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    • 1. 发明申请
    • COMPUTER BORROW AND LOAN SECURITIES AUCTION SYSTEM
    • 计算机借贷证券拍卖系统
    • WO0133463A8
    • 2001-09-20
    • PCT/US0030120
    • 2000-11-02
    • LOCKWOOD DAVID
    • LOCKWOOD DAVID
    • G06Q30/00G06Q40/00G06F17/60
    • G06Q40/08G06Q30/08
    • An auction system (100) is disclosed which allows users to participate using their own, or the exchange, or a brokers, computers, suitably connected to the auction system. This connection may use the internet (128) 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 a 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.
    • 公开了一种拍卖系统(100),其允许用户使用他们自己的交易所或经纪人计算机参与适当连接到拍卖系统。 这种连接可以使用互联网(128)或专用租用线路或替代网络。 本发明涉及用于提供拍卖机制的方法和系统,如果借款人和贷方选择不彼此交易,则包括如下所述的各种类型的拍卖以及用于承担借款人和贷方之间的信用风险的中央交易方。 这种方法和拍卖系统为借款人和证券借贷人提供了一种更高效率的交易方式,以更好的价格进行交易,进行更大规模的交易,更快速地进行交易,并且在某些情况下消除了经纪人作为 借款人和贷款人之间的中介。 这种机制不仅有利于证券的借入和随后的卖空,而且有利于证券的融资。