Patent ID: 8543478

Claim:
A system for creating an underlying instrument for a financial product, the system comprising at least one apparatus comprising: i. at least one computer processor; ii. at least one computer memory operatively connected to the at least one processor; iii. at least one data storage device comprising at least one data store, wherein the at least one data storage device and the at least one data store can be queried by at least one processor of the at least one apparatus; and iv. at least one computer readable medium operatively connected to the at least one processor, said at least one medium comprising machine readable program code embodied therein for controlling the system and directing the system to form at least one set, wherein at least one of the set and at least one member of the set comprises a potential underlying instrument for at least one of determining a financial product and creating a financial product, the forming, the determining, and the creating comprising the steps of: selecting a reference item; selecting a specification of the reference item; evaluating the specification against one or more alternatives to the reference item; determining interchangeability between the reference item and the one or more alternatives to the reference item based on the evaluating of the specification in relation to the one or more alternatives to the reference item, wherein the determining of interchangeability is based on or comprises determining at least one of quasi-fungibility and quasi-anti-fungibility, wherein quasi-fungibility comprises a degree to which at least one of the one or more alternatives to the reference item is interchangeable with the reference item, and wherein quasi-anti-fungibility comprises a degree to which at least one of the one or more alternatives to the reference item comprises at least one of a concept, an attribute, a property, and an element anti to at least one of a concept, an attribute, and an element of the reference item; forming at least one set based on the determined interchangeability; and at least one of determining a financial product and creating a financial product based on or comprising at least one of the set and at least one member of the set.