the synthetic value of per share cash account up and down is present 205 dollars, when index was 120, upwards share was 120 dollars, and has 85 dollars in the downward account corresponding with each downward assets stock so.

Redeem and transaction is carried out in order to support to issue one, the proxy assets data processor buy in seller's order in search for to find a close set, the total price of this close set surpasses the total value of a group.Because a close set comprises upwards a proxy assets share and a downward proxy assets share, so in case find with price P ₁Buy in one upwards the proxy assets share quotation and with price P ₂Buy in the quotation of a downward proxy assets share, as long as P ₁+ P ₂〉=2V _t/ S _t, these two orders just all are performed.The joint operation of the released and resource of a new stock of each proxy assets has increased 2V _t/ S _tThe proxy assets data processor distributes one to be equivalent to the upwards amount of money of the value of share to the account that makes progress from the income of joint sales, and distributes one to be equivalent to the amount of money that downward share is worth to downward account.Therefore after the current distribution of new stock, each share has and former the same account balance, and has more outstanding share now.When finding that the share selling price satisfies P ₁+ P ₂≤ V _t/ S _tThe time, share is just redeemed.When share was redeemed, the quantity of share reduced, and the quantity that the resource joint operation descends is to redeem the quantity and the V of share _t/ S _tProduct, and from each proxy assets account the amount of money being directly proportional with the existing amount of money among these accounts of deduction.

Found with price P when acting on behalf of the asset data processor ₁Buy in one upwards the proxy assets share quotation and with price P ₂When selling the quotation of the proxy assets share that makes progress, as long as P ₁〉=P ₂, transaction has just taken place.Only by selling one existing strand, order needn't be issued or be redeemed with regard to being performed then.Identical situation also occurs in the quotation of buying in and selling of downward proxy assets.In above-mentioned example, only be in order to illustrate that we have ignored the commission of being paid for sale and also have the profit that is obtained from these transaction.

Being used for up and down in this example, the distribution expenditure formula of proxy assets is expressed from the next:

Per share dividend=r * (per share own account (Own Account) amount of money) if

If positive number and own account are less than two accounts' synthetic value

If=0 account is a negative

=r * (two accounts' the synthetic amount of money (Combined amount)) is if own account's the amount of money is worth greater than synthetic

Wherein r is an expenditure rate according to the definition of proxy assets system convention.In one case, expenditure rate r is a fixing number, and is for example annual 2%, corresponding with an estimated value of the long-term real interest rate of money market account.(it must be less than 100% certainly, and the dividend expenditure is just always feasible like this, but presumably it will be very little.Preferably, it is less than the actual growth of resource joint operation.) in another version, it is given numbers that ratio r is determined in advance as assets upwards, and is different numbers to downward assets, littler number or zero for example.

The cash account of proxy assets may wherein have a negative value downwards, in this case, will will be paid its shareholder without any dividend.In this case, upwards the cash account of proxy assets will be greater than total cash of two accounts, in this case, just just in time is the product of the total cash among expenditure rate r and per share two accounts to the dividend of per share upwards proxy assets payment.The investor who holds downward assets in this case will can not receive any expenditure.The market price of proxy assets may be still positive downwards, because always exist this possibility, promptly index decreased gets the surplus that enough makes it becomes a positive number once more.

Notice that in this embodiment upwards the market price of proxy assets will tend to be index, 100 too far away as long as this index does not depart from.In this case, the investment of proxy assets will be a agency to the investment of real estate itself on the subtend.As long as the dividend (with the form of service for infrastructure) that does not have estimation of real real estate is approximate with distribution expenditure formula expenditure ratio, the owner of proxy assets will receive and invest in the identical dividend of dividend that real estate itself is received so.As long as the proxy assets price maintenance is near the price index of real estate, the investment to proxy assets also will produce in fact together the same income of the investment of real estate or loss so.Yet, will can not produce identical fund income or loss to the investment of proxy assets, because proxy assets market will have stronger flowability, the permission investor utilizes the expected motion in exponential quantity better.

Proxy assets is useful especially to the dwelling house owner who thinks the own housing investment risk of hedge downwards.Just as well-known, the dwelling house net value that the nearest many serious atrophy of real-estate market makes the dwelling house owner have always loses.Then, dwelling house owner invests in his or her part the decision hedge dwelling house owner effectively of a downward proxy assets in city, to prevent such price risk indefinitely.Because proxy assets has a kind of so simple form downwards, and is easy to be understood, for people, doing like this is easily.

System will provide the continuous information about account balance.This will make the investor further recognize such fact: their account is supported by some real assets one joint operation resources.If they also will understand some predetermined situation (for example termination of system) taken place, they will receive their account balance automatically, and this investment of further having strengthened them has the impression that essence is worth.This impression will produce, and be impossible take place even such situation is defined in foreseeable future.

Packing is applied to our up/down proxy assets to promote the sale of assets.For example, each city may all need to found downward assets for that city, with the hedge of the nature of people in that city need corresponding, but to the demand of the single upwards assets in single city seldom or do not have because the investor thinks the investment variation.The downward assets in each city are founded and sold in system, but the upwards proxy assets of each city correspondence is packaged as the independent whole world proxy assets (it is an assets combination of the upwards proxy assets in all cities) that makes progress for distribution.Under the situation of some regulations, these assets that make progress were opened afterwards then.

In certain embodiments, initial downward proxy assets be used for single postal district or even be used for the census zone, thereby concerning the individual dwelling house owner, promoted point-device hedge.And in certain embodiments, the upwards proxy assets of sale only is by the corresponding single upwards integrated bag of proxy assets height.

Example II-clearing agent's assets

Second kind of form of proxy assets continues the example of above-mentioned real estate, is called clearing agent's assets at this.Wish to produce its investor, can buy in Short Position and the Long Position in other certain city in they cities in the risk in its city, place.With such assets, they can not adjust the whole real estate risk that they bear (they can be accomplished during with the up/down proxy assets when them), but they can make the real estate risk variation that they bear and disperse a plurality of cities (laterally hedge).Adjustment may be a useful assets portfolio management equipment to their risks that the city bears of controlling oneself, because many investors make earnest efforts investing in real estate, just is subjected to the strong influence of the real estate in an area.By intercity clearing agent's assets, the method that the risk in a city of this hedge also is distributed to other city diversifiedly can have the appearance (appearance) of buying in other common share in city.Buy in proxy assets just as a share buying in real estate in other city with sell the risk of in first city, being born.

If we begin the system that has one to have N city, so N will be arranged ²-N arranged city is right, and will be useful on each so right clearing agent's assets.Right to ij, one the account's formula of cash account that is used for clearing agent's assets ij is:

The per share account balance of clearing agent's assets ij=per share average account values+2 * (index i-index j);

With right to ji, clearing agent's assets cash account formula is:

The per share account balance of clearing agent's assets ji=per share average account values+2 * (index j-index i).

Notice that per share average account values is the per share aggregate balance of all accounts in the system, represents with above-mentioned Vt/St.In this example, clearing agent's assets are than more having leverage, reason to be to be multiplied by 2 at these indexes in the up/down example in front.(another multiplier except 2 certainly is used, to generate the lever of a varying number; Given numeral is just in order to illustrate.) price of clearing agent's assets can not be interpreted as the price of the proxy assets that makes progress in the previous examples simply, but proxy assets will have the advantage of counteracting so that the effective means of diversifying risks to be provided.

For a kind of mode of the purpose issuing and redeem definition close set is that all investment is right, an ij share and a ji share are close set.In this case, we can use regular identical dividend rule used when defining in the example with up/down proxy assets in front.Also have other possible mode to define close set.A close set may be by an ij proxy assets share, a jk proxy assets share, and a ki proxy assets share is formed.These groups are circulations of assets.If we have defined so interchangeable close set, we may wish to change distribution expenditure formula so, make that in some surplus be under the situation of negative, any dividend of some clearing agent's assets nonpayments.The dividend of all the other clearing agent's assets still is the product of expenditure ratio r and associating surplus altogether.

Fig. 1 is exchange-system processor is determined closed path kind (close set) in dealing share order a explanation.First group, group A is exactly paired Denver-SanFrancisco clearing agent assets and San Francisco-Denver clearing agent assets.Second group, group B is the closed path of a complexity, relates to three cities and three clearing agent's assets.

The proxy assets data processor is used these more complicated definition of close set, and search data is issued, redeemed with discovery and the chance of transaction proxy assets, and this is than a more complicated process of situation of using the up/down proxy assets.For example, the average account balance (V in the initialization system _t/ S _t) be per share 105.50 dollars, suppose that three book windows on the transaction display screen are as follows: Boston/Chicago Base 19981101BidQuantityOfferQuantity11015100110155011014501101650110 1350110181001999/03/02 10:53 Chicago/Seattle Base 19980101BidQuantityOfferQuantity8593508594501999/03/02 10:53

Seattle/Boston?Base?19980101

BidQuantityOfferQuantity

12042501204350

1204550

12046100

1999/03/02?10：53

Proxy assets system and processor will find that a bid is bought in 50 strands of Boston-Chicago shares with 110.15 dollars and a quotation of selling 50 strands of Boston-Chicago shares is complementary, so this transaction will automatically be performed.Thereby the top coupling moment that shows on the window in hypothesis will disappear.In order to carry out these orders, do not need distribution or redemption.Computing machine also can find a bid with 110.15 dollars buy in 50 strands of Boston-Chicago shares, bid with 85.93 dollars buy in 50 strands of Chicago-Seattle shares, a bid is bought in 50 strands of Seattle-Boston shares with 120.42 dollars.It will find these prices and be 316.50 dollars, promptly be 3 times of (3V that per share average cash account is worth _t/ S _t), so it is automatically realized these orders and sale proceeds is had the proportional distribution of the amount of money in cash account separately by each account by issuing new proxy assets.Again, these orders moments on the book window will disappear.

Attention with an electronic trading system, for example Globex or other system carry out interface when connecting, embodiments of the invention comprise some modifications to electronic trading system.Give one example, because the reciprocation of order in the close set, the deal maker will benefit from an embodiment who once shows a plurality of book windows on screen.For another example, the deal maker who when price has arrived the rank of an appointment, has wanted transaction system to give to warn, also can benefit from an embodiment-in case in the identical close set caution of any associating order of other proxy assets have an opportunity just to send alarm signal to them by with the designated price distribution or redeem and obtain this designated price.Provide this embodiment of such caution to depend on the embodiment that in these orders, searches close set.

These clearing agent's assets are very useful to those investors that held real estate and other investment, but these investors' dwelling house accounts for the major part of their real estate investments, and these too concentrate on each city.For example, a people has one 400 in Los Angeles, 000 dollar dwelling house, he worries that the actual achievement of real estate in Los Angeles is poorer than New York, this people can be to investing 100 with the similar proxy assets of those proxy assets recited above, 000 dollar, Here it is carries out bear transaction and bull transaction is carried out in New York Los Angeles.This has formed a kind of situation: in this case, the investor invests only 200,000 dollars the amount of money to Los Angeles market effective ground, and invests 200,000 dollars the amount of money effectively to market, New York.Thereby the investor is distributed to two cities equably with risk.That people also can be in four clearing agent's assets each investment 40,000 dollar, these four clearing agent's assets are New York-Los Angeles clearing agent's assets, Miami-Los Angeles clearing agent's assets, Chicago-Los Angeles clearing agent's assets and Denver-Los Angeles proxy assets.Thereby the investor holds position Los Angeles real estate of monopolizing on real estate that (position) be distributed to five cities equably holds position.

Clearing agent's assets selectively are packaged in together and are only sold (being called a proxy assets bag at this) as one group.For example, if the resident's strong request in each city is exchanged for the mean value in all other cities with the real estate index in their cities, thereby influence the investment that disperses, the unique assets that need so to be sold are the exchange packets that respond an independent city energetically.Under certain conditions, these proxy assets bags will provide preferential exchange to the public, the single composition of this proxy assets bag if desired then, and these proxy assets bags will be decomposed later.

If the real estate index in each city that the composite index number with respect to all other cities puts up a good show is invested in investor's strong request, so Xiang Guan assets are each city proxy assets bags with respect to clearing agent's assets in all other cities.In this case, can there be the close set of having only two elements; Close set will require to represent all cities.This structure allows the investor to the city of the selecting transaction that bulls the market, and requires the arbitrary city of none hedge simultaneously.If the requirement of hedge is minimal, so such structure is exactly valuable.

The joint operation proxy assets of the many assets of EXAMPLE III

The third form of proxy assets is known as many assets joint operations at this.This configuration does not have downward security, has only security upwards; Upwards its function of security of a given index also is equivalent to the downward security of all other indexes.At this, suppose in N the proxy assets each when time t corresponding to an index I _At, a=1 wherein ..., N exchanges remaining index with an index.Close set is one of in N the proxy assets.Being defined in time t per share surplus after cash account a account transfer can be expressed from the next: For example, if N=2, so these assets be similar to assets between exchange, as with above-mentioned clearing agent's assets.For another example, if N=5 has five proxy assets, for example, each all represents the real estate in a city in the city of five maximums of country.Notice that this formula satisfies the total restriction; All accounts' total charge (except any situation after expenditure) before all accounts' total value still equals to transfer accounts after account transfer.

The surplus of cash account when another account's formula is defined in time t with a non-linear formula:

Weighting coefficient W wherein _a(a=1 ..., N) corresponding to the correlated measure of sundry assets remaining sum.(for example, the city that population is many more will obtain bigger weighting.) close set still be one of in N the proxy assets.Use a such formula, single proxy assets account never can arrive zero.Notice that this formula also satisfies the total restriction; All accounts' total charge before all accounts' total value still equals to transfer accounts after account transfer (except any situation after the expenditure).Various accounts' the amount of money will be always corresponding to the value of various indexes.Thereby, As time goes on, seldom need to use a new standard year Floatation.The joint operation proxy assets security of these many assets are variable unlike the defined proxy assets security of linear formula.

By the description of front, pay close attention to a logic block-diagram of the proxy assets account manager in up/down proxy assets scheme of Fig. 2 description now.In this exemplary design, two proxy assets are founded, and these two proxy assets are formed a close set.

Particularly, system operator distribution is the share of proxy assets (A) (piece 10) upwards, and the back is with the order that is provided with in system with investor's name by traditional manager scheme (piece 40).Similarly, system operator also issues downward proxy assets share (B) (piece 20), and the back is with investor's name order being set in system by the middle man.Importantly, share must only be issued in the mode of close set, this means that in this example the quantity of the proxy assets A of distribution must equal the quantity of proxy assets B.System operator will be pooled to bank from the sale voucher of security up and down, and the share with this joint operation deposits single cash account in then, and piece 30 is to be directly proportional with the existing per share amount of money among these accounts.

Provide just as top, people recognize without any real preferential non-current asset and are determined by the operator of system or buy, thereby also just never have any substantial bargain transaction spending.System's operation is to provide the agency to real estate.Upwards proxy assets is by comprising the one group of defined parameters sale that link with existing index, and will increase pro rata with this index with account ACCT A that these account balances interrelate.In a kind of reciprocal mode, the value of the cash account surplus of proxy assets decline downwards and the increase of real estate exponential quantity are proportional.This is in practical operation, and the exponential quantity corresponding to changing realizes by real fund is marked and deposits among the ACCT A from ACCT B.ACCT A will increase and ACCT B reduces with the same quantity.Because priority index can increase and reduce, be two-way so the fund that Fig. 2 describes flows.

According to the programmed logic of storage, system receives about the input of the account balance of adjusting and determines a dividend payment W corresponding with this new surplus.Between the dividend stream of the ACCT B that exponential sum links to each other with downward security, found an inverse relationship.When real-estate market was rised in value, the fund among the ACCT B was produced, still less the fund of staying is used for distributing and generates W ', thereby even when pooling enhance productivity the holder of downward proxy assets B obtain a distribution that has reduced.Yet these proxy assets should be with certain price maintenance demand, and reason is account's value and the helpfulness that conduct prevents the hedge instrument that real estate value descends.

Above-mentioned feature preferably by digital machine, use a uniquely defined steering logic to realize, wherein computer system is included in an integrated network between the various participants of proxy assets security.This has carried out general description in Fig. 3 A, wherein block scheme has emphasized to be used to realize some parts of the computer system of these assets.Computer system belongs to traditional kind of design, has a central processing unit (CPU) piece 100 that links to each other with a major database DB (I) (piece 110).This major database comprises the file data of various security, and allows according to system logic proper operation priority parameter.Database structure is hereinafter partly described this database structure in detail.The logic of control system operation is stored in the discrete memory piece 120.

An aspect of said system relates to the input of price or income index and is recorded as and realizes that the proxy assets account changes necessary price motion and/or income changes.Thereby system comprises the communication link (piece 140) that is connected to a network, with communicating by letter between control correctly and related various mechanisms of proxy assets and the investor.These participants have and are positioned at far-end but keep the stand-alone workstation (piece 150) communicate by letter with system.Handle bank, index supplier () and the middle man who concludes the business with the individual in the expectation, and possible investment individual itself, each all communicates with the operator of system.

The actual hardware configuration of using is not crucial especially, as long as processing power is enough in following each side: the cycle of storage, account, renewal exponential quantity, the number of proxy assets and cash account formula separately thereof and dividend payment formula, command execution, redemption and distribution.PC network with a Windows NT operating system is estimated to give acceptable performance.Oracle database engine (engine) allows substantial account to cover and expands.Steering logic use a kind of language and compiler with CPU100 on language and compiler mate.These selections will be provided with according to the convention of well-known in fact software association.

About another embodiment of the computer hardware of a network shown in Fig. 3 B.Fig. 3 B is a block scheme that illustrates the computer system 900 that can be implemented according to one embodiment of present invention.Computer system 900 comprises that a bus 902 or other communication mechanism are used for exchange message and the processor 904 with bus 902 couplings is used for process information.Computer system 900 also comprises a main memory 906, for example random access memory (RAM) or other dynamic storing apparatus, and it is coupled to bus 902 and is used to the instruction of storing message and being carried out by processor 904.During processor 904 execution commands, main memory 906 also can be used as storage temporary variable or other intermediate information.Computer system 900 further comprises the read-only memory (ROM) that is coupled to bus 902 or other static storage device, the static information and the instruction that are used to store processor 904.A storage device 910, for example disk or CD are provided and are coupled to bus 902 and be used for storage information and instruction.

Be coupled to a display 912 by bus 902 computer systems 900, for example a cathode ray tube (CRT) is used for the display message to the computer user.An input equipment 914 comprises letter key or other key, is coupled to bus 902 and is used for and processor 904 exchange messages and command selection.The user input device of another kind of type is cursor control 916, mouse for example, and a trackball, perhaps cursor direction key is used for processor 904 exchange messages and command selection and is used to control the motion of cursor on display 912.This input equipment typically has two degree of freedom on two axles, and first (for example X) and second (for example Y), this allows the position on this plane of equipment appointment.

The present invention relates to be used for the use of the computer system of proxy assets.According to one embodiment of present invention, proxy assets is carried out the one or more sequences that are included in one or more instructions in the main memory 906 by computer system 900 definition and management with answer processor 904.Such instruction can be read into main memory 906 from other computer-readable medium (for example storage device 910).The sequence that execution comprises the instruction in the main memory 906 makes processor 904 finish treatment step as herein described.In interchangeable embodiment, hardware circuitry can replace software instruction or combine with software instruction realizing the present invention.Thereby embodiments of the invention are not limited to any particular combinations of hardware circuit and software.

Term " computer-readable medium " refers to participation provides any medium from execution command to processor 904 as used herein.Such medium may show as a lot of forms, includes, but are not limited to non-volatile media, Volatile media and transmission medium.For example non-volatile media comprises, for example, CD or disk are as storage device 910.Volatile media comprises dynamic memor, and for example main memory 906.Transmission medium comprises concentric cable, copper cash and optical fiber, also comprises metal wire (comprising bus).Transmission medium also can be sound wave or light wave, and for example those are produced in wireless or infrared data communication process.

For example, usually the computer-readable medium of form comprises, for example, the optical medium of floppy disk, disk, hard disk, tape or other any type of magnetic medium, CD-ROM, any other form, punched card, paper tape, any other have the physical medium, RAM, PROM, EPROM, FLASH-EPROM of hole pattern, any other storage bar or storage case, carrier wave or any computer-readable other medium of hereinafter describing.

Various forms of computer-readable mediums may relate to one or more sequences of the one or more instructions that are used to carry out to processor 904 transmission.For example, these instructions may be installed on the disk of a far-end computer at first.This far-end computer can be called in these instructions in its dynamic memor, and uses a modulator-demodular unit to send instruction by a telephone wire.A local modem of computer system 900 can receive the data on the telephone wire, and uses an infrared transmitter that data are converted to an infrared signal.Infrared detector can receive data that carry in the infrared signal and suitable circuit can be put into data on the bus 902.Bus 902 sends to main memory 906 with data, and processor 904 extracts instruction and execution from main memory 906.The instruction that is received by main memory 906 is before being carried out by processor 904 or can optionally be stored on the storage device 910 afterwards.

Computer system 900 also comprises a communication interface 918 that is coupled to bus 902.Communication interface 918 provides a bidirectional data communication, in the network link 920 that this bidirectional data communication is coupled to a local network 922 is connected.For example, can be an Integrated Service Digital Network network interface card or modulator-demodular unit be connected to provide with the data communication of the telephone wire of respective type communication interface 918.As another example, communication interface 918 can be that a Local Area Network network interface card is connected to provide with the data communication of a compatible LAN.Radio Link also can be implemented.In any such realization, communication interface 918 sends and receives electric signal, electromagnetic signal or the light signal that carries the digital data stream of representing various types of information.

Network link 920 typically provides data communication with other data equipment by one or more network.For example, network link 920 by local network 922 provide with a main frame 924 be connected or with being connected by the operated data equipment of ISP (ISP) 926.ISP 926 provides data communication services successively by the worldwide packet data communication network that often is called as " Internet " 928 now.Local network 922 and Internet 928 use electric signal, electromagnetic signal or the light signal that comprises digital data stream.The signal that transmits by diverse network, the signal on network link 920 and the signal by communication interface 918, numerical data is sent to computer system 900 or carries numerical data from computer system 900, they have the imitation form of the carrier wave that is transmission information.

Computer system 900 can be passed through network, network link 920 and communication interface 918 and send message and receive data, comprises program code.In the example of Internet, a server 930 may pass through the demand code that Internet 928, ISP 926, local network 922 and communication interface 918 transmit a requisition procedure.According to the present invention, such download application provides the value of joint operation resource as herein described.

When the reception code is received, and/or be stored in the storage device 910, or during other the nonvolatile memory of carrying out after being used for, it can be carried out by processor 904.Adopt this mode, computer system 900 can obtain an application code with carrier format.

The configuration of a replaceability replaces 150 workstations by Windows NT link, relates to an Internet network address, and this Internet network address allows directly to conclude the business on Internet.If that is a purpose, the use of system still will be limited by the middle man by suitable password program so.

Table I is an exemplary database for the design of proxy assets data processor.This table expression is carried out needed record of correct management and field according to this embodiment.

Table I-database structure

    Format：    Records    Fields    Shareholder Information：    Customer or Client I.D.Number：    Name of Firm：    Address：    Proxy Asset or Bundle ID Number*：    Current Numbers of Shares or Bundles Owned in Each*：    Transaction ID Number*：    Transaction Information：    Transaction ID Number：    Proxy Asset or Bundle ID Number：    Buyer ID Number：    Seller ID Number：    Exchange，Issuance or Redemption：    Date and Time：    Number of Shares or Bundles：    Price per Share or Bundle：    Complete Set ID Number：    Buy and Sell Orders：    Order Number：    Customer ID Numher：        <!-- SIPO <DP n="35"> -->        <dp n="d35"/>    Buy Order or Sell Order：    Proxy Asset ID Number or Bundle ID Number：    If Market Order：Number of Shares or Bundles    If Limit Order：Price and Number of Shares or Bundles    If Stop Order：Price and Number of Shares or Bundles    Order Date and Time*：    Order Expiration Date and Time：e.g. fill order until 1：00pm 1/5/98    Pooled Cash Account Information：    Total Investable Assets Held for Cash Accounts(in Bank)(Vt)    Total Number of Shares Outstanding in Entire System (St)：    Average Cash Account Balance per Share in System (Vt/St )：    Complete Sets：    Set Number：    Proxy Asset or Bundle ID Numbers in Set*：    Index Information：    Index ID Number：    Update Frequency：e.g. quarterly    Date of Last Update：    Market Description：e.g. single family homes in Metro Los Angeles    Price or Income Index：e.g. price    Date*：e.g. First Quarter 1980    Index Level*：e.g.100.00    Cash Account Formula：        <!-- SIPO <DP n="36"> -->        <dp n="d36"/>     Cash Account Formula ID Number：     Proxy Asset type：Swap，Up or Down，etc.：     Cash Account Formula：e.g.，     a)for up Cash Account＝index(index ID number)     b)for down Cash Account 2×Vt/St，-index(index ID number)     c)for swap Cash Account Vt/St，+2×(A Index-B Index)(index ID number)     Dividend Payout Formula：     Dividend Payout Formula ID Number：     Proxy Asset Type：Swap，Up or Down，etc.：     Dividend Payout Dates*：     Dividend Payout Formula：e.g.，     Dividend paid per share＝0.02×(Cash Account balance)     Proxy Asset Balance Change Information：     Proxy Asset Cash Balance Change Formula ID：     Proxy Asset ID Number：     Index ID Number*：     Cash Account Formula ID Number：     Cash-Balance Change Frequency：e.g.quarterly     Next Cash Balance Change Date：     Historical Cash Balance Changes：     Historical Cash Balance Change ID Number     Historical Cash Balance Change Date*：     Historical Cash Balance Before Change Amount*：        <!-- SIPO <DP n="37"> -->        <dp n="d37"/>    Historical Cash Balance Change Amount*：    Historical Cash Balance After Change Amount*：    Proxy Asset Definition：    Proxy Asset ID Number：    Proxy Asset Type：Swap，Up or Down：    Initial Cash per Share：e.g.$100.00    Base Date：e.g.January 10，1998    Current Number of Shares Outstanding：e.g. 500,000    Current Cash Account Balance per share：e.g. $100    Dividend Frequency：    Next Dividend Due：e.g. January 10，1998    Cash Account Formula ID Number：    Dividend Payout Formula ID Number：    Next Cash Balance Change Due：e.g. January 10，1998    Cash Account Number：    Next Interest Deposit Due：    Issuance ID*：    Redemption ID*：    Proxy Asset Bundle Definition：    Proxy Asset Bundle ID：    Proxy Asset ID Numbers*：    Number of Shares of Each Proxy Asset in Bundle*：    Issuance History：    Proxy Asset or Bundle ID Number：        <!-- SIPO <DP n="38"> -->        <dp n="d38"/>    Complete Set ID Number：    Issuance ID Number：    Issuance Date：    Number of Shares：    Issuance Amount per Share：    Redemption History：    Proxy Asset or Bundle ID Number：    Complete Set ID Number：    Redemption ID Number：    Redemption Date：    Number of Shares：    Redemption Amount per Share；    *May be a multiple field

The logical order instruction has three major functions.First function is to allow to found in check proxy assets by following manner: by the forged check (scratch) with similar check define new proxy assets, by existing proxy assets is packaged in together, by disassembling existing proxy assets bag or by more above-mentioned or all combinations.Second function is to turn surplus so that surplus satisfies account's formula between the account.The 3rd function is the dividend of definition and assignment agent assets.In each case, Guan Jian control data must be stored in the database of suitable configurations.

First function is important in these three functions, because the successful needs of risk management are determined suitable risk category; Some classifications like this may all become always.For example, need the investor of the proxy assets of real estate aspect may turn to the little configuration of a neighborhood suddenly, this field is represented by the combination of the Real Estate Price Indexes of postcode or census of population area (census tract).System is designed to allow as far as possible automatically by the system operator's of operation agent asset data processor well-trained representative or even may be come in person by middle man client and found new proxy assets.If it is very low to found the cost of new proxy assets, so a lot of such proxy assets just should be founded.

Realize first function according to the described logical flow chart of Fig. 4.Logic is introduced notion earlier from starting block 200 beginnings, enters piece 210 then, and wherein the proxy assets AST (I) through considering is imported by system user.AST in the example of real estate (I) meaning is meant that the determining an of definition, Real Estate Price Indexes, standard year, cash account formula and the dividend of geographic area pay formula.Because the user be difficult to specify these contents,, for example show the map in postcode or census of population area and about each the statistics of some summing-ups of price index of these contents so system can provide instrument.

System at first test the proxy assets of importing definition AST (I) be new and whether be similar to existing proxy assets, i.e. defined identical proxy assets, be similar to the distinguishing slightly proxy assets of standard year, promptly have the new bag of proxy assets now, the composition of existing proxy assets bag perhaps is similar to top two kinds combination.In an initial launch, test 220, system is searched in whole existing proxy assets, seeks the new proxy assets bag that may exist from the composition of existing proxy assets and existing proxy assets bag, to show the therefore feature of issuable proxy assets.Show the information that comprises the cash account surplus, this cash account surplus is implied in the proxy assets of consideration.Possibly, certain combination of the more differentiated slightly proxy assets of standard year or branch may enough approach the proxy assets of being advised.If the user sends signal and informs that the proxy assets of being imported is new inadequately, if by data processor propose various may in a kind of be gratifying, logic branch forwards piece 230 to and existing record is put forward from existing proxy assets or proxy assets bag so, and logic is transferred to an independent subpath simultaneously.

Transfer to logical block 250 to testing 220 positive response, the parameter of wherein new proxy assets is imported in the system, and specifies the parameter of all the other elements of close set.Under the situation of simple up/down proxy assets, as shown in Figure 2, close set can automatically be defined by system, provides proxy assets a right definition (AST PAR (I)), and two elements of proxy assets centering must be founded now.In this, must determine whether new proxy assets to defining or new proxy assets be a proxy assets bag to forming a part index definition with one with an independent index.If the former, system transfers to piece 290.If the latter, system transfers to piece 270, here, may be by defining this proxy assets bag to system input new index, new database (piece 280) more then.

In test 310, the default cycles of system queries assets adjustment cycle.Negative response to this allows the user to import a control cycle CYC (I), sets the time interval that the account and the dividend of up/down proxy assets are adjusted.To test 310 more common response is control time interval to system's value for storage of acquiescence, piece 320-330.This has finished the first that handles, and logic is transferred to next sequence then, piece 350.

Shown in Figure 5 is finishes preferential cash account, relevant computer document and the foundation of demonstration by the logic control order, preferential cash account, relevant computer document and show and form the right basis of up/down proxy assets.From starting piece 1400, logic at first makes the proxy assets that is in waiting status can import (piece 1410) to AST PAR (I).System detects this at test block 1420, and whether a new proxy assets is right.If new, logic proceeds to piece 1440, wherein is two right per share cash account surplus AST BAL (I) of element input of proxy assets.These surplus provide the financial framework of proxy assets.Set up two corresponding account ACCT A (I) and ACCT B (I) at piece 1450-1460 then: operation allows the input of user account (custom account) parameter (to be "Yes" at test block 1470, then enter piece 1490), otherwise the default value (piece 1480) of input preliminary election.

Just as described above, system is included in a communication link between various participants and the management organization.Found the original definition of a book window at piece 1500 for the deal maker of transaction system, although also there is not share to exist with the per share cash account surplus of two proxy assets showing proxy assets centering.The user can be provided with order now, and order (order) will be presented on the book window.In order to found first proxy assets share, because the share that does not also have exists, so transaction system must at first be determined a close set in order, the value of this order equals (perhaps surpassing) per share synthetic cash account surplus.After this, system can be by exchanging existing share and by finding close set to finish order (fillorder) in order.When a close set is founded for the first time, the similar fund thrift intermediary that must come notifying bank especially before the order by remittance fund and account's automatic structure or have account's form in response.During the routine operation to the proxy assets system, along with the index variation of account executive, system operator will directly be responsible for the clearing again (only being safeguarded by bank with the joint operation form) of the account in the close set.

Return Fig. 5, after with present (perhaps new) AST (I) information updating database, logic is in test block 1530 inquiry next AST values (I+1); If another approval is got ready, logic is restarted and continuously next one value is repeated such processing.

System's action need is day by day analyzed the input of various times to time change and many different variablees is optionally calculated to allow the operation of proxy assets.In Fig. 6, the example that several such operations and routine are used as system handles is described, and can recognize that a lot of other variablees carry out in a similar manner.

From piece 1600, the logic among Fig. 6 at first accesses current date, DATE (J), and this is input in the processing piece 1610.Access the right document of present proxy assets at piece 1620, they comprise the present assets surplus of being upgraded by the profit of bank.Periodic date and current date are compared, whether adjust proxy assets account's final result (event) date to judge current date.Updated account is mated and needed to the positive response reflection date to test block 1630.Thereby logic proceeds to piece 1640 and system accesses tracked Asset ID X (I, present exponential quantity J).In this context, counting variable J cycle of following-thereby comprise the absolute and relative time cycle.

Continue to see Fig. 6, system is applied to downward proxy assets (piece 1650) with the cash account formula, and the per share synthetic surplus of two accounts before making per share surplus equal to transfer accounts deducts index; And account's formula is applied to upwards proxy assets (piece 1660), make per share surplus equal index just.Note not changing, so always account transfer is feasible, although the cash account surplus of proxy assets may be born downwards by two accounts' of current account transfer synthetic surplus.Calculate the right per share suitable dividend rank of each proxy assets with the calculating that distributes expenditure formula application of aforementioned then.At piece 1670, whether the surplus of the downward proxy assets of system queries is born.If not, system continues operation block 1680 and 1690, gives each account's a dividend with ratio DR (I) at this.If system transfers to piece 1700 so, be defined as a dividend at the dividend of this proxy assets that makes progress, this dividend equals the product of DR (I) and two accounts' synthetic value, and then at piece 1710, the dividend of proxy assets is made as zero downwards here.At piece 1720, these value are stored among the master data base DB (X) then, afterwards, by increasing index variable I the next proxy assets in the management are repeated entire process at piece 1730.

As mentioned above, this embodiment of system is included in a communication link between various participants and the management organization.These participants comprise a bank or the similar thrift intermediary with account's form, can shift to an earlier date and carry out the remittance of fund and account's automatic structure especially, and single middle man or even the individual investor also can order directly be set by system.During the routine operation to agent management system, bank will directly be responsible for the joint operation surplus of investment cash account, act on behalf of the cash account that asset system will be responsible for safeguarding the personal agent assets simultaneously, thereby divide the surplus of proxy assets shareholder in bank effectively.

Fig. 7 and Fig. 8 describe in detail by logic and control command and finish by distribution and the coupling of selling order of redeeming or buying to proxy assets and remove the execution of finishing order.Fig. 7 has represented proxy assets order processing device.From the startup piece 400 of Fig. 7, describe the order input subroutine in detail.Fetch the order that reception comes from investor or middle man at piece 410 by workstation1 50 (Fig. 3) or Internet chain.Order may comprise market order (with the particular agent assets of any price P ﹠ S specific quantity), limit order (be equal to or less than that a certain price is bought in the proxy assets of specific quantity or to equal or be higher than that a certain price is sold the proxy assets of a specific quantity, bid price and asked price, price arrives and price is carried out) or other various possible orders.At piece 420, these P ﹠ S orders are stored in the order list of a waiting status of each proxy assets, and wherein this tabulation is equivalent to a book window of transaction system in essence.In one embodiment, they are arranged in the book window, have the top that the order of high bid price comes row, and the order with the highest asked price comes the top of another row, the series arrangement that other order descends according to price.

Referring to Fig. 8, proxy assets transaction, distribution and redemption system are from piece 500.In a subroutine with piece 510 beginning, corresponding to the order list of the waiting status of each proxy assets by accessing and search separately.At piece 520,, need not be issued or redeem any additional share at piece 530 these shares by transaction so if a seller's order that equates fully buying in order and this proxy assets of proxy assets is complementary.These orders are deleted from the order list of waiting status, and processing turns back to piece 520 to search for other match orders.When in the order list in the waiting status of present proxy assets during without any other coupling, just along the "No" path of piece 520, the next assets of cycle of treatment in the system.

When all match orders in the system were processed, logic entered piece 550, and a close set or closed path are searched in buying in of all proxy assets in system in the order.As discussing in example I, a close set is exactly that a up/down is right.As in example II, discussing, closed path may comprise reciprocal clearing agent's assets (for example ij and ji) or a more complicated combination, and for example an ij exchange, a jk exchange and a ki exchange (perhaps any other path that begins with same assets and end up).Proxy assets in closed path synthetic has a total value, as discussing in the example II.The summation of buying in order in closed path must equal or exceed this value.If situation is like this, test block 560 is transferred to a handling procedure with piece 570 beginnings, be used to issue the new stock of these proxy assets, upgrade the account of each proxy assets according to the ratio of existing quantity, from the order list of waiting status, delete these then and buy in order, return circulation 550 then and search for other closed path.Replacedly, if the summation of buying in order in the path of determining does not satisfy the total value in path, determined path is rejected at test block 560 places in the piece 550 so, and different then paths is synthetic searched.

When in subroutine 550, can not find any other close set (closed path), handle to continue carry out a subroutine with piece 600 beginnings, in the seller's order tabulation of the waiting status of all proxy assets of system, search for closed path.At piece 610, the summation of seller's order and the total value of the proxy assets in the path of determining are compared.If greater than situation, from piece 620, order is performed through the following steps: redeem the existing share of these proxy assets, the proxy assets of updated account to reflect that this is redeemed, and from the order list of waiting status the deletion these seller's orders.Continue to finish processing then to all possible closed path.After all closed paths were determined, subroutine finished at piece 630 places.Replacedly, the subroutine of Fig. 8 can be performed according to different orders, for example respectively with the beginning of piece 510,550,600 as single and/or parallel subroutine.

The execution of buying in seller's order also can be connected to such program, and concluding the business under the abnormal market situation by such program is delayed, and is similar to the isolating switch of organized exchange.Buy in the user that may be confined to certain stratum with the execution of seller's order, for example registered middle man, broker (broker dealer).The execution of buying in seller's order also can be connected to a market surveillance system, as those existing exchanges, with the attempt that detects market dominance or other illegal transaction activity.

Fig. 9 is related side's block diagram describing the proxy assets package manager.In this drawing, four proxy assets, promptly proxy assets A, B, C and D are used to describe.In this example, having only proxy assets D is directly to General Public Sales.Proxy assets A, B and C are packetized in together as shown in the figure, and this proxy assets bag is to General Public Sales.Because the account of proxy assets A, B and C is ready, and their account's formula and distribute the expenditure formula to be defined, so people may want this proxy assets bag is decomposed later.Recognizing that this proxy assets bag later may be decomposed helps now sale to the public.

Following table 2 has shown the functional overview according to an embodiment proxy assets data processor.Table 2 has provided the general introduction of this data processor necessary basic step of handling in a continuous process or in daily, and few as far as possible based on the execution number of times of step.The function of Table II-proxy assets data processor

    1.Functions Ordered by System Proprietor    Add Index Data (run manually)    Load new Index into Index Record Database    Fill in other Fields of Index Record    Update Interest Payment(run daily)    For Each Proxy Asset    Is Interest Deposit Due Today？    If Yes：    Adjust Current Cash Balance with Interest Payment    Fill in Next Interest Deposit Due    Pay Dividends(run daily)    For Each Proxy Asset：    Interest Deposit Run for Today？    If Yes：    Dividend Payment Due Today？    If Yes：    Use Dividend Payout Formula to Calculate Dividend    Pay Dividend，adjust Current Cash Account Balance    Fill in Next Dividend Payment Due    Update Indices(run daily)    For each Index    Date for an Index Update？    If yes：    Receive Index Update Into Index Record    Update Cash Account Balance Using Cash Account Formulas (run<br/>daily)        <!-- SIPO <DP n="46"> -->        <dp n="d46"/>    Index，Interest and Dividend Update Performed Already for Today？    If Yes：    For each Proxy Asset    Look up Cash Balance Change Formula and Necessary Indices    Calculate Cash Account Balance Change    Is Transfer Between Accounts due today？    If Yes：    Make Transfer Among Cash Accounts according to    Cash Account Formula    Define New Swap Proxy Asset(run manually)    Select the Two Indices to be used，Rescale to 100 on Base Date    Select Formula Type    Fill in Base Date and Initial Cash Per Share    Fill in Cash Account Formula    Fill in Dividend Payout Formula    Make List of all Complete Sets    Define New，Up/Down Proxy Asset Pair(run manually)    Select the Index to be used，Rescale to 100 on Base Date    Select Formula Type    For both Up and Down Proxy Asset：    Fill in Base Date and Initial Cash Per Share(same for both)    Fill in Cash Account Formula    Fill in Dividend Payout Formula    Make List of All Complete Sets    2.Functions Ordered by Brokers    Process Buy Or Sell Orders(run when an order comes in)        <!-- SIPO <DP n="47"> -->        <dp n="d47"/>     (If for a Bundle，treat each Proxy Asset in Bundle as shown below)     Receive Transaction Request and Enter into Database     Display Order on Screen with Other Unfilled Orders     Display Historical Values of Indices     Display Cash Account Balances     Search for combinations of non-expired Buy and Sell Orders of sameProxy Asset     Identify Matches in Limit Orders and Numbers of Shares     If found，Execute Orders through Exchange of Existing Shares     IfNone Found，     Combine Order with other Orders of same type(e.g. Buys for same<br/>Proxy Asset)     If a Bid for Proxy Asset     Search for Complete Set Among Bids     If Total Bid Prices in Set≥Total Cash Account Balances     Then：     Issue New Shares     Create Transaction Records     Create Complete Set Record     Fill in Issuance Records     Create Investor Records     Fill in Historical Cash Balance Changes Record     Update Number of Shares and Current Cash Balance in Proxy Asset<br/>records     If an Offer to Sell a Proxy Asset     Search for Complete Sets among Offers        <!-- SIPO <DP n="48"> -->        <dp n="d48"/>     If Total Offer Prices in Set≤Total Cash Account Balances     Then：     Redeem Existing Shares     Create Transaction Records     Create Complete Set Record     Fill in Redemption Records     Update Investor Records     Fill Historical Cash Balance Changes Record     Update Number of Shares and Current Cash Balance in Proxy Asset<br/>Record     Provide Information for Electronic Trading System     Order Processing and Confirmation     Provide Information for Book Window for Trading Screen     Provide Response to Requests for Alerts-e.g.，alert traders when a<br/>specified price     level has been reached either by a trade in subject proxy asset or by<br/>trades in other     proxy assets within the same complete set     3.Functions ordered by Investors(Information Web Site)：     View Indices     View Outstanding Limit Orders(Book Window)     View.Composition of Bundle View Proxy Asset     Base Date     Indices used     Cash Account Balance per Share        <!-- SIPO <DP n="49"> -->        <dp n="d49"/>    Starting Cash Account Balance per Share    Cash Account Balance Change History    Dividend Payment History    Cash Account Formula    Dividend Payout Formula

Although the present invention is described in detail in order to illustrate, it should be understood that these details just in order to illustrate, the various modifications that those skilled in the art did can not break away from spirit of the present invention and protection domain yet.In fact, need make some and revise to satisfy supvr, tax administration, existing exchange, middle man, underwriter's etc. requirement, these requirements may change with different countries along with the time.

Claims (119)

1. method, in order to a proxy assets group of two or more proxy assets to be provided, described array response is in a combination of one or more index, the expression that each proxy assets in the described proxy assets group all has proxy assets account value and some is worth the proxy assets share that equal credits are arranged to described proxy assets account, the account that the share total quantity that described proxy assets group has equals the summation of all proxy assets shares in the described proxy assets group and the proxy assets group that it has is worth the summation that equals all proxy assets accounts value in the described proxy assets group, and described method comprises:

A. in response at least one equivalency index in the combination of described one or more index, define a proxy assets account with predetermined account's formula and be worth;

B. retraining described proxy assets group account by a value in the resource joint operation is worth; With

Be worth according to described account's formula described proxy assets account that reappraises when C. incident in a plurality of scheduled events takes place.

2. the method for claim 1 further comprises:

Specify the total quantity of described share at first to one group of investor, each investor among described one group of investor is assigned with at least one investor account, and each investor account has the proxy assets share of a proxy assets in the described proxy assets group of investor account's quantity; With

For each investor account receives a base value that described resource is pooled that quantitatively equates with an initial product that is worth of described investor account's proxy assets number of shares and the per share value of proxy assets account from each investor at first.

3. the method for claim 1, a special proxy assets that further comprises described proxy assets group, announce that the per share account of the special proxy assets that upgrades is worth, the proxy assets account who reappraises that described per share account's value equals described special proxy assets in fact is worth the merchant divided by the proxy assets number of shares of described special proxy assets.

4. the method for claim 1, wherein, in described step of reappraising, the value of all losses of the described proxy assets account value of a proxy assets is transferred to the described proxy assets account value of one or more other proxy assets in the described proxy assets group in fact.

5. the method for claim 1, above-mentioned reappraising comprises:

Receive with corresponding one or more of the described combination of one or more index in a update time of a current event of a plurality of scheduled events and to upgrade a combination of back exponential quantity;

Receive the value after the renewal of described resource joint operation in described update time; With

Use value after the renewal of described account's formula and described resource joint operation to calculate the value of the proxy assets account after the renewal of each proxy assets.

6. method as claimed in claim 5, above-mentioned step of reappraising further comprises:

Calculate an expenditure quantity of described resource joint operation according to a predetermined expenditure formula; With

Before the value after the described proxy assets account's of described calculating the renewal, from the value after the renewal of described resource joint operation, deduct described expenditure quantity.

7. method as claimed in claim 6 further is included as the special per share expenditure of a special proxy assets publish response in described expenditure quantity and share total quantity.

8. method as claimed in claim 7, wherein said special per share expenditure is worth and described proxy assets group account value in response to the described proxy assets account of described special proxy assets.

9. the variation that the previous proxy assets account who is worth described special proxy assets who further is worth in response to described proxy assets account when method as claimed in claim 7, the wherein special per share expenditure previous incident in a plurality of scheduled events takes place is worth.

10. the method for claim 1, wherein:

The per share value of proxy assets account equals the merchant of described proxy assets account value divided by the proxy assets number of shares of corresponding proxy assets in fact;

The described combination of one or more index is the combination of an independent economic target;

Described proxy assets group comprises upwards a proxy assets and a downward proxy assets; With

The step that proxy assets account of described definition is worth further comprise use one upwards one of account's formula definition upwards the proxy assets account be worth, wherein said one upwards the per share value of proxy assets account be used for being directly proportional with the single economic target of at least some values of described independent economic target and

Use the downward proxy assets account of one of downward account's formula definition to be worth, wherein said downward asset account is worth and equals described resource joint operation in fact and be worth poor that the proxy assets number of shares that deducts described upwards proxy assets and the described upwards product of the per share value of proxy assets obtain.

11. the method for claim 1, wherein:

A per share average value equals the merchant of described proxy assets group account value divided by the total quantity of described share in fact;

The per share value of proxy assets account equals the merchant of described proxy assets account value divided by corresponding proxy assets number of shares in fact;

The combination of one or more index comprises independently index of N, at this N greater than 1; Described proxy assets group has N proxy assets just; With

The step that proxy assets account of described definition is worth further comprises, to a special proxy assets in the described proxy assets group, the special account's function that is used for setting up the per share value of special proxy assets account equals between the two poor of mean value that described average per share value adds all other indexes in special exponential sum N independent index of N independent index in fact, and described special index is corresponding to described special proxy assets.

12. the method for claim 1, wherein:

A per share average value equals the merchant of the proxy assets group account value of described proxy assets group divided by the total quantity of described proxy assets group share;

The per share value of proxy assets account equals the merchant of described proxy assets account value divided by the proxy assets number of shares of corresponding proxy assets;

The combination of described one or more index comprises independently index of N, at this N greater than 1;

Described proxy assets group has N proxy assets just; With

The step that proxy assets account of described definition is worth further comprises, to a special proxy assets in the described proxy assets group, the special account's function that is used to set up the per share value of special proxy assets account equals described average per share value in fact and multiply by a merchant, and described merchant equals the summation of the special index of a correspondence in N the index divided by N independent index.

13. the method for claim 1 further comprises:

Definition comprises a special proxy assets bag of a share of share of one first proxy assets and one second proxy assets; With

Announce a value of described special proxy assets bag.

14. method as claimed in claim 13, wherein said first proxy assets are to be from described proxy assets group from described proxy assets group and described second proxy assets.

15. method as claimed in claim 13, wherein said first proxy assets are to act on behalf of group of assets and described second proxy assets is from a different proxy assets group from described one first.

16. the method for claim 1, wherein:

A per share average value equals the merchant of the proxy assets group account value of described proxy assets group divided by the share total quantity of described proxy assets group;

The share of a close set meets some requirements and has the number of shares of close set; With

Described method further comprises at least one share of issuing a complete share group and the share of redeeming a close set.

17. method as claimed in claim 16, wherein said certain condition is included as each the special proxy assets in the described proxy assets group, and the ratio of keeping described in the described close set number of shares of the number of shares of special proxy assets and described close set equals the proxy assets number of shares of described special proxy assets and the ratio of share total quantity in fact.

18. method as claimed in claim 16, the share of a close set of described distribution comprises:

For each the special proxy assets in the described proxy assets group, the proxy assets number of shares of a special proxy assets has been increased the some of special proxy assets share described in the described close set; With

The number of shares that the quantity of the subsidiary resource that the joint operation of described resource increases equals described close set in fact multiply by the product of described per share average value.

19. method as claimed in claim 16, the share of a close set of described redemption comprises:

For each the special proxy assets in the described proxy assets group, the proxy assets number of shares of special proxy assets has been reduced the some of special proxy assets share described in the described close set; With

The number of shares that the quantity of the expenditure resource that described resource joint operation reduces equals described close set in fact multiply by the long-pending of described per share average value.

20. the method for claim 1, the incident that each of wherein said a plurality of scheduled events is different are different update times of a schedule time combination.

21. the method for claim 1, the price of the floating assets of at least one exponential representation in the described combination of one or more index.

22. the method for claim 1, the price of the non-current asset of at least one exponential representation in the described combination of one or more index.

23. method as claimed in claim 22, wherein said non-current asset comprises real estate.

24. method as claimed in claim 22, wherein said non-current asset comprises the corporate share of holding privately.

25. method as claimed in claim 22, wherein said non-current asset comprise the seldom corporate share of transaction.

26. method as claimed in claim 22, wherein said non-current asset comprise a steamer.

27. method as claimed in claim 22, wherein said non-current asset comprises an airplane.

28. method as claimed in claim 22, wherein said non-current asset comprise a rare coin.

29. method as claimed in claim 22, wherein said non-current asset comprises the jewel of a costliness.

30. method as claimed in claim 22, wherein said non-current asset comprise a famous oil painting.

31. method as claimed in claim 22, wherein said non-current asset comprises livestock.

32. method as claimed in claim 22, wherein said non-current asset comprise a horse of fine breed.

33. the method for claim 1, the revenue stream of at least one exponential representation in the described combination of one or more index.

34. method as claimed in claim 33, wherein said revenue stream comprise and an income that country is relevant.

35. method as claimed in claim 33, wherein said revenue stream comprise and the relevant income of people one by one.

36. method as claimed in claim 33, wherein said revenue stream comprise and an income that the labour is relevant.

37. method as claimed in claim 33, wherein said revenue stream comprises the income of people's capital.

38. the method for claim 1, the economic target of at least one exponential representation in the described combination of one or more index.

39. method as claimed in claim 38, wherein said economic target comprise a user price index.

40. method as claimed in claim 38, wherein said economic target comprise a unemployment rate.

41. method as claimed in claim 38, wherein said economic target comprises the user credit degree.

42. the method for claim 1, the macro-performance indicator of at least one exponential representation in the described combination of one or more index.

43. the method for claim 1, an aggregative index of at least one the exponential representation corporate share in the described combination of one or more index.

44. the method for claim 1, a suitable part of at least one the exponential representation corporate share aggregative index in the described combination of one or more index.

45. method as claimed in claim 44, the residue of a suitable part of another exponential representation corporate share aggregative index in the described combination of one or more index.

46. the method for claim 1, the profit of at least one at least one company of exponential representation in the described combination of one or more index.

47. the method for claim 1, the profit of a plurality of companies of at least one exponential representation in a specific time cycle in the described combination of one or more index.

48. the method for claim 1, the price profit ratio of the corporate share of at least one exponential representation in the described combination of one or more index.

49. the method for claim 1 is followed the tracks of stock for one of a branch of at least one company of exponential representation in the described combination of one or more index.

50. the method for claim 1, the consumption index of at least one exponential representation in the described combination of one or more index.

51. the method for claim 1, the trade income of at least one country of exponential representation in the described combination of one or more index.

52. the method for claim 1, the trade income of at least one a pair of country of exponential representation in the described combination of one or more index.

53. the method for claim 1, wherein said resource joint operation comprises non-current asset.

54. the method for claim 1, wherein said resource joint operation comprises revenue stream.

55. the method for claim 1, wherein said resource joint operation comprises cash.

56. the method for claim 1, wherein said resource joint operation comprises floating assets.

57. the method for claim 1, wherein said resource joint operation comprises clauses and subclauses with current value.

58. the method for claim 1 further comprises, at proxy assets of a transaction on exchange.

59. method as claimed in claim 58 further comprises, is identified in the close set in the proxy assets order that an exchange determines described proxy assets group, one of them close set meets some requirements.

60. method as claimed in claim 59 further comprises, uses predetermined order to propose rule and proposes at least one trading order form between the investor and redeem the close set share and distribution close set share.

61. banking industry is invested in an a kind of method that makes up a proxy assets group of corresponding two or more proxy assets with one or more index, described method comprises:

Database that maintenance has that the information of a value of resource joint operation indicates and

A special investor account of information indication comprises a special investor among one group of investor, special proxy assets in the described proxy assets group and

An investor account's proxy assets number of shares;

On a communication link, send a signal indication of this value of described resource joint operation; With

The corresponding per share value of proxy assets account of an index in the described combination of one or more index of each proxy assets on described communication link in reception and the described proxy assets group.

62. a kind of method of concluding the business at an exchange pair and the share of a proxy assets group of corresponding two or more proxy assets of combination of one or more index, each proxy assets in the described proxy assets group has a proxy assets account and is worth and a proxy assets number of shares, the summation that described proxy assets account in the described proxy assets group is worth equals a value of a resource joint operation in fact, and described method comprises:

From one or more asked price, provide the share of a complete share group of described proxy assets group with the described proxy assets group of concluding the business to a dealer;

One of them close set satisfies the certain condition in the described proxy assets group share.

63. method as claimed in claim 62 describedly provides a close set further to comprise once the book window of keeping more than on a transaction display screen.

64. method as claimed in claim 62 further comprises allowing a dealer to set up an alarm, an average price of a close set of seller's order is satisfied the redemption condition of a proxy assets group and makes response.

65. method as claimed in claim 62 further comprises allowing a dealer to set up an alarm, an average price of a close set buying in order is satisfied the issuing term of a proxy assets group and makes response.

66. method as claimed in claim 62 further comprises from one or more complete share group selling the described proxy assets group of automatic discovery the quotation to conclude the business.

67. method as claimed in claim 62 further comprises proposing one or more order automatically according to predetermined order executing rule the proxy assets in the described proxy assets group is concluded the business.

68. a kind of method of the proxy assets group of managing response in two or more proxy assets of a combination of one or more index, each proxy assets in the described proxy assets group has the proxy assets share that a proxy assets account was worth and described proxy assets account was worth the some that equal credits are arranged, the share total quantity that described proxy assets group has equals the summation of proxy assets number of shares in the described proxy assets group, an account of the proxy assets group that described proxy assets group has is worth and equals the summation that proxy assets account described in the described proxy assets group is worth, and described method comprises:

Receive a value of a resource joint operation;

Receive a value of an index in the described index combination;

In response to the described value of described index and a restriction that described proxy assets group account is worth by the value that described resource is pooled, estimate that according to account's formula a proxy assets account is worth, when an incident in a plurality of scheduled events takes place, carry out described estimation.

69. a system in response to a proxy assets group in two or more proxy assets of a combination of one or more index is provided, each proxy assets in the described proxy assets group has the proxy assets share of proxy assets account value and some, the share total quantity that described proxy assets group has equals the summation of proxy assets number of shares in the described proxy assets group, an account of the proxy assets group that described proxy assets group has is worth and equals the summation that proxy assets account described in the described proxy assets group is worth, and described system comprises:

A network;

Be connected to a computer-readable medium of described network, described computer-readable medium is the share that each investor among one group of investor stores the some of a value of resource joint operation and each proxy assets;

Be connected to one or more bank processor of described network, it is configured to the described value of calculating described resource joint operation; With

One or more proxy assets group processor of configuration, be used for basis and assess a proxy assets account value, and limit account's value of described proxy assets group according to the value of described resource joint operation with a function of at least one equivalency index of the combination of described one or more index.

70. a device is used for banking industry and invests in a proxy assets group with one of one or more index corresponding two or more proxy assets of combination, described device comprises:

The information indication of a value of a resource joint operation of a computer-readable medium storage, a special investor account's information indication, the latter comprises

A special investor among one group of investor;

A special proxy assets in the described proxy assets group; With

An investor account's proxy assets number of shares; With

Be connected to one or more processor on the described computer-readable medium, described one or more processor is configured to send by a communication link signal indication of the described value in the described resource joint operation; With

Receive the per share value of proxy assets account in response to an index in described one or more index combination of each proxy assets in the described proxy assets group by described communication link.

71. device, be used for a share that makes up a proxy assets group of corresponding two or more proxy assets at a transaction on exchange and one or more index, each proxy assets in the described proxy assets group all has the proxy assets share of proxy assets account value and some, the summation that proxy assets account in the described proxy assets group is worth equals a value of a resource joint operation in fact, and described device comprises:

A display device; With

Be connected to one or more processor of described display device, described one or more processor is configured to the share of one or more close set selling the described proxy assets group share in the quotation with transaction proxy assets group is provided on described display device;

One of them close set satisfies the certain condition in the share of described proxy assets group.

72. device, be used for the proxy assets group of managing response in two or more proxy assets of a combination of one or more index, each proxy assets in the described proxy assets group has the proxy assets share that a proxy assets account was worth and represented described proxy assets account is worth the some that equal credits are arranged, the share total quantity that described proxy assets group has equals the summation of proxy assets number of shares in the described proxy assets group, an account of the proxy assets group that described proxy assets group has is worth and equals the summation that proxy assets account described in the described proxy assets group is worth, and described device comprises:

A computer-readable medium is used for storing a value of a resource joint operation and an exponential quantity of described index combination; With

Be connected to one or more processor of described computer-readable medium, described one or more processor is configured to according to account's formula estimates that a proxy assets account is worth, in response to the described value of described index and a restriction that described proxy assets group account is worth by the value that described resource is pooled, when taking place, an incident in a plurality of scheduled events carries out described estimation.

73. a computer program is used for banking industry and invests in a proxy assets group in response to two or more proxy assets of a combination of one or more index, described computer program comprises;

One computer-readable medium is used to store the information indication of a value of a resource joint operation and a special investor account's information indication, and the latter comprises

A special investor among one group of investor;

A special proxy assets in the described proxy assets group; With

An investor account's proxy assets number of shares; With

Be stored in the instruction on the described computer-readable medium, described instruction makes one or more processor send a signal indication of the described value in the described resource joint operation by a communication link; With

Receive the per share value of proxy assets account in response to an index in described one or more index combination of each proxy assets in the described proxy assets group by described communication link.

74. computer program, be used at the share of a transaction on exchange in response to a proxy assets group of two or more proxy assets of a combination of one or more index, each proxy assets in the described proxy assets group all has the proxy assets share of proxy assets account value and some, the summation that described proxy assets account in the described proxy assets group is worth equals a value of a resource joint operation, and described computer program comprises:

A computer-readable medium; With

Be stored in the instruction on the described medium, a close set that is used for making one or more processor that one or more described proxy assets group share of selling quotation is provided on described display device is with the share of transaction proxy assets group;

One of them close set satisfies the certain condition in the share of described proxy assets group.

75. computer program, be used for the proxy assets group of managing response in two or more proxy assets of a combination of one or more index, each proxy assets in the described proxy assets group has the proxy assets share that a proxy assets account was worth and described proxy assets account was worth the some that equal credits are arranged, the share total quantity that described proxy assets group has equals the summation of proxy assets number of shares in the described proxy assets group, an account of the proxy assets group that described proxy assets group has is worth and equals the summation that proxy assets account described in the described proxy assets group is worth, and described computer program comprises:

A computer-readable medium is used for storing a value of a resource joint operation and an exponential quantity of described index combination; With the instruction that is stored on the described computer-readable medium, make one or more processor estimate that according to account's formula a proxy assets account is worth, described estimation is carried out in the restriction that the value of pooling in response to the described value and the described resource of described index is worth described proxy assets group account when an incident in a plurality of scheduled events takes place.

76. signal transmission is used for banking industry and invests in a proxy assets group in response to two or more proxy assets of a combination of one or more index, described signal transmission comprises:

A carrier wave that is used for transmission signals;

The signal that transmits on described carrier wave is represented the value that a resource is pooled;

The signal that on described carrier wave, transmits, represent a special investor account, this account comprises a special investor, a special proxy assets in the described proxy assets group and an investor account's the proxy assets share among one group of investor; With

The signal indication instruction of transmitting on described carrier wave is so that one or more processor sends a signal indication of the described value of the described resource joint operation of indication by a communication link; With

Receive the signal indication of the per share value of proxy assets account by described communication link in response to an index in described one or more index combination of each proxy assets in the described proxy assets group.

77. signal transmission, be used to conclude the business in response to the concluded the business share of a proxy assets group of two or more proxy assets of a combination of one or more index, each proxy assets in the described proxy assets group all has the proxy assets share of proxy assets account value and some, the summation that described proxy assets account in the described proxy assets group is worth equals a value of a resource joint operation in fact, and described signal transmission comprises:

A carrier wave of transmission signals; With

The signal that on described carrier wave, transmits, some instructions are pointed out to be used for making one or more processor to present the share of a close set of one or more described proxy assets group share of offering with this proxy assets group of concluding the business on a display device;

One of them close set satisfies the certain condition in the described proxy assets group share.

78. signal transmission, be used for the proxy assets group of managing response in two or more proxy assets of a combination of one or more index, each proxy assets in the combination of described proxy assets has all that a proxy assets account is worth and to representing that described proxy assets account is worth the proxy assets share of the some that equal credits are arranged, the share total quantity that described proxy assets group has equals the summation of proxy assets number of shares in the described proxy assets group, an account of the proxy assets group that described proxy assets group has is worth and equals the summation that proxy assets account described in the described proxy assets group is worth, and described signal transmission comprises:

A carrier wave of transmission signals;

The signal that transmits on described carrier wave is represented a value of a resource joint operation and an exponential quantity in the combination of described index; With

The signal that on described carrier wave, transmits, indicate some instructions, be used to make one or more processor to estimate that according to account's formula a proxy assets account is worth, described estimation is carried out in the restriction that the value of pooling in response to the described value and the described resource of described index is worth described proxy assets group account when each incident in a plurality of scheduled events takes place.

79. the method for claim 1 further comprises the definition termination rules, is used for all resources that finish described proxy assets group and distribute described resource joint operation.

80. the method for claim 1, the step that proxy assets account of described definition is worth further comprises:

Receive investor's input, one or more candidate's index of the combination of described one or more index is therefrom selected in indication; With

In response to one or more candidate's index of described indication, set up described predetermined account's formula automatically.

81. the method for claim 1, a difference of the different dividend interest rates of at least one exponential representation in wherein said one or more index combination.

82. the method for claim 1, a difference of the different mortgage of at least one exponential representation interest rate in wherein said one or more index combination.

83. the method for claim 1, at least one exponential representation in wherein said one or more index combination is in a difference of the price of the bid price of one or more clauses and subclauses of exchange.

84. the method for claim 1, the income of the occupation of at least one exponential representation in wherein said one or more index combination.

85. as the described method of claim 84, wherein said occupation income is relevant with laborer's classification.

86. as the described method of claim 84, wherein said occupation income is relevant with a group laborer of total certain characteristic.

87. method as claimed in claim 43, wherein said aggregative index are to select from following a group:

1) Nasdaq index;

2) general ear 500 indexes of standard;

3) Dow-Jones Industrial Average Index;

4) New York Stock Exchange Composite Index; With

5) Nikkei average.

88. the method for claim 1, one or more corporate share of at least one exponential representation in wherein said one or more index combination.

89. the method for claim 1, one or more common fund of at least one exponential representation in wherein said one or more index combination.

90. the method for claim 1 further comprises:

D. provide at least some shares of described proxy assets to be used for self-dealing.

91. the method for claim 1 further comprises:

D. provide at least some shares of described proxy assets to be used for open transaction.

92. the method for claim 1 further comprises:

D. conclude the business at least some shares of described proxy assets.

93. the method for claim 1 further comprises:

D. form first share combination from described proxy assets share, it is configured to it and is worth a function that increases the positive change that is described index combination; With

E. form second share combination from described proxy assets share, it is configured to the function that its increase is the negative sense variation of described index combination.

94., further comprise as the described method of claim 93:

F. between described first share combination and described second share combination, change one or more described proxy assets.

95. the method for claim 1 further comprises:

D. redeem at least some shares of described proxy assets.

96. the method for claim 1 further comprises:

D., at least some shares of described proxy assets are provided; With

E., the described function of described proxy assets share as a trigger event that provide will be provided, and wherein said trigger event chooses from following a group incident:

1) predetermined period of time termination;

2) one of described index combination is worth variation;

3) variation of described proxy assets share rate of profit;

4) variation of one or more economic target combination;

5) other variation of risk-reward level;

6) variation of the value of described resource joint operation; With

7) described prime rate variation.

97. the method for claim 1 further comprises:

D. adjust the function of the value of described resource joint operation as a trigger event, wherein said trigger event chooses from following a group incident:

1) predetermined period of time termination;

2) increase or delete a index in the combination of described index;

3) one of described index combination is worth variation;

4) variation of one or more economic target combination;

5) other variation of risk-reward level; With

6) described prime rate variation.

98. the method for claim 1, wherein said account's formula comprises a leverage factor, and described leverage factor is used for one or more index of the described index combination of weighting.

99. as the described system of claim 69, the aggregative index that one or more exponential representation in the wherein said index combination is selected from following a group:

1) Nasdaq index;

2) general ear 500 indexes of standard;

3) Dow-Jones Industrial Average Index;

4) New York Stock Exchange Composite Index; With

5) Nikkei average.

100. as the described system of claim 69, one or more corporate share of at least one exponential representation in the described combination of one or more index.

101. as the described system of claim 69, one or more common fund of at least one exponential representation in the described combination of one or more index.

102. as the described system of claim 69, wherein said proxy assets group processor further is configured to provide at least some shares of described proxy assets to carry out self-dealing.

103. as the described system of claim 69, wherein said proxy assets group processor further is configured to provide at least some shares of described proxy assets to carry out open transaction.

104. as the described system of claim 69, wherein said proxy assets group processor further be configured to conclude the business at least some shares of described proxy assets.

105. as the described system of claim 69, wherein said proxy assets group processor further is configured to:

Form first share combination from described proxy assets share, its value increase is a function of the positive change of described index combination; With

Form second share combination from described proxy assets share, its value increase is the function that the negative sense of described index combination changes.

106. as the described system of claim 105, wherein said proxy assets processor further is configured to change one or more described proxy assets between described first share combination and second share combination.

107. as the described system of claim 69, wherein said proxy assets group processor further is configured to redeem at least some shares of described proxy assets.

108. as the described system of claim 69, wherein said proxy assets group processor further is configured to provide at least some shares of described proxy assets; With

To stop the described function of proxy assets share as a trigger event that provide, wherein said trigger event chooses from following a group incident:

1) predetermined period of time termination;

2) one of described index combination is worth variation;

3) variation of described proxy assets share rate of profit;

4) variation of one or more economic target combination;

5) other variation of risk-reward level;

6) variation of the described value of described resource joint operation; With

7) described prime rate variation.

109. as the described system of claim 69, wherein said proxy assets group processor further is configured to:

Adjust the function of the described value of described resource joint operation as a trigger event, wherein said trigger event chooses from following a group incident:

1) predetermined period of time termination;

2) increase or delete a index in the combination of described index;

3) one of described index combination is worth variation;

4) variation of one or more economic target combination;

5) other variation of risk-reward level; With

6) described prime rate variation.

110. as the described system of claim 69, wherein said account's formula comprises a leverage factor, and wherein said leverage factor is used for one or more index of the described index combination of weighting.

111. the method for share is provided in a proxy assets group, and each proxy assets in the described proxy assets group all has a proxy assets account and is worth, described method comprises:

A. define the summation that a proxy assets group account is worth the account's value that equals all proxy assets in the described proxy assets group, comprise that an account who is worth the described proxy assets group of restriction by a resource joint operation is worth;

B. provide expression to have first share of credits to make up to first sub-portfolio of described proxy assets, the value increase of wherein said first share combination is a function according to a positive change of the described index combination of first formula;

C. provide expression to have second share of credits to make up to second sub-portfolio of described proxy assets, the value increase of wherein said second share combination is a function according to a negative sense variation of the described index combination of second formula; With

D. will between described first share combination and second share combination, change the function of one or more described proxy assets as described first formula and second formula.

112. as method as described in the claim 111, wherein said first and second share combination are used for public offering.

113. as method as described in the claim 111, wherein said first and second share combination are used for selling privately.

114. as method as described in the claim 111, one or more corporate share is represented in the described combination of wherein said one or more index.

115. as method as described in the claim 111, one or more common fund is represented in the described combination of wherein said one or more index.

116. as the described method of claim 111, the aggregative index that one or more exponential representation in the wherein said index combination is selected from following a group:

1) Nasdaq index;

2) general ear 500 indexes of standard;

3) Dow-Jones Industrial Average Index;

4) New York Stock Exchange Composite Index; With

5) Nikkei average.

117., further comprise as the described method of claim 111:

E. when the incident of one or more predefined type takes place, be worth according to the reappraise account of described proxy assets of account's formula.

118., further comprise as the described method of claim 111:

E. stop the function of described proxy assets share as a trigger event is provided, wherein said trigger event chooses from following a group incident:

1) predetermined period of time termination;

2) one of described index combination is worth variation;

3) variation of described proxy assets share rate of profit;

4) variation of one or more economic target combination;

5) other variation of risk-reward level;

6) variation of the described value of described resource joint operation; With

7) described prime rate variation.

119., further comprise as the described method of claim 111:

E. will adjust the function of the described value of described resource joint operation as a trigger event, wherein said trigger event chooses from following one group of incident:

1) predetermined period of time termination;

2) increase or delete a index in the combination of described index;

3) one of described index combination is worth variation;

4) variation of one or more economic target combination;

5) the risk-reward grade variation; With

6) described prime rate variation.

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