Computer borrow and loan securities auction system

Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance

Reexamination Certificate

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Details

C705S035000, C705S03600T, C705S038000, C705S053000, C235S380000

Reexamination Certificate

active

09890815

ABSTRACT:
An auction system is disclosed which allows users to participate using their own, or the exchanges, or a brokers, computers, suitably connected to the auction system. This connection may use the internet or a private leased line or an alternative network. The invention involves a method and system for providing auction mechanisms, including a wide variety of types of auctions as described below, and a central counterparty for assuming credit risk between borrowers and lenders, if the borrowers and lenders chose not to transact with each other. This method and auction system provides a means for borrowers and lenders of securities to meet more efficiently, to trade at a better price, to trade in larger size, to trade more rapidly, and, in some cases eliminate the role of the broker as an intermediary between borrower and lender. This mechanism facilitates not only a borrowing and subsequent short sale of securities but also the financing of securities.

REFERENCES:
patent: 5077665 (1991-12-01), Silverman et al.
patent: 5664115 (1997-09-01), Fraser
patent: 5715402 (1998-02-01), Popolo
patent: 5845266 (1998-12-01), Lupien et al.
patent: 5966699 (1999-10-01), Zandi
patent: 6058379 (2000-05-01), Odom et al.
patent: 6078906 (2000-06-01), Huberman
patent: 6408282 (2002-06-01), Buist
patent: 2002/0032642 (2002-03-01), Chichilnisky

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