Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2000-09-21
2008-08-19
Trammell, James P. (Department: 3694)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S027200, C705S080000
Reexamination Certificate
active
07415436
ABSTRACT:
The present invention provides an economical, high performance, adaptable system and method (designated “the OpenBook system”) for conducting an auction of debt securities to institutional and individual investors on the Web. In the OpenBook system auction: (1) Bidders are rewarded for anonymously revealing their bids early; (2) All winners pay a single market-clearing price that sells out the securities; and (3) All participants can monitor the auction in real time. The OpenBook system thus creates a transparent and low-cost new issue market; offers all bidders equal access to securities; and gives both investors and issuers a “seat on the syndicate desk.”
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Evelyn Michael H.
Gerrish Cliff M.
Goldberg Robert S.
Hansson Othar
Hayes Jordan M.
Bromberg & Sunstein LLP
Greene Daniel L
Trammell James P.
W. R. Hambrecht + Co., LLC
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