Source: http://www.google.com.tw/patents/US8117112
Timestamp: 2013-05-21 14:45:21
Document Index: 557424318

Matched Legal Cases: ['application No. 60', 'application No. 60', 'art 2', 'art 1', 'art 20', 'art 20', 'art 5', 'art 25', 'art 0']

�M�Q US8117112 - Auction system and method for pricing and allocation during capital formation - Google �M�Q�j�M �Ϥ� �a�� Play YouTube �s�D Gmail ���ݵw�� ��h »�i���M�Q�j�M | �������� | �n�J�i���M�Q�j�M�M�QA computer implemented system and method determines price and allocation of equity shares. Information about an offering to accept bids for equity shares is provided to qualified potential purchasers and non-qualified potential purchasers. Bids from potential purchasers for equity shares are received...http://www.google.com.tw/patents/US8117112?utm_source=gb-gplus-share�M�Q US8117112 - Auction system and method for pricing and allocation during capital formation���}��US8117112 B2�X���������v�ӽЮѽs��12/540,438�o�G���2012�~2��14���ӽФ��2009�~8��13�� �u���v���1999�~6��15����L���}�M�Q��US6629082US7587358US20040039685US20100017344�o��HWilliam R. HambrechtOthar HanssonJordan M. HayesAlan KatzCharles A. OcheretMatt Regan��M�Q�v�HHambrecht William RHansson OtharHayes Jordan MKatz AlanOcheret Charles ARegan Matt ���M�Q������705/37705/35705/36.00R��ڱM�Q������G06Q30/00G06Q40/00 �X�@����G06Q40/06G06Q30/08G06Q40/04G06Q40/00 �ڬw������G06Q 30/08G06Q 40/04G06Q 40/00G06Q 40/06�ѦҤ��m�M�Q�ޥ� (64)�D�M�Q�ޥ� (92)�~���s�����M�Q�ӼЧ� ���M�Q�ӼЧ��M�Q����T�� �ڬw�M�Q��Auction system and method for pricing and allocation during capital formationUS 8117112 B2�K�n A computer implemented system and method determines price and allocation of equity shares. Information about an offering to accept bids for equity shares is provided to qualified potential purchasers and non-qualified potential purchasers. Bids from potential purchasers for equity shares are received through a communication network. Bids are accepted and offered to be accepted only from qualified potential purchasers. A non-qualified potential purchaser submits a bid through a qualified potential purchaser. A clearing price for the offered shares is determined based on the received bids.
CROSS REFERENCE TO RELATED APPLICATIONS This application is a divisional of U.S. application Ser. No. 10/632,818, filed Aug. 4, 2003, which is a continuation of U.S. application Ser. No. 09/347,949, filed Jul. 6, 1999, now U.S. Pat. No. 6,629,082, which claims priority to provisional application No. 60/139,511 filed on Jun. 15, 1999, entitled ��Auction System and Method for Pricing and Allocation During Capital Formation,��and to provisional application No. 60/140,293, filed on Jun. 8, 1999, entitled ��Auction System and Method for Pricing and Allocation During Capital Formation.��
FIGS. 3A and 3B are pictorial illustrations of the process of setting up a ��deal�� for the underwriting of securities in accordance with a presently preferred embodiment of the invention.
FIGS. 4A and 4B are pictorial illustrations of the process of setting up a ��deal�� for the underwriting of securities in accordance with a presently preferred embodiment of the invention.
FIG. 5 is a pictorial illustration of the process of post-execution clean-up after a ��deal�� has been completed in accordance with a presently preferred embodiment of the invention.
Overview An Auction Pricing Mechanism in accordance with the invention is a method of price determination for capital formation that can result in substantial benefits for companies seeking to raise capital through the sale of equity into the public market. An equity offering employing an auction in accordance with a present embodiment of the invention differs substantially from traditional underwritten public offerings in which underwriters employ a ��book building�� sales technique. In a ��book building�� process, the price at which shares are sold is determined by negotiation. A lead underwriter represents an offering company to investors and the investors to the offering company in the negotiation. In offerings conducted by auction in accordance with the invention, equity will generally be sold directly to the public by an offering company at a price determined by investors bidding for shares. Bids may be subject to a minimum price or range set by the offering company. An may serve as the Auction Advisor, and may provide a system upon which the auction is run and assists the offering company in marketing the offering and running the auction. Offerings conducted by such auction process may be run on the basis of a specific number of shares to be sold or amount of capital to be raised.
An equity offering auction in accordance with the invention provides a number of significant advantages over a traditional underwritten offering. Foremost, such auction provides a logical and precise method of determining valuation based upon market demand rather than the ��book building�� process. In the traditional ��book building�� process, companies are encouraged to ��leave something on the table�� in order to fill the underwriter's order book. In an auction in accordance with the invention, the offering can be more readily priced at the maximum valuation that the market can bear. In addition, due to the manner in which shares in such auction are allocated (see below), shares may be placed with those seeking long-term investment rather than the ability to ��flip�� the stock. This differs significantly from the traditional underwritten offering where shares are often placed with the underwriter's best customers who expect to have the ability to quickly sell those shares for a profit due to the discount on valuation that is typically built into the initial public offering price. In an auction in accordance with the invention, this discount can be readily eliminated and therefore, investors have no short-term incentive to sell their holdings. The auction system also can provide greater exposure to the retail market as individual investors have the ability to bid on offerings. This may have the effect of increasing demand over that of typical underwritten offering where the retail market is largely ignored relative to institutional buyers. Finally, due to the relatively low cost structure of the Underwriter, and the automation of the offering process, companies utilizing the auction process should be able to realize significant savings over the underwriting discounts charged in typical offerings as well as avoid unnecessary dilution by utilizing the auction to raise smaller amounts of capital than typically required by underwriters in traditional offerings.
Equity offering transactions conducted by auction will be available to both institutional and retail investors. In order to participate in any given offering investors must be registered with a designated Underwriter. It is expected that institutional investors will be able to register directly with such Underwriter, but that retail investors will typically participate via on-line brokerage firms. On the day the shares become available for sale by the offering company registered investors can submit bids on the offering electronically through a web-based interface maintained by the Underwriter, as the Auction Advisor. Any investor making a bid will indicate the number of shares such investor would be willing to purchase (��Bid Quantity��) and the price per share such investor would be willing to pay (��Bid Price��). No bid will be considered valid until immediately available funds in an amount equal to the total dollar value of such investor's bid are deposited into an escrow account established in connection with the offering. On the last day which the shares are available for sale by the offering company to investors, the offering company will stop accepting bids after the close of trading on the New York Stock Exchange (the ��Auction Close��).
The price at which the offered stock is sold to investors will be determined following the Auction Close. All valid bids received by the offering company will be arranged by price in descending order. An accounting firm unaffiliated with the offering company (the ��Auction Auditor��) will, starting from the bid with the highest price and working downward, sum up the bid quantities (the ��Rolling Accumulation��). At the bid price at which Rolling Accumulation surpasses the quantity of securities being offered (the ��Aggregate Securities��), the Auction Auditor will establish such price as the price at which all investors whose bids are included in the Rolling Accumulation will be allocated shares (the ��Clearing Price��).
All investors whose bids are included in the Rolling Accumulation will be allocated shares. An investor whose bid, price is above the Clearing Price will be allocated such investor's entire Bid Quantity (a ��Full Allocation��).
An investor whose bid price equals the Clearing Price will be allocated a fraction of its Bid Quantity (a ��Pro Rata Allocation��). The Pro Rata Allocation will be the product of such investor's Bid Quantity and the Aggregate Securities less the sum of the Bid Quantities above the Clearing Price divided by the sum of the Bid Quantities at the Clearing Price, as represented by the formula below:
Pro ⁢ ⁢ Rata ⁢ ⁢ Allocation = Bid ⁢ ⁢ Quantity �� ( Aggregate ⁢ ⁢ Securities - Sum ⁢ ⁢ of ⁢ ⁢ Bid ⁢ ⁢ Quantities ⁢ ⁢ above ⁢ ⁢ Clearing ⁢ ⁢ Price ) ( Sum ⁢ ⁢ of ⁢ ⁢ Bid ⁢ ⁢ Quantities ⁢ ⁢ at ⁢ ⁢ the ⁢ ⁢ Clearing ⁢ ⁢ Price ) Any Pro Rata Allocation that results in the allocation of a fraction of a share will be rounded down to the nearest whole number. The additional shares made available due to the rounding mechanism (the ��Additional Shares��) will be allocated to the investor at the Clearing Price whose bid contained the highest Bid Quantity.
Shares will be delivered to investors whose bids are accepted in the auction process four days following the Auction Close (the ��Closing Date��). In addition, on the Closing Date the proceeds from the offering will be released from escrow and the fee payable to the Auction Advisor will be paid.
4 Prior to effectiveness, Underwriter shall represent to the satisfaction of NASD Regulation (��NASD��) that sufficient capital will be available to Underwriter to meet the minimum net capital requirements for an open contractual commitment under SEC Rule 15c31, and obtain a statement expressing ��no objections�� to the distribution arrangements. The prospective net capital charge will be based on the high end of the range set forth in the ��Calculation of Registration Fee�� table in the effective registration statement, plus 20% of the maximum aggregate offering price, and be offset as firm bids are accepted. Upon approval of an acceleration request under SEC Rule 461, the offering will become effective with a price range under SEC Rule 430A. At this time, Underwriter will post the Rule 430A prospectus on its website.
An ��Example Plan of Distribution�� is attached as ��Addendum A�� which is incorporated herein by this reference.
A typical user of an Auction System is a General Investor�Xretail investor, institutional investor, or money manager�Xwho buys equity offerings (IPO's, secondary offerings; insurance demutualizations, debt offerings, and other capital formation processes.
The Auction System handles two classes of investors (qualified and nonqualified investors). Only qualified investors will be able to place bids during the auction to minimize the possibility of prank bids and defaults on payment. Qualified investors will generally include institutions, a group of on-line brokerage firms partnered with an Underwriter, certified financial advisors who manage multiple accounts, and other groups subject to SEC or NASDAQ oversight. Alternatively, a Qualified Investor may be defined according to NASDAQ's definition of an Institutional Investor, which belongs to one of the following categories: (a) banks, savings and loan associations, insurance companies, or registered investment companies; (b) investment advisors registered under Section 203 of the Investors Advisers Act of 1940; (c) any other entity�Xwhether a natural person, corporation, partnership, or otherwise�Xwith total assets of at least $50 million.) A non-qualified investor who does not have an account through a qualified investor can participate by opening an account with one of the designated on-line brokerage firms.
Any investor, however, will be able to view equity offering information at the auction Web site. In a present embodiment, investors without Internet access will be able to order offering information and establish brokerage accounts through a voice-response system that will be maintained by brokerage firms partnered with the Underwriter. Typical content includes a short description of the company and its business, pricing ��guidance�� from Underwriter No. 1, a prospectus, a description of the offering, auction guidelines and rules, instructions on how to open a brokerage account (with hot links), road-show materials, registration forms, disclaimers, etc.
Registered investors can review and print pricing ��guidance,�� a prospectus summary, the entire prospectus, etc. Road-show materials may be subject to restrictions and not available for printing. Video or audio recordings of road-show appearances, which can be streamed over the Internet, may be, provided in order to provide access to management briefings and responses to questions. The prospectus may be available on floppy disk or CD; printed versions may be offered to investors who make requests via the touch-tone telephone system. An Auction Order Handler enters registration information into an account database and initiates an audit trail (a privacy policy can be clearly stated on the web site).
Pricing ��Guidance.��
Furthermore, when a user submits a bid through a web connection , the account information computer system 118 attaches account information associated with the user to auction bid information contained in an auction database 112-1, 112-2. In this matter, a user bid is associated with a user account and with any auction parameters that may have been set in connection with the auction on which the bid is made. A bid message is created by the account information computer system 118. The bid message is transmitted via a network connection 120-3 to an auction server 126. The Auction server 126 executes an algorithm to determine the price of the offering. The Auction Server also may execute an algorithm to determine the allocation of shares in the offering. The price and allocation information may be communicated via a message on a network connection 120-3 back to the account information computer system 118. For example, such message may indicate share price and share allocation for any given customer. The computer system 118 associates auction share price and each customer's allocation to the customer's account. It also reports that information to the first and second auction databases 112-1, 112-2. The first and second auction databases 112-1, 112-2 are synchronized databases such that each contains identical information. In this manner, the account information computer system 118 places ��fills�� into a customer account if in fact the customer's bid has been successfully accepted. An administrative terminal 128 and a Customer Service Representative Terminal, 130 may access the account information computer System 118. Alternatively, they may access the transaction server 100 interface via a direct network connection 132-1, 132-2 or via an Internet connection 134 as illustrated.
The illustrative drawings of FIGS. 4A and 4B show in general terms the process for closing a deal. It will be appreciated that, in accordance with a presently preferred embodiment of the invention, a prospectus pertaining to a transaction that is the subject of an auction may require approval by the SEC. If so, the transaction generally cannot become ��effective�� until the SEC approves the transaction. It is not uncommon for a transaction's prospectus to go through numerous changes between the time it is initially submitted to the SEC and the time that the SEC finally approves the prospectus and permits the transaction to become effective. In general, once the SEC approves a transaction, the transaction may become ��effective��. Ordinarily, once the SEC approves the transaction, the underwriter and the issuer company execute an underwriter agreement in which the issuer company approves the sale of securities by the underwriter at an agreed upon price. In accordance with a present embodiment of the invention, the agreed upon price of securities to be sold by the issuer is established through an auction process of the general type described herein.
After the deal has become effective, and the underwriter and the issuer have agreed upon a price for the issuance of the shares, the underwriter takes steps to firm up the bids that have been received for the auction. Once the underwriter firms up the bids the underwriter sends ��fills�� to the customer accounts and a settlement at the clearing price which has been arrived at through the auction process.
In a present embodiment of the invention, before the transaction becomes effective, the underwriter does not form binding contracts with customers who submit bids for securities. Rather, bids are mere ��indications of interest�� in purchasing the security. Thus, in a present embodiment, the underwriter takes the risk that a bidder will back out of the bid and not actually follow through and purchase the securities at the clearance price.
Moreover, in a current embodiment of the invention, there is uncertainty as to when an auction for a particular security issue will close. The closing date depends in part upon the timing of SEC comments on the transaction and approval of the transaction. At a point when an underwriter feels that the prospectus is in a close to final condition, then the underwriter may inform the SEC that it is ��ready for acceleration��. At this point, the underwriter may inform customers and potential bidders that the auction will close soon, perhaps within twenty-four (24) hours. This gives bidders an opportunity to change their bids and even to rescind their bids. When the transaction becomes effective, the auction will close. Pricing and allocation of the transaction are then determined based upon the results of the auction as described elsewhere in this document.
It will be appreciated that the auction process described herein achieves the result of ��building a book��, a traditional role of a banker. In building a book, a banker identifies persons or institutions who are likely to purchase securities. The banker also ascertains a price that is likely to be acceptable to the purchasers. The auction process described herein replaces the traditional process of building a book with a process that involves accepting bids and establishing ah allocation and a clearance price based upon the results of the auction.
Foreign Key to the Users table, identifying which user the limit pertains to. A ��0�� in this field indicates the user is not pertinent for the Limit.
Foreign Key to the Groups table, identifying which group the limit pertains to. A ��0�� in this field indicates the group is not pertinent for the Limit.
Foreign Key to the deals table, identifying which deal the limit pertains to. A ��0�� in this field indicates the deal is not pertinent for the Limit.
1, ��Maximum inactivity time after which a user session is invalidated�� 2, ��Customer's Primary E-mail address�� 3, ��Customer's Primary Phone Number�� 4, ��Customer's Primary Contact Name�� 3.14. Index List
REL_SESSIONS_USERS�X No
Default data: Default number of seconds for session timeout for all users is 1800 seconds, or 30 minutes. The default value may be overridden by a user preference, ex: (10, 1, ��900��) would set UserId 10's session timeout to 15 minutes.
(0, 1, ��1800��) 5.3.
REL_USERS_GROUPS�X No
1. Start 2 deals, add 2 per month with potential to 5 per month. 2. Start 1 group, no plan for additional groups. 3. Start 20 limits, likely to stay at that level. 4. Start 20 limitinfo per deal, likely to stay at that level. 5. Start 5 preferences, likely to stay at that level. 6. Start 25 users, add 5 per month plus potential bursts of as many as 25. 7. 10 limits per user. 8. 5 user preferences per user. 9. Start 0 sessions, 1 per login, potential multiple per user per day, and will use admin batch job to clean up expired sessions. High-end estimate would be a total of 3 per user at any one time with ��inserts�� and ��deletes�� at an average rate of 1 per user per day. Auction System Architecture
The Auctioneer Client 314 can be extensible to different auction types, based on the ��modelID�� auction parameter as stored in the RBS 304. The modelID can be used to index into a table of auction parameters, which can be used to drive the parameterized auction engine.
For example, the ��clearing-price�� parameter will be ��uniform�� in the Vickrey auction (or ��bid-price�� in the case of a discriminatory or first-price auction). The ��bidding�� parameter will be ��sealed�� in the Vickrey auction (��open-outcry�� (unsealed bids) in other auctions). The ��allocation�� parameter determines the allocation among low-price bidders (��pro-rata�� in the Vickrey case, but other choices would be ��chronological��, ��by-size��, etc.).
The ModelTypes table defines ��classes�� of auction models and assigns them unique ModelTypeIDs. Specific models are, described in the Models table which also supplies model specific operating parameters for the auction.
The Models table provides ��instances�� of the various types of models described in the ModelTypes table. Each model is assigned a unique ModelID which is how it will be referred to from the Auctions table.
select UserID, SecurityType, SecurityKey from Users where UserName ��<some_user_name>�� The UserID will be retained by the program during the session in order to verify roles as necessary. The SecurityType and SecurityKey can be used to authenticate the user or to offer additional challenges according to the security policy.
FillSize=<a_fill_size, Status�X<a_new_status> where BidID=<first_bid_id> insert BidLog(BidTxID, BidID, Action, Price, Size, Qualifiers) values(<new_tx_id>, <first_bid_id>, <an_action>, <a_fill_price>, <a_fillsize>, <any_qualifiers>) update Bids set FillPrice=<a_fill_price>, FillSize=a_fill_size, Status=a_new_status> where BidID=second bid id> insert BidLog (BidTxID, BidID, Action, Price, Size, Qualifiers) values(<new_tx_id>, <second_bid_id>, <an_action>, <a_fill_prTce>, <a-fill-size>, <any-quaiifiers>) update Bids set FillPrice=a_fill_price>, FillSize=a_fill_size, Status=a_new_status> where BidTD=nth_bid_id> insert BidLog(BidTxID, BidID, Action, Price, Size, Qualifiers) values(<new_tx_id>, <nth_bid_id>, <an_action>, <a_fill_price>, <a_fill_size>, <any_qualifiers>) commit transaction Producing an Auction Report:
from Users R, Bids B where AuctionID�X<an_auction_id> and
Status�X<FILLED> order by R.UserName, AccountID compute SUM(FillSize), SUM(FillPrice*FillSize) by R.UserName The following query will display, for a particular auction, the complete history of transactions for each bid broken down by user and account.
The underwriters propose to offer the shares of common stock directly to the public at the offering price set forth on the cover page of this prospectus, as this price is determined by the process described below, and to certain dealers at this price less a concession not in excess of $�X�X�X�X�X�X per share. Any dealers or agents that participate in the distribution of the common stock may be deemed to be underwriters within the meaning of the Securities Act, and any discounts, commission or concessions received by them and any provided by the sale of the shares by them might be deemed to be underwriting discounts and commissions under the Securities Act. After the completion of the initial public offering of the shares, the public offering price and other selling terms may be changed by the underwriters.
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