Systems and methods for creation, issuance, redemption, conversion, offering, trading, and clearing a debt obligation convertible into cash plus a spot foreign exchange contract that is priced to reflect the value of the debt obligation in a base currency in relation to the value of a reference currency

摘要

Securities trading systems and methods for creating, issuing, offering, trading, redeeming, converting, and clearing a novel debt obligation convertible into cash plus a foreign exchange spot or forward contract that is priced to reflect the value of the debt obligation in a base currency in relation to the value of a reference currency. In the system, an order book server aggregates bid and offer information for the debt obligations. Best bid and offer information is communicated to one or more trading terminals. The trading terminals are capable of displaying best bid and offer and other information relevant to trading, redeeming, and converting the debt obligations in real time and allow a trader to trade, redeem, and convert C-Notes™ by interacting with the display on the trading terminal. The order book server and issuer calculate and track accrued interest on the debt obligations.