Patent Publication Number: US-2012030138-A1

Title: Compound redemption processor for a single issuer

Description:
CROSS REFERENCE TO RELATED APPLICATION 
     This application claims priority to Non-Provisional patent application U.S. Ser. No. 12/848,147, filed Jul. 31, 2010, entitled Compound Redemption Processor and Non-Provisional patent application U.S. Ser. No. 12/848,155, filed Jul. 31, 2010, entitled Compound Redemption Device, as a Continuation in Part Application. The contents of each are relied upon and incorporated by reference. 
    
    
     FIELD OF THE INVENTION 
     The present invention generally relates to systems and methods for financial investment. Particular embodiments relate to automated apparatus and integrated software for creating, acquiring and redeeming novel Single Issuer Compound Redeemable Instruments. 
     BACKGROUND OF THE INVENTION 
     It is a generally-known practice for investors to seek to make investments with high returns within a risk profile. That investment considerations may also include other investment characteristics, such as: liquidity, transparency, price, growth potential, income potential, regulatory considerations, tax considerations, accounting considerations, and so on, is also well known. While investor needs differ, many share a goal of maximizing a return for a given level of risk. 
     Liquidity of an investment instrument is also an important factor to many investors, particularly as liquidity relates to the evaluation of risk. Investments that can be more readily converted to cash, or other desirable instruments, quickly and without discount; are perceived to be less risky than similar less-liquid instruments. As a result, investors seeking strategies to manage risk and return, usually prefer instruments that can be traded or redeemed as compared to instruments that cannot be easily traded or redeemed. 
     Transparency of an investment instrument is another important factor to many investors, as it relates to the evaluation of risk. Investments can be understood more easily based upon an issuer being open about a business associated with a particular investment. An investment with open details related to the associated business may be perceived to be less risky than similar less transparent instruments. As a result, investors seeking strategies to manage risk and return, usually prefer instruments that are more easily understood as compared to instruments that are not. Issuers may therefore seek to attract investor capital by providing Financial Instruments that deliver an appealing package of risk and return. 
     Providing liquidity and transparency through exchange listing and public reporting enhances an issuance but may be impractical for reasons including the burdens and costs of public registration, offering and exchange listing. As a result, many securities are privately placed and thinly traded or not traded at all. 
     While many large companies have the financial strength to register publicly and list their securities, many other companies including smaller issuers and special purpose companies and investment vehicles do not. In addition, some larger companies, operating companies and investment entities; that may or may not publicly register and list their securities; may still have limited liquidity and be less attractive to investors either because their investment instruments are not interesting to investors or well understood in the marketplace. 
     The importance of liquidity and transparency has traditionally been particularly apparent during times of financial crisis; such as when securities of otherwise attractive private structured financings including mortgage-backed securities and asset-backed securities, traded at dramatic discounts to their net asset value because of a lack of liquidity and poor transparency, which magnified a perceived risk of such instruments during a time of market stress. Many investors in such securities were required to sell, and realized significant losses attributable in part to an inability to access trapped value. 
     It is worth noting that even otherwise liquid and transparent investment instruments may trade at significant discounts to a net asset value of underlying assets. One example of instruments trading at significant discounts includes a closed-end fund marketplace where fully transparent closed-end funds, which are listed on major exchanges, often trade at a discount to net asset value. 
     Another known way to address liquidity and transparency includes securities that can be redeemed for value on a periodic or continual basis. Publicly offered open-end mutual funds and exchange-traded funds provide liquidity and transparency by enabling redemption of a single class of an issuer&#39;s investment instruments in exchange for a portion of an issuer&#39;s assets or a cash value of such assets. Such direct access to the value of underlying assets greatly reduces the risk of holding assets in a vehicle. 
     Generally, with known methodologies, the process of redemption causes value to be withdrawn from an issuer; therefore holders of non-redeemable instruments from the issuer become disadvantaged as compared to holders of redeemable instruments from the issuer. Making one or more other of an issuer&#39;s instruments redeemable as well is not practical using traditional redemption techniques. This is because the integrity of payout preferences and seniority for each different class of an issuer may only be maintained on a relative basis with overly complex redemption formulae. 
     A bipartite stock certificate (as described in U.S. Pat. No. 4,093,276) created a redeemable investment unit separable into components that may be recombined into a single unit of redeemable equity. The components are essentially interests in the issuer&#39;s equity rather than separate interests in its Financial Structure such as different types of equity and obligation interests. As a result, only a single class of interest in the Financial Structure of the issuer is redeemable. 
     Other securities similar to the bipartite stock certificate such as SuperShares divide the equity of the issuer. One aspect each of these approaches has in common is that it creates interests in the issuer&#39;s equity rather than direct interests in its Financial Structure. This may have important ramifications to the investor as to tax treatment, regulatory treatment and seniority, among others. 
     Financial engineers have created other instruments in their attempts to create redeemable interests. One such approach, described as a Proxy Asset Data Processor in U.S. Pat. No. 5,987,435; U.S. Pat. No. 6,513,020; and Patent Application number 2008/0027847, employs an indirect and cumbersome cash management system allocating referenced returns among two trusts each issuing a single class of equity which can be redeemed together. This inefficient approach requires excess infrastructure and limits the types of instruments issuers can offer. 
     Other prior art approaches and products exist as well; however, there remains a need in the marketplace for improved liquidity and transparency through the ability to redeem multiple classes of an issuer&#39;s investment instruments. The preceding description is not to be construed as an admission that any of the description is prior art relative to the present invention. 
     SUMMARY OF THE INVENTION 
     According to the present invention, a Single Issuer Compound Redeemable Instrument System includes apparatus for redeeming two or more Single Issuer Compound Redeemable Instruments of different classes of the issuer&#39;s Financial Structure in exchange for one or more Exchangeable Assets of a specified class or classes. The apparatus generally includes a processor in logical communication with a storage device and executable software stored on the storage device. The processor and software is functional to manifest the concepts and instruments referenced herein. According to the present invention, creation of two or more Single Issuer Compound Redeemable Instruments of different classes of the issuer&#39;s Financial Structure can be accomplished by deposit of Exchangeable Assets of a specified class or classes. 
     A Compound Redemption Processor may also be used to create Single Issuer Compound Redeemable Instruments through direct issuance for cash or otherwise, or may be used to convert instruments which are not Single Issuer Compound Redeemable Instruments into Single Issuer Compound Redeemable Instruments. Investors may acquire Single Issuer Compound Redeemable Instruments either from an issuer or in a secondary market transaction. In some embodiments, Single Issuer Compound Redeemable Instruments may be publicly listed. Single Issuer Compound Redeemable Instruments have value based on their individual terms as instruments issued directly by the issuer and by virtue of their ability to be redeemed using the Compound Redemption Processor for Exchangeable Assets in a process referred to herein as Compound Redemption. 
     Single Issuer Compound Redeemable Instruments may be issued directly by the issuer and may be structured as a class of instrument including equity, obligation, hybrid or otherwise. Such significant structuring flexibility enables the present invention to fit various risk return profiles and access the various tax, regulatory and accounting treatment accorded to various classes of issuer securities. These factors may be important to investors and represent an advantage compared to other financial products such as Primes and Scores, wherein with Primes and Scores, a single class is separated into components which are not themselves part of the issuer&#39;s Financial Structure. 
     Apparatus included in a Compound Redemption Processor may incorporate computer hardware and stored protocol of processing logic to properly specify the minimum number of Single Issuer Compound Redeemable Instruments redeeming in exchange for Exchangeable Assets in a single instance of Compound Redemption. In some embodiments, a Compound Redemption Processor is capable of managing individual and multiple instances of Compound Redemption simultaneously or in sequence. The Compound Redemption Processor organizes and tracks instruments in a database as controlled by the processing logic of the computer system, to insure proper administration of the Single Issuer Compound Redeemable Instruments during their term. The proper implementation and management of the Compound Redemption Processor will affect the pricing efficiency and marketability of Single Issuer Compound Redeemable Instruments. One part of some embodiments of a Compound Redemption Processor is a data processing system that conveys information about Exchangeable Assets, including valuation information, to the marketplace making such information available in essentially real time, or at least without any significant artificial delays built in. 
     The data processing system and method for executing trades provides that redeeming, creating, trading, managing and reporting of Single Issuer Compound Redeemable Instruments is seamless, automatic and efficient. A linked database in accordance with a stored protocol permits commercial transactions of Single Issuer Compound Redeemable Instruments enabling the distribution and trading of Single Issuer Compound Redeemable Instruments. The Single Issuer Compound Redeemable Instruments are exchanged in the market either via conventional brokerage services or directly through a trading system defined here, allowing a broad spectrum of investor access to this instrument with improved investment and risk management capabilities compared to other Financial Instruments. 
     In one aspect of some embodiments of the present invention, a Compound Redemption Processor provides for the redemption of two or more classes of Single Issuer Compound Redeemable Instruments, or their cash equivalent, in exchange for the withdrawal of Exchangeable Assets, or their cash equivalent, on an ongoing basis with enhanced speed, efficiency and control. In various embodiments, ongoing basis may refer to more than one of a single instance or transaction or multiple instances or transactions. 
     In another aspect of the present invention the Compound Redemption Processor provides for the creation of Single Issuer Compound Redeemable Instruments on an ongoing basis with enhanced speed, efficiency and control, including means for establishing or identifying the issuer, means for determining the terms of Single Issuer Compound Redeemable Instruments, and means for determining Exchangeable Assets. 
     In another aspect of the present invention the Compound Redemption Processor provides for the issuance of Single Issuer Compound Redeemable Instruments in exchange for the deposit of Exchangeable Assets or equivalent value on an ongoing basis with enhanced speed, efficiency, and control. 
     In another aspect of the present invention the Compound Redemption Processor provides for the conversion of an issuer&#39;s existing instruments into Single Issuer Compound Redeemable Instruments on an ongoing basis with enhanced speed, efficiency, and control. 
     In another aspect of the present invention, the Compound Redemption Processor provides for the distribution, management and support of Single Issuer Compound Redeemable Instruments and Exchangeable Assets on an ongoing basis. Distribution, management and support can be on a periodic basis or on demand. Automated apparatus can provide enhanced speed, efficiency and control, including without limitation: apparatus for receiving, managing and distributing Exchangeable Assets; other collateral, apparatus for receiving input from the capital markets; apparatus for determining and maintaining rates of exchange between Single Issuer Compound Redeemable Instruments and Exchangeable Assets; and apparatus for engaging and maintaining the Depositor. In addition, automated apparatus may include means for managing terms associated with a Single Issuer Compound Redeemable Instrument, including without limitation: making payments of Single Issuer Compound Redeemable Instruments; extinguishing Single Issuer Compound Redeemable Instruments; providing reporting information for issuers and to customers for administrative and record keeping purposes including tax reporting; and liquidating an issuer of Single Issuer Compound Redeemable Instruments. 
     In accordance with the varying aspects of the present invention, the Single Issuer Compound Redeemable Instrument may be available as a separate trading security. In an associated aspect, the Compound Redemption Processor provides trading support for Single Issuer Compound Redeemable Instruments. Trading support may include communicating to investors and potential investors&#39; relevant information to evaluate transactions such as information as to the terms of Single Issuer Compound Redeemable Instruments and Exchangeable Assets and as to the composition of Instrument Sets, Instrument Units, Asset Sets and Asset Units, among others. 
     The present invention accordingly comprises the features of construction, combination of elements and arrangement of parts that will be exemplified in the following detailed disclosure, and the scope of the invention will be indicated in the claims. Other features and advantages of the present invention will be apparent from the description, the drawings and the claims. 
     The foregoing specific aspects and advantages of the present invention are illustrative of those which can be achieved by the present invention and are not intended to be exhaustive or limiting of the possible advantages that can be realized. Thus, the aspects and advantages of this invention will be apparent from the description herein or can be learned from practicing the invention both as embodied herein or as modified in view of any variations that may be apparent to those skilled in the art. Accordingly, the present invention resides in the novel parts, constructions, arrangements, combinations and improvements herein shown and described. The present invention has several important technical advantages. In various embodiments it may have none, some, or all of these technical advantages. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       Embodiments and other aspects of the invention are best understood with reference to the detailed disclosure and the following figures, which are meant to illustrate and not limit the invention, and in which: 
         FIG. 1A  illustrates a diagram depicting prior art with fungible assets grouped in classes, an issuer, and fungible issuer instruments grouped in classes. 
         FIG. 1B  illustrates a block diagram depicting some exemplary embodiments of the present invention including a single instance of Compound Redemption. 
         FIG. 2  illustrates one instance of the Compound Redemption of instruments according to an embodiment of the invention. 
         FIG. 3  illustrates some embodiments of an Issuer engaging in Redemption Instances. 
         FIG. 4  illustrates a flow chart with some exemplary methods of redeeming Single Issuer Compound Redeemable Instruments in exchange for Exchangeable Assets. 
         FIG. 5  illustrates steps that may be included, in some embodiments relating to acquisition, ownership and disposition of Single Issuer Compound Redeemable Instruments. 
         FIG. 5A  illustrates some alternative embodiments of the present invention. 
         FIG. 6  depicts a flow chart illustrating some methods of creating, redeeming, managing, administering, and extinguishing Single Issuer Compound Redeemable Instruments according to some embodiments of the present invention. 
         FIG. 7A  illustrates method steps that can be included in some embodiments of the present invention. 
         FIG. 7B  illustrates some additional method steps that may be implemented in some embodiments of the present invention. 
         FIG. 8  illustrates a block diagram of components included in some embodiments the invention. 
         FIG. 9  illustrates a block diagram of CPU apparatus included in some embodiments the Present invention. 
         FIG. 10  illustrates exemplary steps related to an instance generator according to some embodiments of the present invention. 
         FIG. 11  illustrates exemplary steps related to a Processor Manager according to some embodiments of the present invention. 
         FIG. 12  illustrates a block diagram of logic that may be utilized by apparatus implementing some embodiments of the present invention. 
         FIG. 13  illustrates an exemplary spreadsheet including computation of the ratio and numbers of SICRIs and EAs in Compound Redemption according to some embodiments of the present invention. 
         FIG. 14  illustrates a table with examples of Single Issuer Compound Redeemable Instruments and corresponding Exchangeable Assets. 
         FIG. 15  illustrates an example of a derivative with an illiquid underlying. 
         FIG. 16  illustrates an example of a short stock position. 
         FIG. 17  illustrates an example of a collateralized bond obligation. 
         FIG. 18  illustrates an example of a securitized prime brokerage. 
         FIG. 19  illustrates an example of an operating issuer. 
     
    
    
     It should be understood by one skilled in the art that the embodiments depicted in the drawings are illustrative and variations of those shown as well as other embodiments described herein may be envisioned and practiced within the scope of the disclosure. 
     DETAILED DESCRIPTION OF THE EMBODIMENTS 
     Accordingly, the present invention provides novel apparatus and methods related to the issuance and redemption of Single Issuer Compound Redeemable Instruments from disparate specified financial classes of the issuer&#39;s Financial Structure, such as, for example equity classes, debt classes, classes of contracts, and other classes of Financial Instruments. The SICRIs are jointly redeemable in exchange for specified assets. In some embodiments, issuance and redemption of the Single Issuer Compound Redeemable Instruments takes place on an ongoing basis. 
     Generally, a Single Issuer Compound Redeemable Instrument is a Financial Instrument that is jointly redeemable with other issuer instruments belonging to different classes. Instruments of the Issuer may be otherwise difficult to efficiently exchange for value. According to the present invention, specified Single Issuer Compound Redeemable Instruments are redeemable for specified assets according to an instance of Compound Redemption. The relative value of the instruments of different classes in an instance of Compound Redemption is determined by market demand and the aggregate value of such instruments is efficiently determined by the value of the specified assets for which they can be exchanged. Multiple types of instruments may be issued as, or transformed into, a Single Issuer Compound Redeemable Instrument by an issuer. 
     The use of Single Issuer Compound Redeemable Instruments allows for the creation of one or both of new and improved Financial Instruments which are redeemable in instances of Compound Redemption for Exchangeable Assets. The instruments may include derivatives, securitizations and corporate financings. The new Financial Instruments will be capable of increased transparency over existing Financial Instruments and increased liquidity. 
     As a result of the methods and apparatus disclosed, investors, dealers and issuers will benefit from improved liquidity and transparency as compared to non-redeemables; arbitrage pricing efficiency; new methods and apparatus for managing risk and return; simplicity of Financial Instrument make up; and efficiency in trading; new, improved special purpose vehicles; a revitalization of collateralized businesses; derivatives on illiquid underlyings; securitized prime brokerage; synthetic stock lending; increased trading opportunities; and corporate financing opportunities; new corporate redeemables; issuance of more redeemables; revitalization of existing instruments; securitization of inventory and embedded margins, amongst other benefits. 
     Single Issuer Compound Redeemable Instruments can be traded via the apparatus and methods described herein using U.S., non U.S. and global, public and private markets, exchanges, services and platforms, among others, including examples such as the New York Stock Exchange, NASDAQ, the London Stock Exchange, the Cayman Islands Stock Exchange, Bloomberg® and Reuters® pages, the NASDAQ PORTAL Alliance system, and private dealer markets, among others. 
     DEFINITIONS 
     As used herein, the following terms shall be associated with the specified definitions: 
     “Asset Unit” as used herein, refers to a relative number of Exchangeable Assets exchangeable in an instance of Compound Redemption. 
     “Asset Set” used herein, refers to an absolute number of Exchangeable Assets exchangeable in an instance of Compound Redemption. 
     “Compound Redemption” as used herein and sometimes referred to as a “CR” or multiple “CRs” or “Co-Redemption” or multiple “Co-Redemptions” and refers to the predefined joint redemption of independent SICRIs of two or more disparate classes of the issuer&#39;s Financial Structure in exchange for one or more Exchangeable Assets. 
     “Compound Redemption Processor” an automated computer processor in logical communication with a digital storage. The digital storage stores executable code which is operative with the processor to process some or all aspects of a Compound Redemption. 
     “Exchange Traded Note” as used herein, refers to an exchange-traded note (ETN) such as an exchange traded, equity-linked, senior, unsecured, unsubordinated obligation issued by a corporation. ETNs have a maturity date and are backed by the credit of the issuer. 
     “Exchangeable Asset” as used herein and sometimes referred to as an “EA” or multiple “EAs” is an asset specified as exchangeable for SICRIs in an instance of Compound Redemption. By way of non-limiting example, an Exchangeable Asset can include one or more: stock, bond, inventory, service, contract, commodity, portfolio, right, real estate, agreement, mortgage, note, receivable, cash, currency, coupon, precious metal, energy unit or other transferable Financial Instrument or asset, including securities of the issuer not Compound Redeemable or if Compound Redeemable not in the Redemption Instance in which they are Exchangeable Assets. 
     “Financial Instrument” shall herein include pecuniary value based upon any stock or certificate of interest or participation in a company, or any indebtedness or obligation or any other instrument falling either within or without of the definition provided by the Securities Exchange Acts of 1933 or 1934 for a financial security including instruments that are not financial securities; including therefore, but not limited to, any: note, equity, common stock, preferred stock, treasury stock, futures contract, senior bond, junior bond, convertible bond, ownership interest, debenture, certificate of interest, option contract, hybrid, derivative, trust unit, swap, repo, forward, or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a ‘security’; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase. 
     “Financial Structure” as used herein shall mean the framework of financing an entity including all debt, equity and other interests as reflected on the right-hand side of the balance sheet of such entity. 
     “Processor Manager” as referred to herein refers to an entity that controls an exchange of Exchangeable Assets for a Single Issuer Compound Redeemable Instruments. 
     “Instrument Unit” used herein, refers to a relative number of Single Issuer Compound Redeemable Instruments redeeming in an instance of Compound Redemption. 
     “Instrument Set” used herein, refers to an absolute number of Single Issuer Compound Redeemable Instruments redeeming in an instance of Compound Redemption. 
     “Maturity Payment” used herein, refers to a payment received following the holding of a SICRI to the end of it&#39;s term. 
     “Redemption Instance” as used herein and sometimes referred to as “RI” is an instance of Compound Redemption which includes a predefined exchange of SICRIs jointly redeeming in exchange for Exchangeable Assets. 
     “Redemption Notice” as used herein, refers to a notification by a holder or other controller of a SICRI which includes the holder&#39;s intent to redeem an indicative number and class of Single Issuer Compound Redeemable Instruments by effecting one or more instances of redemption. 
     “Single Issuer Compound Redeemable Instrument” as used herein and sometimes referred to as a “SICRI” or multiple “SICRIs” includes an issuer Financial Instrument jointly redeemable with one or more other Financial Instruments in exchange for one or more predefined Exchangeable Assets of one or more classes, wherein the issuer Financial Instrument and the one or more other Financial Instruments are of disparate classes of the issuer&#39;s Financial Structure. 
     In some embodiments of the present invention, a newly formed special purpose vehicle (SPV) issues derivative instruments and equity instruments jointly redeemable for specified commodities. The derivative may have, for example, a payout linked to equity, housing or even the commodity. Should the market value of the derivative and the equity vary from the commodity, arbitrage opportunities would exist to bring a relative price of the equity and the derivative into balance. In another example, the outstanding shares and bonds of a company can be transformed into Single Issuer Compound Redeemable Instruments jointly redeemable for the finished goods inventory of the issuer enabling the marketplace to value the issuers&#39; securities on the basis of its marked-up products. 
     The present invention provides a Compound Redemption Processor apparatus capable of creating, distributing, managing, and maintaining a plurality of Single Issuer Compound Redeemable Instruments of a plurality of classes, instruments of one class redeemable together with instruments of one or more other classes in accordance with pre-determined criteria in exchange for specified Exchangeable Assets of one or more classes on an ongoing basis, and also executing trade, transformation, issuance and redemption of such Single Issuer Compound Redeemable Instruments. Single Issuer Compound Redeemable Instruments provide the ability to own and trade a single Financial Instrument having a unique and attractive matrix of properties allowing enhanced investment opportunities. 
     A Compound Redemption Processor is employed as part of a Single Issuer Compound Redeemable Instrument System and includes processors in logical communication with executable code which upon execution causes the processor to be functional to one or more of: create, distribute, manage, maintain, redeem, and extinguish the Single Issuer Compound Redeemable Instruments. A data processor according to the present invention makes possible a fundamentally new kind of instrument by defining and managing the absolute and relative numbers and classes of instruments and assets comprising instances of Compound Redemption, and also facilitating trade, creation and redemption of such Single Issuer Compound Redeemable Instruments thereby facilitating pricing arbitrage and efficient market pricing. 
     In some respects, Single Issuer Compound Redeemable Instruments may resemble other instruments which investors may be familiar with; however, SICRIs differ in their ability to be redeemed in instances of Compound Redemption. Single Issuer Compound Redeemable Instruments therefore have the advantage of being both familiar to investors and superior in their liquidity and transparency. The Single Issuer Compound Redeemable Instruments are familiar in terms of the kinds of structures that investors become involved with from a tax and regulatory perspective and offer the same feeling of financial soundness plus the benefits of Compound Redemption. The Compound Redemption Processor is designed to reinforce and confirm these impressions among investors by facilitating the basic functions necessary for the Single Issuer Compound Redeemable Instrument&#39;s comparability and advantages compared with other assets. 
     Apparatus and executable code utilized to create or process SICRIs may take into account multiple factual considerations in order to optimize the success of a SICRI offering and redemption. Considerations may include, for example, one or more of: a ratio of SICRIs redeeming to the number issued; a ratio of assets exchanging as Exchangeable Assets; a ratio of SICRIs to Exchangeable Assets; administration of changes to one or both of the SICRIs and the Exchangeable Assets; cash and/or physical settlements; and expense and income attributions. 
     According to the present invention, the above functions and other aspects are realized in a SICRI System including apparatus and executable software. A SICRI Data Processor is linked to a database for managing the process of CR. Investors become holders of SICRIs having exchange value by virtue of their ability to be redeemed for EAs. The parameters governing CR instances are periodically adjusted in accord with changes, if any, in the relative and absolute numbers of SICRIs redeeming and changes, if any, in the relative and absolute numbers of EAs exchanging. These changes may reflect issuer-related income, expenses or corporate actions or asset-related income, expenses or modifications whether or not the assets are actually owned by the issuer. 
     In various embodiments, a SICRI database includes digital data descriptive of at least one account, instrument and asset information, and stores parameters that govern an instance on a periodic basis as controlled by processing logic inherent in the executable software. At set intervals the system addresses the proportion of instruments redeeming by changing or not changing the coefficients of the Instrument Unit and the absolute number of instruments redeeming by changing or not changing the multiplier for the Instrument Set. Also at set intervals, the system addresses the proportion of assets exchanging by changing or not changing the coefficients of the Asset Unit and the absolute number as assets redeeming by changing or not changing the multiplier for the Asset Set. The system provides for the creation of Single Issuer Compound Redeemable Instruments by enabling newly created and issued instruments and outstanding instruments for Compound Redemption using the Compound Redemption Processor. 
     Overview 
     Referring now to  FIG. 1A , a diagram illustrates prior art scenario involving assets grouped in classes, an issuer and issuer instruments comprising multiple classes. The assets within each class of assets are fungible, but they are not fungible with assets of other classes. The instruments within each class of instrument are fungible, but they are not fungible with instruments of other classes. This diagram is included herein because it is useful for illustrative purposes in order to establish a framework for explaining certain embodiments of the present invention. 
     With reference to  FIG. 1A , issuer  100  designates assets  110  comprising classes  110   1-d  each comprising a number j d  of fungible asset A d  and issues Instruments  120  comprising classes  120   1-x  each comprising a number k x  of a fungible Instrument S x . Issuer  100  may be, for example, newly-formed or pre-existing, an operating company or special purpose vehicle, managed actively or not managed actively, or structured as a corporation, limited liability company, or other legal entity including an exchange, such as, for example, a futures or options exchange, which issues Financial Instruments. 
     Assets  110  may be, for example, any items of property, including real property, personal property, tangible property or intangible property or any interests therein which may be readily transferable or not. In one example, assets  110  comprise shares of stock listed on public exchanges of various companies comprising classes  110   1-d  each comprising number j d  of single company share A d . In another example, assets  110  comprise condominium units in different buildings comprising classes  110   1-d  each comprising number j d  of single building condominium unit A d . In another example, assets  110  include one or more classes  110   1-d  each comprising interests in notional principal contracts known as swap agreements. In another example, assets  110  include one or more classes  110   1-d  comprising different types of cash instruments. 
     Instruments  120  may be, for example, ownership units, debt obligations, or contract agreements. In one example, Instruments  120  comprise bonds of different maturities each class  121   x  comprising a number k x  of single maturity bond S x . In another example, Instruments  120  comprise common shares and types of contracts comprising classes each class  120   x  comprising k x  of common share or single contract S x . 
     In one example, Assets  110  comprise 1000 U.S. Treasury Bonds of a single series and Instruments  120  comprise 10,000 units of ownership of trust issuer  100  and 20,000 contracts linked to shares of IBM. In this example, Assets  110  comprise class  110   1  where j 1  equals 1000 and A 1  represents a single U.S. Treasury Bond and Instruments  120  comprise classes  120   1  and  120   2  where k 1  equals 10,000 and S 1  represents a single unit and k 2  equals 20,000 and S 2  represents a single contract. 
     In another example, Assets  110  comprise screws of several different classes and Instruments  120  comprise shares of stock and bonds of screw manufacturer  100 . 
       FIG. 1B  illustrates a block diagram depicting some exemplary embodiments of the present invention including a single instance of Compound Redemption. In such instances, one asset A 1    110  from a single class  110   1  is distributed by issuer  100  in exchange for the redemption of two Financial Instruments of separate classes S 1  of class  120   1  and S 2  of class  120   2 . 
     Issuer  145  in  FIG. 1B  may generally be considered equivalent to an issuer  100  in  FIG. 1A . In  FIG. 1B  Single Issuer Compound Redeemable Instrument  1   160  and Single Issuer Compound Redeemable Instrument  2   165  are each from a separate class  120   x    FIG. 1 . These instruments redeem together through the system of Compound Redemption in exchange for the distribution of Exchangeable Asset  180  an asset of a single class  110   d . 
     In this exemplary embodiment, the system operates by grouping Single Issuer Compound Redeemable Instrument  1  and Single Issuer Compound Redeemable Instrument  2  as one Instrument Unit  155  comprising one Instrument Set  150  redeeming in exchange for one Asset Set  170  comprising one Asset Unit  175  comprising one Exchangeable Asset  180 . This embodiment illustrates in simplified form, a system of Compound Redemption wherein independent instruments from separate classes redeem jointly in exchange for a single class of asset. In this and other instances of CR the issuer may retain, extinguish or re-issue redeemed SICRIs. 
     Other embodiments including those of greater variety and complexities wherein instruments from at least two classes of instruments redeem in exchange for assets from at least one class of asset are illustrated in  FIG. 2 . 
     Referring now to  FIG. 2 , a block diagram illustrates exemplary configurations and systems for various embodiments of the invention. Issuer  210  may generally considered to be equivalent to an Issuer  100  in  FIG. 1A . Issuer  210  may be the owner of Exchangeable Assets  211  or may acquire or direct these assets in order to fulfill its obligations under one or more instances of Compound Redemption described herein. Holder  220  is the owner of Single Issuer Compound Redeemable Instruments  221  or may acquire or direct these instruments in order to meet the requirements for one or more instances of Compound Redemption. 
     Redemption Instance  200  occurs when Single Issuer Compound Redeemable Instruments Rx  221  comprising more than one of Instrument Classes  221   1-x  redeem in exchange for Exchangeable Assets E d    211  comprising one or more of Asset Classes  211   1-d . As such, Instruments  120  in  FIG. 1A  are Single Issuer Compound Redeemable Instruments if they can be redeemed in this fashion and Assets  110  in  FIG. 1A  are Exchangeable Assets if they are exchangeable in this fashion. As a result, Single Issuer Compound Redeemable Instruments  221  are a subset of Instruments  120  in  FIG. 1A  that issue as or subsequently become Single Issuer Compound Redeemable Instruments and Exchangeable Assets  211  comprise Assets  110  in  FIG. 1A  that are Exchangeable Assets. 
     In some embodiments of the invention, Issuer  210  issues only Single Issuer Compound Redeemable Instruments  221 . 
     In other embodiments of the invention, Issuer  210  issues interests (such as  120  in  FIG. 1A ) which are not Single Issuer Compound Redeemable Instruments  221 . Such interests can include any sort of instrument other than Single Issuer Compound Redeemable Instruments including for example equity, debt, contracts, swap agreements, warrants and derivatives which are not redeemable, or which are individually redeemable such as the shares of an open-end mutual fund or certain unit investment trusts. 
     In some specific examples, Single Issuer Compound Redeemable Instruments  221  provide similar economics of Exchange Traded Notes or ETNs with additional flexibility. ETNs generally are obligations of an issuer that are listed and traded on a securities exchange such as the NYSE and provide investors access to the return of a market index. The return associated with an ETN at maturity or upon redemption is derived from the performance of a benchmark, typically a market index, which may be adjusted for fees and other costs. An investor fee is usually associated with ETNs. The investor fee may be calculated in different ways, but will generally be calculated on a cumulative basis each day based on a yearly fee and the performance of the underlying index. 
     ETNs closely track index performance because their payout and redemption value is specified in terms of the benchmark and varies primarily because of fees and costs, but may also vary because of a change in the credit worthiness of the issuer. This is different as compared to Exchange Traded Funds (ETFs) which own assets managed by the fund manager to track the benchmark. ETFs don&#39;t usually have credit risk, but may experience tracking error associated with the management of assets as well as fees and costs. 
     Two or more SICRIs enable investors to closely track a benchmark with added flexibility compared to a conventional ETN to efficiently achieve more efficient variations of risk and return associated with a benchmark. For example, one SICRI can provide the performance of an index, adjusted for fees and other costs, up to and including a cap level (Target™) and another SICRI can provide the performance of the same index, similarly adjusted for fees and other costs, above the cap level (SuperTarget™). The Target™ and SuperTarget™ use Compound Redemption to access the Exchangeable Asset which is a cash amount providing the performance of the adjusted index similar to a conventional ETN. However, by investing in relatively more Targets™ or SuperTargets™ other variations of risk and return can be achieved. Targets™ and SuperTargets™ resemble conventional structured products which are not redeemable; however, because they are SICRIs these structured products are jointly redeemable for cash providing an enhanced liquidity feature compared to conventional structured products. 
     For illustrative purposes, and by way of non-limiting example, an issuer in the above example may be an exchange, such as, for example, a futures exchange issuing two classes of contracts as SICRIs with economics similar to Targets™ and SuperTargets™ where instruments from both classes are jointly redeemable in exchange for the cash value of an index using Compound Redemption. 
     In another specific example, contracts and shares are Single Issuer Compound Redeemable Instruments  221  of an Exchange Traded Fund or ETF Issuer  210  which holds cash collateral as Exchangeable Assets  211 . The contracts provide capped long exposure to a reference, such as the Consumer Price Index or Gross Domestic Product, and the units are a residual interest effectively providing short capped exposure to the same reference. 
     In another embodiment of the invention, Issuer  210  issues Instruments  120  in  FIG. 1A  which are not redeemable when issued, but subsequently become Single Issuer Compound Redeemable Instruments  221 . This might be the case where an issuer has a class of outstanding equity and a class of outstanding debt that the issuer causes to become Single Issuer Compound Redeemable Instruments  221  subsequent to the issuance redeeming in exchange for one or more classes of asset that it owns or will acquire. 
     In one embodiment of the invention, a Redemption Instance  200  specifies Instrument Set  201  comprising Multiplier v  203  number of Instrument Units  202  comprising coefficients r 1-x  numbers of Single Issuer Compound Redeemable Instruments R x  redeeming in exchange for Asset Set  204  comprising Multiplier u  206  of Asset Units  205  comprising coefficients e 1-d  numbers of Exchangeable Assets E d . 
     In other embodiments, Redemption Instance  200  comprises Instrument Set  201  comprising the smallest non-negative integer number of Single Issuer Compound Redeemable Instruments redeeming in exchange for Asset Set  204  comprising the smallest non-negative integer number of Exchangeable Assets where Instrument Unit  202  comprises the smallest non-negative integer numbers r 1-x  at least r 1  and r 2  being positive of R 1-x , Multiplier v  203  represents the smallest positive integer number of Instrument Units  202 , Asset Unit  205  comprises the smallest non-negative integer numbers e 1-d  at least e 1  being positive of E 1-d , and Multiplier u  206  represents the smallest positive integer number of Asset Units  205 . For example, the number and class of Single Issuer Compound Redeemable Instruments redeeming in Instrument Set  201  comprises 100 shares of common equity and 20 derivative contracts where Instrument Unit  202  comprises 5 shares and 1 contract and Multiplier v equals 20, and the number and class of Exchangeable Assets exchanging in Asset Set  204  comprises 3 corporate bonds where Asset Unit  205  comprises 1 bond and Multiplier u  206  equals 3. The ratio of u/v in various embodiments of the invention is referred to herein as a Redemption Ratio. In this example, the Redemption Ratio is 3/20. 
     In still other embodiments of the invention, a Redemption Instance  200  specifies Instrument Set  201  comprising any non-negative number of Single Issuer Compound Redeemable Instruments redeeming in exchange for Asset Set  204  comprising any non-negative number of Exchangeable Assets where Interest Unit  202  comprises any numbers r 1-x  at least r 1  and r 2  positive, Multiplier v  203  represents any positive number, Asset Unit  205  comprises any number(s) e 1-d  at least e 1  positive and Multiplier u  206  represents any positive number. For example, the number and class of Single Issuer Compound Redeemable Instruments is equal to Multiplier v of 0.9 Instrument Unit  202  each comprising 10,000 shares of preferred equity, 4 senior bonds and 2 subordinated bonds, and the number and class of Exchangeable Assets  204  is equal to Multiplier u 70.2 of Asset Units comprising 30 buckets of #2 screws and 70 buckets of #8 screws. In this example the Redemption Ratio is 70.2/0.9, or 78/1. 
     In various embodiments of the invention, any numbers of Single Issuer Compound Redeemable Instruments R x    221  from more than one Instrument Class  221   1-x  and any numbers of Exchangeable Assets E d  from at least one Asset Class  211   1-d  can be specified in a Redemption Instance. 
     In various embodiments of the invention, fractions of Instrument Sets, Instrument Units, Multiplier v&#39;s, Single Issuer Compound Redeemable Instruments, Asset Sets, Asset Units, Multiplier u&#39;s, and Exchangeable Assets are possible. 
     It is appreciated that in some individual or groupings of instances of Compound Redemption the use of cash equivalents may be used for all or a portion of a redemption instance. 
     In various embodiments of the invention, an issuer may create Single Issuer Compound Redeemable Instruments only in the case where it owns at least all of the Exchangeable Assets for which said instruments can be redeemed. 
     In various embodiments of the invention, an issuer may create Single Issuer Compound Redeemable Instruments in cases where it owns less than all of the Exchangeable Assets for which said instruments can be redeemed. 
     Referring now to  FIG. 3 , with reference to  FIGS. 1A and 2 , configuration and system examples of various embodiments of the invention are illustrated.  FIG. 3  illustrates an Issuer  310 , generally equivalent to an Issuer  210  in  FIG. 2 , and Holders  320  comprising H 1-h  each a Holder  220  of  FIG. 2  engaging in Redemption Instances  300  comprising RI 1-c , each a Redemption Instance  200  in  FIG. 2 . 
     In some exemplary embodiments, H h  may be the same in different RI c &#39;s as in the case where insurance company H 1  is the Holder in RI 1  and RI 2 , or in the case where H 1  is the only Holder in each of several RI c &#39;s in which it is a participant. In other exemplary embodiments, H h &#39;s may be different in different RI c &#39;s as in the case where investment fund H 1  participates in RI 1  and corporate investor H 2  participates in RI 2 . In other exemplary embodiments, H h &#39;s may be different in the same RI c  as in the case where sophisticated investor H 1  and hedge fund H 2  participate in RI 1  by each contributing Single Issuer Compound Redeemable Instruments  221  in  FIG. 2 . 
     In other exemplary embodiments, Instrument Set  201  in  FIG. 2  may be the same in more than one RI 1-c  as in the case where the Instrument Set comprises 50 common shares and ten warrants of Issuer in each of RI 1-512 . In still other exemplary embodiments, Instrument Set  201  in  FIG. 2  may be different in more than one RI 1-c  as in the case where the Instrument Set Comprises 40 common shares and 20 preferred shares of Issuer in each of RI 1-200  and  41  common shares and 20 preferred shares of Issuer in each of RI 201-204 . 
     In other exemplary embodiments, Asset Set  204  in  FIG. 2  may be the same in more than one RI 1-c  as in the case where the Asset Set comprises 50 silver coins of a single type in each of RI 1-20,000 . In other exemplary embodiments, Asset Set  204  may be different in more than one RI 1-c  as in the case where the Asset Set Comprises 48 silver coins of a single type in each of RI 1-2300 , 47 silver coins of the same type in each of RI 2301-3333  and 46 silver coins of the same type in each of RI 3334-5000 . 
     In other exemplary embodiments, Instrument Unit  202  in  FIG. 2  may be the same in more than one RI 1-c  as in the case where the Instrument Unit comprises 7 preferred shares, 1 bond and one contract of Issuer in each of RI 1-10,000 . In other exemplary embodiments, Instrument Unit  202  in  FIG. 2  may be different in more than one RI 1-c  as in the case where the Instrument Unit comprises 2 common shares and 1 preferred share of the Issuer in RI 1-100 , 300 common shares and 2 bonds of the Issuer in each of RI 101-1,000 , 2 common shares and 1 preferred share of the Issuer in each of RI 1,001-1,100 . 
     In other exemplary embodiments, Asset Unit  205  in  FIG. 2  may be the same in more than one RI 1-c  as in the case where the Asset Unit comprises 1 U.S. Treasury Bond in each and every RI c . In other exemplary embodiments, the Asset Unit  205  in  FIG. 2  may be different in more than one RI 1-c . In furtherance of this exemplary embodiment, the Asset Unit Comprises 3 shares of ABC Company stock, 5 shares of XYZ Company stock and 3 gold coins in some RI c , and 9 shares of ABC Company stock, 1 share of GHI Company stock and 1000 silver coins in every other RI c . 
     In other exemplary embodiments, Multiplier v  203  in  FIG. 2  may be the same in more than one RI 1-c  as in the case where Multiplier v is 1.0 in each of RI 1-25 . In other exemplary embodiments, Multiplier v  203  in  FIG. 2  may be different in more than one RI 1-c  as in the case where Multiplier v is 0.9999 in each of RI 26-60  and 0.99985 in each of RI 61-85 . 
     In other exemplary embodiments, Multiplier u  206  in  FIG. 2  may be the same in more than one RI 1-c  as is the case where Multiplier u is 10.0 in each of RI 1 , RI 7  and RI 28 . In other exemplary embodiments, Multiplier u  206  in  FIG. 2  may be different in more than one RI 1-c  as is the case where Multiplier u is 7 in RI 1 , 6 in RI 702 , 5 in RI 1500  and 4.3 in RI 2223 . 
     In other exemplary embodiments, Multiplier u  206  and Multiplier v  203  and coefficients r 1-x  and e 1-d  all equal to 1 in more than one RI 1-c  as is the case where Multiplier u is 1, Multiplier v is 1, coefficient r 1  is 1, coefficient r 2  is 1, coefficient e 1  is 1 and all other coefficients are 0 in every RI c . By way of further example involving ETNs in some embodiments, ETNs are jointly redeemable for one amount of cash specified to be an index, such as E 1 . Alternatively, E 1  can be a fixed amount and a coefficient e 1  varies with an index. Alternatively, e 1  and E 1  can be pre-specified in order to provide a fixed schedule of redemption amounts such as One Hundred Dollars U.S. ($100.00) this year and One Hundred Five Dollars U.S. ($105.00) a following year. 
     In other exemplary embodiments, one or more of the Instrument Set  201 , Asset Set  204 , Instrument Unit  202 , Asset Unit  205 , Multiplier v  203  and Multiplier u  206  in  FIG. 2  may not change in a subsequent RI c  as is the case where each of the Instrument Set, Asset Set, Instrument Unit, Asset Unit, Multiplier v and Multiplier u is the same in RI 3  as it was in RI 2  where RI 3  is subsequent to RI 2 . 
     In other exemplary embodiments, one or more of the Instrument Set  201 , Asset Set  204 , Instrument Unit  202 , Asset Unit  205 , Multiplier v  203  and Multiplier u  206  in  FIG. 2  may change in a subsequent RI c  on an arbitrary basis as is the case where Multiplier u  206  is 10 in RI 1 , 9 in RI 2  and 11 in RI 3  where RI 3  is subsequent to RI 2  and RI 2  is subsequent to RI 1 . 
     In other exemplary embodiments, one or more of the Instrument Set  201 , Asset Set  204 , Instrument Unit  202 , Asset Unit  205 , Multiplier v  203  and Multiplier u  206  in  FIG. 2  change in a subsequent RI c  on a specified basis as in the examples where Multiplier v  203  is increased or decreased in subsequent RI c  to reflect the actual expenses or income of Issuer  210  in  FIG. 2  or Instrument Unit  202  is changed to reflect a change to a Single Issuer Compound Redeemable Instrument R x    221  such as a corporate event as in a share split of an instrument included in such Instrument Unit. 
     In other exemplary embodiments, Holder H h    320  initiates RI c . In furtherance of this exemplary embodiment, H h  provides Issuer  310  with a Redemption Notice  401   FIG. 4  (discussed further below) to initiate a RI c . In other exemplary embodiments, Issuer  310  initiates RI c . In furtherance of this exemplary embodiment, Issuer provides one or more Holders with a Redemption Notice to initiate a RI c . 
     The various elements of a system of Compound Redemption is illustrated in  FIGS. 1B ,  2  and  3  and may be expressed in unique controlling logic resident on or implemented with any of one or more computers, e.g. servers, which in turn may be connected to other computers or computer networks such as those including but not limited to the World Wide Web, the Internet, any suitable local area network (LAN), and/or any suitable wide area network (WAN), a virtual private network (VPN), Integrated Services Digital Network (ISDN or other type of distributed network. 
     Further, the various functionalities of the systems and methods described herein may be implemented by suitable hardware, firmware, and/or software (e.g. such as those useful for computer, telephony, and/or internet applications). Examples of computer systems incorporating the system of Compound Redemption are outlined in  FIGS. 8 and 9 . 
     Methods 
     Referring now to  FIG. 4 , a flow chart illustrates methods of redeeming of Single Issuer Compound Redeemable Instruments via Redemption Instances in exchange for Exchangeable Assets according to some specific embodiments of the invention. Holder  400  redeems Single Issuer Compound Redeemable Instruments  403  from Issuer  440  using Depositor  420  being the Issuer, an affiliate of the Issuer, or an unrelated third party. 
     Communications and method steps describe herein may be accomplished via a network access device, such as a personal computer, a computer terminal, a mobile phone, a personal digital device or other apparatus capable of communicating via a distributed network in logical communication with a server or other Compound Redemption Processor involved in the methods described. 
     At a first step  1  Holder  400  submits Redemption Notice  401  to Depositor  420  specifying the intent of Holder  400  to redeem an indicative number and class of Single Issuer Compound Redeemable Instruments  403  by effecting one or more Redemption Instances  200 . Depositor  420  accepts Redemption Notice  401  as Redemption Notice  421  or rejects it for incompleteness and returns it to Holder in step  1 ( a ). At a second step  2  Depositor submits Redemption Notice  421  to Issuer  440  specifying Holder&#39;s intent to redeem indicative number of Single Issuer Compound Redeemable Instruments by effecting one or more Redemption Instances  200  in  FIG. 2 . Issuer  440  accepts Redemption Notice  421  as complete Redemption Notice  441  and proceeds to a third step  3  or rejects it for incompleteness and returns it to Depositor in a step  2 ( a ) who then completes it and returns it in step  2  or returns it to Holder in a step  1 ( a ). 
     In a third step  3 , Issuer revises, if necessary, the specifications of Redemption Instances  200  of  FIG. 2  and produces Redemption Specification  442  confirming for execution the terms of Compound Redemption Instances  200  of  FIG. 2 . Issuer then forwards said Redemption Specification to Depositor in a fourth Step  4  who accepts it as Redemption Specification  422  and forwards it in step  5  to Holder who accepts it as Redemption Specification  402 . 
     In a sixth step  6  Holder assembles the proper number and classes of Single Issuer Compound Redeemable Instruments  403  according to Redemption Specification  402  and tenders them in a seventh step  7  to Depositor who accepts them as Single Issuer Compound Redeemable Instruments  423 . 
     In an eighth step  8  Depositor groups Single Issuer Compound Redeemable Instruments into Instrument Sets  424  which are then tendered in a ninth step  9  to the Issuer who accepts them as Instrument Sets  443  in exchange for Asset Sets  444  which Issuer distributes to Depositor in step  10  who accepts them as Asset Sets  425 . It will be appreciated that in alternative embodiments of the present invention, the Issuer may retain, extinguish or reissue the Single Issuer Compound Redeemable Instruments received as Instrument Sets. 
     In an eleventh step  11  the Depositor disassembles Asset Sets  425  into Exchangeable Assets  426  and retains a portion of said Exchangeable Assets in step  12  as Redemption Fee  427 . In a thirteenth step  13  the Net Exchangeable Assets  428  are assembled for distribution and are distributed in fourteenth step  14  to Holder who receives them as Net Exchangeable Assets  404 . 
     It will be appreciated that in alternate embodiments of the present invention, a Depositor may receive from a Holder or distribute to a Holder amounts of cash either incremental or for the entire amounts deposited or withdrawn in order to facilitate Compound Redemption including for the payment of any Redemption Fee. Furthermore, it will be appreciated that in alternate embodiments of the present invention, the Depositor may acquire Single Issuer Compound Redeemable Instruments and act as redeeming Holder on behalf of a third party providing cash to the Depositor in exchange for Exchangeable Assets. 
     It will also be appreciated that in alternate embodiments of the present invention, these steps described and associated with  FIG. 4  through  FIG. 7B , or otherwise discussed in conjunction with the present invention are automated through one or more computer systems including apparatus and executable code that may be executed upon command.  FIGS. 8 and 9  illustrate exemplary computer systems that may be used to implement functionality and method steps presented herein. 
     Referring now to  FIG. 5 , a flow chart illustrates steps that may be included, in some embodiments of the present invention relating to acquisition, ownership and disposition of Single Issuer Compound Redeemable Instruments  221  by Holder  220  in a specific embodiment of the present invention. 
     Beginning with step  500  Holder  220  acquires Single Issuer Compound Redeemable Instruments  221  through one or more of transformation, issuance or purchase. Holder  220  may acquire Single Issuer Compound Redeemable Instruments through transformation by Issuer  210  at step  500  whereby Instruments  120  previously acquired by Holder  220  become Single Issuer Compound Redeemable Instruments  221  during the time that Holder  220  holds them. 
     Alternatively, Holder  220  may acquire Single Issuer Compound Redeemable Instruments  221  through issuance at step  500  whereby Holder  220  becomes a holder by contributing cash or Exchangeable Assets  211  to Issuer  210  in exchange for Single Issuer Compound Redeemable Instruments  221 . This can occur for example, by essentially running the system of Compound Redemption illustrated in  FIG. 2  in reverse, such that in an instance of creation, the Holder can deposit one Asset Set of Exchangeable Assets in order to receive one Instrument Set in Single Issuer Compound Redeemable Instruments. Alternatively, many such instances of creation can be conducted simultaneously or sequentially in order that a Holder may come to own Single Issuer Compound Redeemable Instruments. 
     In another method of acquisition, Holder  220  may acquire Single Issuer Compound Redeemable Instruments  221  through purchase at step  500  whereby Holder  220  acquires for consideration such as cash from another Holder  220  either in an organized marketplace or otherwise Single Issuer Compound Redeemable Instruments  221 . The marketplace may be a public marketplace such as a stock exchange or may be a private marketplace such as the NASDAQ PORTAL Alliance System. In addition, Single Issuer Compound Redeemable Instruments may be acquired through private placement, negotiated transaction, or otherwise. 
     In some embodiments, an issuer may require that one method or another be used exclusively in causing holders to come to own Single Issuer Compound Redeemable Instruments. In some embodiments, an issuer may allow that more than one method be used in causing holders to come to own Single Issuer Compound Redeemable Instruments. 
     At step  510  Holder  220  owns Compound Redeemable Interests  221  entitling Holder  220  to the benefits and obligations of ownership including any voting rights, collateral rights, rights to receive payments, transfer rights, limited liability, obligations to make payments and post collateral, ownership restrictions and essentially any and all rights and obligations to which the holder of a particular instrument may be entitled or obligated depending on the structure of that instrument. 
     By way of example, if the Single Issuer Compound Redeemable Instrument is a listed equity interest the Holder  220  may be entitled to voting rights and dividend income. In another example, if the Single Issuer Compound Redeemable Instrument  221  is a convertible debt instrument, the Holder  220  is entitled to coupon payments, conversion rights and call protection among others. In another example, if the Single Issuer Compound Redeemable Instrument  221  is a partnership interest the Holder  220  might have the right to receive payments and the obligation to make contributions. 
     At step  520  Holder  220  may elect to hold the Single Issuer Compound Redeemable Instrument  220  throughout its term and receive a payment in the form of a Maturity Payment  521 , if any, depending on a structure of the Single Issuer Compound Redeemable Instrument. Alternatively, Holder  220  may elect to Sell In Market  530  and receive Sale Proceeds  522 . 
     Alternatively, Holder  220  may proceed to a next decision point  540  and a determination is made as to whether Holder  220  owns a proper number of Instrument Units to be able to redeem Single Issuer Compound Redeemable Instruments for Exchangeable Assets. In the event that a “no” answer is received, the Holder may proceed to  500  to acquire instruments required to redeem. In the event that a “yes” answer is received, the Holder may proceed to step  550  and submit a Notice of Redemption to Issuer  210  followed by the step  560  which includes tendering of Single Issuer Compound Redeemable Instruments  221  to Issuer  210  and step  570  which is the receipt from Issuer  210  of Exchangeable Assets  211 . Holder  220  tenders the proper number and class of Single Issuer Compound Redeemable Instruments  221  comprising Instrument Units  202  to Issuer  210  in exchange for the proper number and class of Exchangeable Assets  211  comprising Asset Units  205  from Issuer  210 . 
     Steps  550 ,  560  and  570  may utilize a Depositor  420  as an intermediary between Holder  400  and Issuer  440 . The Depositor may be an unaffiliated third party such as a broker dealer or may be an affiliate of the Issuer or the Issuer itself. The Depositor may receive from the Holder or distribute to the Holder incremental amounts of cash in order to facilitate the redemption of Instrument Units in exchange for Exchangeable Assets. It will be appreciated that in alternate embodiments of the present invention, the Depositor may acquire Single Issuer Compound Redeemable Instruments and act as redeeming Holder on behalf of a third party providing cash to the Depositor in exchange for Exchangeable Assets. 
     Implementing the steps for investing in Single Issuer Compound Redeemable Instruments mandate a communications mechanism between the various entities referenced in  FIG. 5 . This communications mechanism encompasses any and all techniques for conveying information from one place to another including, for example, wireless communications, wired communications, computer networks, fiber optics, and others. 
     Referring now to  FIG. 5A , a flow diagram illustrates steps relating to acquisition, ownership, and disposition of Single Issuer Compound Redeemable Instruments by Holder  220  in one exemplary embodiment of the present invention. 
     At Step  1  Issuer  572  in  FIG. 5A  generally equivalent to issuer  210  in  FIG. 2  issues Single Issuer Compound Redeemable Instruments  574 ,  576  and  578  each from a separate class  221   x  of Single Issuer Compound Redeemable Instruments to Holder  573 , which may be considered generally equivalent to Holder  220 , for cash or Exchangeable Assets  211  or otherwise. Alternatively, Holder  573 , the owner of instruments  579 ,  580  and  581   120   x  becomes the owner of Single Issuer Compound Redeemable Instruments in Step  1   b  through the transformation of instruments that are not compound redeemable into instruments that are compound redeemable. Alternatively, Holder  573  acquires Single Issuer Compound Redeemable Instruments  590 ,  592  and  594  in Step  3  through secondary market purchase. 
     At Step  2 , Holder  573  disposes of Single Issuer Compound Redeemable Instruments  582 ,  584  and  586  via a secondary market sale. Alternatively, in Step  4 , Holder  573  redeems Instrument Set  596  equivalent to Instrument Set  201  in  FIG. 2  through the process of Compound Redemption. 
     Referring now to  FIG. 6 , flow chart illustrates a method of creating, redeeming, managing, administering, and extinguishing Single Issuer Compound Redeemable Instruments  221  according to some embodiments of the present invention and generally from the perspective of a SICRI system proprietor. 
     Single Issuer Compound Redeemable Instruments may be publicly or privately offered for sale. The instruments may be purchased and sold in packages or independently. For example, the instruments may be offered via the same channels as private placements sold to individuals or institutions or offered via the same channels as publicly available stocks, funds, bonds, and so on. The instruments may be offered on any of a variety of public or private, foreign or domestic exchanges. For example, instruments may be offered on the NASDAQ PORTAL Alliance System, NYSE, American Stock Exchange, or any of a number of exchanges, or information pages such as Bloomberg pages or Reuter&#39;s pages as will be appreciated by those skilled in the art. The instruments may be offered by any number of financial institutions such as banks, investment firms, brokers, and the like. 
     In some embodiments, several entities may play different roles in creating instruments, managing collateral backing instruments, managing Exchangeable Assets or other collateral backing Instrument Sets and RIs, brokering instruments, and so forth. 
     At  600  an initial depositor or creator, such as a sponsor, promoter, investment banker or issuer evaluates creating a new Issuer to offer Single Issuer Compound Redeemable Instruments considering whether the instruments will satisfy investor needs or issuer needs primarily. If the determination is not to create a new issuer, step  601  comprises activities to identify an existing operating company, special purpose vehicle or other entity as Issuer  210  issuing new Single Issuer Compound Redeemable Instruments or converting existing instruments that are not Single Issuer Compound Redeemable Instruments into Single Issuer Compound Redeemable Instruments. 
     In some embodiments, an issuer is identified in part based on the issuer&#39;s ability to benefit from Single Issuer Compound Redeemable Instruments. Benefits may include one or more of: generation of fees, improved liquidity of SICRI issuances and increased market interest in the issuer&#39;s offerings. 
     If a determination is to create a new issuer, step  602  includes investment-banking activity aimed at structuring and creating new Single Issuer Compound Redeemable Instruments. This process contemplates considerations of market demand, legal, tax, regulatory and other issues affecting the proper structuring of the issuer, including the issuance of Financial Instruments. 
     At  603 , Issuer  210  specifies Single Issuer Compound Redeemable Instruments. In one example, an issuer is a new special purpose vehicle and the instruments specified are a single class of equity and a single class of debt each to be issued as Single Issuer Compound Redeemable Instruments  221 . In another example, an issuer is an existing corporation with one class of equity and one class of convertible bonds outstanding that the issuer specifies to be Single Issuer Compound Redeemable Instruments  221 . Step  603  also includes specifying Instrument Units  202 , Instrument Sets  201 , Exchangeable Assets  211 , Asset Units  205  and Asset Sets  204 . 
     The legal and economic form of Single Issuer Compound Redeemable Instrument, including collateralization with Exchangeable Assets or other collateral, may be determined in order to be attractive to the marketplace. Single Issuer Compound Redeemable Instruments may be structured, for example, as debt instruments, equity instruments, contractual obligations, hybrids and others. Accordingly, collateral, if any, may be related to one or more instruments or may be separate and apart from collateral associated with an individual SICRI. 
     At  604 , a determination may be made to require the deposit of Exchangeable Assets or other collateral to back the issuer&#39;s obligation to redeem Single Issuer Compound Redeemable Instruments. This step may involve analyzing investment characteristics of assets including whether the assets are hard assets or financial assets and may also include factors such as storage costs, transportation costs, liquidity, transferability, maturity, coupons, dividends, settlement, payment dates, ratings and market capitalization and estimates as to timing and amount of payments produced under a variety of scenarios. 
     If the determination is yes, said assets are received and managed by the issuer or its agent in step  605 . In the case of newly issued Single Issuer Compound Redeemable Instruments, the issuer may receive assets or the cash equivalent amount used to acquire assets in this step. In the case of existing instruments which may not initially be Single Issuer Compound Redeemable Instruments but are converted into Single Issuer Compound Redeemable Instruments, the issuer may use existing funding to acquire said assets. The management of the assets is effected by the issuer or a representative of the issuer and may include active management, passive management or no management at all. If the determination in step  604  is not to deposit assets then the issuer&#39;s obligation to redeem Instrument Sets may be based on the issuer&#39;s ability to fulfill its redemption obligation, a third party guarantee or otherwise. 
     At  606 , the Single Issuer Compound Redeemable Instruments  221  are implemented in the marketplace. In the case of newly issued Single Issuer Compound Redeemable Instruments, the instruments are distributed into the marketplace by offering or otherwise. In the case of existing instruments that are not Single Issuer Compound Redeemable Instruments, but that are converted into Single Issuer Compound Redeemable Instruments, these instruments become Single Issuer Compound Redeemable Instruments  221  in this step. 
     At  607 , the issuer supports trading, tracking and reporting of Single Issuer Compound Redeemable Instruments  221 . This includes the use of electronic computing and networking technologies enabling automated means to perform computation and data processing to support the trading of Single Issuer Compound Redeemable Instruments and reporting of financial documents, financial analysis, market-based valuations, computerized redemption and creation support, and support for various markets including options, futures and lending products and markets tied to Single Issuer Compound Redeemable Instruments. 
     At  608 , the issuer administers terms of instruments. Terms may include making payments due under the terms of Single Issuer Compound Redeemable Instruments  221 . The payments may include interest payments, dividend payments, swap payments, payments in settlement of options or contracts or any other distributions required under the terms of the Single Issuer Compound Redeemable Instruments. 
     At  609 , the issuer makes adjustments, if any, to the Instrument Set and Asset Set. Adjustments may be based on changes to the underlying Single Issuer Compound Redeemable Instruments  221  for corporate events including splits, payments in kind, liquidating dividends, net settlement of contracts or any other events that impact the make-up of Instrument Units. They may also be based on changes to the underlying Exchangeable Assets. For financial assets this might include corporate events including, for example: splits, payments in kind, liquidating dividends, net settlement of contracts or other events that impact the make-up of Asset Units. In the case of hard assets, it might include adjustments for spoilage, carrying costs, insurance, damages or others that impact the make-up of Asset Units. 
     Also in step  609 , the issuer adjusts or doesn&#39;t adjust the multipliers u  206  and v  203  indicating the number of Asset Units  205  in the Asset Set redeeming per number of Instrument Units  202  in the Instrument Set. For example the issuer may change these on a regular basis to reflect its income or expenses for administrative or other reasons, including those associated with holding Exchangeable Assets or other assets. Alternatively, some or all of the multipliers u and v, the Instrument Unit and the Asset Unit may be fixed such that no periodic or other adjustments or determinations are necessary. Alternatively, some or all of the multipliers u and v, the Instrument Unit and the Asset Unit may be fixed such that no periodic or other adjustments or determinations are permitted. Alternatively, some or all of the multipliers u and v, the Instrument Unit and the Asset Unit may be fixed such that no periodic or other adjustments or determinations or are permitted other than in specified situations. 
     At  610 , the issuer redeems Single Issuer Compound Redeemable Instruments  221  in exchange for Exchangeable Assets  211  based on the Redemption Ratio number of Asset Units  205  comprising Exchangeable Assets  211  or the cash equivalent thereof or both for Instrument Units  202  comprising Single Issuer Compound Redeemable Instruments  221  or the cash equivalent thereof or both. The day-to-day operation of the system including various aspects of step  609  is illustrated in detail in  FIG. 12 . 
     At  611 , the issuer distributes Exchangeable Assets  211  or the cash equivalent thereof or both to the Holder  220  of the Single Issuer Compound Redeemable Instruments redeeming. 
     At  612 , the determination is made to continue the operations of the Issuer  210 . If the determination is made to not continue operations, remaining Single Issuer Compound Redeemable Instruments are paid in step  615  and the Issuer&#39;s use of Single Issuer Compound Redeemable Instruments is terminated. If the determination is made to continue operations then determination may be made in step  613  to expand operations or to not expand operations. If the determination is made to expand operations then the process is re-started at step  603 . In the event that the determination is made to not expand operations then any remaining Single Issuer Compound Redeemable Instruments and associated assets, if any, are managed for the benefit of any remaining Holders until the expiration, if applicable, of said Single Issuer Compound Redeemable Instruments. If the determination is made to not expand operations then management of remaining instruments continues in  614 . 
     In some embodiments, in order to keep the Single Issuer Compound Redeemable Instruments as competitive instruments in the marketplace, an issuer of Single Issuer Compound Redeemable Instruments may, from time to time, reset the terms of the Single Issuer Compound Redeemable Instruments through corporate actions or otherwise. For example, this may be done periodically or in response to economic factors that undesirably alter the attractiveness of the Single Issuer Compound Redeemable Instruments as an investment. This resetting may be done for example to reduce the price of a Single Issuer Compound Redeemable Instrument that is a share of stock through a stock split. Such an event will have ramifications for the determinants of Compound Redemption requiring adjustments within the system. For example, one or more of the coefficients of the Instrument Unit, Asset Unit or Redemption Ratio might require adjustment as a result. 
     Various embodiments may also include mechanisms for adjusting the holdings of Exchangeable Assets by the issuer to a level that insures its ability to make good on Compound Redemptions as they occur. For example the minimum ratio of Asset Sets to Instrument Sets may be 100% in the case of an issuer that is a special purpose vehicle intended to have no credit risk. Alternatively, an operating business issuer with a strong credit rating and ready access to financing might deem a ratio of Asset Sets to Instrument Sets on hand of 10% to be sufficient. Accordingly, in either case, some embodiments may include an automatic asset purchase plan implemented as an automated part of the system to insure that the proper level is maintained. 
     In still other embodiments, the function of establishing the Single Issuer Compound Redeemable Instruments and the Redemption Instances may be accomplished and managed by the Compound Redemption Processor in accordance with those methods outlined in example of  FIG. 6 . The operation of this system mandates a communications mechanism between the various entities identified in  FIG. 6 . This communications mechanism encompasses any and all apparatus for conveying information from one place to another including, for example, wireless communications, wired communications, computer networks, fiber optics, and others. 
     Referring now to  FIGS. 7A and 7B , according to various embodiments of the present invention, execution of orders by issuance, redemption or matching and clearing of buy and sell orders for Single Issuer Compound Redeemable Instruments can be accomplished by processing logic and control commands such as those illustrated in  FIGS. 7A and 7B . 
       FIG. 7A  illustrates some exemplary embodiments in the form of a logic flow chart depicting the Instrument Order Processor. Beginning at start  700  in  FIG. 7A , the order entry subroutine is detailed. Orders are received at  705  from investors or brokers via access devices such as workports, telephone, telefax, internet or other access devices  805  or network link  970 . Orders may consist of market orders (to buy or sell a specific number of a specific Single Issuer Compound Redeemable Instrument at the current market price), limit orders (to buy a specific number of Single Issuer Compound Redeemable Instruments at or below a certain price or to sell a specific number of Single Issuer Compound Redeemable Instruments at or above a certain price) or other kinds of orders. 
     Data descriptive of buy and sell orders is stored at  710  in a pending order list for each Single Issuer Compound Redeemable Instrument in what is essentially equivalent to a book window in the trading system. In some embodiments, the buy and sell orders are arranged in the book window with the highest bid at the top of one column and the highest offer at the top of another column, with prices listed in descending value. At  715 , additional orders may be considered and at  720 , the process will finish. 
     Referring now to  FIG. 7B , some exemplary embodiments are illustrated including a Single Issuer Compound Redeemable Instrument trading, issuance and redemption system. As illustrated, the system begins at  750 . In a subroutine beginning at  751 , pending order lists corresponding to each Single Issuer Compound Redeemable Instrument are individually accessed and searched. At  752 , if a buy order for a Single Issuer Compound Redeemable Instrument is matched with an identical sell order for a Single Issuer Compound Redeemable Instrument, those instruments are traded at  753  without the creation or redemption of any additional Single Issuer Compound Redeemable Instruments. Orders can be removed from the pending order list at  754  and processing returns to  752  to search for additional matching orders. When no additional matches are present in the pending order list for the current Single Issuer Compound Redeemable Instrument, the “no” path from  752  is followed and processing loops to the next Single Issuer Compound Redeemable Instrument in the system. 
     When all matching orders in the system have been processed, logic extends to  756 , whereupon the buy orders in the pending order lists for all Single Issuer Compound Redeemable Instruments in the system are together searched to determine whether to form an Instrument Set. An Instrument Set comprises the Single Issuer Compound Redeemable Instruments in a Redemption Instance  200 . The sum of the buy orders in the Instrument Set is compared to the acquisition value of the Exchangeable Assets in the Asset Set at  757 . If the sum of the buy orders in the Instrument Set exceeds the acquisition value of the Exchangeable Assets in the Asset Set,  757  branches to a processing routine, beginning at  758 , for creating new Single Issuer Compound Redeemable Instruments then deletes these buy orders from the pending order list at  758 . 5 , before returning to loop  756  to search for additional Instrument Sets. Alternatively, if the sum of the buy orders in the identified path does not exceed the total value of the path, the path identified in  756  is rejected at test  757  and different path combinations are searched. 
     The Instrument Set and the Asset Set described above for the creation of Single Issuer Compound Redeemable Instruments assumes equivalent specifications to the Instrument Set and Asset Set specified in the Redemption Instance  200 . It is possible that alternative Instrument Set and Asset Set specifications be used for instruments issued and assets deposited compared to those for instruments redeemed and assets withdrawn in order to embed profit spreads or for other reasons. 
     If no additional Instrument Sets are located in subroutine  756 , processing can continue, for example, with a subroutine beginning at  760 , whereupon the sell orders in the pending order lists for all Single Issuer Compound Redeemable Instruments in the system are together searched to determine whether to form an Instrument Set. The sum of the sell orders in the Instrument Set is compared to the total disposition value of the Exchangeable Assets in the Asset Set at  761 . If the sum of the sell orders in the Instrument Set is less than the disposition value of the Exchangeable Assets in the Redemption Instance  200 ,  761  branches to a processing routine, beginning at  762 , for redeeming Single Issuer Compound Redeemable Instruments then deletes these sell orders from the pending order list at  762 . 5 , before returning to loop  760  to search for additional Instrument Sets. Alternatively, if the sum of the sell orders in the identified path is not less than the total value of the path, the path identified in  760  is rejected at test  761  and different path combinations are searched. When all Instrument Sets are identified, the subroutine ends at  759 . Alternatively, the subroutines of  FIG. 7B  may be performed in a different order, e.g., beginning at  751 ,  756 , or  760  as separate or concurrent subroutines or both. 
     In some exemplary embodiments, the execution of buy and sell orders may be connected to procedures whereby trade is suspended in unusual market situations similar to circuit breakers of certain exchanges. The execution of buy and sell orders may be limited to certain classes of customers, such as dealers. The execution of the buy and sell orders may also be connected to a market surveillance system, such as those at existing at exchanges, to check for attempts at manipulation or other illegal or otherwise unacceptable trading practices. 
     Generally, three primary functions may be included in Compound Redemption Processor logic command instructions. Some embodiments of the three functions will be considered in  FIGS. 10 ,  11  and  12  respectively. 
     Referring now to  FIG. 10 , in some embodiments, a first function may allow controlled creation of the Redemption Instance by defining parameters of an Instrument Set comprising Single Issuer Compound Redeemable Instruments newly created from scratch or transformed from outstanding issuer instruments not Single Issuer Compound Redeemable Instruments redeeming for an Asset Set comprising specified Exchangeable Assets. 
       FIG. 11 , in some embodiments, considers a second function to formulate computer files and display forming the foundation for Redemption Instances. 
       FIG. 12 , in some embodiments, considers a third function to include management of Redemption Instances and issuance on a day-to-day basis. In each case, the critical controlling data must be stored in the properly configured database. 
     The first of these three functions is important, as success in offering requires identifying the appropriate risk categories and structural design for the Redemption Instance. Demand for Single Issuer Compound Redeemable Instruments and associated Exchangeable Assets may be changing all the time. 
     For example, in some embodiments, investor demand for Single Issuer Compound Redeemable Instruments linked to large capitalization exchange-listed equities may suddenly change to demand linked to small capitalization exchange-listed equities because of changes in market sentiment. In another example, investor demand for Single Issuer Compound Redeemable Instruments with a high ratio of Asset Sets owned by the issuer compared to Instrument Sets outstanding may be particularly important to investors in times of credit sensitivity, whereas in times of stable markets, an issuer&#39;s credit alone may be sufficient to back potential redemptions of Single Issuer Compound Redeemable Instruments. The system can be designed to allow the creation of new Single Issuer Compound Redeemable Instruments as automatically as possible by a trained representative of the system proprietor operating the Compound Redemption Processor or even possibly by broker clients themselves. If the cost of creating new Single Issuer Compound Redeemable Instruments is kept relatively low, then many more such Single Issuer Compound Redeemable Instruments should ultimately be created. 
     In some embodiments, the first function can be accomplished in accordance with an exemplary logic flow chart such as the one depicted in  FIG. 10 . Logic conceptually begins at a “start” position  1000  and continues to  1005  wherein an indicative Redemption Instance under consideration, Instance (I), is entered by the system user. 
     Instance (I) may include relevant indicative terms of each of the two or more Single Issuer Compound Redeemable Instruments of different classes under consideration including their legal structures whether they be debt, equity, contract or otherwise, their maturity if applicable, their payoff structure, collateral backing, underlying reference indices or other return determinants. It may also include identification of the contemplated Exchangeable Assets for Redemption Instances and specify an indicative number and ratio of Single Issuer Compound Redeemable Instruments comprising the Instrument Set redeeming in exchange for the indicative number and ratio of Exchangeable Assets comprising the Asset Set. 
     The processes involved with SICRI issuance and redemption directly access multiple aspects of the issuer&#39;s Financial Structure, unlike previously known devices, such as Primes and Scores, and Super Fund, which split one aspect. 
     The system may first test whether or not a Redemption Instance under consideration is new and cannot be approximated by either an existing Redemption Instance; a Redemption Instance already defined; a Redemption Instance with slightly different terms; or by groupings or combinations of thereof. 
     In an initial run  1010 , a SICRI system can search over existing Redemption Instances, the possibilities for new Redemption Instances with slightly different terms, or groupings or combinations thereof in order to display the characteristics of the Redemption Instances that may be thus generated. 
     In some embodiments, another Redemption Instance with slightly different terms may be close enough to that proposed. Some embodiments may therefore include a user that signals that an entered Redemption Instance is not sufficiently new, or if one of the possibilities put forward is satisfactory, logic branches to  1015  and existing records are pulled from a database for the already extant Redemption Instance including the instruments and assets or group thereof comprising the instance, with logic shifted to a separate subroutine  1020 . 
     In some circumstances, such as, for example, in a corporate financing for an operating issuer, a Redemption Instance that is not otherwise considered sufficiently new still results in a positive response to test  1010 . 
     A positive response to test  1010  branches logic to  1025  wherein the parameters of the Single Issuer Compound Redeemable Instruments and Exchangeable Assets, including the numbers and classes of Single Issuer Compound Redeemable Instruments redeeming in exchange for Exchangeable Assets are specified. Requirements concerning the relative proportion of different classes of Single Issuer Compound Redeemable Instruments permitted to be outstanding can be specified and the instruments can be created. It is contemplated that in certain cases this limitation will correspond to coefficients of redemption for each specified class and in other cases it will not. The requirement for collateral, if any, in the form of Exchangeable Assets or otherwise to back instances of redemption is specified. The system continues to  1030  wherein the database is updated to include the specified information. 
     At  1035  a SICRI system may query concerning a default cycle for reviewing the Redemption Instance for adjustment. A negative response to the query allows custom entry of a controlling cycle at  1050  setting the time interval or other interval determinant between adjustments. A positive response defaults the controlling interval to a system-stored value,  1040  and  1045 . This completes the first portion of the processing with logic shifted to the next sequence,  1055 . 
     It is appreciated that a single issuer can provide for more than one type of Redemption Instance comprising different sets of instruments and assets and apply the above logic running in parallel or staggered to two or more different types of Redemption Instances involving similar or different Single Issuer Compound Redeemable Instruments, Exchangeable Assets, Instrument Sets and Asset Sets compared to other Redemption Instances. 
     Referring now to  FIG. 11 , formulation of the Redemption Instance and associated computer files and displays forming the foundation for the Redemption Instance in some embodiments is accomplished by the logic commands shown in  FIG. 11 . Beginning at  1100 , a Process Manager may provide a server running executable software with logic that may first enable the entry of the pending Redemption Instance, Instance(I)  1105 . This may include the Instrument Set and Asset Set comprising said Redemption Instance. The software may check whether an Instance is a new Instance at  1110 . If it is not a new Instance, the system is directed to a separate subroutine  1115 . If it is a new Instance, the logic continues to  1120  wherein the parameters specifying the Redemption Instance are entered. This may include an Instrument Set, coefficient v, Instrument Unit, coefficients r 1-x , and Single Issuer Compound Redeemable Instruments R 1-x . It may also include the Asset Set, coefficient u, Asset Unit, coefficients e 1-d , and Exchangeable Assets E 1-d . 
     At  1130  the logic queries whether collateral is required to back the issuer&#39;s redemption obligations under the Redemption Instance. If yes, the Collateral Balance required per Redemption Instance can be entered at  1135 . The Collateral may take the form of any type of collateral in any amount specified by the system including Exchangeable Assets or other collateral in an amount less than, equal to or greater than that sufficient to satisfy the requirement of the Issuer to distribute Exchangeable Assets in a Redemption Instance. Implementation is made at  1140  wherein the collateral account is set up. This account may be held and managed by a third party or the issuer or some combination thereof. The account may be managed actively, passively or not at all. The system checks in  1145  whether custom account parameters are required. If yes, entry occurs in  1150 , otherwise default values are entered in  1155 . 
     In addition, the system may generate instructions to maintain at least one account associated with each user. The account may include enumerations of Single Issuer Compound Redeemable Instruments and Instrument Sets and enumerations of the Exchangeable Assets and the Asset Sets. In some embodiments, currency amounts for which the Single Issuer Compound Redeemable Instruments may be redeemed and created may also be tracked and maintained. The system may maintain the at least one account for a user. In preferred embodiments, the one or more accounts for a user are maintained on an ongoing basis. 
     As previously described, the system may include a communications link between various participants and governing institutions. A book window is created at  1160  for traders on the trading system, indicating the initial Instrument Set comprising Single Issuer Compound Redeemable Instruments redeeming in exchange for the initial Asset Set comprising Exchangeable Assets even though no instruments yet exist. As such, in some exemplary embodiments, customers may place orders that will appear on the book window. To create a first Instrument Set, a SICRI trading system may first identify an Instrument Set whose offer price equals (or exceeds) the offer price of the Asset Set unless the issuer is willing to risk potential losses by allowing for the creation of Instruments for less than their redemption cost. Unless an issuer creates a first Instrument Set by transforming outstanding instruments that are not Single Issuer Compound Redeemable Instruments into Single Issuer Compound Redeemable Instruments, when an Instrument Set is first created the issuer must be notified with the transfer of funds or assets in payment of said Instrument Set. This is the case unless funds or assets are to be transferred to a repository other than the issuer such as a bank, or similar repository of capital, in which case creation of the Instrument Set is specified in advance. Thereafter, the system can fill orders both by exchanging existing Single Issuer Compound Redeemable Instruments and by finding Instrument Sets among orders  1165 . During the routine operation of the system, the system proprietor will be directly responsible for calculating and updating the parameters comprising the Redemption Instance and administering the Collateral Account. The issuer is appraised in  1170 . 
     Returning to  FIG. 11  after the database is updated with current (and new) Redemption Instance specifications logic queries on the next Instance value (I+1) at  1175 ; if another batch is ready, logic continues to the beginning and the process is repeated for the next in series. 
     Referring now to  FIG. 12 , in some embodiments, day-to-day operation of a SICRI system can include analysis of a variety of time-varying inputs and selective calculation of a number of distinct variables to allow operation of the process of Compound Redemption. A number and proportion of Single Issuer Compound Redeemable Instruments redeeming in exchange for a number and proportion of Exchangeable Assets is processed by the system in the Redemption Instance as previously illustrated in  FIG. 2 . In  FIG. 12 , several of the operations and routine procedures enabling the Redemption Instance are depicted as examples of system processing, recognizing that many other variables are tracked in like fashion and many other variations of the system are possible. 
     Beginning with  1200 , logic in  FIG. 12  first inputs the current date, date(T), and enters this into the process at  1205 . The file for the current Instrument Unit is recalled and read in  1210 . The event date for a change in any of the instruments comprising the Instrument Unit is compared to the present date to determine if the current date is an event date for adjusting the Instrument Unit. A positive response to test  1215  reflects the match of dates causing logic of the system to recall the proportion of Single Issuer Compound Redeemable Instruments R 1-x  according to coefficients r 1-x  comprising the current Instrument Unit  FIG. 2   202  in  1220 . A determination is made in  1225  as to whether the Instrument Unit requires rebalancing to reflect changes, if any, in its composition for reasons of operation of the instruments such as corporate actions, maturity events, or distributions affecting Single Issuer Compound Redeemable Instruments, legal or regulatory requirements or marketing reasons. For example, a 2:1 split in common equity Single Issuer Compound Redeemable Instruments may result in double the number of shares after the Instrument Unit adjustment. In the event that the determination calls for rebalancing, the database is updated in  1230  accordingly to reflect the new composition of the Instrument Unit. 
     Continuing, the system can recall and read the file for the current Asset Unit in  1235 . The event date is compared to the present date to determine if the current date is an event date for adjusting the Asset Unit. A positive response to test  1240  reflects the match of dates causing logic of the system to recall the proportion of Exchangeable Assets E 1-d  according to coefficients e 1-d  comprising the current Asset Unit  FIG. 2   205  in  1245 . A determination is made in  1250  as to whether the Asset Unit requires rebalancing to reflect changes, if any, in its composition for reasons such as the loss or changes in Exchangeable Assets held or referenced, operation of financial assets such as corporate actions or others, legal or regulatory requirements or marketing reasons. For example, a loss of half an Exchangeable Asset held by the issuer due to theft may result in half the amount of such asset after the Asset Unit adjustment, assuming the issuer was able to pass through such loss. In the event that the determination calls for rebalancing, the database may be updated in  1255  accordingly to reflect the new composition of the Asset Unit. 
     Continuing with the example, a SICRI system may recall and read the file for the current Redemption Ratio in  1260 . The event date is compared to the present date to determine if the current date is an event date for adjusting the Redemption Ratio. A positive response to test  1265  reflects the match of dates causing logic of the system to recall the multipliers v for example, as illustrated in  FIG. 2  at  203  and u in  FIG. 2  at  206  comprising the Redemption Ratio in  1270 . 
     A determination may be made in  1275  as to whether the Redemption Ratio requires recalculation to reflect any changes in the coefficients determining the Redemption Ratio for reasons such as income and expenses assessed by the system. For example, income attributable to Exchangeable Assets held by an issuer might be used by the system to increase the number of Asset Units or decrease the number of Instrument Units in a Redemption Instance. 
     In another example, in some embodiments, expenses of an issuer can be calculated by a SICRI system to increase a number of Instrument Units or decrease a number of Asset Units in a Redemption Instance. In the event that a determination calls for recalculation, the database can be updated in  1280  to reflect the new Redemption Ratio. The entire process can be repeated for the next Redemption Instance by incrementing Instance variable “I” in  1285  and continuing the process in  1290 . 
     Apparatus 
     Referring now to  FIG. 8 , exemplary apparatus with which the present invention may be implemented is presented in block form, generally highlighting the components of a computer system adapted and configured for implementing the innovative aspects discussed herein. In some embodiments, a computer system can include a central processor (CPU)  800  linked to a main database  801 . 
     The main database includes archival data associated with the various instruments, customers and assets, and allows proper manipulation of the underlying parameters in accordance with system logic. The database structure is outlined in detail in the database structure section below. The logic controlling the system operation may be stored in discrete memory  802 . 
     A user interface may be presented on the display  803 . The user interface includes one or both of human readable graphics and text which represent data included in one or both of the main database  801  and the discrete memory. 
     One aspect of the foregoing system involves the input of information into the apparatus that may affect or determine the price of Single Issuer Compound Redeemable Instruments such as information concerning the terms, issuance, redemption and management of Single Issuer Compound Redeemable Instruments. Accordingly, the system apparatus includes at least one communication link  804  to a network for proper controlled communication to various institutions, investors or other participants involved in SICRI instruments. Such participants utilize access devices  805  such as workstations located at remote locations, but in communication with the system. It is expected that one or more of the issuers, the depositor, the reference information provider(s), the brokers handling transactions with investors, the investors themselves and others, will each respectively communicate with a SICRI System proprietor. 
     System apparatus can include digital electronic circuitry included within computer hardware, firmware, software, or in combinations thereof. Additionally, aspects of the invention can be implemented manually. Apparatus of the invention can be implemented in a computer program product tangibly embodied in a machine-readable storage device for execution by a programmable processor and method actions can be performed by a programmable processor executing a program of instructions to perform functions of the invention by operating on input data and generating output. The present invention may be implemented advantageously in one or more computer programs that are executable on a programmable system including at least one programmable processor coupled to receive data and instructions from, and to transmit data and instructions to, a data storage system, at least one input device, and at least one output device. Each computer program can be implemented in a high-level procedural or object oriented programming language, or in assembly or machine language if desired, and in any case, the language can be a compiled or interpreted language. Suitable processors include, by way of example, both general and special purpose microprocessors. 
     Generally, a processor will receive instructions and data from a read-only memory and/or a random access memory. Generally, a computer will include one or more mass storage devices for storing data files; such devices include magnetic disks, such as internal hard disks and removable disks magneto-optical disks and optical disks. Storage devices suitable for tangibly embodying computer program instructions and data include all forms of non-volatile memory, including, by way of example, semiconductor memory devices, such as EPROM, EEPROM, and flash memory devices; magnetic disks such as, internal hard disks and removable disks; magneto-optical disks; and CD_ROM disks. Any of the foregoing can be supplemented by, or incorporated in, ASICs (application-specific integrated circuits). 
     In some embodiments, implementation of the features of the present invention is accomplished via digital computer utilizing uniquely defined controlling logic, wherein the computer system includes an integrated network between and among the various participants in Single Issuer Compound Redeemable Instruments. 
     The specific hardware configuration used is not particularly critical, as long as the processing power is adequate in terms of memory, information updating, order execution, redemption and issuance. Any number of commercially available database engines may allow for substantial account coverage and expansion. The controlling logic uses a language and compiler consistent with that on the CPU  800 . These selections will be set according to per se well-known conventions in the software community. 
     Referring now to  FIG. 9 , additional aspects of computer hardware useful for implementing the present invention are illustrated as a block diagram that includes a computer system  950  upon which an embodiment of the invention may be implemented. Computer system  950  includes a bus  952  or other communication mechanism for communicating information, and a processor  954  coupled with bus  952  for processing information. Computer system  950  also includes a main memory  956 , such as a random access memory (RAM) or other dynamic storage device, coupled to bus  952  for storing information and instructions to be executed by processor  954 . Main memory  956  may also be used for storing temporary variables or other intermediate information during execution of instructions to be executed by processor  954 . Computer system  950  further includes a read only memory (ROM)  958  or other static storage device  960 , such as a magnetic disk or optical disk, may be provided and coupled to bus  952  for storing information and instructions. 
     Computer system  950  may be coupled via bus  952  to a display  962 , such as a cathode ray tube (CRT) or liquid crystal display (LCD), for displaying information to a computer user. An input device  964 , including alphanumeric and other keys, may be coupled to bus  952  for communicating information and command selections to processor  954 . Another type of user input device is cursor control  966 , such as a mouse, a trackball, a touchpad, or cursor direction keys for communicating direction information and command selections to processor  954  and for controlling cursor movement on display  962 . This input device typically has two degrees of freedom in two axes, a first axis (e.g., x) and a second axis (e.g., y), that allows the device to specify positions in a plane. 
     Embodiments of the invention are related to the use of computer system  950  for Single Issuer Compound Redeemable Instruments. According to one embodiment of the invention, Single Issuer Compound Redeemable Instruments are defined and managed by computer system  950  in response to processor  954  executing one or more sequences of one or more instructions contained in main memory  956 . Such instructions may be read into main memory  956  from another computer-readable medium, such as storage device  960 . Execution of the sequences of instructions contained in main memory  956  causes processor  954  to perform the process steps described herein. In alternative embodiments, hard-wired circuitry may be used in place of or in combination with software instructions to implement the invention. Thus, embodiments of the invention are not limited to any specific combination of hardware circuitry and software. 
     The term “computer-readable medium” as used herein refers to any medium that participates in providing instructions to processor  954  for execution. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media includes, for example, optical or magnetic disks, such as storage device  960 . Volatile media includes dynamic memory, such as main memory  956 . Transmission media includes coaxial cables, copper wire and fiber optics, including the wires that comprise bus  952 . Transmission media can also take the form of acoustic or light waves, such as those generated during radio wave and infrared data communications. 
     Common forms of computer-readable media include, for example, a floppy disk, a flexible disk, hard disk, magnetic tape, or any other magnetic medium, a CD-ROM, any other optical medium, punch cards, paper tape, any other physical medium with patterns of holes, a RAM, a PROM, and EPROM, a FLASH-EPROM, any other memory chip or cartridge, a carrier wave as described hereinafter, or any other medium from which a computer can read. 
     Various forms of computer readable media may be involved in carrying one or more sequences of one or more instructions to processor  954  for execution. For example, the instructions may initially be carried on a magnetic disk of a remote computer. The remote computer can load the instructions into its dynamic memory and send the instructions over a telephone line using a modem. A modem local to computer system  950  can receive the data on the telephone line and use an infrared transmitter to convert the data to an infrared signal. An infrared detector can receive the data carried in the infrared signal and appropriate circuitry can place the data on bus  952 . Bus  952  carries the data to main memory  956 , from which processor  954  retrieves and executes the instructions. The instructions received by main memory  956  may optionally be stored on storage device  960  either before or after execution by processor  954 . 
     Computer system  950  also includes a communication interface  969  coupled to bus  952 . Communication interface  969  provides a two-way data communication coupling to a network link  970  that may be connected to a local network  972 . For example, communication interface  969  may be an integrated services digital network (ISDN) card or a modem a data communication connection to a corresponding type of telephone line. As another example, communication interface  969  may be a local area network (LAN) card a data communication connection to a compatible LAN. Wireless links may also be implemented. In any such implementation, communication interface  969  sends and receives signals, such as electrical, electromagnetic or optical signals, that carry digital data streams representing various types of information. 
     Network link  970  typically provides data communication through one or more networks to other data devices. For example, network link  970  provides a connection through local network  972  to a host computer  974  or to data equipment operated by an Internet Service Provider (ISP)  976 . ISP  976  in turn provides data communication services through the worldwide packet data communication network now commonly referred to as the “Internet”  979 . Local network  972  and Internet  979  both use electrical, electromagnetic or optical signals that carry digital data streams. The signals through the various networks and the signals on the network link  970  and through communication interface  969 , which carry the digital data to and from computer system  950 , are exemplary forms of carrier waves transporting the information. 
     Computer system  950  can send messages and receive data, including program code, through the network(s), network link  970  and communication interface  969 . In the Internet example, a server  990  might transmit a requested code for an application program through Internet  979 , ISP  976 , local network  972  and communication interface  969 . In accordance with the invention, one such downloaded application provides for values of Exchangeable Assets upon redemption of Single Issuer Compound Redeemable Instruments as described herein. 
     Processor  954  may execute the received code as it is received, and/or stored in storage device  960 , or other non-volatile storage for later execution. In this manner, computer system  950  may obtain application code in the form of a carrier wave. 
     An alternative configuration involves, instead of access device  805  as a workstation linked by windows, an Internet web site allowing trade directly over the Internet. Use of the system may still be restricted to brokers, if that were to be the objective, by suitable password procedures. 
     Access devices  805  may therefore include any device capable of interacting with computer system  950  or other service provider. Some exemplary devices may include, a personal digital assistant, a mobile phone, a netbook, a notebook computer, a laptop computer, a terminal, a kiosk or other type of automated apparatus. Additional exemplary devices may include any device with a processor executing programmable commands to accomplish the steps described herein. 
     Examples 
     It will be apparent to one skilled in the art that numerous embodiments of Single Issuer Compound Redeemable Instruments and Exchangeable Assets are possible. Included herein are only some examples of various embodiments illustrating different aspects of the present invention including: derivative on illiquid underlying including arbitrage; synthetic short stock position; collateralized bond obligation; securitized prime brokerage, and operating issuer. 
     Referring now to  FIG. 13 , a spreadsheet illustrates some exemplary events and calculations of an Instrument Set  1303  and Asset Set  1304  resulting from associated changes in one or more coefficients and multipliers determining them as they relate to Sequential Events  1305 . The Instrument Set  1303  includes one or more Instruments  1301  and the Asset Set  1304  includes one or more Assets  1302 . Examples may include calculations for relative and absolute numbers of Single Issuer Compound Redeemable Instruments and Exchangeable Assets comprising the instances of Compound Redemption which can be implemented in the form of method steps on automated apparatus, such as a Compound Redemption Processor. It is appreciated that in various embodiments certain events may be treated in a variety of different ways. For example, the payment of expenses or the attribution of income may be embedded in the terms of a Single Issuer Compound Redeemable Instrument such as a warrant referencing an index that is adjusted for such expenses paid or income attributed. 
     Referring now to  FIG. 14 , a table  1400  includes a list of exemplary Single Issuer Compound Redeemable Instruments  1401  and a corresponding exemplary Exchangeable Assets  1402 . It is pointed out that the table  1400  illustrates how Financial Instruments  1403  included in the SICRI portion of the table  1401  and additional Financial Instruments  1404  and assets making up the correlating EA  1402  are from different classes in each example. It is also pointed out that in each case the SICRIs  1401  include Financial Instruments  1403  of more than one class. More specifically, the examples include: a SICRI equity share and a SICRI bond which correlate with an EA of an ounce of gold; a SICRI unit and a SICRI contract with an EA of a U.S. Treasury Bond; a SICRI unit and a SICRI contract with an EA of an equity share in a first corporation ABC and an EA of an equity share in a second corporation DEF; a SICRI senior bond, two SICRI junior bonds and a SICRI share with correlating EAs comprising 0.2% of a market bond portfolio; two SICRI units and seven SICRI notes with correlating EAs comprising 0.1% of fund assets; one SICRI common share and one SICRI preferred share with correlating EAs of ten EA Product X&#39;s and five EA Product Y&#39;s; one Issuer A long index-linked ETN and one Issuer A short index-linked ETN redeeming for one Issuer A straight coupon bond; one SICRI ETF share and 1.1 SICRI Contracts redeeming for 0.000005% of fund cash collateral. Numerous other Single Issuer Compound Redeemable Instruments and correlating Exchangeable Assets are also within the scope of the present invention. 
     Referring now to  FIG. 15 , in the case of a derivative referencing illiquid underlying, at  1501  SICRIs include instruments of two or more different classes, such as, for example, one or more derivative contracts referencing climate and one or more trust units. A Special Purpose Vehicle (sometimes referred to as a “SPV”) issuer  1502  may issue the SICRIs with a guarantee of redemption for EA  1503 , such as, as shown, one ounce of gold. At  1504 , a table is included which illustrates a relative value of the SICRIs and the EA at three different time periods. As illustrated, the arbitrage amount may be negative or positive during different periods. For simplicity, a bid-offer spread is not incorporated in the illustration. 
     Referring now to  FIG. 16 , an example of SICRIs including a synthetic short stock position. In this example, one hundred SICRI ABC forwards issued by the SPV issuer and one hundred SICRI short units being equity units issued by the SPV issuer correlate with one EA XYZ bond, each of SPV, ABC and XYZ being disparate issuers. Once again, it is pointed out that the Financial Instruments comprising the SICRIs that are ABC forwards and the SICRIs that are short units are of disparate classes of the SPV issuer&#39;s Financial Structure. It is also pointed out that the Financial Instruments included in the EAs being bonds of issuer XYZ are of disparate classes other than the SICRIs. It is noted that at least two SICRIs in an instance of Compound Redemption will be of different classes from each other. At  1604  a table of exemplary pricing is included with zero arbitrage. For simplicity, a bid-offer spread is not incorporated in the illustration. 
     Referring now to  FIG. 17 , an example that includes a collateralized bond obligation is illustrated. In this example, SICRIs  1701  includes multiple bond type Financial Instruments and an equity type Financial Instrument, including: a senior bond, three senior subordinated bonds, a mezzanine bond, two subordinate bonds and one equity unit. An SPV issuer  1702  of the SICRIs may offer correlating EAs  1703  which include specified junk bonds which may be described as a fraction of a referenced junk bond portfolio that may be held by a third party or the SPV or not held. 
       FIG. 18  illustrates another example, this one directed towards a securitized prime brokerage scenario. As illustrated, SICRIs  1801  may include investor debt and investor equity of a hedge fund issuer  1802  providing for correlating EAs  1803  which include a percentage of its investment portfolio. 
     Referring now to  FIG. 19 , still another example illustrates an operating issuer  1902  with SICRIs  1901  that include a bond, described therein as an ABC bond, two shares of ABC preferred stock and ten shares of ABC common stock. The operating issuer ABC  1902  may provide EAs which include one or more of collateralized and uncollateralized assets of ABC which may include its own securities, products and services, among others. 
     In another aspect of the present invention, the following data fields may be included by way of an exemplary arrangement of fields that may be included in a database useful for implementing some aspects of the present invention. The database, may, for example, have data populated and extracted via executable code running on a Single Issuer Compound Redeemable Instruments data processor. 
     Exemplary Database Structure 
     Format: 
     Records 
     Fields 
     Instrument Holder Information 
     Customer I.D. Number: 
     Name or firm: 
     Address: 
     Instrument ID Numbers*: 
     Current Numbers of Instruments Owned per ID Number*: 
     Transaction ID Numbers*: 
     Transaction Information 
     Transaction ID Number: 
     Instrument ID Number: 
     Buyer ID Number: 
     Seller ID Number: 
     Trade, Transformation, Issuance, Redemption: 
     Date and Time of Transaction: 
     Number of Instruments: 
     Price (Trade): 
     Instrument Unit ID Number: 
     Instrument Set ID Number: 
     Buy and Sell Orders 
     Order Number: 
     Customer ID Number: 
     Buy Order or Sell Order: 
     Instrument ID Number: 
     If Market Order: Number Instruments 
     If Limit Order: Price and Number of Instruments 
     If Stop Order: Price and Number of Instruments 
     Order Date and Time*: 
     Order Expiration Date and Time: 
     Issuance 
     Issuance ID Number: 
     Instrument ID Number: 
     Customer ID Numbers*: 
     Number Issued*: 
     Date and Time*: 
     Transformation 
     Transformation ID Number: 
     Instrument ID Number: 
     Customer ID Numbers*: 
     Number Transformed*: 
     Date and Time*: 
     Redemption Instance 
     Instance ID Number: 
     Instrument Set ID Number: 
     Asset Set ID Number: 
     Customer ID Numbers*: 
     Number Instrument Sets Redeemed*: 
     Date and Time*: 
     Instrument Set 
     Instrument Set ID Number: 
     Instrument Set Multiplier (v): 
     Instrument Unit ID Number: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Number Outstanding: 
     Instrument Unit 
     Instrument Unit ID Number: 
     Instruments ID Numbers*: 
     Instruments Coefficients (r 1 , . . . , r x )*: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Instrument 
     Instrument ID Number: 
     Instrument Class Equity A, Equity B, Bond, Contract, etc. 
     Instrument Terms: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Market Price: 
     Number Outstanding: 
     Asset Set 
     Asset Set ID Number: 
     Asset Set Multiplier (u): 
     Asset Unit ID Number: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Number Owned By Issuer: 
     Asset Unit 
     Asset Unit ID Number: 
     Asset(s) ID Number(s)*: 
     Asset(s) Coefficient(s) (e 1 , . . . , ed)*: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Asset 
     Asset ID Number: 
     Asset Type Share, Commodity Unit, Item, etc. 
     Asset Terms: 
     Update Frequency: 
     Previous Update Date: 
     Next Update Date: 
     Market Price: 
     Number Owned By Issuer: 
     Historical Instance Changes: 
     Historical Instance Change ID Number: 
     Historical Instance Change Date*: 
     Historical Instance Instruments Before Change*: 
     Historical Instance Instruments After Change*: 
     Historical Instance Assets Before Change*: 
     Historical Instance Assets After Change*: 
     Instrument Creation History 
     Instrument ID Number: 
     Issuance or Transformation ID Number: 
     Creation Date*: 
     Numbers of Instruments*: 
     Consideration*: 
     Instrument Redemption History 
     Instrument ID Number: 
     Instance ID Number: 
     Redemption Date*: 
     Numbers of Instruments*: 
     Consideration*: 
     Coverage Information 
     Instrument Excesses (R x /(vr x  Instrument Sets))*: 
     Asset Underages (E d /(ue d  Asset Sets))* 
     Asset Sets Owned to Instrument Sets Issued Ratio: 
     * may be a multiple field 
     In another aspect of the present invention, the following functions of a Compound Redemption Processor are included herein by way of an exemplary arrangement of functions that may be ordered by participants for implementing various aspects of the present invention. The functions, may, for example, be ordered by a system proprietor, brokers or investors and may link to data populated and extracted via executable code running on a Compound Redemption Processor. 
     Exemplary Functions of Compound Redemption Processor 
     1. Functions Ordered by System Proprietor 
     Add Instrument Data 
     Load new Single Issuer Compound Redeemable Instruments into a Record Database 
     Fill in other Fields of an Instrument Record 
     Update Instrument Terms (run daily) 
     For Each Instrument: 
     Is Terms Update Due Today? 
     If Yes:
         Update Instrument Terms   Fill in Next Update Date
 
Update Number Outstanding (run daily)
       

     Add Instrument Unit Data 
     Load New Instrument Unit into Record Database 
     Fill in other Fields of Instrument Unit 
     Update r x  Coefficients (run daily) 
     Add Instrument Set Data 
     Load New Instrument Set into Record Database 
     Fill in other Fields of Instrument Set into Record Database 
     Update v Multiplier (run daily)
 
Update Number Outstanding (run daily)
 
     Add Exchangeable Asset Data 
     Load new Exchangeable Assets into Record Database 
     Fill in other Fields of Exchangeable Assets into Record Database 
     Update Exchangeable Asset Terms (run daily) 
     For Each Exchangeable Asset: 
     Is Terms Update Due Today? 
     If Yes:
         Update Exchangeable Asset Terms   Fill in Next Update Date
 
Update Number Owned By Issuer (run daily)
       

     Add Asset Unit Data 
     Load New Asset Unit into Record Database 
     Fill in other Fields of Asset Unit 
     Update e d  Coefficients (run daily) 
     Add Asset Set Data 
     Load New Asset Set into Record Database 
     Fill in other Fields of Asset Set into Record Database 
     Update u Multiplier (run daily)
 
Update Number Owned By Issuer (run daily)
 
     Add Redemption Instance Data 
     Load New Instance into Record Database 
     Fill in other Fields of Instance 
     Update Number of Redemption Instances (run daily) 
     2. Functions Ordered by Brokers 
     Process, Buy Or Sell (run when order comes in)
 
Receive Transaction Request and Enter into Database
 
Display Order on Screen with Other Unfilled Orders
 
     Display Historical Instrument Prices 
     Display Historical Asset Prices 
     Calculate and Display Historical Instrument Set Prices 
     Calculate and Display Historical Asset Set Prices 
     Search for Current Buy and Sell Orders of Same Instrument 
     Identify Matches in Limit Orders and Numbers of Instruments 
     If found Execute Orders Exchanging Existing Instruments 
     If None Found Combine with same type Orders (e.g. buys for same Instrument) 
     If a Bid for an Instrument 
     Search for Instrument Set Among Bids 
     If Total Bid Prices in Instrument Set&gt;=Price of Asset Set 
     Then: 
     Issue Instrument Set 
     Create or Update Instrument Holder Records 
     Create Transaction Record 
     Create Issuance Record 
     Update Instrument Record 
     Update Instrument Set Record 
     Deposit Asset Set if Required or if Hedging 
     Update Asset Record 
     Update Asset Set Record 
     Update Issuance Record 
     Update Instrument Creation History 
     If an Offer to Sell an Instrument 
     Search for Instrument Set Among Offers 
     If Total Offer Prices in Instrument Set&lt;=Price of Asset Set 
     Then: 
     Redeem Instrument Set 
     Update Instrument Holder Record 
     Create Transaction Record 
     Create Redemption Record 
     Update Instrument Record 
     Update Instrument Set Record 
     Withdraw Asset Set if Required or if Hedging 
     Update Asset Record 
     Update Asset Set Record 
     Update Instrument Redemption History 
     Provide for Electronic Trading System 
     Order Processing and Confirmation 
     Provide Information for Book Window for Trading Screen 
     3. Functions Ordered by Investors (Informational Web Site): 
     View Outstanding Limit Orders (Book Window) 
     View Single Issuer Compound Redeemable Instruments 
     Instrument Class 
     Instrument Terms 
     Number Outstanding 
     View Exchangeable Assets 
     Asset Type 
     Asset Terms 
     Number Outstanding 
     View Redemption Instance 
     Instrument Unit Coefficients 
     Instrument Set Multiplier 
     Asset Unit Coefficients 
     Asset Unit Multiplier 
     View Historical Instance Changes 
     View Instrument Excesses 
     View Asset Underages 
     View Asset Sets Owned to Instrument Sets Issued Ratio 
     Following now is a discussion including more detail relating to examples which exemplify some embodiments of the present invention. The discussion is meant to be illustrative and not limiting in character. 
     In some embodiments, an Issuer may be a legal entity such as a trust issuing two classes of Single Issuer Compound Redeemable Instruments in a private placement exempt from registration under the 1933 Act. The Single Issuer Compound Redeemable Instruments may be resold in accordance with Rule 144A. Generally, Rule 144A permits the resale of certain unregistered securities to Qualified Institutional Buyers without requiring registration under the 1933 Act. The SICRIs are traded on the NASDAQ PORTAL Alliance system or other similar private services enabling a certain amount of liquidity among institutional buyers without listing on a national exchange or registering under the Securities Exchange Act of 1934, and rely on Section 3(c)(7) of the Investment Company Act of 1940 which provides an exemption from its provisions for Qualified Purchasers. 
     One class may comprise derivative contracts of a single type and another class may comprise units of trust equity of a single type. In exchange for issuing the contracts and the units, the trust deposits Exchangeable Assets comprising bonds of an unaffiliated issuer. The instruments redeem as an Instrument Set. Each Instrument Set including ten Instrument Units each Instrument Unit including one contract and one unit of trust equity redeeming in exchange for assets exchanging as an Asset Set each including one Asset Unit comprising one bond or the cash equivalent thereof. 
     Conversely, instruments issue as an Instrument Set each comprising ten Instrument Units each comprising one said contract and one said unit issuing in exchange for the deposit of assets as Asset Sets each comprising one Asset Unit each comprising one said bond or the cash equivalent thereof. Redemptions and issuances take place through a Depositor charging a fee. Said contracts and units own and trade separately until redeemed or maturing in the case of said contract. Redeeming instruments may be retained, extinguished or reissued by the Issuer. 
     Contracts may include terms selected from a broad universe of terms including virtually any payoff formulation and underlying reference either singly or in combination including those that may or may not be possible to buy, hold, sell or otherwise invest in either directly or indirectly. Examples of such payoff formulations include any linear, exponential, digital or other mathematical formulation. Examples of such underlying references may include any flow, claim, return, price, level, outcome, statistical result, event or other measurable effect. Units represent a residual value in the trust issuer after all expenses of the trust and the payments due under the terms of the contract. 
     As a result, amounts payable under said unit and said contract may vary inversely to each other and may be limited in aggregate by the value of the bonds. In the event that the terms of the contract are not self-limiting, its payout may equal or exceed the corresponding value of said bonds such that the value of the said units would be driven to zero. 
     In some embodiments, the present invention provides benefits of a derivative contract with additional liquidity and transparency and without the counter-party risk, hedging limitations, and costs associated with traditional dealer offerings, among others. This distinguishes over other products which do not offer the ability to jointly redeem instruments of a plurality of different classes of interests to accomplish such benefits. 
     In furtherance of the preceding specific exemplary embodiment, the terms of the contract provide for payment of an amount on the maturity date of the contract two years hence equal to the price one week prior to the maturity date of a single share of stock listed on a nationally recognized stock exchange. As the price of the stock increases the contract becomes more valuable reflecting its likely increased payoff amount on the maturity date. Because the trust owns bonds that pay a fixed amount, the anticipated residual value available to units reduces as the payoff on the contract increases. As a result, the equity unit resembles a short position in the stock increasing in value as the stock declines and decreasing in value as the stock increases. Unlike an actual short position in the stock, the holder of the unit cannot lose more than the cost of the unit. Compared to traditional means for shorting stock, the system provides a more efficient less cumbersome alternative eliminating the need to locate, borrow and sell shares thereby eliminating the costs, inefficiencies and risks associated with locating stock, borrowing stock, losing the ability to borrow stock, selling shares, repurchasing shares, paying stock lending intermediaries, stock borrow fees and fees associated with posting and managing collateral, among others. In addition, compared to selling single stock futures the unit is appealing as a cash instrument with a limited downside unlike a single stock futures position where the potential loss is unlimited. 
     In furtherance of the preceding specific exemplary embodiment, the contract may be based on climate measurements or the performance of a sports team. 
     In another specific exemplary embodiment, a newly formed issuer is a corporation issuing four classes of Single Issuer Compound Redeemable Instruments in a private placement exempt from registration under the 1933 Act. The Single Issuer Compound Redeemable Instruments may be resold in accordance with Rule 144A permitting the resale of certain unregistered securities to qualified institutional buyers without requiring registration under the 1933 Act, are traded on the NASDAQ PORTAL Alliance system enabling a certain amount of liquidity among institutional buyers without listing on a national exchange or registering under the Securities Exchange Act of 1934, and rely on Section 3(c)(7) of the Investment Company Act of 1940 which provides an exemption from its provisions for Qualified Purchasers. Three classes comprise bonds with terms separate and distinct from each other class and another class comprises equity shares of the issuer. In exchange for issuing the bonds and the shares the corporation deposits Exchangeable Assets comprising a pool of notes backed by similar residential real estate mortgages on units in a condominium development. 
     The instruments may redeem as an Instrument Set each comprising 2 Instrument Units each comprising four hundred of the bonds of one class, three hundred of the bonds of another class, two hundred of the bonds of another class and one hundred of the shares in exchange for assets exchanging as an Asset Set each comprising 1 Asset Unit comprising two said mortgages. Conversely, instruments issue as an Instrument Set each comprising 2 Instrument Units each comprising four hundred of the bonds of one class, three hundred of the bonds of another class, two hundred of the bonds of another class and one hundred of the shares issuing in exchange for the deposit of assets as an Asset Set each comprising one Asset Unit each comprising two said mortgages. 
     Redemption and issuance takes place directly with an issuer charging a fee. The bonds and the shares own and trade separately until redeemed or maturing in the case of said bonds. Redeeming instruments may be retained, extinguished or reissued by the Issuer. The bonds of each class of bonds comprise terms selected from a broad universe of terms including virtually any combination of interest payments, interest payment dates, maturity dates, seniority, and others, one or more of which are different compared to bonds of each other class. The share represents the residual value in the company after all expenses of the company and the payments due under the terms of the bonds. The bonds provide security of terms in their seniority to each other and to the shares. The shares benefit from unlimited upside leveraged by the bonds. The system provides the benefits of more efficient leverage resulting from increased liquidity and transparency of Single Issuer Compound Redeemable Instruments compared to other instruments not Single Issuer Compound Redeemable Instruments. 
     In furtherance of the preceding exemplary embodiment, the issuer is an existing corporation with additional outstanding instruments that are not Single Issuer Compound Redeemable Instruments. 
     In another specific exemplary embodiment, the Financial Structure of an existing publicly registered corporate issuer comprises one class of publicly listed thinly traded shares and one class of illiquid bonds neither being Single Issuer Compound Redeemable Instruments. Subsequently, said issuer converts said classes including all outstanding and future issues of each into Single Issuer Compound Redeemable Instruments redeeming in exchange for Exchangeable Assets comprising readily marketable widgets of said issuer&#39;s manufacture. Said Single Issuer Compound Redeemable Instruments redeem as an Instrument Set each comprising 3 Instrument Units each comprising 11 shares and 1 bond exchanging for an Asset Set each comprising one Asset Unit each comprising 1000 Exchangeable Assets each Exchangeable Asset representing one said widget. 
     The system provides liquidity and transparency to the issuer&#39;s securities by enabling a market to place an objective value on an Instrument Set enabling arbitrageurs to create and redeem shares and bonds jointly against said value. 
     The system thereby stimulates market interest in the issuer&#39;s securities enabling the issuer to raise capital more efficiently. The system enables the issuer to “buy back” its securities at a discount as a result of the profit margin that it builds into the widgets in accordance with its normal operations. The system enables the use of widgets to redeem its instruments thereby reducing inventory, increasing the volume of widget production and improving profit margins. The system accomplishes this without requiring the issuer to place a relative value on its shares compared to its bonds. As discussed broadly above, aspects of the present invention may therefore include the following specific attributes, such as, apparatus and methods to redeem jointly Single Issuer Compound Redeemable Instruments belonging to different classes in exchange for one or more classes of equitably divisible assets, including cash or the cash value of such assets, referred to herein as Exchangeable Assets, on an ongoing basis. 
     In another aspect of the present invention an integrated financial system and method referred to herein as the Compound Redemption Processor to create, redeem, distribute, manage and support Single Issuer Compound Redeemable Instruments on an ongoing basis is provided. 
     In another aspect of the present invention a method to facilitate transactions between buyers and sellers of Single Issuer Compound Redeemable Instruments is provided. 
     In still another aspect of the present invention a method for reporting upon Single Issuer Compound Redeemable Instruments is provided. 
     In another aspect of the present invention Single Issuer Compound Redeemable Instruments with enhanced trading characteristics associated with the liquidity and transparency of redeemable Financial Instruments is provided. 
     In another aspect of the present invention opportunities for investment, trading, speculation, hedging and arbitrage based on the interplay in price relationships among Single Issuer Compound Redeemable Instruments and Exchangeable Assets is provided. 
     In another aspect of the present invention improved derivative instruments in the form of Single Issuer Compound Redeemable Instruments with more flexible payout formulations, less counterparty risk, less market impact, better liquidity, greater transparency and improved pricing efficiency compared to other derivative instruments is provided. 
     In another aspect of the present invention improved structured finance instruments in the form of Single Issuer Compound Redeemable Instruments with increased liquidity, transparency, and pricing efficiency compared to other structured finance instruments is provided. 
     In another aspect of the present invention improved securitizations in the form of Single Issuer Compound Redeemable Instruments with increased liquidity, transparency, and pricing efficiency compared to other securitizations is provided. 
     In another aspect of the present invention to enable issuers to transform their securities that are not Single Issuer Compound Redeemable Instruments into Single Issuer Compound Redeemable Instruments providing improved transparency and liquidity is provided. 
     In another aspect of the present invention to enable operating companies such as manufacturers to increase operating efficiency by issuing or transforming outstanding securities into Single Issuer Compound Redeemable Instruments redeeming for Exchangeable Assets comprising assets relating to the issuer&#39;s operations such as inventory, operating or finished goods assets is provided. 
     In another aspect of the present invention a data processing system to enable the distribution and trading of Single Issuer Compound Redeemable Instruments is provided. 
     In another aspect of the present invention a data processing system to convey information about Exchangeable Asset values and prices in essentially real time is provided. 
     In some exemplary embodiments of the present invention, Instrument Units each comprising Single Issuer Compound Redeemable Instruments of more than one class redeem for Asset Units each comprising Exchangeable Assets of at least one class on an ongoing basis according to a Redemption Ratio number determined by the system. 
     In other exemplary embodiments, Coefficient v number of Instrument Units comprise an Instrument Set and Coefficient u number of Asset Units comprise an Asset Set where v/u is the Redemption Ratio defining the fewest number of Single Issuer Compound Redeemable Instruments redeeming in exchange for Exchangeable Assets. 
     In other exemplary embodiments, the Redemption Ratio defines other than the fewest number of Single Issuer Compound Redeemable Instruments redeeming in exchange for Exchangeable Assets. 
     In other exemplary embodiments the Redemption Ratio is reduced over time by decreasing Coefficient v or increasing Coefficient u to reflect the fees and expenses of the issuer. 
     In other exemplary embodiments the issuer or another entity charges fees based on Single Issuer Compound Redeemable Instruments or other issuer instruments. 
     In other exemplary embodiments the issuer or another entity charges fees based on other than Single Issuer Compound Redeemable Instruments or other issuer instruments. 
     In other exemplary embodiments the issuer or another entity charges fees based on the terms of Single Issuer Compound Redeemable Instruments or other instruments. 
     In other exemplary embodiments the issuer or another entity charges fees based on other than the terms of Single Issuer Compound Redeemable Instruments or other instruments. 
     In other exemplary embodiments the issuer or another entity charges fees based on Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges fees based on other than Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges fees based on the terms of Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges fees based on other than the terms of Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges fees, such as administration or management fees. 
     In other exemplary embodiments the issuer or another entity does not charge fees, such as administration or management fees. 
     In other exemplary embodiments the issuer or another entity charges expenses based on Single Issuer Compound Redeemable Instruments or other issuer instruments. 
     In other exemplary embodiments the issuer or another entity charges expenses based on other than Single Issuer Compound Redeemable Instruments or other issuer instruments. 
     In other exemplary embodiments the issuer or another entity charges expenses based on Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges expenses based on other than Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges expenses based on the terms of Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges expenses based on other than the terms of Exchangeable Assets or assets owned by the issuer. 
     In other exemplary embodiments the issuer or another entity charges expenses, such as administration or management expenses. 
     In other exemplary embodiments the issuer or another entity does not charge expenses, such as administration or management expenses. 
     In other exemplary embodiments the Redemption Ratio is increased over time by increasing Coefficient v or decreasing Coefficient u to reflect the income of the issuer. 
     In other exemplary embodiments the Redemption Ratio is defined as u/v. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments specify that they are or may become Single Issuer Compound Redeemable Instruments in their offering documents or other documents. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments do not specify that they are or may become Single Issuer Compound Redeemable Instruments in their offering documents or other documents. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments specify Exchangeable Assets in their documentation. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments do not specify Exchangeable Assets in their documentation. 
     In other exemplary embodiments, one or more Instrument Units comprise Single Issuer Compound Redeemable Instruments of the same classes in the same numbers as one or more other Instrument Units. 
     In other exemplary embodiments, one or more Instrument Units comprise one or more Single Issuer Compound Redeemable Instruments from each of two different classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, one or more Instrument Units comprise one or more Single Issuer Compound Redeemable Instruments from each of more than two different classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, one or more Instrument Units comprise Single Issuer Compound Redeemable Instruments of one or more different classes than one or more other Instrument Units. 
     In other exemplary embodiments, one or more Instrument Units comprise Single Issuer Compound Redeemable Instruments all of different classes than one or more other Instrument Units. 
     In other exemplary embodiments, one or more Instrument Units comprise Single Issuer Compound Redeemable Instruments of the same classes in different numbers as one or more other Instrument Units. 
     In other exemplary embodiments, all Instrument Units comprise the same number of Single Issuer Compound Redeemable Instruments from the same classes as each other Instrument Unit. 
     In other exemplary embodiments, not all Instrument Units comprise the same number of Single Issuer Compound Redeemable Instruments from the same classes as each other Instrument Unit. 
     In other exemplary embodiments, an Instrument Unit comprises Single Issuer Compound Redeemable Instruments of two or more classes in equal proportion to each other. 
     In other exemplary embodiments, an Instrument Unit comprises Single Issuer Compound Redeemable Instruments of two or more classes not in equal proportion to each other. 
     In other exemplary embodiments, all Instrument Units comprise Single Issuer Compound Redeemable Instruments of every class in the same proportion as the Financial Structure of the issuer. 
     In other exemplary embodiments, not all Instrument Units comprise Single Issuer Compound Redeemable Instruments of every class in the same proportion as the Financial Structure of the issuer. 
     In other exemplary embodiments, one or more Asset Units comprise Exchangeable Assets of the same classes in the same numbers as one or more other Asset Units. 
     In other exemplary embodiments, one or more Asset Units comprise Exchangeable Assets of one or more different classes than one or more other Asset Units. 
     In other exemplary embodiments, one or more Asset Units comprise Exchangeable Assets all of different classes than one or more other Asset Units. 
     In other exemplary embodiments, one or more Asset Units comprise Exchangeable Assets of the same classes in different numbers as one or more other Asset Units. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments comprise instruments that are securities, such as stock shares, units, bonds or options. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments comprise instruments that are not securities, such as swap agreements or other business agreements. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments comprising one Instrument Set redeem in exchange for Exchangeable Assets comprising one Asset Set. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments comprising a positive number of Instrument Sets redeems in exchange for Exchangeable Assets comprising a positive number of Asset Sets. 
     In other exemplary embodiments, all Single Issuer Compound Redeemable Instruments in an Instrument Set redeem simultaneously. 
     In other exemplary embodiments, not all Single Issuer Compound Redeemable Instruments in an Instrument Set redeem simultaneously. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments in an Instrument Set do not redeem simultaneously. 
     In other exemplary embodiments, a Redemption Instance may occur in stages over time where all or less than all of the Single Issuer Compound Redeemable Instruments comprising the Instrument Set redeem in exchange for all or less than all of the Exchangeable Assets comprising the Asset Set in stages of the Redemption Instance occurring at different times. 
     In other exemplary embodiments, the right or responsibility to complete one or more stages of a staged Redemption Instance may be contingent upon a reference underlying, outcome event or some other contingency. 
     In other exemplary embodiments, the right or responsibility to complete one or more stages of a staged Redemption Instance may not be contingent upon a reference underlying, outcome event or some other contingency. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments of one or more classes can be redeemed through conventional means as well as through Compound Redemption. 
     In other exemplary embodiments, the issuer owns Asset Sets corresponding to its outstanding Instrument Sets. 
     In other exemplary embodiments, the issuer does not own Asset Sets corresponding to its outstanding Instrument Sets. 
     In other exemplary embodiments, one or more Single Issuer Compound Redeemable Instruments specify that the issuer own Asset Sets, Exchangeable Assets or other collateral corresponding to a specified proportion of its Instrument Sets outstanding. 
     In other exemplary embodiments, one or more Single Issuer Compound Redeemable Instruments do not specify that the issuer own Asset Sets, Exchangeable Assets or other collateral corresponding to a specified proportion of its Instrument Sets outstanding. 
     In other exemplary embodiments, rights or other associated entitlements held by owners of Exchangeable Assets are transferred to holders of one or more classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, rights or other associated entitlements held by owners of Exchangeable Assets are not transferred to holders of one or more classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, rights or other associated entitlements held by owners of Exchangeable Assets are transferred to one or more entities other than holders of one or more classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, rights or other associated entitlements held by owners of Exchangeable Assets are not transferred to other than holders of one or more classes of Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are secured by Exchangeable Assets serving as collateral. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are secured by other than Exchangeable Assets serving as collateral. 
     In other exemplary embodiments, Compound Redeemable Interests are not secured by collateral. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are secured by collateral that is managed actively by the issuer or a third party. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are secured by collateral that is managed passively by the issuer or a third party. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are secured by collateral that is not managed by the issuer or a third party. 
     In other exemplary embodiments, Compound Redemption is secured by Exchangeable Assets serving as collateral. 
     In other exemplary embodiments, Compound Redemption is secured by other than Exchangeable Assets serving as collateral. 
     In other exemplary embodiments, Compound Redemption is not secured by collateral. 
     In other exemplary embodiments, Compound Redemption is secured by collateral that is managed actively by the issuer, the system proprietor or a third party. 
     In other exemplary embodiments, Compound Redemption is secured by collateral that is managed passively by the issuer or a third party. 
     In other exemplary embodiments, Compound Redemption is secured by collateral that is not managed by the issuer or a third party. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue in exchange for depositing Exchangeable Assets. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments do not issue in exchange for depositing Exchangeable Assets. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue in exchange for depositing other than Exchangeable Assets. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments do not issue in exchange for depositing other than Exchangeable Assets. 
     In other exemplary embodiments, all Single Issuer Compound Redeemable Instruments are issued initially as Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, not all Single Issuer Compound Redeemable Instruments are issued initially as Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, all Single Issuer Compound Redeemable Instruments are transformed instruments that were not initially Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, not all Single Issuer Compound Redeemable Instruments are transformed instruments that were not initially Single Issuer Compound Redeemable Instruments. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments are derivative instruments including terms selected from a broad universe of terms incorporating virtually any payoff formulation and reference underlying either singly or in combination that may or may not be possible to buy, hold, sell or otherwise invest in either directly or indirectly. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments are derivative instruments that reference Exchangeable Assets in their payout terms. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments are derivative instruments that do not reference Exchangeable Assets in their payout terms. 
     In other exemplary embodiments, one or more classes of Single Issuer Compound Redeemable Instruments are not derivative instruments. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a U.S. based issuer. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a non-U.S. based issuer. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a special purpose vehicle. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a special purpose vehicle. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a corporation. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a corporation. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a partnership. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a partnership. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a Real Estate Investment Trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a Real Estate Investment Trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a Master Limited Partnership. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a Master Limited Partnership Trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a Grantor Trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a Grantor Trust. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a Regulated Investment Company. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a Regulated Investment Company. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a pass-through entity for Federal tax purposes. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a pass-through entity for Federal tax purposes. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a Registered Investment Company. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a Registered Investment Company. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from a federal or state sanctioned exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments issue from other than a federal or state sanctioned exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not issued from a federal or state sanctioned exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not issued from other than a federal or state sanctioned exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are transferable. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are privately placed. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not privately placed. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are listed on a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not listed on a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are listed on other than a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not listed on other than a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are transferred informally. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are transferred other than informally. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are traded on a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not traded on a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are traded on other than a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not traded on other than a public exchange. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are traded or not according to user instructions. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are traded among qualified investors in the 144A marketplace through a facility such as the NASDAQ PORTAL Alliance System. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not traded among qualified investors in the 144A marketplace through a facility such as the NASDAQ PORTAL Alliance System. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are traded other than among qualified investors in the 144A marketplace through a facility such as the NASDAQ PORTAL Alliance System. 
     In other exemplary embodiments, Single Issuer Compound Redeemable Instruments are not traded other than among qualified investors in the 144A marketplace through a facility such as the NASDAQ Portal facility. 
     CONCLUSION 
     A number of embodiments of the present invention have been described. Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention. For example, various methods or equipment may be used to implement the process steps described herein or to create a device according to the inventive concepts provided above and further described in the claims. In addition, various integration of components, as well as software and firmware can be implemented. Accordingly, other embodiments are within the scope of the following claims.