WO2001084347A1 - Systeme et procede permettant de titriser des opinions personnelles - Google Patents

Systeme et procede permettant de titriser des opinions personnelles Download PDF

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Publication number
WO2001084347A1
WO2001084347A1 PCT/US2000/022462 US0022462W WO0184347A1 WO 2001084347 A1 WO2001084347 A1 WO 2001084347A1 US 0022462 W US0022462 W US 0022462W WO 0184347 A1 WO0184347 A1 WO 0184347A1
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WO
WIPO (PCT)
Prior art keywords
records
player
price
market
database
Prior art date
Application number
PCT/US2000/022462
Other languages
English (en)
Inventor
Arthur Wing-Hong Lai
Original Assignee
Lai Arthur Wing Hong
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Lai Arthur Wing Hong filed Critical Lai Arthur Wing Hong
Priority to AU2000267772A priority Critical patent/AU2000267772A1/en
Publication of WO2001084347A1 publication Critical patent/WO2001084347A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Definitions

  • the Keynes Classical macro-economic model allows firms in a market to collectively determine the balance of demand & supply. An 'invisible hand' drives the market to equilibrium at prevailing market prices.
  • the Keynes Classical macro-economic model makes several assumptions such as: (1) a large market size with many sellers and buyers, (2) trading commodity items of homogenous quality, (3) frictionless and open market information, (4) individual firms lack market power to significantly effect market prices.
  • the invention is a system and method to securitize personal opinion.
  • Participants Over the Internet or local area network, participants also called market firms, users, members, players and traders engage in the trade of ICUs.
  • An ICU is an intangible commodity unit purchasable with a virtual game currency called a xuxu.
  • Players can take long and short positions to express their opinions.
  • Players can also buy or sell a multiplicity of ICUs to show the strength of their opinion.
  • Securitization of personal opinion (SOPO) can be used for market research, political polling, determining social trends, fashion trends and popular culture.
  • Players are rewarded for their xuxus either with money, prizes or fame recognition.
  • Figure 1 is a flow chart of the SOPO model for implementation on the Internet
  • Figure 2 is chart to compare a traditional stock market with the SOPO model
  • Figure 3 is a user record shown in the form of a table
  • Figure 4 is a table showing portfolio details of an individual user (after a day-end closing)
  • Figure 5 is a user's trade history shown in the form of a table
  • Figure 6 is a traded items record shown in the form of a table
  • Figure 7 is an operation flow chart
  • Figure 8 is a real time market reports table
  • Figure 9 is a table showing the checking of the latest market prices
  • Figure 10 is a table showing the data entered for a transaction request
  • Figure 1 1 is a table showing the data for order confirmation request
  • Figure 12 is a table showing the trading cue
  • the goal of collecting marketing data is to get perfect information.
  • the present invention is a system and method to securitize personal opinion. Securitization of personal opinion (SOPO) should promote polling participation, and create a perfect market for quantifying and aggregating personal opinions towards comparable items. Intangible values are very subjective and can be expressed as degree of admiration, satisfaction, quality, or perceived market value.
  • the present SOPO invention is an application of the Keynes model to create a nearly perfect market on the Internet for intangible commodities such as personal opinions
  • the SOPO system is created by:
  • ICU's intangible commodity units
  • the Exchange can pay the participants a real currency such as United States Dollars. Paying participants money is a proven means to motivate people.
  • a "xuxu' is a virtual currency cyberspace trading.
  • the Exchange can:
  • xuxus have real economic value.
  • the xuxu can be like other currencies having floating exchange rates with real world currencies.
  • the market participants are sometimes called players to show that xuxu.com, the preferred site for implementation, is like a game in the same way that the stock market is like a game.
  • the market participants are sometimes called users because they will be users of a service. They will also sometimes be called members to show their membership status as separate from mere visitors of the web site. They can also be called firms to highlight the macro- economic role they play in the market.
  • members buy and sell ICU's.
  • An ICU could represent an intangible thing such as how much a member likes a particular music band or political figure.
  • the resulting model has a wide scope of applications, ranging from web site search-engine, market research, public opinion polling, pricing of time-sensitive perishable products, etc.
  • FIG. 1 An overview of the SOPO model implementation on the Internet is given in Figure 1.
  • the ICUs are defined. Having an ICU quantifies the intangible commodity such as an opinion and allows a firm to buy into one or more opinions going long or short. The amount purchased also allows the firm to cast more than one vote and provide a weighted opinion.
  • the second step is to list the xuxu index.
  • the xuxu index is another way to say nominal market value. Here it is used interchangeably with the words 'xuxu ICU price index' or more casually the 'ICU price'. The technical implementation will explain the precise definition of the 'xuxu index'.
  • the SOPO model can be implemented like a stock market or a futures market.
  • the Exchange issues a limited amount of ICU's which can then be bought and sold, with members taking long or short positions.
  • Other securities aspects can be borrowed such as an options market, mutual fund investment programs and more.
  • the preferred method and best mode of the invention is implementation as a futures market.
  • an ICU is created when a member buys into a long position. The same member must later close his long position, which eliminates the ICU.
  • the SOPO Model can aggregate the personal opinions of all participants to probe the global consensus.
  • the dynamic trading transactions empower the individuals to exercise their influence on the market. For example, an index of admiration of websites can be compiled to allow users to bid on ICU's of different websites. A website with a high ICU price is popular, while a website with a low ICU price will be less popular.
  • the top web sites (the ones with the highest ICU prices) can be easily sorted to generate useful reports.
  • the top web sites lists can encompass the following, for example:
  • the rankings can then be generated with hyper-links to the respective websites. Users will be able to easily find, for instance, the most admired website created by their home country, or the rising stars of new websites.
  • the SOPO invention provides an alternative, user- driven website search and ranking engine. Application #2 Market research of global brands
  • the SOPO model offers a highly effective solution to this challenge.
  • the ICUs essentially become units of "fashionability" which can be purchased and sold. Take the apparel industry for example: -
  • the SOPO invention rankings are a useful source of market trend information.
  • the invention can generated is real time, dynamic, and aggregated personal opinions of participants worldwide. Also, the information can be demographically analyzed.
  • the SOPO invention offers new dimensions to the traditional polling methods. Individuals can voice opinions by dynamically managing a portfolio of votes, not only a single vote. Also, people can weight their votes to express not only that they like something, but also how much they like it relative to other comparable things. By tracking the transactions and demographic statistics of the participants, the Exchange can measure how diverse public opinions are.
  • Cargo rates for shipping general goods normally depend on the following:
  • the SOPO invention offers an effective mechanism to aggregate individual participants' opinions to determine the market value.
  • a traded ICU commodity could be air cargo rates formatted in a 'Origin-Destination Date" matrix such as in the example below.
  • the SOPO model is especially well adapted to price perishable items such as air tickets, cargo space, hotel rooms, car rentals, equipment rentals, travel accommodations, perishable foods, flora, event tickets, popular music, fad clothes, seasonal silk designs.
  • perishable items such as air tickets, cargo space, hotel rooms, car rentals, equipment rentals, travel accommodations, perishable foods, flora, event tickets, popular music, fad clothes, seasonal silk designs.
  • Marketing firms and companies can use the market data to determine proper competitive selling, pricing and marketing of these perishable goods and services. In the example below, air cargo space is traded.
  • SHORT/LONG contracts will trade the SHORT/LONG contracts according to their perspective of the demand & supply situation. Said trading activities will have a cut-off time of, for example, 3 days before departure date. When the cut-off time is approaching, those participants in LONG positions will likely be the consumers of cargo space, such as shippers and cargo agents; those in SHORT positions will likely be the cargo space suppliers, such as airlines and cargo consolidators.
  • the host Exchange will act as a clearinghouse to facilitate the follow up transactions.
  • the SOPO invention becomes a new tool for airlines and agents in pricing, sales and distribution of air transportation products.
  • the user record is one of the databases necessary for the technical implementation of SOPO invention. Each user will have a unique user account, identified by a user name and password, also storing the personal information such as mailing address. Each account keeps track of the accumulated funds and portfolio of asset bought or sold. A typical user record could be implemented as shown in Fig. 3.
  • Portfolio Details of an individual user after a day-end closing must be stored in a database.
  • a typical portfolio would be similar to the one shown in Fig. 4 and would include details about items traded that day.
  • an item number or ICU number 401 identifies the ICU's traded.
  • the item may also have a code 402 similar to a ticker symbol.
  • the net position 403, quantity 404, latest nominal price 405, face value 406, margin percentage 407 and xuxu totals 408 are also recorded.
  • the exchange can also compile a traded item record from the user trade history or the day-end closing database.
  • a traded item record would be similar to the one shown in Fig. 6 and would include details about items traded such as item type 601. item number 602, item code 603, item name 604, city or origin 605, country of origin 606 and key word strings for classification and storing of the traded item record 607.
  • the operation flowchart describes the operation flow as shown in Fig. 7. This is a more specific flowchart than Fig. 1, and shows the preferred means to calculate and process the trades.
  • Fig. 7. the flowchart begins with listing the nominal prices on tables to get the attention of firms and traders 70L Users then take long or short positions 702. The system matches the long and short positions 703. Then the computer system automatically processes the user's information based on the position taken 704. Again, some players prosper and some do not 705.
  • a day end closing 706 recalculates the position of the user so that in tax language the day's gains and losses are 'realized'.
  • the system then performs administrative tasks such as margin calls and sending emails 707.
  • Fig. 8 Real time market reports are shown in Fig. 8.
  • the Exchange will provide reports on the prices of the items being traded.
  • the fields mean:
  • Charts will also be run to show the market trends of each item within various time periods: 24 hours. 1 week, 1 month, 3 months, 6 months, 1 year. Discussion forums will be searchable by Item Number or Item Code, to facilitate users and analysts to exchange market info and trading ideas.
  • Fig. 9 If a user checks the quotes of one or more items, system will retrieve from the database and display (maximum 5 items at a time) Fig. 9. The data can be shown in the form of the table in Fig. 9. The data definitions in Fig. 9 are the same as that in Fig. 8.
  • a user can buy (LONG) and sell (SHORT) any items by inputting a transaction request online.
  • the preferred embodiment limits the items to a maximum of 5 items per request.
  • the necessary transaction order request data is shown in Fig.
  • Item Code a short form to name the Item
  • the system then processes them. Depending on the offered price, the system automatically puts the new request on the trading queue of each Item.
  • the following example shows the latest trading queue of Item XYZ Fig 12.
  • the Bid (LONG) Prices are in Descending order 1203, Ask (SHORT) Prices are in Ascending order 1204. If a buyer offers a Bid Price of 36.0, he will be the top bidder and jump to the top of the queue. Similar if a seller offers a price lower than 36.0, he will be at the top of the selling side.
  • the system matches the prices and quantities requested on both sides.
  • the transaction price is the Ask price. Thus, a player will not 'over-pay' unnecessarily. If a player wants to jump the buy queue, she can offer a higher Bid price to match all those selling requests in the queue.
  • Each transaction request may have the following status:
  • a user can "Modify " or 'Cancel' an 'Open' request and submit. However, in case the transaction is done before the signal is received, the request cannot be changed.
  • the system When a new transaction is successfully done on an Item already existing on portfolio, then the system will calculate the NET position on this Item, using the new nominal price (which of course, by definition, is exactly the price of the new transaction) as the reference point. At the same time, any cash gains or losses of the previous position will be settled, also the required transaction deposit will be updated.
  • the margin deposits required is adjusted for this new NET position. It will involve crediting or debiting the two accounts 'Transaction Deposits ' and 'Cash Available' depending on the price and quantity of the new NET position. In simple terms, the old deposit value will be replaced by the new deposit value.
  • the margin deposits required is adjusted for this new NET position. It will involve crediting or debiting the two accounts 'Transaction Deposits' and 'Cash Available' depending on the price and quantity of the new NET position. In simple terms, the old deposit value will be replaced by the new deposit value.
  • the system will automatically trigger a day- close "Mark to Market” across the board to process all items on all users ' portfolios, marked to the day-close nominal prices.
  • Item e.g. MSN in this case
  • the margin deposits required are adjusted for this new NET position. It will involve crediting or debiting the two accounts 'Transaction Deposits' and 'Cash Available' depending on the price and quantity of the new NET position. In simple terms, the old deposit value will be replaced by the new deposit value.
  • Margin requirements will vary according to the risk involved. Some risk items carry a higher risk and thus do not justify a high margin.
  • a member's account runs low on xuxus necessary to fulfill the margin requirement they will receive a margin call. They can then deposit more xuxus or close some positions to reduce risk exposure.

Abstract

L'invention concerne un système et un procédé permettant de titriser des opinions personnelles. Sur Internet ou sur un réseau local d'entreprise, des participants, aussi appelés entreprises sur le marché, utilisateurs, membres, joueurs, et négociants, procèdent à des échanges de marchandises incorporelles (ICU). (101). Une ICU consiste en une marchandise incorporelle pouvant être achetée à l'aide d'une monnaie de jeu virtuel appelée xuxu. Les joueurs peuvent adopter des positions longues et des positions courtes (105) de manière à exprimer leur opinion. Les joueurs peuvent également acheter ou vendre plusieurs ICU afin de montrer la force de leur opinion. La titrisation de l'opinion personnelle (SOPO) (110) peut être utilisées à des fins étude de marché, de vote politique, d'analyse des tendances sociales, des tendances de la mode et de la culture populaire. Les joueurs sont récompensés pour leurs xuxus soit avec de l'argent ou des prix, soit en acquérant la célébrité ou la reconnaissance.
PCT/US2000/022462 2000-05-01 2000-08-16 Systeme et procede permettant de titriser des opinions personnelles WO2001084347A1 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2000267772A AU2000267772A1 (en) 2000-05-01 2000-08-16 System and method to securitize personal opinion

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US56261000A 2000-05-01 2000-05-01
US09/562,610 2000-05-01

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WO2001084347A1 true WO2001084347A1 (fr) 2001-11-08

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20070136171A1 (en) * 2005-12-14 2007-06-14 Vox Pop Investing Limited Method for picking securities

Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5950172A (en) * 1996-06-07 1999-09-07 Klingman; Edwin E. Secured electronic rating system
US5950176A (en) * 1996-03-25 1999-09-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US6014643A (en) * 1996-06-28 2000-01-11 Minton; Vernon F. Interactive securities trading system
US6094675A (en) * 1996-08-02 2000-07-25 Hitachi, Ltd. Electronic discussion system for exchanging information among users

Patent Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5950176A (en) * 1996-03-25 1999-09-07 Hsx, Inc. Computer-implemented securities trading system with a virtual specialist function
US5950172A (en) * 1996-06-07 1999-09-07 Klingman; Edwin E. Secured electronic rating system
US6014643A (en) * 1996-06-28 2000-01-11 Minton; Vernon F. Interactive securities trading system
US6094675A (en) * 1996-08-02 2000-07-25 Hitachi, Ltd. Electronic discussion system for exchanging information among users

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20070136171A1 (en) * 2005-12-14 2007-06-14 Vox Pop Investing Limited Method for picking securities

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