AUTOMATED AUCTION PROCESSOR FOR UNDERWRITING SECURITIES

摘要

An automated underwriting auction processor is presented. States, municipalities, and other non-federal authorities issue municipal securities to an underwriter or syndicate of underwriters during an underwriting period. The underwriters then trade the securities in a secondary market. The efficiency and fairness of this process is improved using a networked system (108), which includes multiples computers or workstations (107), connected to an automated auction processor. The processor provides issuers and participants equal real-time access to the underwriting process. Moreover, the automated auction processor (103) provides a universal underwriting protocol to ensure that only qualified issuers and participants are allowed to participate. This results in a fair and more efficient underwriting process compared to the traditional sealed-bid auction and negotiated underwriting processes.