Allocation 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)
Importance
Abstract
A method is described for auctioning securities by an auction offeror. Bids are received for an offered number of securities. Each bid includes a bid price, a desired number of securities, and a timestamp indicting a time that the bid was received by the system. After a final bid time, a final price for the securities is established based upon the received bids. Then the desired number of securities is allocated to each bid having a bid price more favorable for the auction offeror than the final price. The desired number of securities is also allocated to each bid having a bid price at the final price, in bid timestamp order favoring earlier timestamps, until the offered number of securities has been allocated.
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