CN1543619A - System and method for pricing and allocation of commodities or securities - Google Patents

Abstract

Systems and methods for conducting an auction of securities on the Web. The system and methods provide a bid mechanism whereby bidders are rewarded for priority of anonymously revealing their bids and provide an allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities. In addition, the systems and methods allow all participants to monitor the auction in real time.

Description

The price of commodity or security and distribution system and method

The contrast that intersects with related application

The application requires the U.S. Provisional Application No.60/187 of submission on March 8th, 2000,800 rights and interests.The application also relates to pending application 09/347,949, and on July 6th, 1999 submitted to, and title is " Auction System and Method For Pricing and Allocation DuringCapital Formation ".

Copyright statement

A this patent file part comprises material protected by copyright.The copyright owner does not oppose to appear in the patent and trademark office patent literature or record the your facsimile copy by patent documentation or patent disclosure, but in addition then keeps all copyrights.

Technical field

The present invention relates to the Internet computer system and process field.Especially, the present invention is the method and apparatus that is used for commodity or security item price and distribution based on the Internet control system by using.

Background

Wish to buy in and to sell primitive securities sell with large process that is conditioned commodity or security (following be " security ") be addressable for more investor, and make it more price is transparent buying in quotation and selling the more visuality of quote process by providing, reduce the person of selling and investor's cost and increase the trading volume of these security.

It is opaque that the new existing system of selling of security is provided, inefficient, and is partial to certain buyer and bill broker.Here employed " security " comprise the net value security, commodity (as transaction) to permission commodity exchange, and fixed income or debt instrument for example include but not limited to corporate bonds, the mortgage documentary securities appears the market bond in one's mind, junk bond, long-term treasury bond, convertible debenture, gold or the like.These will be commonly referred to as " security ".

Though following with regard to the debt instrument technical problem, total problem relates to the security that are conditioned, the sale of commodity and other assets.Those skilled in the art can find out that specifically described technical matters is can disclosed meaning of the present invention and the interior general considerations that solves of spiritual scope here.

Generally for local authority, company, or other non-U.S. property securities issue people, its security sold by allowing the investment bank or other middle man's underwrite sell.Generally, the corporation securities syndication uses the salesperson of the investment bank to transmit the clause that unsettled security are sold to potential investor, together with some preliminary, informal " price rumor ".In such a way, begin dialogue, be intended to obtain feedback about price and investor's interest with the investor.This feedback is shared by publisher and other investor.

This process is commonly referred to as " account book foundation ".Account book set up be one repeatedly and screening: the classification to the oral history of " account book " of the investor that lists concern and their surperficial interested security quantity is talked about, talk about again and revise, up to security sell or " transaction " to become the person of selling tolerable like that big and cheap.Conclude the business then by syndicate price, and the person of selling and underwriting person begin written agreement and carry out security and sell.Like this up to security sell fixed a price and assert after, generally do not make the actual reduce to writing that security are sold that carries out by the person of selling.After selling by this preliminary sales process at first, security are in " secondary " market free transaction, and transaction is not the market of the security newly sold in other words.The security person of selling generally will pay to its marketing, price and distribution services to the person of consigning.

In this original marketing system, the market scale and the market price are controlled by syndicate.And as discussed below, syndicate may wish deliver a letter market scale and price, so that realize one group of target, these targets may belong to underwriting person or some subparticipation person, and do not belong to the person of selling and market substantially.Underwriting person may tend to certain investor, makes other buy the investor that this bond tables reveals interest to selling at initial security, can not affirm that they can be assigned to any bond by department of syndicate.In addition, transaction will generally become several times oversubscription, and the investor has hope than the more bond that is being provided by the person of selling in other words.

Potential investor generally knows that this point, thereby will point out a security amount to syndicate, and this may be the actual bond amount manyfold of wanting of investor.Because the investor understands, to set up in the process at traditional account book, information is by underwriting person's screening and deliver a letter, may the purpose different so that reach with themselves, the investor often suspects and examines this process modestly closely.Like this, the investor may attempt with several their favourable mode to be handled this system.For example, as mentioned above, potential investor may make a false report their order, points out to be interested in bigger than their the real security amount of wanting.The order cancellation if potential investor may arrange also that price rises, in fact this has simply represented phychology.Manage to make transaction to reach " suitable " price and scale by syndicate then, usually make service charge maximization and help this or that member, but it is whole or reach the most effective price and allocative decision seldom to help market.

Attempt the manipulation carried out because all are this, the person of consigning possibly can't finely understand the potential buyer of security in the real intention of each shadow price point.The behavior of all each side all be with by use screening process to obtain favourable situation control system as purpose about.Thereby, may be this situation, promptly in case the actual market price is set up in secondary dealing, client makes a profit with another kind of cost, then causes further breaking one's promise to this system.

Recently the condition for debt securities market has enlarged needs how to buy and sell these security to changing.For example, the technology of carrying out electronic marketing has become and has been easy to obtain (by inch of candle waiting), and this has promoted low-cost based on real-time non-screening price discovery.Secondly, investor of the bond and publisher analyze the ability of credit quality and discern at them and become more experienced aspect the ability of the value in the market on their financial circles market knowledge.This means their research and suggestion than less dependence of past financial intermediary.The 3rd, the capital quantity that can invest in the market sharply increases over the past decade, forms the violent competition to new bond issue in investor group, has produced the needs to better market sharpening process.The 4th, provide and relate to the service obviously atrophy of the new bond issue that their initiate by traditional investment bank, the charge of while for providing service but remains unchanged.The most tangible example of service that reduces is the violent atrophy of the secondary market flowability that provided by traditional investment bank, mainly is the result of the risk desire that reduces in the earning rate that transaction reduces to the secondary corporate bonds.At last, current system impels the expression to the scale of account book and quality mistake, impel the transaction of special advantage orientation, and usually cause the great dispute that system is broken one's promise about distribution, thereby cause that investor and publisher drive up and be worth and quantity, so that aggravated the disguise and the inexactness of price in the system.

Along with the Internet and the appearance of telecommunication system quite reliably, now just making various effort uses these systems to be used for management to mutual fund and other investing securities, and being used to comprise the system of the sale and the purchase of treasury stock, corporate bonds and other security, its mode has been avoided above-mentioned many problems.For example particularly in bond and other field of securities, we see various patented systems.A U.S. Patent No. 5 of attempting authorizing Signature Financial Group on March 9th, 1993 to portfolio management has been described in following disclosed patent documentation, 193,056, name is called " Data processing System for Hub andSpoke Financial Services Configuration. " more particularly, in following document, described to make in the secondary market bond transaction robotization is a kind of and attempted, the U.S. Patent No. 5 that on September 15th, 1998 was authorized people such as William Broka, 809,483, name is called " OnlineTransaction Processing System for Bond Trading. " and has described the U.S. Patent No. 5 that another system authorized Morgan Stanley Group on August 31st, 1999 in following document, 946,667, name is called " Data Processing System and Method forFinancial Debt Instruments. " this system follows the tracks of in finite time certain system that issues bond in the cycle for the investor, and is used in particular for realizing that by the position in the index carrier that has that is packaged as bond the investor participates in the home and overseas principal market.In following document, can find another nearer use the Internet to strengthen the example of vanilla transaction, authorized the U.S. Patent No. 6 of Health Hero Network on February 8th, 2000,023,686, name is called " Method forConducting an on-line Bidding Session with Bid Pooling. " though this system is not specifically at securities market, but this system allows their mark list of individual's combination in groups, so that the qualified real estate of submitting a tender in online auction.In other words, this system allows the individual of limited fund and other people of resource-constrained to make up their resource, and can qualified (enough capitals are promptly arranged) buy a real estate under the hammer.

Other known the Internet related system that is used for purchase and sale security and commodity comprises a kind of system that is set up by Intervest in 1992, and purpose is that sell the secondary market of being convenient to the bond between investor and bill broker.More recent, the Brokertec of financial group that sets up summer in 1999 by Goldman Sachs and other six large corporations set up is allegedly just attempting to create middle man between a kind of electronic transaction merchant who is used for cash and futures.Set up the electronics brokerage Tradeweb of system that is used for US Treasuries by four investment banks (CSFB, Goldman Sachs, Lehman Brothers and Soloman Brothers) in 1997.Yet these government bonds do not have above-mentioned problem, because they all are to conclude the business lentamente, its price is the investment of knowing in advance and be considered to overall safety.Another on-line system that is mainly used in processing bond transaction in the secondary market is the BondDesk.com that is had by BondDesk.Com LLP again, based on internet providers retailer fixed income transaction software, and by BondExchange LLC, Goldman Sachs Group Inc., PaineWebber Inc., and Spear, Leeds ﹠amp; Kellog has.Nearly all these effort provide the system of new issuing way all to follow identical logic; In other words, they all pass through WWW (web) distribution investigation, prospectus, aggregation and other new distribution of information, and this surpasses paper, fax and some phone.Yet the final price of bond and distribution are still undertaken by classic method.

The system that now still needs a kind of centralization based on the Internet provides cheaply, the open and environment decentralization price discovery.In other words, a kind of current techniques of using is avoided breaking one's promise to improve the system of the price discovery process transparency, reduces the related special advantage amount of money, and makes apportioning cost more directly meet the value that is increased by media.The invention provides a kind of system that realizes these targets and can be used for general security and commodity transaction.

General introduction of the present invention

The present invention by be provided on web to mechanism and individual investor carry out the security auction a kind of economy, high-performance adaptive system and method (called after " OpenBook system "), overcome the defective of said system.In the auction of OpenBook system:

Reward the buyer that competes of anonymous early their bid of disclosure.

All victors pay the single market clearing price of the sale of securities.

All participants can the real time monitoring auction activity.

Transparent and the new cheaply issuing market of OpenBook system creation like this; All are competed the buyer addressing machine meeting to security equality is provided; And investor and the both of publisher provided " seat of department of syndicate ".

Propose on WWW, to carry out the computer implemented method of security auction thus

Reward the buyer that competes of anonymous early their bid of disclosure.

All victors pay the single market clearing price of the sale of securities.

All participants can the real time monitoring auction activity.

Propose on WWW, to carry out the equipment of security auction thus

Reward the buyer that competes of anonymous early their bid of disclosure.

All victors pay the single market clearing price of the sale of securities.

All participants can the real time monitoring auction activity.

A kind of network node in the OpenBook system is also proposed, this node is the auction server node in the network, this network has the user's node that comprises the browser program that is connected to network, user's node provides the request of information on described network and the input command of vying for purchase is provided, and this network node comprises:

Auction server node response in the OpenBook system participates in the request of security auction activity as the titular buyer of competing from user's node, thereby OpenBook system auction server node provides a kind of mechanism of vying for purchase, compete the buyer because the anonymous early bid that discloses them is awarded by this mechanism, and a kind of security allocation scheme is provided, make all triumphs compete the single market clearing price that the security of being sold are sold in buyer's payment.And a kind of system is provided, can monitor the auction of security at user's node by the user of these all participations of system.

But a kind of computer program that is stored on calculated working medium also is provided, has comprised

Computer-readable program means is used to cause that computing machine carries out the security auction activity on WWW;

A kind of mechanism of vying for purchase is provided, competes the buyer thereby reward the anonymous early auction that discloses their bid;

A kind of security allocation scheme is provided, allows the single market clearing price that security are sold in buyer's payment of competing of winning; And

A kind of system is provided, can the real time monitoring auction activity with these all participants.

Brief description of drawings

Fig. 1 is the process flow diagram of expression according to one embodiment of the invention security pricing and distribution system.

Fig. 2 is the process flow diagram that security pricing shown in the presentation graphs 1 and distribution system are auctioned the process that takes place during the part.

Fig. 3 is the process flow diagram that security pricing shown in the presentation graphs 1 and distribution system are auctioned the process of initially vying for purchase that takes place during the part.

Fig. 4 is that security pricing shown in the presentation graphs 1 and distribution system are auctioned the process flow diagram of vying for purchase and revising and finally vying for purchase process that takes place during the part.

Fig. 5 is the process flow diagram of expression bond assigning process, and this process is the part of security pricing shown in Figure 1 and distribution system.

Fig. 6 is the Internet architecture high level illustration.

Fig. 7 is the screen shot of expression logon screen user interface.

Fig. 8 is a user interface screen camera lens, and expression sample security are sold one group of exemplary original clause.

Fig. 9 is the screen shot of a user interface, represents one group of exemplary auction details.

Figure 10 is a user interface screen camera lens, represents to auction details in one group of example process.

Figure 11 is another screen shot of user interface, represents to auction details in one group of example process.

Figure 12 is another screen shot of user interface, represents to vie for purchase in one group of example process and marking correlation time.

Figure 13 is another screen shot of user interface, represents the exemplary affirmation of vying for purchase of auction details in one group of process.

Figure 14 is another screen shot of user interface, and expression has one group of exemplary current status data of vying for purchase of auction details in the process.

Figure 15 is another screen shot of user interface, and expression is to having the exemplary affirmation request of the modification item of vying for purchase of auction details in one group of process.

Figure 16 is another screen shot of user interface, the expression exemplary warning screen that instruction time, the marking may be modified.

Figure 17 is another screen shot of user interface, and an exemplary successful auction is bought on the indication panel.

Figure 18 is another screen shot of user interface, and an exemplary unsuccessful auction is bought on the expression notification screen.

Figure 19 is another screen shot of user interface, represents an exemplary completed auction details.

Figure 20 is another screen shot of user interface, the relevant exemplary error messages of the incorrect amount of vying for purchase selection during expression and the auction.

Figure 21 is another screen shot of user interface, during the expression auction with attempt to delete the relevant exemplary attention message of vying for purchase.

Figure 22 is the process flow diagram that comprises the advanced physical layout architecture of system of the present invention.

Figure 23 is a process flow diagram, and expression comprises the auction server architectural detail of system of the present invention.

Figure 24 is a process flow diagram, and the exemplary details of the system architecture of the preferred embodiment of the present invention further is shown.

Detailed description of the present invention

General view

The present invention by be provided on WWW to mechanism and individual investor carry out the security auction a kind of economy, high-performance adaptive system and method (called after " OpenBook system "), overcome the defective of said system.In the auction of OpenBook system:

Reward the buyer that competes of anonymous early their bid of disclosure.

All victors pay the single market clearing price of the sale of securities.

All participants can the real time monitoring auction activity.

Transparent and the new cheaply issuing market of OpenBook system creation like this; All are competed the buyer addressing machine meeting to security equality is provided; And investor and the both of publisher provided " seat of department of syndicate ".

The similarity of selling with traditional investment rating security

OpenBook system auction process is similar to traditional investment rating bond in the following areas and sells:

Security are sold and will be occurred in from 3-5 days that are communicated to end

Will there be effective subfield tegistration statement in publisher

The management underwriter will with issuer-signed clause agreement

The comanager will subscribe to the agreement in the middle of the underwriter

The dealer will sign dealer's agreement

The prospectus appendix agreement will upgrade the underlying securities instructions with released security clause

Security will be clarified general transaction (T+3), DVP (paying payment).Also to provide regulation to following T+1 clearance.

The participant of OpenBook system agrees that it is the quotation with good conditionsi that the management underwriter can accept that their vying for purchase finished in auction in a single day before auction.In order to accept this quotation immediately, the underwriter need conclude the clause agreement that has following provisions with the publisher before price:

Underwriter's purchasing securities will be condition with the auction of success;

Auction will comprise the interest rate price difference, circulation and maximum treasury stock interest rate by various clause scope restrictions;

Publisher, investor and underwriter will agree to observe the auction rule that is published on the OpenBook system website;

The definition of prospectus will comprise the electronic form of prospectus;

System according to the present invention is that a kind of price of security determines and distribution system that the result of this system can obviously both help selling the company of seeking to raise capital by this security, helps wishing to buy the investor of this security again.As pointing out that at the background joint employed security comprise the net value security, fixed income or debt instrument here, the loaning bill media, such as, but not limited to company or municipal bond, the mortgage documentary securities, appear the market bond in one's mind, junk bond, commodity, gold, money market instrument, such as, but not limited to treasury bill, bank savings proves, commercial papers, repurchase agreement or the like.Use according to the preferred embodiment of the invention the investment media security of price and distribution system to sell, be different from essence traditional consigned or fallen automatically auction security and sell.In the security that carry out according to the present invention are sold, investment media generally will use the auction type mode firm price that falls automatically to sell with the investor by this media of vying for purchase by the security company of selling.Automatically the auction of falling has explanation Exxon Corp. in following document, 1977-78 Fed.Sec.L.Rep. (CCH) para/81,198 at 88,159 (avail.May 9,1977), wherein explain:

Automatically the auction of falling is different from the convention that competition is bid at some aspect important.Basically, the whole amount of being submitted to of bidding and not needing letter lid security to sell in order to be accepted.Each competes the buyer, comprises mechanism and individual and registered securities middle man, points out security sales volume and the earning rate wanted.Each that receive is bid, and is withdrawn unless this is bid, and will become irrevocable buying offer in the time limit to the project appointment of bidding.

In addition, security are sold price based on the earning rate of determining in bidding.After the bidding period finishes, bid and listed by descending by earning rate.At first accept to have to be lower than bidding of earning rate most, accept then in turn to bid, bid up to having those that reach that security sell the required top gain rate of total amount than other of superior returns.Received top gain rate is that all bonds are by the earning rate of ruling.When determining this earning rate, interest rate and price are fixed by the publisher.To give the successful buyer that competes the security ruling based on the earning rate of being accepted.

Yet use the auction system that falls automatically can not alleviate all difficulties.Perhaps use traditional account book to set up or use the auction technique that falls automatically, after the investor had shown that interest or auction have been carried out and price is taken place, the publisher generally can not form any binding agreement to issue bond before this.Like this, bid even send in the expression interest or the auction of falling automatically, the publisher still can not determine to sell any bond, and this makes the investor can not determine that all they can receive any bond before to the last fixing a price.

In addition, value in security has almost been got rid of the function of market to security.And the above-mentioned traditional account book method for building up and the auction system that falls automatically be because the closure of process, all may why provide incomplete indication to the marketable value of concrete fixed income securities reality.For example, allow potential investor can recognize which new distribution may be valuable for bond market neither one quotation system.In addition, up to price set and security purchased after, do not have a kind of mechanism to make potential buyer can obtain information before this, or other potential buyer believes that specific security are valuable, or the publisher is with the information of the security amount of selling about the publisher.At last, depend on many external factor,, have different demands in the similar trading volume of different time points for the security of similar grade.Like this, not necessarily sell the good index of tomorrow requirement for similar security for the demand in security past of particular type.So, when using traditional method to buy the security of these types, for the investor, lack determinacy inherently.Though used the auction type that falls automatically among the present invention, with opposite by the auction of other system employed " sealing " (sealing is bid) type, this auction has been the auction of a kind of " open ".

In a preferred embodiment, about the information that security are sold, sell total amount such as scope and security that the ultimate yield rate is set, being preferably in auction provides before.In addition, potential investor can receive the feedback of selling the situation of vying for purchase about other potential investor for these security during auction process.

Auction consultant (Auction Advisor) preferably provides a kind of system, moves the auction part that security are sold thereon, and helps the securities issue people security of marketing to sell and auction.Fig. 1 is a process flow diagram, expression security pricing and distribution system overall according to one preferred embodiment of the present invention, shown in wherein step 110, the publisher transmits a certificate of entrustment to the auction consultant before auction, and the expression publisher wishes to use and carries out security according to price of the present invention and distribution system and sell.Then, shown in step 112, publisher and auction consultant conclude an agreement, and fix a price and sell so that publisher's security are sold.This agreement is preferably only finished legally binding with regard to the auction of following success to the publisher.

Because concluded binding agreement, shown in step 113, publisher and/or auction consultant can determine the quantity of the following auction parameters that will discuss, and this preferably includes the parameter that restricted securities is sold price and total amount.These auction parameters are preferably announced to potential auction participant.

In security distribution system according to the present invention, compete the buyer and preferably can throw in two classes and bid, promptly competitiveness is bid and noncompetitive is bid.To describe in detail as following, bidding comprises price composition and quantity composition.Noncompetitive is bid and is provided according to the U.S. dollar amount of competing the desirable security of buyer, and a designated price composition automatically, and this price composition equals parameter is by inch of candle sold setting to security minimum yield rate.Competitiveness bids preferably to have by competing the quantity composition that the buyer selects the price composition again, and this price composition may be higher than the minimum yield rate that parameter by inch of candle sets.In addition, the private composition that competitiveness is bid and preferably is useful on price and distributes, and an open composition, preferably making this composition in auction is carried out other be competed the buyer can use, and preferably relevant with private composition.By having private and open composition, competitiveness is bid and can be used for to competing the information that buyer and publisher provide the marketable value that relevant security sell, and need not to compete that the buyer is definite discloses his or her why bidding.At last, shown in step 116, End of Auction, and as described below, be preferably in End of Auction and finished final price afterwards in 30 minutes.

Then, shown in step 118, provide the auction consultant to fix a price and distribute auction.Basically, by by determining clearing price from bidding of preferably receiving during the worst sequential organization auction, and the price of bidding that bonds of being sold with all quilts can be assigned with is sold price to security.Bond is assigned to all of bidding between price of preferably bidding (containing) and clearing price (containing) and competes the buyer then.The price that this stage reached best with respect to behind the End of Auction time benchmark long-term treasury bond earning rate and set.

Some advantages have been sold according to security dissemination system of the present invention and traditional fixed income securities.At first, because the publisher is preferably in price or bond distributes the preceding negotiated offering of concluding of generation, provide bond released higher relatively determinacy to the investor.

And, the investor represent interesting before, can and preferably make the investor obtain much more information than the security dissemination system in past.Can obtain price and trading volume information by the auction parameters of announcing is feasible before auction.In addition, during auctioning,, make potential investor can obtain further " in real time " pricing information by announcing obtainable all open compositions of bidding.Two characteristics of this of the preferred embodiment of the present invention help propagating important information to the investor, allow to carry out the investment decision based on higher confidence level.

This auction system can also provide bigger risk exposure (exposure) to the retail market, makes as the individual investor preferably to have the ability to sell with the status that equates basically and the institutional investor security of vying for purchase.Like this, individual scattered investor can obtain new fixed income securities is comprised the visit that excellent corporation securities are sold, and they may not have such visit under security ways of distribution in the past.Scattered investor can together vie for purchase with the institutional investor underwrite of the surpasses typical of increasing demand is sold additional effect, and scattered market is unheeded with respect to the buyer of mechanism substantially under latter's situation.

In addition, because the intrinsic efficient of electronic system, the securities issue people manages artificial market securities and pays a large amount of commission like that to the investment bank or other.Its favourable the possibility of result is to carrying out the very big saving of publisher that security are sold.

This auction system provides bigger determinacy, and this makes that the distribution of security is decided to the people who needs most them.Distribute and to be based on enthusiasm that the investor bids and their time-stamp.The investor is willing to that the price of paying is high more and more early sends bidding of they that their just more possible quilt ruling obtain security to security.

In a preferred embodiment, adopt the security of the auction technique according to the present invention to sell and will pass through to use by assignee W.R.Hambrecht, the software systems of Inc. exploitation be carried out, and this is in following detailed description.This system will handle the many aspects of security mode process, comprise ordering, fixing a price and distribute.Yet should be appreciated that according to security pricing of the present invention and distribution system, can realize by the similar software and hardware module of arbitrary number based on WWW.

Though as mentioned above, price of the present invention and distribution system can be used in the security of any kind, and preferred embodiment discussed below will be that corporate bonds describe about bond specifically.In addition, the price of related bond is according to interest rate or earning rate to the bond payment here.Specifically, price will be referred to interest rate for bond payment under the hammer with respect to selected benchmark long-term treasury bond.This value will be called as " price difference " here.Should be noted that price difference is low more, the interest rate that the publisher must pay bond is low more.Thereby the price difference of bidding that provides is low more, and is attractive more to the publisher.

Order

In system according to the present invention, it all is addressable to mechanism and scattered investor preferably that the security of investment media are sold.In order to adopt any security that provide to sell, the investor must register with appointed underwriting person.Estimate the institutional investor can between with this underwriting person's registration, but scattered investor generally will participate in by online broker merchant.In that day of the bond that can obtain to be sold by the company of selling, registered investor can submit to bidding that security are sold.Bid preferably by auctioning consultant's assignee W.R.Hambrecht by conduct, the interface electronics submission that Inc. safeguards based on WWW.As will be discussed in detail, anyly make the investor who bids and to point out that the investor is ready that the bond quantity (" amount of bidding ") bought and investor are ready the price difference (" difference ") accepted.

Set up

In order to arrange bond to sell, the securities issue people contact with the auction consultant before being preferably in the date that the publisher wants the offering of bonds at least one week, and arranges to make the auction consultant to sell by the auction process quotation of the present invention and the offering of bonds.

Before auctioning, the auction parameters of listing below publisher and/or auction consultant determine.Then, these parameters preferably are notified to the potential buyer that competes before the auction beginning.This characteristic advantageously provides the information of selling about bond to potential investor, and these information are far more than the obtainable traditionally information of being discussed at the background joint of previously used bond marketing technique of passing through.

The parameter of below listing is the parameter of determining in a preferred embodiment.Should be understood that to be included in decision before or the more or less auction parameters of auction within the scope of the invention, and be notified to the potential buyer that competes.

1. the minimum of bond to be sold and the maximum dollar amount of money (" minimum and maximum trading volume ").This provided the specifying information of selling total amount about bond to potential investor before bidding.Wait that the accurate dollar of amount of money selling bond is preferably in the proposition midway (this preferably has 1 to 4 hour duration) of auctioning between beginning and the end, and between minimum and maximum trading volume.As discussed in detail below, the net cash and the demand information of fixing a price at the mid point of auction will preferably be collected and be propagated to publisher and bidder by the auction consultant.Like this, advantageously provide valuable price and demand information to the publisher, these information can be used for the final dollar of amount of money that definite bond is sold.

2. align the benchmark treasury stock (" benchmark treasury stock ") in the compared time limit of the bond of being sold.Bid and represent according to the earning rate or the price difference of the earning rate that is higher than the benchmark treasury stock.As discussed below, auction process determines that the bond of being sold will be with its price difference of being sold (" clearance price difference ").Yet the ultimate yield rate is based on benchmark yield on treasury bill rate, and this earning rate may also successively fluctuate after the clearance price difference has been determined.The ultimate yield rate is preferably based on 30 minutes benchmark yield on treasury bill rates behind the End of Auction and sets.

3. can received minimum and the maximum margin (being respectively " minimum price difference " and " maximum price difference ") that surpasses the benchmark treasury stock for bidding.If this information gave the notion (depending on 30 minutes benchmark yields on treasury bill of the bond rate of accepting of auctioning) of the bond ultimate yield rate scope of potential investor about being sold before the auction beginning.Like this, potential investor can estimate bond sell in their interests, thereby and estimate their amount of bidding and price.

4. for the maximum return rate (" maximum benchmark treasury stock interest rate ") of benchmark treasury stock.This points out the maximum return rate of benchmark treasury stock.Publisher and/or auction promoter have the right, but do not have obligation cancellation auction, if actual government bonds interest rate is greater than benchmark treasury stock interest rate.

5. bid for competitiveness and the noncompetitive minimum U.S. dollar amount of bidding.This is to compete the buyer at competitiveness is bid or noncompetitive can be bid in bidding the minimum dollar of amount of money.It is in order to prevent to increase auction the too small diffusion of bidding of unnecessary management complexity that these parameters are set.In addition, the individual investor can use these parameters to determine whether he or it wish to take part in auction really.The minimum U.S. dollar amount of bidding for competitiveness may but be not to equal the minimum U.S. dollar amount that noncompetitive is bid.

6. bid for competitiveness and minimum dollar of increment that noncompetitive is bid.Bid and to make by these predetermined increments.For example, if minimum dollar of increment Shi $1000,00, then bidding must be by this increment.In other words, for example can Jie Shou $10,500 bid.The difficulty that these parameters have alleviated management is set.The minimum dollar of increment of bidding for competitiveness can but be not must be identical with the noncompetitive minimum dollar increment of bidding.

7. the maximum dollar amount of bidding (" the maximum amount of bidding ").This is to bid and the noncompetitive arbitrary single maximum dollar amount that the buyer can vie for purchase of competing in back of bidding in the competitiveness that the buyer is competed in combination.It is in order to prevent that any single buyer that competes from having overriding influence to the price difference that by inch of candle is provided with that this parameter is set.At this moment this parameter is set can allow to clear price difference and reflect the real market assessment of the bond of being sold better.

8. the maximum price difference under initially bidding, potential investor bids and can revise finally bid (" protected price difference scope ") under the situation not cancelling its competitiveness.As will be discussed in detail, bid open price difference composition and private price difference composition of competitiveness.Protected price difference scope is the maximum of representing by means of basic point, and its private price difference may be lower than open price difference composition and not need to cancel or re-enter whole competitiveness and bid.For example, if protected price difference scope is arranged on .04 (representing with basic point), and potential investor competitive initial (disclose) bids and is .75, and then final (individual) bids and do not cancelling and do not re-entering competitiveness and bid and can not be lower than 0.71 under the situation.As discussed below, protected price difference scope tends to cause that pricing information is disclosed during auctioning provides, so that the reflection bond is sold final price with the individual of the foundation information of bidding.

9. distribution day of due date.

10. Fa Hang coupon frequency.

11. auction start and end time.As noted before, the auction duration was combined between 1 to 4 hour.

12. the time of final trading volume notice.As discussed above, this time be preferably in the auction carry out during.

By announced above listed auction parameters before the auction beginning, potential investor can receive far away generally can obtainable information of selling about fixed income securities in the technology more than selling than the security in past.Particularly by announcing minimum and maximum trading volume, competition treasury stock and minimum and maximum price difference, potential investor will obtain amount and the pricing information sold about bond before bond is sold.This information can help the investor and be used for making more secure investments decision-making.

Auction process

Fig. 2 is a process flow diagram, and the preferred embodiment according to the main process that is taken place during the system of the present invention auction part is shown.As shown in step 150, auction began in the time predetermined and that announce.During auctioning, there are three main processes to take place.Shown in step 152, the auction consultant monitors auction process.For example in a preferred embodiment, this comprises such action, such as only allowing each auction participant to have a competitiveness to bid and a noncompetitive is bid, monitor that benchmark treasury stock interest rate is seen and whether surpass maximum treasury stock interest rate, and the control authenticity of bidding of throwing in.

In addition, shown in step 154 and as following will the detailed description in detail, bid and obtain, and the open composition of bidding comes forth by the auction consultant.Should be appreciated that bidding of collecting not necessarily is accepted during auctioning.In other words, in simple terms because the auction consultant competes the buyer from one to collect one and bid, this means that not necessarily this competes the buyer and will obtain bond.As will be discussed, have only competing the buyer and just will receiving bond of success.

Shown in step 156, be preferably in auction and set trading volume midway.In the predetermined concluding time, shown in step 158, End of Auction and no longer collect and bid.

Vie for purchase

According to price of the present invention and distribution system, be preferably based on bidding of the potential investor that receives, the bond of determining selling is with the earning rate that produces.Potential investor's auction is bid and is preferably pointed out two things: the quantity of the bond that potential investor wishes to buy, and potential investor wishes the getable earning rate to bond house.The quantity of bond preferably is expressed as potential investor and wishes the bond total value bought, for example may point out to wish to buy $200,000 bond that is worth by the investor.Potential investor wants the earning rate that obtains on the bond of buying, the price difference between benchmark yield on treasury bill rate during preferably with final price and the bond expected revenus rate of being vied for purchase is pointed out for a basic point increment.For example, if benchmark yield on treasury bill rate is 7%, the auction participant finds out valency 1.5% is ready to accept the bond of being purchased 8.5% with indication earning rate.

Go through as following institute, in bond price and distribution method according to one preferred embodiment of the present invention, bidding, whether two factors are generally depended in success: price difference size of bidding and the relative time of bidding and throwing in.In general, the price difference of bidding is low more and bid the release time relatively more early, and the auction participant may receive desirable bond in full more.When throw in order to determine to bid, " time-stamp " bids relevantly with this, and it is indicated this to bid and when receives with respect to receiving that other is bid during the auction.

As mentioned above, in a preferred embodiment of the present invention, bidding that two classes auctions participant can throw in generally arranged: competitiveness is bid and noncompetitive is bid.Competitiveness is bid and is preferably pointed out quantity and price difference, and this price difference may be higher than the minimum price difference of being set by publisher before auction.On the other hand, noncompetitive is bid and is represented simply anyway clearing price competes the bond total amount that the buyer wishes.

In addition, have two class competitiveness to bid: disclosed competitiveness is bid and private competitiveness is bid.When at first importing competitiveness and bid, compete the buyer and preferably both imported open competition and bid, or " initially bidding ", also import private competitiveness and bid, or " finally bidding ".Initially bid when End of Auction not as part from the potential investor firm offer, and the part of finally bidding and will be this firm offer.In addition, when auction was carried out, price difference of initially bidding and amount were (though preferably non-disclosre is competed buyer's identity) that can be known by other potential investor.Do not import finally when initially bidding and bid in input if compete the buyer, the acquiescence of then initially bidding preferably becomes finally bids.

Influence the clearance price difference that security are sold because finally bid, and become the firm offer of potential investor when End of Auction,, may wish that announcement finally bids for the indication of the market value that security sell is provided to the auction participant.Yet, may wish that also secret to the conservative precise information about their firm offer of auction participant is up to End of Auction.Thereby, in order to compete some information that the buyer provides the market value that security sell to all, private finally bid best and disclosed initially bid relevant.

In order to realize this point, the publisher is provided with protection price difference scope in a preferred embodiment, and this scope indication is not being changed under the actual marking situation of bidding, and competes finally bidding of buyer and can be lower than his or her maximum of initially bidding from the price difference of finally bidding.For example, the price difference scope is the .35 basic point if a publisher is provided with protection, then competes the final price difference of buyer and competes the buyer following .35 that initially bids not losing can not be lower than under the time-stamp situation of bidding.Exceed protection price difference scope if compete the buyer, then preferably lose the original time marking of bidding, and specify the new time-stamp of finally bidding of making corresponding to outside protection price difference scope to new bidding.In addition, new initially bidding preferably generates with coupling finally bidding outside the original protection domain of initially bidding by acquiescence.Preferably do not allow finally to bid on initial indication.This provides such knowledge to the buyer that competes that the information openly provide is provided, promptly the message reflection that is provided other compete the maximum price difference that the buyer is quoting.This can provide bigger determinacy to the buyer that competes that the information of bidding that openly provides is provided.

Point out and following will the detailed description in detail as above, be preferably based on corresponding to the time-stamp branch of bidding and distribute bond.Like this, in emulative auction, bid early and by not rendering to finally bidding outside the protection price difference scope to keep the his or her time-stamp of bidding, this is the interests place of competing the buyer.This has promoted to compete the buyer and has been made in finally bidding within the protection price difference scope for competing initially bidding of buyer.This impels again conversely competes the buyer and makes reflection and compete the buyer and believe that really security sell they initially bid of marketable value.Like this, impel the information of bidding that openly provides in auction process, can early obtain relatively, and the real market that security are sold is worth certain relation of bearing.

As mentioned above, substitute or except competitiveness is bid, compete the buyer and can also throw in noncompetitive and bid.In a competitiveness is bid, compete the security amount that buyer's input is bid required, such as, 000.For the purpose of fixing a price, the price difference composition is set at the maximum price difference of being determined by the publisher before auction.To describe in detail as following, this means noncompetitive bid be at first " be filled " or bidding of being assigned with the bond amount of being asked.Like this, want the bond that obtains selling to determine amount but not really be concerned about the buyer that competes of earning rate, can point out simply how many bonds he or she wants, and this is bid and can fill by the clearance price difference.And scattered investor preferably is limited only to submit to noncompetitive to bid, and the institutional investor can submit to competitiveness or noncompetitive to bid.This advantageously allows the control of rational institutional investor's maintenance to bond final price essence, thereby mainly influences the possible irrationality that bond price can be introduced market if reduce scattered investor.Bid as competitiveness, noncompetitive is bid and also receive the time-stamp that can be used to determine allocation priority when being thrown in.

Fig. 3 is a process flow diagram, and a preferred embodiment of initially bidding is thrown in expression according to the present invention.In step 200, the investor throws in one and initially bids.Shown in step 210 and 216, the investor must import value, and if to bid be emulative, also must the input price difference.After step 210 income value, shown in step 212 and 214, carry out two checks by system.At first in step 212, whether the value of determining to bid is greater than the minimum amount of bidding and be in the correct increment of bidding.If do not satisfy one or two of these conditions, then the investor is returned step 210 and requires another value of bidding of input.If these two conditions all satisfy, then guarantee that in step 214 system test the value of importing is less than or equal to investor's limited credit or the maximum amount of bidding.If the input value be not less than or equal these parameters one or two, then the investor is required to re-enter the value of bidding.If value is less than or equal to investor's limited credit and the maximum amount of bidding, then competes the value composition that the buyer initially bids and approved.

Shown in step 216, with the relevant price difference that also has of initially bidding.In step 218, whether system at first determines to bid is emulative.If bid is noncompetitive, then is set to the minimum price difference of bidding at step 222 pair this price difference of bidding.If initially bid is the part that competitiveness is bid, and then shown in Figure 22 0, determines whether price difference is lower than maximum price difference and is higher than minimum price difference.If this price difference exceeds this minimum/maximum price difference scope, then compete the buyer and be returned step 216 and require another price difference of input.If price difference in minimum/maximum price difference scope, is then approved the price difference composition of bidding.In step 224, if value composition of initially bidding and price difference composition all obtain approval, then bidding is shown to the public and provides time-stamp at last.

As discussed above, can revise competitive price difference composition.In addition, can revise the value composition that competitiveness is bid or noncompetitive is bid.Fig. 4 is a process flow diagram, illustrates how to allow to compete the buyer according to system of the present invention and revise value composition and the input that competitiveness is bid or noncompetitive is bid and revise finally bid (competitiveness is bid).In step 300, the investor revises the value composition that competitiveness is bid or noncompetitive is bid.In step 310, whether system test is revised greater than the minimum amount of bidding and is in the correct increment of bidding.If any one parameter is violated in bidding of revising, then compete the buyer and be returned step 300 and be not required to carry out new modification.If two parameters all satisfy, then whether the value composition of revising in step 312 system test of bidding is more than or equal to the current value composition of bidding.Like this, if new value composition less than original value composition, shown in step 316, inquiry is competed the buyer whether he or she will be thrown in new bidding, the bidding of promptly new time-stamp.

Do not wish to lose the time-stamp of bidding originally if compete the buyer, he or she is returned step 300 to make the suitable modification of bidding.Wish to import new bidding if compete the buyer, he can do like this, but can only arrive the amount of holding market price (pegged).

Change the value of bidding relatively significantly,, can big relatively influence be arranged offering the information of bidding of competing the buyer for example greater than 50%.Like this, allowing to bid the big like this change of value may be to the bigger uncertainty of auction process introducing.So preferably dissuasion is competed the buyer and is changed their value of bidding so significantly.Change his or she the original value of bidding and reach 50% or bigger if compete the buyer, preferably cancel and original bid and compete new the bidding that the buyer must import new time-stamp.Thereby, if the value composition of bidding new that is modified more than or equal to the current value composition of bidding, then the new value of step 314 system test whether with less than 50% greater than original value composition.If whether he or she will import new bidding then to compete the buyer in step 316 inquiry.Yet, if with less than 50% greater than original value composition, changing shown in step 318, new value composition is accepted, and time-stamp keeps, and new value is shown to other and competes the buyer.

As discussed above, competitiveness is bid and is also had the covert composition of finally bidding during auctioning.Refer again to Fig. 4,, compete buyer's input or revise competitive finally bidding of bidding in step 400.Shown in step 400, the composition of finally bidding that competitiveness is bid is the composition of initially bidding by default setting.Yet,, compete the buyer and preferably can import and be different from finally bidding of initially bidding if finally bid less than initially bidding and in from the protection price difference scope of initially bidding.Thereby whether finally bidding of system test input be not more than protection price difference scope less than initially bidding shown in step 410.If not, then in step 420, compete the buyer and import the new chance of bidding.

Do not wish to import new bidding if compete the buyer, then make and compete the buyer and return step 400.Wish to import new bidding if compete the buyer, then shown in step 414, to the new time-stamp of revising of appointment of bidding, and the composition of initially bidding of bidding that is modified is equaled the new composition of finally bidding by default setting.If wish, can import and be different from new initially bidding of finally bidding, as long as it is finally bid and in the protection price difference scope of finally bidding greater than new yet compete the buyer.Return step 410, if be no more than protection price difference scope in new finally the bidding of step 400 input less than original initially bidding, then in step 416, new finally bidding is accepted and do not change the time-stamp of bidding.

Accept to bid reach the predetermined amount of time that sets in the auction parameters after, End of Auction and no longer accept other bidding, and submitted to bid and can not be changed.

Price and distribution

Determine thereupon preferably that behind End of Auction the investor is with the ultimate yield rate of receiving for the bond of process sale by inch of candle.Preferably determined the ultimate yield rate behind the End of Auction in 30 minutes.Yet the price difference that definite immediately bond of being sold with respect to benchmark treasury stock interest rate will be sold behind End of Auction.Fig. 5 is a process flow diagram, and the process of fixing a price and distributing the bond in selling of being used for is shown.

Shown in step 500, noncompetitive is bid and the competitive composition of finally bidding of bidding is arranged in the sequence to the highest price difference from minimum margin.As noted before, noncompetitive is bid and is specified in the minimum price difference of determining in the auction parameters automatically.So noncompetitive is bid and will be collected in the floor level of the sequence of bidding of being arranged.Having bidding of identical price difference is imprinted onto the final time marking by descending from earliest time and is arranged in the sequence.Have bidding of identical time-stamp and price difference and be placed on level identical in the sequence.

Shown in step 501 and 510, minimum one or more bidding (if a plurality of bidding shared identical time-stamp) is by " acceptance ".See if there is enough value demand and fill trading volume, received bid compete the bond that the buyer will receive the clearance price difference.In step 512, whether the accepted total value of bidding of system test equals or exceeds trading volume then.If not 511, the highest one or more the bidding of the next one in the receiving sequence then.Systemic circulation by step 510 and 512 till the total value of being accepted of bidding is equal to or greater than trading volume.Shown in step 514, whether all accepted bidding all are that noncompetitive is bid in system test then.If not 515, be accepted if having at least a competitiveness to bid in other words, then shown in step 516, the clearance price difference is set equal to the price difference of one or more the bidding (having identical time-stamp) of last acceptance.

If all are accepted bids is noncompetitive 517, then shown in step 518, the clearance price difference is set to one of two values.If the bond of accepting of bidding required adds up to a dollar value to equal trading volume just, then bond will be by the mid point of ruling between minimum price difference and maximum price difference.If yet the bond of accepting of bidding required adds up to value greater than trading volume, bond will be adjudged to be minimum price difference.

Shown in step 520, if having have an identical time-stamp a plurality of to bid and its price difference composition equals to clear price difference, then bond is pro rata distributed between these are bid.In step 522, system determines accepted total value composition of bidding, and whether composition is greater than trading volume then.If not 523,, then shown in step 524 and 526, given bond by ruling by the clearance price difference according to the value composition investor that bids if accepted in other words total value composition of bidding equals trading volume.

Shown in step 528, if accepted total value composition of bidding greater than trading volume, then accepted have the bidding of the highest price difference and the final time marking by ruling have to the to bid part of desired value of indication.Preferably being equaled trading volume and all accepted required bond total values of bidding by the part that gives of ruling deducts and has the highest bidding and accepted poor between the required bond value of bidding of the final time marking.In addition, shown in step 526, bond will be given with the clearance price difference by ruling.

Finish

Bond price nearly occurs in behind the End of Auction 30 and puts minute.Preferably determine the auction earning rate by add the clearance price difference to benchmark treasury stock interest rate.Coupon rate on the bond will be set in coupon yield and be rounded down to the increment of being determined by publisher and auction consultant.Bond price corresponding to coupon yield and coupon rate preferably is rounded to three decimal places.

Implement best mode of the present invention

Though the explanation of following preferred embodiment relates to is the current working rule in auction aspect and at the system of bond or security, but those skilled in the art are clear, these and similarly rule can be used in and be used for the similar electronic auction of securities of any kind, and be used for most of commodity and similarly auction.Similarly, though the description of the hardware and software of system and their current architectures is used for the auction of bond and other security now, but those skilled in the art obviously understand, these and similarly hardware and software service can be used in or be used for the similar electronic auction of securities of any kind, and be used for most of commodity and similarly auction.

The technology that is adopted

The OpenBook auction system is based upon in the design and architecture into the Patent right OpenIPOTM underwriting platform development of W.R.Hambrecht.This following relevant unsettled in please in explanation is arranged, sequence number 09/347,949 filed July 6,1999, the document at this fully in conjunction with as a means of contrast.Auction engine adopts modular client-server architecture, and this architecture uses the procotol of standard can be divided between some processors.The core of system is order management server (OMS), and this server uses existing relational database that persistent storage towards affairs is provided.Other assembly of system by distributed signalling system and OMS reciprocation to handle administration, the management of vying for purchase, and security distribution.Below will illustrate in greater detail comprise itself and this novelty of the present invention of invention difference arranged earlier.

Current working rule

In the preferred embodiment of system, following regulation management security buyer and sellers' participation, and meet the federation or the state rules of managing this security sale.

1. general clause

1.1. these rules (" regulations ") will be managed the participation of security buyer (" investor ") in the OpenBook system the Internet electronic auction system of being handled by W R Hambrecht+Co. (" WRH ") (" system " or " OpenBook system ") of expection.Each investor by with WRH, participate in the underwriter of OpenBook system or the securities dealer signs client's agreement and/or participation agreement agrees to be subjected to the constraint of this rule, and make a promise other investor and participate in the OpenBook system.Remove client's agreement, OpenBook system participation agreement and any this signalment to outside this file modifying, these rules should not be associated with other file (being included in the file of announcing in the WRH website) and be explained.

1.2.WRH the irregular patent rights of revising rule is arranged, and will announce in this OpenBook of the being modified in system.The constraint that the investor will be revised after the effective date described in revising.

1.3. if the incident of this auction operation occurs disturbing according to its independent judgment, WRH has the right to cancel any auction.

2. publisher

2.1. publisher of security (" publisher ") and/or WRH are chosen in the following project that will notify before the auction in the OpenBook system: the minimum and maximum dollar amount of the bond that issue; Align the approximate of bond of being sold and to compare the benchmark treasury bonds (" benchmark treasury stock ") in time limit; The minimum difference (" the minimum price difference that surpasses the benchmark treasury stock ") that can receivedly surpass the benchmark treasury stock for bidding; The maximum margin (" the maximum price difference that surpasses the benchmark treasury stock ") that can receivedly surpass the benchmark treasury stock for bidding; Maximum interest rate (" maximum benchmark treasury stock interest rate ") for the benchmark treasury stock; The minimum U.S. dollar amount (" the minimum competition amount of bidding ") of bidding for competitiveness; The minimum dollar of increment of bidding for competitiveness (" minimum competition bid increment "); The minimum U.S. dollar amount (" the minimum noncompetitive amount of bidding ") of bidding for noncompetitive; The minimum dollar of increment that noncompetitive is bid (" minimum noncompetitive bid increment "); The maximum dollar value (" the maximum amount of bidding ") of bidding; Maximum price difference under initially bidding makes the investor bid and can revise finally bid (" protected price difference scope ") under the situation not cancelling its competitiveness; The distribution day of due date; The coupon frequency of distribution; Auction start and end time; The End of Auction time; The trading volume notice time.Publisher and/or WRH can select anyly to think and the relevant addition item of auction.

If 2.2. actual government bonds interest rate greater than the sharp interest rate of benchmark treasury stock, publisher and/or WRH have the right, but do not have the auction in the obligation cancellation OpenBook system.

2.3. the accurate U.S. dollar amount (" trading volume ") of publisher and/or the WRH notice distribution of naming a person for a particular job that certain is predesignated during auctioning.

3. vie for purchase

3.1. auction will begin and finish publisher and/or determined time of WRH.Throw in after the investor cannot or finish before the auction beginning and bid.

3.2. the investor can import desired bond value by dollar and reach two price differences that surpass the benchmark treasury stock by a basic point increment (being generically and collectively referred to as " competitiveness is bid ").

3.2.1. when the investor imports competitiveness and bids, the first price difference composition will disclose to other investor in the OpenBook system, but investor's identity will keep anonymous (" initially bidding ").

3.2.2. the second price difference composition is given other investor (" finally bidding ") with non-disclosure till End of Auction.Finally bid can not with greater than protection price difference scope less than initially bidding.

3.2.3. when End of Auction, initially bid not as the part of investor side's firm offer.Competitiveness is bid when End of Auction finally bid and value composition will comprise investor side's firm offer.

3.3. except or replace competitiveness to bid, the price difference (being generically and collectively referred to as " noncompetitive is bid ") that the investor can import required bond value and equate with the minimum price difference that is higher than the benchmark treasury stock by dollar.

3.4. new competitiveness is bid and noncompetitive is bid and will be labeled (" time-stamp ") with one minute increment when receiving the affirmation of bidding by the OpenBook system.

Whenever 3.5. the investor can only throw in that a competitiveness is bid and a noncompetitive is bid.

3.6. competitive value composition of bidding must be more than or equal to the minimum competition amount of bidding, and be in can be by the minimum competition increment that increment divides exactly of bidding.The value composition that noncompetitive is bid must be more than or equal to the minimum noncompetitive amount of bidding, and be in can be by the minimum noncompetitive increment that increment divides exactly of bidding.

3.7. when adding together, competitiveness is bid and the noncompetitive value composition of bidding must not surpass the investor's limited credit set by WRH or the smaller of the maximum amount of bidding.

3.8. initially bid and finally bidding must be more than or equal to the minimum price difference that is higher than the benchmark treasury stock, and is less than or equal to the maximum price difference that is higher than the benchmark treasury stock.

4. change the price difference of bidding

4.1. whenever the investor can change finally during auctioning bid.Finally bid to be less than or equal to and currently initially bid.

If finally bid to surpass protection price difference scope (" defective finally bid ") less than the value of initially bidding 4.2. the investor attempts to change; the OpenBook system will provide the input chance that new competitiveness is bid from the trend investor; the following value that this is bid and has by default setting but changed by the investor: equal the previous competitiveness value composition of value composition of bidding, and equal defective initially bidding and finally bidding of finally bidding.

4.3. the investor can not revise the price difference that noncompetitive is bid.

5. change the value of bidding

5.1. any time, the investor can change the value composition that competitiveness is bid or noncompetitive is bid during auctioning.

If 5.2. the investor attempts to change the competitiveness value composition of bidding is that such value (" competitiveness bid defective value composition ") makes (1) less than this competitiveness current existing value composition of bidding, or (2) greater than the investor for the bid first value composition more than 50% of input of this competitiveness, then the OpenBook system will provide the input chance that new competitiveness is bid from the trend investor, has the following value that changes by default setting but by the investor: equal the competitiveness value composition of defective value composition of bidding, and equal initially bidding and finally bidding of the composition of initially bidding and finally bid that previous competitiveness bids.

If 5.3. the investor attempts to change the noncompetitive value composition of bidding is that such value (" noncompetitive bid defective value composition ") makes (1) less than this noncompetitive current existing value composition of bidding, or (2) greater than the investor for the bid first value composition more than 50% of input of this noncompetitive, then the OpenBook system will provide the input chance that new noncompetitive is bid from the trend investor, have the following value that changes by default setting but by the investor: equal the noncompetitive value composition of defective value composition of bidding, and the price difference composition that equals to surpass the minimum price difference of treasury stock.

6. the ruling of bond

If 6.1. competitive and noncompetitive bid the bond total amount value required less than trading volume, WRH has the right but does not have obligation cancellation auction and refuse bidding of all submissions.If competitive and noncompetitive bid the bond total amount value required less than trading volume and WRH decision cancellation auction, the syndicate that then consigns will throw in a noncompetitive and bid, the value composition equal trading volume and poor between competitive and the bond total amount value that noncompetitive is bid required.

6.2. when End of Auction, finally bid or price difference composition that noncompetitive is bid is arranged competitive and noncompetitive is bid to the highest from minimum.Revise unless press 6.3-6.5 joint, otherwise finally bid or minimum margin composition that noncompetitive is bid begins to accept that competitiveness is bid and noncompetitive is bid from minimum, up to by the required total value of accepting of bidding more than or equal to trading volume till.The result makes required bond total amount value more than or equal to the minimum margin level of trading volume, is called as " clearance price difference ".

6.3. all competitiveness with the composition of finally bidding are bid or noncompetitive with the price difference composition that equals to clear price difference is bid, will from the earliest to the end time-stamp arrange.Unless revise by 6.4 and 6.5 joints, otherwise will begin to accept that competitiveness is bid and noncompetitive is bid, till accepted bond of bidding required adds up to value more than or equal to trading volume from the earliest time marking.To having identical time-stamp and having bidding of the price difference composition that equals to clear price difference, will decide in proportion according to required bond dollar value to give bond.

If 6.4. all are bid is that noncompetitive is bid, and these required bonds of bidding add up to dollar values to equal trading volume just, and then bond will be authorized with the mid point ruling that is higher than the minimum price difference of benchmark treasury stock and be higher than between the maximum price difference of benchmark treasury stock.Unless revise by 6.5 joints, else if all bid for non-benchmark bid and the total dollar value of these required bonds of bidding greater than trading volume, then bond will be authorized by being higher than the minimum price difference ruling of treasury stock.

6.5. if the total value of all received required bonds of bidding is greater than trading volume, then transaction the highest price difference and bidding of the final time marking will be authorized the part value of bond by ruling, and this value equals trading volume and all received required bond total values of bidding and deducts poor between the received value with required bond that the highest price difference and the final time marking bid.

6.6. all have less than the clearance price difference finally bid or noncompetitive bid the price difference composition the investor will by ruling authorize the clearance price difference bond.

6.7.W.R.Hambrecht keep right competitive with any reason refusal and that noncompetitive is bid.

6.8. bid and to constitute by the irrevocable contract of investor's purchasing securities by what WRH accepted.

7. fix a price

7.1. nearly 30 minutes generation bond prices after auction stops.Determine auction earning rate (" auction earning rate ") by increase the clearance price difference to benchmark treasury stock interest rate.The coupon rate of bond will be set at the auction earning rate and be rounded down to the increment of being determined by WRH and publisher.Bond price corresponding to auction earning rate and coupon rate is rounded to three decimal places.

Auction process

In one embodiment of this invention, the overall pattern of system of the present invention is shown among Fig. 6.In an embodiment of the present invention, the final user of auction system of the present invention and system uses standard web browser 601 to pass through such as the Internet 602 networks such as grade, visit information website 603 and auction server 604.Information website 603 can the related URL that announces, and comprises about the security of the inventive method and system and sell information with auction process.Auction server 604 can comprise the auction engine of auction operation itself.

Figure 22 illustrate be used for the inventive method and system an exemplary embodiment of physical network.Router two 202 is connected to network such as cisco router, such as the Internet 2201.In an embodiment of the present invention, the auction applications application configuration of method and system of the present invention is in the equipment that the Internet 2201 is provided 100Mbp connect.Router two 202 is connected to converter 2203, and this converter can be the 10Mbp/100Mbp converter that is connected with public network.Converter 2203 is connected to product (production) auction server, and this server can be appointed as heat and produce server.Converter 2203 is also connected to backup server 2206, and this server can be appointed as the warm spare server.Product auction server 2204 and backup server 2206 are connected to converter 2205, this converter can be appointed as the dedicated network converter and can with dedicated Internet access.In an embodiment of the present invention, digital stream is by router two 202 and commute the Internet 2201 by converter 2203 then, and the relevant bit stream of this converter guiding auction passes through relevant public network to product auction server 2204.Backup server 2206 also can be on identical relevant public network, and takes over as the fault of product auction server 2204.The associated private network that converter 2205 is used as the application relevant with comprising other non-the Internet connects.

Figure 23 illustrates the embodiment overall pattern of the auction server 2301 of method and system of the present invention.Auction server 2301 can comprise one or more databases 2302, and OMS 2305, the manager 2306 of vying for purchase, and the auctioner 2303, and keeper 2304.The auctioner 2303, and the keeper 2304, and all addressable OMS 2305 of the manager 2304 of vying for purchase.In an embodiment of the present invention, the auctioner 2303, and the keeper 2304, and the manager 2306 of vying for purchase has the visit to the different grade of OMS 2305.OMS 2305 is the order management systems that are associated with one or more databases 2302.The manager 2306 of vying for purchase is connected to Web server 2307, and this server is connected to network again, such as the Internet 2308.

Figure 24 illustrates the diagram of more detailed exemplary system architecture for the inventive method and system.In an embodiment of the present invention by the order management system 2410 of the OMS/CoreOMS example shown that has the OpenBook system extension, or OMS is responsible for the main object of tracker, and this comprises and the user, account, auction, the position and the supply of material (fills).Order management system 2410 can realize based on user's authentication with based on role's mandate.In an embodiment of the present invention, order management system 2410 can also realize JavaRMl-based API/SPI to client access, and is the location of total system timing and incident.In an embodiment of the present invention, order management system 2410 uses and concerns reserve storage (RelationalBacking Store) 2407 location and keep main object can get in permanent storage.In an embodiment of the present invention, concern the main object that reserve storage 2407 is responsible for to the relation schema mapped system, the location also keeps the main object of OpenBook system can get in permanent storage, and be used to obey the referential integrity constraints of data model.In one embodiment of this invention, concern that reserve storage 2407 has realized and sale relationship Database Systems 2408, such as the Java JDBC interface of SybaseAdaptive Server Enterprise.

In one embodiment of this invention, OpenBookManager 2406 is responsible for competing buyer's account management, multiplexed and order management system 2410 based on the interface of competing buyer-role, and be used for the position management of discretionary account and existing auction status changed single oracle listener interface is provided.OpenBookManager 2406 makes the client who uses for by the Any user interface system that does not directly use 2410 API/SPI of order management system can obtain state and position information.

In an embodiment of the present invention, the servlets of OpenBook system (Servlet) interface 2405 provides Java servlets engine 2404 API standards directly to connect with the OpenBookManager2406 module.Servlets calls and is mapped to the OpenBookManager2406 interface to allow to constitute the user interface to HTML.OpenBook servlets interface 2405 is called and is controlled by Java servlets engine 2404, and this is available to be that third party Java servlets engine is such as the JRun from Allaire.JRun uses by third party HTTP Web server 2402 again, and it can be the Zeus from Zeus Technology.HTTP Web server 2402 is connected to Web-browser user interface 2401 again.

In an embodiment of the present invention, provide html template 2403 to separate to allow the notion between OpenBook servlets interface 2405 modules and the HTML deviser.Can be main object and all their attributes of system, and system property provides server side to comprise the template mapping such as time and date.Can support and hold a plurality of navigator product.

The pattern of auction server database

In an embodiment of the present invention, explanation now is used for the exemplary database pattern of the auction server of the inventive method and system.

In an embodiment of the present invention, the auctiondb database can representation relation reserve be stored (RBS) 2407, as shown in figure 24.This database is associated with the auction server of method and system of the present invention.

The existing auction database of any foundation auction put out in order in following statement:

use?master

dump?transaction?master?with?no_log

drop?database?openbook

go

Below generated the auction database of a sky:

create?database?openbook?on?data＝10?log?on?logs＝10

go

use?openbook

go

Subscriber's meter defines the static information about the entity that is allowed to the access system each several part.Referring to Figure 23, the user can be keeper 2304, and the auctioner 2305, the manager 2306 of vying for purchase, and auditor role's entity, or account's entity is set.Access level to various assemblies can be determined by the UserRoles table.The designated unique UserID of each user, it is used to refer to the user from other table.One embodiment is as follows:

create?table?openbook..users(

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null，

id?numeric(18，0) not?null，

userName?varchar(60) not?null，

contactName?varchar(80) null，

securityType?int not?null，

securityKey?varchar(255) null，

status?int not?null，

unique(id)，

unique(userName)

)

print＂Created?openbook..users＂

go

In the inventive method and the system user's login (userLOG) show with the safety that is used for the user make mistakes check relevant.When auctioning, user's login is updated so that to the action classification.An embodiment is as follows:

create?table?openbook..userLog(

editId?numeric(18，0) not?null

references?openbook..users(id)，

txId?numeric(18，0) not?null，

action?int not?null，

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null，

id?numeric(18，0) not?null?references?openbook..users

(id)，

userName?varchar(60) not?null，

contactName?varchar(80) null，

securityType?int not?null，

securityKey?varchar(255) null，

status?int not?null，

unique(txId)

)

print＂Created?openbook..userLog＂

go

Account table is used for writing down the information relevant with the final user, such as the investor relevant with the inventive method and system.Final user's example disturbs the investor for disturbing the buyer, and scattered user.An embodiment is as follows:

create?table?openbook..accounts(

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null，

account?varchar(80) not?null，

name?varchar(60) not?null，

status?int not?null，

securityKey?varchar(60) null，

contactName?varchar(80) null，

company?varchar(60) null，

address1?varchar(60) null，

address2?varchar(60) null，

address3?varchar(60) null，

city?varchar(50) null，

state?varchar(20) null，

zip?varchar(20) null，

country?varchar(50) null，

directPhone?varchar(30) null，

mobilePhone?varchar(30) null，

faxNumber?varchar(30) null，

emailAddress?varchar(80) null，

challenge?varchar(80) null，

response?varchar(80) null，

companySwitchboard?varchar(30) null，

wrhManager1?varchar(80) null，

wrhManager2?varchar(80) null，

clearingAccount?varchar(80) null，

instructions?varchar(80) null，

accountManager?varchar(80) null，

accountNameDisclosed?bit not?null，

accountType?varchar(8) null，

bloomberg?varchar(80) null，

bocName?varchar(80) null，

bocPhone?varchar(30) null，

bocEmail?varchar(80) null，

creditLimit?float null，

agreementSigned?datetime null，

unique(id)，

unique(account)

print＂Created?openbook..accounts＂

go

Account login (accountLOG) table is used for all action of writing down and classifying and being taked by given account.One embodiment is as follows:

create?table?openbook..accountLog(

editId?numeric(18，0) not?null

references?openbook..users(id)，

txId?numeric(18，0) not?null，

action?int not?null，

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null?references

openbook..accounts(id)，

account?varchar(80) not?null，

name?varchar(60) not?null，

status?int not?null，

securityKey?varchar(60) null，

contactName?varchar(80) null，

company?varchar(60) null，

address1?varchar(60) null，

address2?varchar(60) null，

address3?varchar(60) null，

city?varchar(50) null，

state?varchar(20) null，

zip?varchar(20) null，

country?varchar(50) null，

directPhone?varchar(30) null，

mobilePhone?varchar(30) null，

faxNumber?varchar(30) null，

emailAddress?varchar(80) null，

challenge?varchar(80) null，

response?varchar(80) null，

companySwitchboard?varchar(30) null，

wrhManager1?varchar(80) null，

wrhManager2?varchar(80) null，

clearingAccount?varchar(80) null，

instructions?varchar(80) null，

accountManager?varchar(80) null，

accountNameDisclosed?bit not?null，

accountType?varchar(8) null，

bloomberg?varchar(80) null，

bocName?varchar(80) null，

bocPhone?varchar(30) null，

bocEmail?varchar(80) null，

creditLimit?float null，

agreementSigned?datetime null，

unique(txId)

)

print＂Created?openbook..accountLog＂

go

Role's table provides file store easily to the security role by the auction system definition.Each role is specified unique RoleID.This RoleID shows reference by UserRoles.Role's semanteme is defined by application program.User's role can be verified to determine whether addressable certain resource or allow to carry out various tasks of user.An embodiment is as follows:

create?table?openbook..roles(

roleId?numeric(18，0) not?null，

roleName?varchar(20) not?null，

unique(roleId)，

unique(roleName)

)

print＂Created?openbook..roles＂

The gouserRole tabular has been lifted all roles relevant with the specific user.One embodiment is as follows: create table openbook..userRoles (

userId?numeric(18，0) not?null

references?openbook..users(id)，

roleId?numeric(18，0) not?null

references?openbook..roles(roleId)

)

create?unique?index?userRolesIndex?on?openbook..userRoles(userId，roleId)

create?index?userRolesUserIndex?on?openbook..userRoIes(userId)

create?index?userRolesRolesIndex?on?openbook..userRoles(roleId)

print＂Created?openbook..userRoles＂

go

In an embodiment of the present invention, the complete transactions history of each each changing role of user known to the userRoleLog table expression system.Each designated unique userRoleTxID that concludes the business.An embodiment is as follows:

*/

create?table?openbook..userRoleLog(

userRoleTxId?numeric(18，0) not?null，

editId?numeric(18，0) not?null

references?openbook..users(id)，

userId?numeric(18，0) not?null

references?openbook..users(id)，

roleId?numeric(18，0) not?null

references?openbook..roles(roleId)，

action?int not?null

)

print＂Created?openbook..userRoleLog＂

go

In one embodiment of this invention, view userRoleName is correlated with the identical data of userRoles, but provides user and role's title rather than sign.An embodiment is as follows:

*/

create?view?userRoleNames?as

select?userName，roleName

from?openbook..userRoles?ur，users?u，roles?r

where?ur.userId＝u.id?and?ur.roleId＝r.roleId

print＂Created?openbook..userRoleNames＂

go

The actual auction of carrying out of auction table definition.Each auction and one group of parameter correlation connection that has defined auction.Also can use by clicking the parameter of (click-through).The tabular value of parameter can be stored.In one embodiment of the invention, required and parameter that must be provided is to be used as those parameters that " non-zero (ont null) " is listed in following exemplary embodiment:

create?table?openbook..auctions?(

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null，

cusip?varchar(12) not?null，

description?varchar(255) null，

status?int not?null，

totalAvailable?int not?null，

minValue?float not?null，

maxValue?float not?null，

valueIncrement?float not?null，

lotSize?int not?null，

openTime?datetime not?null，

closeTime?datetime not?null，

alert?varchar(255) null，

announcedSize?int not?null，

minAuctionSize?int not?null，

maxAuctionSize?int not?null，

auctionFormat?varchar(80) null，

benchmarkDesignationTime?int not?null，

benchmarkDollarPriceAtPricing?float not?null，

benchmarkRateAtPricing?float not?null，

benchmarkRateMax?float not?null，

benchmarkTreasury?varchar(15) null，

benchmarkCusip?varchar(12) null，

bondsFreeToTradeAt?int not?null，

clearingSpread?float not?null，

jointManagers?varchar(80) null，

compSizeIncrement?int not?null，

couponDates?varchar(100) null，

couponFrequency?varchar(15) null，

couponRate?float not?null，

dollarPrice?float not?null，

evalIntervalint not?null，

faceValue?float not?null，

finalPricingTime?int not?null，

issuer?varchar(50) null，

listed?varchar(15) null，

maturity?datetime null，

accruedInterest?float not?null，

maxBidIncrease?float not?null，

maxCompSize?int not?null，

maxNonCompSize?int not?null，

maxPurchase?float not?null，

minCompSize?int not?null，

minNonCompSize?int not?null，

nonCompSizeIncrement?int not?null，

pricingTime?int not?null，

protectedSpread?float not?null，

rating?varchar(40) null，

sellingConcession?float not?null，

settlementDate?datetime null，

settlementTerms?varchar(80) null，

issueDate?datetime not?null，

sizingTime?int not?null，

softDollarEarlyCutoff?int not?null，

softDollarEarlyPercent?float not?null，

softDollarLatePercent?float not?null，

structure?varchar(80) null，

term?int not?null，

typeOfIssue?varchar(30) null，

wrhManagerRole?varchar(30) null，

yieldToMaturity?float not?null，

unique(id)，

unique(cusip)

)

print＂Created?openbook..auctions＂

go

In one embodiment of the invention, ' view transaction ' allows the user to see the view that is used to report the generation and the Objective of Report, such as the personnel for the supervision auction.View can generate, just make when needing operational report needn't be at every turn Query Databases all.In one embodiment of this invention, data have been combined and have been fed in the report structure relevant with method and system of the present invention.One embodiment is as follows:

create?view?deals?as

select?tStamp，ownerId，id，cusip，description，status

from?openbook..auctions

print＂Created?view?deals＂

go

The auctionLOG table is used to classify and write down all action that concrete auction is taked.In one embodiment of the invention, user's change is recorded among the auctionLOG.In an embodiment of the present invention, parameter can be changed by the user.One embodiment is as follows:

create?table?openbook..auctionLog(

editId?numeric(18，0) not?null

references?openbook..users(id)，

txId?numeric(18，0) not?null，

action?int not?null，

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null?referencesopenbook..auctions(id)，

cusip?varchar(12) not?null，

deseription?varchar(255) null，

status?int not?null，

totalAvailable?int not?null，

minValue?float not?null，

maxValue?float not?null，

valueIncrement?float not?null，

lotSize?int not?null，

openTime?datetime not?null，

closeTime?datetime not?null，

alert?varchar(255) null，

announcedSize?int not?null，

minAuctionSize?int not?null，

maxAuctionSize?int not?null，

auctionFormat?varchar(80) null，

benchmarkDesignationTime?int not?null，

benchmarkDollarPriceAtPricing?float not?null，

benchmarkRateAtPricing?float not?null，

benchmarkRateMax?float not?null，

benchmarkTreasury?varchar(15) null，

benchmarkCusip?varchar(12) null，

bondsFreeToTradeAt?int not?null，

clearingSpread?float not?null，

jointManagers?varchar(80) null，

compSizeIncrement?int not?null，

couponDates?varchar(100) null，

couponFrequency?varchar(15) null，

couponRate?float not?null，

dollarPrice?float not?null，

evalInterval?int not?null，

faceValue?float not?null，

finalPricingTime?int not?null，

issuer?varchar(50) null，

listed?varchar(15) null，

maturity?datetime null，

accruedInterest?float not?null，

maxBidIncrease?float not?null，

maxCompSize?int not?null，

maxNonCompSize?int not?null，

maxPurchase?float not?null，

minCompSize?int not?null，

minNonCompSize?int not?null，

nonCompSizeIncrement?int not?null，

pricingTime?int not?null，

protectedSpread?float not?null，

rating?varchar(40) null，

sellingConcession?float not?null，

settlementDate?datetime null，

settlementTerms?varchar(80) null，

issueDate?datetime not?null，

sizingTime?int not?null，

softDollarEarlyCutoff?int not?null，

softDollarEarlyPercent?float not?null，

softDollarLatePereent?float not?null，

structure?varchar(80) null，

term?int not?null，

typeOfIssue?varchar(30) null，

wrhManagerRole?varchar(30) null，

yieldToMaturity?float not?null，

unique(txId)

)

print＂Created?openbook..auctionLog＂

go

In one embodiment of the invention, view dealLog represents to be used for the view of particular transaction.View dealLog can be used for report or other purpose.An embodiment is as follows:

create?view?dealLog?as

select?editId，txId，action，tStamp，ownerId，id，

cusip，description，status

from?openbook..auctionLog

print＂Created?view?dealLog＂

go

The structure that the position sheet record is used to bid comprises these projects, such as trading volume, and time-stamp, the price difference of initially bidding, and the price difference of finally bidding.In an embodiment of the present invention, bid record trading volume and time-stamp for noncompetitive.In an embodiment of the present invention, bid record trading volume, the price difference of finally bidding, the price difference of initially bidding, and time-stamp for competitiveness.In one embodiment of the invention, can be with reference to user account.Position sheet can also be by account and/or index by inch of candle.One embodiment is as follows:

create?table?openbook..positions(

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null，

dealId?numeric(18，0) not?null

references?openbook..auctions(id)，

account?varchar(80) not?null，

size?int not?null，

minFillSize?int not?null，

status?int not?null，

value?float not?null，

initialValue?float not?null，

nonCompSize?int not?null，

treasuries?float null，

priority_tStamp?datetime null，

priority_size?int null，

nonCompPriority_tStamp?datetime null，

nonCompPriority_size?int null，

unique(id)，

unique(account，dealId)

)

print＂Created?openbook..positions＂

go

In one embodiment of the invention, table positionLog writes down the change that position sheet is done.In one embodiment of this invention, the example of change is the change at price difference, the change of trading volume, and the change of the time marking.All changes to the account all can be recorded.By the auctionID unique to each auction, and/or the cross reference user ID, table positionLog can be indexed by every auction.One embodiment is as follows:

create?table?openbook..positionLog(

editId?numeric(18，0) not?null

references?openbook..users(id)，

txId?numeric(18，0) not?null，

action?int not?null，

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null?references

openbook..positions(id)，

dealId?numeric(18，0) not?null

references?openbook..auctions(id)，

account?varchar(80) not?null，

size?int not?null，

minFillSize?int not?null，

status?int not?null，

value?float not?null，

initialValue?float not?null，

nonCompSize?int not?null，

treasuries?float null，

priority_tStamp?datetime null，

priority_size?int null，

nonCompPriority_tStamp?datetime null，

nonCompPriority_size?int null，

unique(txId)

)

print＂Created?openbook..positionLog＂

go

In one embodiment of the invention, supply of material table can be stored the information about the bond that is awarded.A final user can be provided with a position.According to other position and the other factors of auction, the final user may or may not obtain the supply of material.One embodiment is as follows:

create?table?openbook..fills(

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null，

indicationId?numeric(18，0) not?null

references?openbook..positions(id)，

value?float not?null，

size?int not?null，

status?int not?null，

softDollarAllocation?float not?null，

unique(id)

)

print＂Created?openbook..fills＂

go

In one embodiment of the invention, fillLog table sort and record are to the change of the supply of material.Change and to comprise because make mistakes, incredible bidding, and/or sell less value or alternate manner and revise the change of bidding and making by the keeper.In one embodiment, keeper or others can change and bid.

create?table?openbook..fillLog(

editId?numeric(18，0) not?null

references?openbook..users(id)，

txId?numeric(18，0) not?null，

action?int not?null，

tStamp?datetime not?null，

ownerId?numeric(18，0) not?null

references?openbook..users(id)，

id?numeric(18，0) not?null?references?openbook..fills(id)，

indicationId?numeric(18，0) not?null

references?openbook..positions(id)，

value?float not?null，

size?int not?null，

status?int not?null，

softDollarAllocation?float not?null，

unique(txId)

)

print＂Created?openbook..fillLog＂

go

create?clustered?index?fillsBidIdIndex?on?openbook..fills(id)

go

An embodiment of database dump or outlet is as follows: checkpoint

go

sp_dropdevice?dbdumpfile

go

sp_addumpdevice＂disk＂，dbdumpfile，＂/tmp/dbdump＂

go

dump?database?openbook?to?dbdumpfile

go

_EOF_

/bin/rm-f/tmp/dbdump

exit?0

In an embodiment of the present invention, method and system of the present invention initiates to be associated by uniforma price auction and corporate bonds.In one embodiment of this invention, the state of auction can comprise NOT OPEN, OPEN, WITHDRAWN, PRICING, CLOSING, RUNNING, ALLOCATED, and FIIED.

In one embodiment of this invention, the time is the necessary composition of auction, and each stage state that can be used as in system is captured.In an embodiment of the present invention, each state strictly is independent of remaining state: only strictly be in a kind of state in any auction of given time, it is overlapping not having two states, and does not have strictly to be covered by a state without any a time period.In an embodiment of the present invention, excessively be automatic from a state to next state.

At the NOT_OPEN state, auction does not begin in addition.In an embodiment of the present invention, this state at first generates the moment of auction in system, and proceeds to excessive arriving till the OPEN state.Can not generate, revise or delete any position.All auctions generate at this state, and this is the state that can not make it excessively to come from another state.Method and system of the present invention can only be from the NOT_OPEN state excessively to the OPEN state.

In the OPEN state, the auction beginning, and can generate, revise, or deletion is from the position of qualified account and authorized user.In an embodiment of the present invention, this state is till the moment of auction beginning begins and proceeds to excessively PRICING state or WITHDRAWN state.Because system's variation that is difficult to predict regularly, this state can not be used as the conclusive control that when operation is received by method and system of the present invention to position.Can expect, will be to auction attribute from openTime auction attribute up to closeTime in this state continuance phase.Referring to following discussion about timing.

In the WITHDRAWN state, auction is cancelled.This state begins and continue indefinite duration in auction reversed moment, or is reset to the OPEN state up to it.This normally auctions the signal that has been suspended or has cancelled.In an embodiment of the present invention, do not accept the operation of any position, though some position may method and system Already in of the present invention in.

At the PRICING state, final price clause is just being prepared to receive by system.This state, and is finishing when CLOSED state or WITHDRAWN state are excessive immediately following immediately moment after the concluding time as far as possible.During this state, the position operation only allows to be undertaken by the user who authorizes the role of syndicate.In one embodiment of the invention, in order to realize that the long-term position of syndicate can import the new position that is used for syndicate; Available auction attribute total during this state can be modified.This amount can be different from the notified amount of auction attribute, and can be used for influencing syndicate's short-term position.

At the CLOSED state, End of Auction, thereby do not allow further position operation.This state is in the moment of syndicate's manager auction, and finishes when the RUNNING state is excessive when the auctioner makes auction.

At the RUNNING state, the auctioner is in and calculates abandonment value and produce the process of distributing.In one embodiment of this invention, the inquiry account book can produce intermediate result.If go wrong in the RUNNING state, it is deleted that then CLOSED state and all distribution are returned in auction.When successfully finishing to distribute generation, state becomes ALLOCATED.

At the ALLOCATED state, auction is assigned with, and has generated execution and available.In an embodiment of the present invention, finally auction attribute, such as coupon, price, and other attribute can calculate and announce by having the user who authorizes the role of syndicate.For the first few minutes that enters behind this state, can revise government bond position attribute for the position of receiving the supply of material; This time the concluding time+finally the price time finishes, but before entering this state, can not begin.

At the FILLED state, auction is supplied.Do not allow any position operation or auction operation.The supply of material can be transmitted to the third party, such as the carrying broker, and the bidder of triumph, and/or others.When this state has finished to produce the supply of material the auctioner, and the FILLED state can continue indefinite duration.

In one embodiment of this invention, the time in the auction can be used following grasp.Normal position operation allows to carry out in the regular hour.When attempting to carry out the position operation, provide time-stamp by the order management system of method and system of the present invention.In one embodiment of the invention, this time-stamp is endowed the time as far as possible early in the order management system, to allow to use value the earliest.This time-stamp has improved fairness and consistance, and this is that different operations may get different time quantums, thereby the time-stamp that obtains to propose has reduced this variation.In an embodiment of the present invention, this time-stamp is rounded down to nearest centisecond.

In one embodiment of this invention, before position generates, allow to revise or deletion, the time-stamp of proposal can be checked the time of beginning; If time-stamp is more than or equal to the time of beginning, then time-stamp is checked the time of sealing again; If time-stamp is less than the time that finishes, then auction status is verified; If the state of auction is not WITHDRAWN, then allow operation to continue.This process makes it possible to handle after the start time but was was strictly excessively accepting the situation of receiving of bidding before the OPEN state, and after the concluding time but strictness was not was not accepted bidding of receiving before excessively coming out from the OPEN state.

In one embodiment of this invention, matter of time also relates to about competitive and noncompetitive and bidding.When any object is made any change, for the purpose of auditing is passed through order management system log (SYSLOG) time-stamp.If the result of operation is that preferential time-stamp is reset, then use the last time-stamp that changes of position.

In one embodiment of this invention, the timing that auction is assessed can be associated with auction attribute evalInterval, and this timing is shown with stopwatch.In one embodiment of this invention, but by pass the evaluation time of computational rules backward from the concluding time, make last evaluation interval accurately stop in the concluding time.In one embodiment of this invention, can the evalInternal that may cause the time-stamp confusion not be used in people's warning of definition auction.

Referring to Fig. 6, by signing in to auction server 604 so that server is just discerned the final user, the final user can start the auction of method and system of the present invention again.Can guarantee to be to and from the safety of the data that transmit the website by the encryption mechanism of knowing.Fig. 7 illustrates for exemplary login screen of the present invention.Import investor's account number 701 and password 702 such as the such final user of investor.Number 701 and password 702 after the user can receive after registering with method and system of the present invention.

In an embodiment of the present invention, contact registers to method and system of the present invention, the investor can be by filling in client's application form, and signature client's agreement and participation agreement can be opened an account, and receive approval there from the account customer office worker relevant with method and system of the present invention.In certain occasion, the investor can together use existing account by the third party broker-dealer of the office worker appointment relevant with method and system of the present invention.

Refer again to Fig. 7, also point out the final user to import auction key 704.In one embodiment of this invention, each auction is shifting to an earlier date one to two day time announcement.To auction in the mode of electronics and to notify registered participant.Auction is carried out very soon, continues two decimals usually.When registered participant notifies, they may receive the auction key 703 that is used for given auction.

If the final user selects initial term 705, then give the user by the initial term screen display of Fig. 8 example.Fig. 8 illustrates the details of auction, comprises title 801 and initial term 802, and this initial term may comprise some projects like this; such as the publisher, circulation, expiry date; coupon rate, Settlement Date, clearing project; the distribution type, coupon date, structure; form, quality grade, benchmark treasury stock; maximum benchmark interest rate, minimum/maximum price difference, protection price difference; the auction date and time; the price date and time, maximum buying quota, minimum and multiple investment; the appointment of listing (listing designation); soft dollar (soft dollar terms), comanager's title, and selling license.

Refer again to Fig. 7, if the final user selects to submit to 704, method and system then of the present invention examination by the user security data storehouse of final input with coupling account number 701 and password 702 information.If registered final user in the information matches system of input, then system test is by the auction key 703 of final user's input.If the auction key 703 that the final user correctly is registered and imports is correct, the screen before the auction of example shown in final user's displayed map 9 then.

By the stage before the auction of Fig. 9 example, do not receive and bid, shown in auction progress window 901.In auction last stage and whole auction process, can show the auction details 902 that provides about the auction details to the final user.Auction beginning 903 shows the auction start time, and End of Auction 904 shows the End of Auction time.Min/max price difference 905 by basic point show allow during the auction be higher than the minimum and maximum price difference of bidding of benchmark treasury stock.

Protection price difference scope 906 is illustrated in initially bids down, and the final user can revise finally and bid, and does not delete the maximum price difference scope that the existing competitiveness of final user is bid.Improve that initially to bid greater than protection price difference scope result will be original the bidding and import new the bidding that has new time-stamp of deletion.In this example, protection price difference scope 906 is 4 basic point price differences.The US treasury securities in benchmark treasury stock 907 and aligning of selected reference comparable time limit of bond under the hammer is relevant.Benchmark yield on treasury bill rate can be used for the bond of fixing a price after auction.In an embodiment of the present invention, if benchmark yield on treasury bill rate is higher than maximum interest rate on price, then allows but do not require that the publisher cancels auction.

After the auction beginning, show all screens as shown in figure 10 to the final user.Auction progress window 901 shows current time and remaining time of auction.The accumulation total accumulation of chart 1002 expression of bidding is bid, shown in the auction example in Shi $500 1,000,000.Accumulate the chart 1002 of bidding and also shown the distribution of initially bidding with basic point price difference (bps) bar chart form accumulation grouping.In this example, always have 24 and bid, all 24 initially bid all or be lower than 105 bps.In this example, bidding for 23 is lower than 104 bps, this shows has (24-23=1) one initially bid at 105bps.This accumulation chart of bidding provides such clue to the final user, and promptly in order there to be practical chance successfully to win auction, what kind of bps the final user may must bid with.In the example of Fig. 9, be not modified if bid, then the final user knows the current chance that will can not obtain reasonable triumph of finally bidding of 105bps, because had have $450 1,000,000 bidding of value to be in 104bps and following, and between the bond total amount Zai $300 1,000,000 to $450 1,000,000 for auction.By just initially bidding, rather than finally bid that cumulative chart 902 shows, still protect price difference scope 906 to provide the final user finally bid and to fall guidance where.In one embodiment of the invention, accumulating the chart 1002 of bidding is three kinds of colors by coloud coding, color is used for may bidding on the clearing price of conjecture, second color is used for may be also bidding on clearing price not, and the third color is used for being lower than bidding of clearing price.

If the user clicks or select nominal chart 1001, then the nominal chart 1102 of bidding is communicated by letter with the final user, as shown in figure 11.The nominal chart 1102 of bidding illustrates the number of initially bidding to each basic point price difference by the histogram format packets.Also be illustrated in by the initial required bond value of a basic point price difference.In example shown in Figure 11, have only two initially to bid, but they occupy the big value (1,000,000 are worth at 103bps) of bond at 103bps.In one embodiment of this invention, the nominal chart 1102 of bidding is three kinds of colors by coloud coding, a kind of color be used for may the conjecture clearing price on bidding, second kind of color is used for may be also bidding on clearing price not, and the third color is used for being lower than bidding of clearing price.

If the user clicks or selects to bid data 1103, the tables of data of bidding 1202 is communicated by letter with the final user, as shown in figure 12.The tables of data of bidding 1202 illustrates each by the bps order and bids.In this example, shown first to bid be that noncompetitive is bid " N ", and value is 10, and time-stamp is at 9:00 ET.In an embodiment of the present invention, the item of the tables of data of bidding 1202 is three kinds of colors by coloud coding, a kind of color be used for may the conjecture clearing price on bidding, second kind of color is used for may be also bidding on clearing price not, and the third color is used for being lower than bidding of clearing price.If there be too many bidding will be presented in the screen of the tables of data 1202 of bidding, the final user can click or select to check that remaining button of bidding bids to show other.

Refer again to Figure 12, the final user imports the information of bidding by the window 1201 of bidding in input, can select to throw in and bid.When screen begins, throw in the window 1201 of bidding and appear on final user's screen, and if the user select then to remain on user's screen by various bid historical chart and form circulations.In an embodiment of the present invention, the final user can select to throw in competitiveness and bid 1203, and noncompetitive bids 1208, or has not only selected competitiveness to bid 1203 but also select noncompetitive to bid 1208.For competitiveness bid 1203 or noncompetitive bid 1208, the final user must import trading volume 1205.Trading volume 1205 is the amounts of bidding by 1,000,000.In an embodiment of the present invention, minimum competition is bid Shi $1 1,000,000 also can be with Zeng Liang $1, and 000 increases.Minimum noncompetitive is bid and is $1, and 000 and can Yi $1,000 increment increases.The investor can increase the existing amount of bidding and be up to 50% and keep the original time marking.In an embodiment of the present invention, it will be original the bidding of deletion that the recruitment of bidding surpasses 50% result, and input has new the bidding of new time-stamp 1204.

In an embodiment of the present invention, bid 1203 for competitiveness, the final user also must input initially bids 1206 and finally bid 1207.Initially bidding 1206 is by the bid price difference of basic point of competitiveness, and this price difference will disclose to other investor is anonymous.In an embodiment of the present invention, finally bidding 1207 can only be arranged on to be lower than initially and bid, but may be different from initially and bid to surpass protection price difference scope 906.Can before End of Auction, change any time and finally bid 1207.Be provided with and finally bid 1207 initially to bid 1206 greater than protecting the price difference scope to be lower than, the result will delete original bidding, and input has 1204 new the bidding of new time-stamp.

In an embodiment of the present invention, maximum 1210 maximums that to be particular investor can vie for purchase in given bidding of bidding.When adding together, investor's competitiveness bid 1203 and bid 1208 trading volume of noncompetitive must not surpass by the bid maximum amounts of bidding of 1210 indications of maximum.In example shown in Figure 12, the maximum 1210 Shi $75 1,000,000 that bid.

If the final user throws in window 1201 and correctly imported the information of bidding bidding, and clicks or select to submit 1211 to, the affirmation then shown in Figure 13 screen of bidding can be communicated by letter with the final user.The information if the incorrect input of final user is bid is bid such as having imported the maximum that surpasses for the particular investor permission, and then all screens of makeing mistakes are as shown in figure 20 communicated by letter with the final user.In Figure 20, mistake 2001 has been described the mistake of throwing in 1201 windows of bidding to the user.In example shown in Figure 20, surpass the maximum that allows and bid and telex network.

Come referring to Figure 12 again, bid if the user has correctly imported, affirmation screen then shown in Figure 13 can with telex network.The window 1301 of confirming to bid occurs, and reminds and sum up the information of bidding that the final user had before imported.If the final user makes mistakes or changes his or her purpose, the final user can click or select to return 1302 to return the previous input screen of bidding.

If the final user selects to confirm to bid 1303, the current status screen of bidding is as shown in figure 14 communicated by letter with the final user.The current status window 1401 of bidding comprises current state row 1402 and revises row 1403.Current state row 1402 show present one or more the bidding of final user.And bid as competitiveness and 1203 to bid 1404 and telex network with bid 1208 sums whole of noncompetitive.

If final user's desired modifications 1,403 one is bid, the final user can select to change the amount 1205 of bidding.Bid 1203 for competitiveness, the user can change 1207 price differences that are subjected to such as 906 constraints of protection price difference scope of finally bidding.In an embodiment of the present invention, in an embodiment of the present invention, be that whenever bidding to be increased during auctioning reaches 50% and need not to change time-stamp to another constraint of the modification amount of bidding 1205.If increasing the amount of bidding, the final user surpasses 50%, then existing bidding with deleted, and input has new the bidding of new amount and new time-stamp.

In an embodiment of the present invention, as a further constraint, the amount of bidding can not be reduced when it is deleted.Whenever the investor can delete during auctioning is bid.Method and system of the present invention can be got rid of the investor because of any reason, comprises the destructive activity to auction process.

In an embodiment of the present invention, provide the maximum amount of a bidding limit to the investor, this limit changes with the credit of being set up by method and system of the present invention and/or other method.When adding together, investor's competitiveness is bid and the noncompetitive amount of bidding must not surpass this maximum amount of bidding.

Bid 1406 if final user's decision modifies and click or select to revise, then show all screens as shown in figure 15 to the user.

In example shown in Figure 15, the final user selected to revise final user's competitiveness bid 1203 finally bid 1207.If the user is confused or changed his or her purpose, the final user can click or select to return 1502, and perhaps the user can click or select to confirm to bid 1502 with the modification 1503 shown in the acceptance.

Come referring to Figure 14 again, if the final user clicks or select deletion to bid 1405, then bid screen and telex network of deletion as shown in figure 21.During window 2101 was bid in deletion in the example shown, the final user can select to delete competitiveness and bid 2102, and the deletion noncompetitive bids 2103, or deletes two kinds and bid 2104.

If the final user selects to protect finally bidding outside the price difference scope 906 in modification is bid, check the window 1601 of bidding and communicate by letter with the final user as shown in figure 16.A mark 1602 appears at unprotected incorrect 1207 next doors of finally bidding, and warns 1603 to remind the final user, and the result that accepts finally to bid will lose current time-stamp 1204.If the his or her purpose of final user, he or she can click or select to return 1604.If the final user wishes to proceed new to bid 1606, thereby loses old time-stamp 1204, the final user can select to submit to and bid 1605.

In an embodiment of the present invention, if when End of Auction, the final user has made one or more successful bidding, and successfully buys window 1701 and communicates by letter with the final user, shown in Figure 17 screen shot example.Total successful purchase 1704 is with 1,000,000 dollars of purchase volumes that expression is total.

In one embodiment of this invention, soft dollar can get the royalty right of investor's appointment of being paid by quilt is sold in part from 1702 expressions to the non-middle man of consigning-retailer.In an embodiment of the present invention, the royalty right part of selling each transaction will make the investor can obtain soft dollar.In an embodiment of the present invention, the bidding of success of time-stamp gives the bigger part with soft dollar of sale royalty right to having early.The investor can transfer the possession of soft dollar to the account that they select.In an embodiment of the present invention, the investor has soft dollar of appointment finishing them in maximum 24 hours after the transaction price.

The datum quantity 1703 that is used to sell allows investor's benchmark treasury stock amount that setting in maximum 15 minutes will be sold behind End of Auction.If final user businessman's U.S. dollar amount is also clicked or is selected the relevant website of system and can openly obtain.These information for example can comprise trading volume, earning rate, coupon, and time limit.Can make and be authorized people's acquisition of bond about the further details of auction result with to competing buyer's statistics by ruling.

In an embodiment of the present invention, after bond price occurs in auction and stops nearly 30 minutes.The clearance price difference is added on the benchmark treasury stock interest rate to obtain the auction earning rate.The coupon rate of bond can be changed into and is rounded down to nearest 1/8% auction earning rate.Bond price corresponding to auction earning rate and coupon rate can be calculated three decimals.Finishing necessary proof file following very short time after price can carry out bond and conclude the business.

Those skilled in the art will be appreciated that above-mentioned this exemplary bond auction process can be used for stock equally, commodity, and the security of other type.

Describe the present invention with regard to preferred embodiment, those skilled in the art will be appreciated that the alternative said structure that is used for of various types of multi-purpose computer hardware is to realize equal result.Similarly, be understandable that, can constitute the function of algorithm logic circuit, be used for handling and compete buyer, the Internet traffic between publisher and the auction server node with each required device in the enforcement of rights requirement.Be apparent that for those skilled in the art, can make by following claim preferred embodiment and pass judgment on remodeling and the distortion that belongs in the spirit and scope of the present invention.Sell treasury stock 1705, then the treasury stock of this quantity will be sold.In after auction first 15 minutes, the final user can be provided with and change the final user and wish the benchmark treasury stock amount of selling.Sale can be by in when price transaction, or nearly 30 minutes popular market prices are carried out behind End of Auction.

Auction result 1705 illustrates and calculates price difference 1706, final trading volume 1707, and final price time 1708.1706 expressions of clearance price difference are higher than the minimum price difference of benchmark treasury stock by basic point, and this is to sell the result that all bonds reach final trading volume 1707.

The bond total number that final trading volume 1707 expressions are sold, and can set by floater's preset time before End of Auction.The final price time 1708 is illustrated in behind the End of Auction final race of the bond issue that half an hour nearly is provided with, the rate that for example bears interest, price, and coupon.

If the final user can successfully not carry out one or more bidding when End of Auction, as shown in figure 18 all and the screen and the telex network that in Figure 19, continue.Auction result 1801, the final user bids or a plurality ofly bids 1803, and initial auction item 1802 is communicated by letter with unsuccessful final user.

In an embodiment of the present invention, method and system of the present invention has used a kind of modification auction formats that falls automatically.In the auction of falling automatically, the buyer that competes of success pays the market clearing price, i.e. the ceiling price that security of selling are sold in all auctions.

In an embodiment of the present invention, when End of Auction, the supply of material is to bid till the price difference of selling the security of all selling from minimum margin to order.Its its order of people that is lower than the clearance price difference of bidding is filled with the clearance price difference to all.Be in bidding by the time marking of decision price difference by ruling.Under the situation of price difference and time-stamp binding, decide bond in proportion.If at last the bond that needs with bidding of accepting of clearing price difference is more than getting, then all remaining bonds in the end can be decided to this in the trading volume and compete the buyer.

In an embodiment of the present invention, if benchmark yield on treasury bill rate is by moving on the predetermined basic point number during auctioning, then auction will be cancelled.If there are not enough orders to fill the final trading volume of being notified by the publisher, auction also will be cancelled.

In an embodiment of the present invention, when End of Auction, notify the successful buyer that competes in the electronics mode.Behind the End of Auction about the essential information of bond under the hammer, with method of the present invention and

Claims (34)

1. be used on WWW, carrying out computer implemented a kind of method of security auction, comprise following action:

A kind of mechanism of vying for purchase is provided, discloses it and bid and awarded because of anonymous early thereby compete the buyer;

The security allocation scheme is provided, allows the single market clearing price that the buyer pays the sale of securities of competing of winning; And

Provide a kind of system, thereby all participants can the real time monitoring auction.

2. the process of claim 1 wherein that security comprise stock or bond.

3. the process of claim 1 wherein that security comprise commodity.

4. the method for claim 3, wherein commodity comprise gold, the be allowed transaction commodity of commodity exchange of silver or other.

5. the process of claim 1 wherein that the mechanism of vying for purchase comprises the open auction process that falls automatically.

6. the process of claim 1 wherein and compete the buyer that comprise the competitive additional action of bidding of input, this competitiveness is bid and comprised required security amount and two price differences that are higher than the benchmark treasury stock because of anonymity early discloses its mechanism of vying for purchase of bidding and being awarded.

7. the method for claim 6, two price differences that wherein are higher than the benchmark treasury stock are explained by a basic point increment.

8. the method for claim 6, two price differences that wherein are higher than the benchmark treasury stock comprise one first price difference composition and one second price difference composition, and wherein the first price difference composition will be vied for purchase or investor person discloses to other by WWW by open account book (openbook) system, but investor's identity of importing the first price difference composition is anonymous (promptly can't help open account book system open).

9. the method for claim 8, wherein the second price difference composition is not able to greater than protection price difference scope less than the first price difference composition.

10. the method for claim 9, wherein the second price difference composition (being appointed as " bidding at last ") is just competed the buyer or the investor discloses to other behind End of Auction.

11. the method for claim 8, wherein the first price difference composition (" initially bidding ") will not be the firm offer part of competing buyer or investor when End of Auction.

12. the method for claim 6, wherein except or substitution competition compete the buyer bidding and can import one and bid (specifying one " noncompetitive " to bid), comprise required security value and equal the price difference of the minimum price difference that is higher than the benchmark treasury stock of appointment.

13. the method for claim 12, wherein new competitiveness are bid and new noncompetitive is bid with to be received the time-stamp mark of bidding when confirming by open account book system.

14. the process of claim 1 wherein that the buyer's payment of competing of allow winning sells the security of the single market clearing price of security and distribute and comprise following additional action:

By means of opening the account book system based on the WWW system, to the auction of falling automatically that specific security auction trade is opened, designated one " trading volume " of security value to be auctioned;

When End of Auction from noncompetitive bid minimum to the highest finally bid price or price difference composition the bidding of approval of arranging;

Be used for finally bidding or bidding of all approvals that the minimum margin composition begins is appointed as acceptable bidding with minimum, till approved total security value of bidding required is more than or equal to trading volume bidding for noncompetitive;

Be used for adding up to the feasible security of bidding required of its result value to be appointed as " clearance price difference " more than or equal to the minimum margin composition of trading volume by approval;

By all can accept to bid from the order of time-stamp value is arranged to the end the earliest; And

Rule according to agreement before the auction beginning is distributed security to the acceptable buyer of competing.

15. be used on WWW, carrying out the security auction equipment, comprising:

Computer system is connected to the Internet communication devices, thus competing the buyer and can communicate by letter at remote terminal with this computer system;

The machine-processed device of vying for purchase that is connected with this computer system is used to award early the anonymous buyer that competes that it bids that discloses;

Be connected the distributor that is used to distribute security with this machine-processed device of vying for purchase, allow the single market clearing price that the buyer pays the sale of securities of competing of winning; And

In the display device of remote terminal, be connected by the Internet with this computer system, thereby all participants can the real time monitoring auction.

16. the equipment of claim 15, wherein security comprise bond.

17. the equipment of claim 15, wherein security comprise commodity.

18. the equipment of claim 17, wherein commodity comprise gold or silver.

19. the equipment of claim 15, wherein the mechanism of vying for purchase comprises the open auction process that falls automatically.

20. in a kind of network with user's node, user's node comprises the browser program that is connected with described network, described user's node provides the request of information on network and the input command of vying for purchase is provided, and network node comprises:

Open account book system auction server node, response will be as the qualified request that the buyer participates in the security auction of competing from described user's node, wherein open account book system auction server node provides a kind of mechanism of vying for purchase, competing the buyer by this mechanism discloses it and bids and awarded because of anonymous early, and provide the distribution of security, this distribution allows the buyer that competes who wins to pay the single market clearing price of selling the security of selling, and a kind of system is provided, the user of all participations can monitor the security auction at user's node thus.

21. according to the open account book system auction server node of claim 20, wherein said security comprise bond.

22. according to the open account book system auction server node of claim 20, wherein said security comprise commodity.

23. according to the open account book system auction server node of claim 22, wherein said commodity comprise gold or silver.

24. according to the open account book system auction server node of claim 20, wherein the mechanism of vying for purchase comprises the open auction process that falls automatically.

25. open account book system auction server node according to claim 21, make that wherein competing the buyer discloses its mechanism of vying for purchase of bidding and being awarded because of anonymity early, comprise that importing competitiveness bids two price differences that this is bid and comprises the required value of security and be higher than the benchmark treasury stock.

26. according to the open account book system auction server node of claim 25, two price differences that wherein are higher than the benchmark treasury stock are explained by means of a basic point increment.

27. open account book system auction server node according to claim 25, two price differences that wherein are higher than the benchmark treasury stock comprise one first price difference composition and one second price difference composition, and wherein the first price difference composition will be vied for purchase or investor person discloses to other by WWW by open account book system, but investor's identity of importing the first price difference composition is anonymous (promptly can't help open account book system open).

28. according to the open account book system auction server node of claim 27, wherein the second price difference composition is not able to greater than protection price difference scope less than the first price difference composition.

29. according to the open account book system auction server node of claim 28, wherein the second price difference composition (specifying " bidding at last ") is just competed the buyer or the investor discloses to other behind End of Auction.

The 30 open account book system auction server nodes according to claim 27, wherein the first price difference composition (" initially bidding ") will not be the firm offer part of competing buyer or investor when End of Auction.

31. open account book system auction server node according to claim 25, wherein except or substitution competition compete the buyer bidding and can import one and bid (specifying one " noncompetitive " to bid), comprise required security value and equal the price difference of the minimum price difference that is higher than the benchmark treasury stock of appointment.

32. according to the open account book system auction server node of claim 31, wherein new competitiveness is bid and new noncompetitive is bid with to be received the time-stamp mark of bidding when confirming by open account book system.

33. according to the open account book system auction server node of claim 20, the buyer's payment of competing that wherein allows to win is sold the security of the single market clearing price of security and is distributed and comprise:

First code mechanism is used for the auction of falling automatically that specific security auction trade is opened, designated one " trading volume " of security value wherein to be auctioned;

Be connected to the second code mechanism of first code mechanism, be used for from noncompetitive bid minimum to the highest finally bid price or price difference composition the bidding of approval of arranging, this arranging carried out when End of Auction;

Be connected to the third generation ink recorder system of second code mechanism, be used for bidding and finally bid or bidding of all approvals that the minimum margin composition begins is appointed as acceptable bidding, till approved total security value of bidding required is more than or equal to trading volume with minimum for noncompetitive;

Be connected to the 4th code mechanism of third generation ink recorder system, be used for adding up to the feasible security of bidding required of its result value to be appointed as " clearance price difference " more than or equal to the minimum margin composition of trading volume by approval;

Be connected to the 5th code mechanism of the 4th code mechanism, be used for by all can accept to bid from the order of time-stamp value is arranged to the end the earliest; And

Be connected to the 6th code mechanism of the 5th code mechanism, be used for distributing security to the acceptable buyer of competing according to the rule of agreement before the auction beginning.

34. but, comprising be stored in a kind of computer program on calculated working medium:

Computer-readable program means is used to cause that computing machine carries out the security auction on WWW;

A kind of mechanism of vying for purchase is provided, auctions with this and compete the buyer and can disclose it and bid and awarded because of anonymous early;

Provide a kind of security to distribute, allow the single market clearing price that the buyer pays the sale of securities of competing of winning; And

A kind of system is provided, can the real time monitoring auction with these all participants.

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