Event Timing Mechanisms for Dutch Auction of Securities
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United States of America Patent
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-
N/A
Issued Date -
Dec 11, 2008
app pub date -
Jun 5, 2007
filing date -
Jun 5, 2007
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A method for auctioning securities defines an auction start time and an auction end time. The time therebetween is defined by time bucket intervals and transparency intervals. At the auction start time, a real-time auction of securities over a communications network begins. During each time bucket interval bids are received from prospective purchasers, and assigned a time bucket stamp such that bids with the same time stamp are treated as having occurred at the same time. At the end of each transparency interval public bid information related to the auction is updated and made available to the prospective purchasers. After the auction end time, a final auction price for the securities is established based upon the bids made during the auction, and the securities are allocated to the prospective purchasers at the final auction price.
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