Electronic trading systems and methods provide users with the opportunity to trade financial instruments such as equities, foreign exchange, bonds, and swaps. Swaps may be defined using specialized electronic swap term sheets. A user who proposes a swap may select other users and invite them to bid on the swap. The system may initiate an auction for a proposed swap. Bidding users may bid until the swap auction is complete. The swap may be confirmed, and swap terms downloaded to a user's risk management or back office software.
This application claims the benefit of U.S. Provisional Patent Application No. 60/205,138, filed May 18, 2000.
Some features of this invention may be applied to trading other financial instruments such as, for example, stocks, bonds, shares in mutual funds, options, or other equities, debt instruments, derivatives, or any other suitable financial asset or liability. Some embodiments may, for example, provide users with opportunities to specialize term sheets for any trade of any suitable financial instrument. Some embodiments may allow for bidding by, for example, placing market orders, limit orders, or any other type of bid. Some embodiments may also allow users to specify the invitees of a trade, notify the invitees that they are invited, and allow the invitees to participate in the trade. Invitees may participate using any suitable approach. They may, for example, place bids on stocks, bonds, mutual funds, or other financial instruments. Some embodiments may allow for bids in an auction, and allow the users to bid on financial instruments by proxy, as described herein or using any other suitable approach. Once trades are complete (e.g., when a user accepts a bid, when the best bid is placed in an auction, etc.), some embodiments may allow users to confirm the trades, may generate trade documentation, and may provide trade information electronically to the user's risk management or back office systems. During trades, some embodiments may provide current bids and offers to the risk management or back office systems. The back office or risk management systems may automatically determine a bid for a given user, using suitable modeling and forecasting techniques. The back office or risk management systems may automatically provide the bid to a trading system, or may present the price to the user so that the user may place the bid manually.
FIG. 19 shows an illustrative user configuration page, in accordance with one embodiment of the present invention.
An electronic trading system in accordance with principles of the present invention may be implemented using, for example, a non-on-line (i.e., traditional client/server) approach or, preferably, using an on-line approach. If desired, a combination of these approaches may be used. Illustrative on-line and non-on-line based arrangements for an electronic trading system are shown in FIGS. 1 a and 1 b, respectively. In the illustrative on-line arrangement of FIG. 1a, access devices 200 may be connected via links 105 to Internet 110. Access devices 200 may include any device or combination of devices suitable for providing Internet access to users of the trading system. Access devices 200 may include, for example, any suitable personal computer (PC), portable computer (e.g., a notebook computer), palmtop computer, handheld personal computer (H/PC), automobile PC, personal digital assistant (PDA), Internet-enabled cellular phone, combined cellular phone and PDA, set-top box (e.g., a Web TV enabled set-top box), e-book, or any other device suitable for providing Internet access.
Internet server  115 may be any server suitable for providing users with on-line access to the trading system (e.g., a web server). Internet server 115 may, for example, run Windows NT 4.0 Enterprise Edition and Microsoft's Internet Information Server. Internet server 115 may, for example, provide one or more pages to access devices 200 using one or more suitable protocols (e.g., the HyperText Transfer Protocol (HTTP) and Transmission Control Protocol/Internet Protocol (TCP/IP)). For security purposes, Secure HTTP (HTTPS) and Secure Sockets Layer (SSL) protocols may be used to exchange pages. Digital certificates may also be used, such as digital certificates by Verisign, Inc. of Mountain View, Calif., USA. If desired, total solutions approaches such as Microsoft's Distributed Network Architectural Financial Services (DNAfs) may be used. Pages may be defined using, for example, any suitable markup language (e.g., Standard Generalized Markup Language (SGML), HyperText Markup Language (HTML), Dynamic HyperText Markup Language (DHTML), or any other suitable markup language or protocol for defining markup language documents). The pages may include scripts, computer code, or subsets of computer code, that define mini-programs (e.g., Java applets). If desired, secure MIME (S/MIME) may be used to provide e-mail invitations and confirmations to users. Any suitable protocol and record definition scheme may be used to transfer financial data such as, for example, the Extensible Markup Language (XML), Financial Product Markup Language (FPML), Financial Information Exchange Markup Language (FIXML), the Network Trade Model (NTM), or any other suitable language or protocol.
Links  105 may include any transmission medium suitable for providing Internet access to access devices 200. Links 105 may include, for example, a dial-up telephone line, a computer network or Internet link, an infrared link, a radio frequency link, a satellite link, a digital subscriber line link (e.g., a DSL link), a cable modem link, any other suitable transmission link or suitable combination of such links. Different links 105 may be of different types depending on, for example, the particular type of Internet access device 200.
Any protocol or combination of protocols suitable for supporting communications between access devices  200 and Internet and application server 115 over links 105 based on the particular device 200 and link 105 may be used. For example, Ethernet, Token Ring, Fiber Distributed Data Interface (FDDI), Circuit-Switched Cellular (CSC), Cellular Digital Packet Data (CDPD), RAM mobile data, Global System for Mobile communications (GSM), time division multiple access (TDMA), code division multiple access (CDMA), serial line Internet protocol (SLIP), point to point protocol (PPP), Transmission Control Protocol/Internet Protocol (TCP/IP), Sequenced Packet Exchange and Internetwork Packet Exchange (SPX/FPX) protocols, or any other suitable protocol or combination of protocols may be used.
Database server  120 may run any suitable database engine, such as, for example, Microsoft SQL Server V.7.0. Database server 120 may maintain a database or databases, suitable to the database engine used, of system information. System information may include, for example, information regarding users of the system (i.e., swap user and swap dealer information), pending swap transactions, and any other suitable information. User information may include, for example, user names, telephone numbers, addresses, company information, account information, credit line information, any other information suitable to the system for performing system functions, or any suitable combination thereof. User information may also include, for example, swap terms that the system may use to provide specialized electronic term sheets to the users. Swap transaction information may include any swap terms, bids, bidding parties, or any other suitable information.
Internet and application server  115 may retrieve system information from or provide system information to database server 120 using any suitable approach. Internet and application server 115 may, for example, have one or more common gateway interface (CGI) or Active Server Page (ASP) scripts for providing information submitted to Internet and application server 115 from database server 120 to access device 200, or for providing information submitted by access devices 200 to database server 120. One or more processes on Internet server 115 may, for example, generate SQL requests and provide the requests to a SQL server engine running on database server 120 for processing. Application server 120 may obtain data for the requests and provide the data to Internet and application server 115. Internet and application server 115 may format the data into web pages and provide the web pages to access devices 200.
In another approach, Internet and application server  115 may, for example, invoke remote procedures that reside on database server 120 using one or more remote procedure calls. Database server 120 may execute, for example, SQL statements for such invoked remote procedures. In still another suitable approach, objects executed by Internet and application server 115 may communicate with objects executed by database server 120 using, for example, an object request broker (ORB). This may involve using, for example, Microsoft's Distributed Component Object Model (DCOM) approach. Any other suitable scheme may be used. FIG. 1a shows Internet and application server 115 and database server 120 as separate servers. In practice, all or part of the functionality of the two servers may be combined into a single server or shared by the servers.
Internet and application server  115 or database server 120 may run one or more processes suitable for providing real-time auctions for swaps. Any suitable process or processes may be used. For example, Internet and application server 115 may run an auction engine or package, such as the Dynamic Pricing Toolkit sold by Open Site Technologies of Research Triangle, N.C., USA.
Database server  120 and access devices 200 may be connected to electronic commerce system 125, documents system 130, paging/dialing system 103, or a suitable combination thereof, via Internet 210. Alternatively, database server 120 may be connected to these systems via a local area network, wide area network, or other link or combination of links (not shown). FIG. 1a shows these systems as being separate from database server 120. In practice the functions of database server 120, Internet and application server 115, and one or more of these systems may be integrated into a single system.
Electronic commerce system  125 may include one or more computers that provide for the electronic transfer of funds between users or users' accounts pursuant to the terms of pending swaps. Electronically transferring funds may be accomplished using any suitable approach such as, for example, financial EDI (FEDI), electronic funds transfer (EFT), the Secured Electronic Transaction protocol (SET), the Joint Electronic Payments Initiative (JEPI), or any other suitable approach. In practice, the protocol stack used by the trading system may include secure protocols suitable to the chosen system implementation, such as, for example, secure HTTP (HTTPS), secure sockets layer (SSL), or any other suitable protocol or combination protocols.
Documents system  130 may include one or more computers and other devices (e.g., printers, scanners, faxes, etc.) suitable for maintaining swap-related documents and providing for the exchange of such documents. As used herein, swap-related documents may include, for example, term sheets, confirmations, International Swap Dealers Association (ISDA), documents, British Bankers Association (BBA) documents, or any other suitable type of document. Electronic versions of these documents may be maintained by documents system 130 as suitable files (e.g., PDF files). If desired, documents system 130 may provide users with opportunities to scan in term sheets for swaps previously obtained without the use of the trading system, or for proposed swaps. Documents system 130 may convert the documents to text using optical character recognition (OCR) software. Documents system 130 may scan the text and detect payment data for pending swaps. This information may be provided to application server 120. At the appropriate time (e.g., when payments are due), database server 120 may direct electronic commerce system 125 to transfer funds pursuant to the terms of the swap.
Documents system  130 may also examine term sheets for proposed swap terms and provide the terms to database server 120. Application server 120 or Internet server 115, may initiate an auction for the proposed swap. This may allow users to define proposed swaps by filling in paper term sheets. Users may, for example, fax or otherwise provide the paper term sheets to documents system 130 for processing.
Paging/dialing system  103 may be any suitable computer based system for dialing or paging users. Paging/dialing system 103 may dial or page a user to, for example, notify the user of a pending auction, notify the user that the user's completed proxy bid has been beaten by another bid, to connect users to orally confirm a swap, or for any other suitable purpose. Paging/dialing system 103 may for example, have suitable modems and software for paging users using, for example, the Simple Network Paging Protocol (SNPP). Paging/dialing system 103 may provide for automatic dialing of parties and for voice-to-voice communications over the Internet or a telephone dialing link, providing access devices 200 have suitable hardware and processing capacities (e.g., sound boards, microphones, speakers, etc.).
FIG. 1 b shows an illustrative non-on-line arrangement for the trading system of the present invention. In the non-on-line arrangement of FIG. 1b, personal computers 180 are interconnected via network 175 to application server 121. Network 175 may be any suitable local area network (LAN), wide area network (WAN), or other suitable network. Personal computers and their interconnection via networks are well known. If desired, one or more personal computers 180 may be accessed by remote access device 183 to provide users with remote access to the system. Remote access device 183 may be any suitable device, such as a personal computer, personal digital assistant, cellular phone, or other device with remote access capabilities.
Application server  121 may run any suitable database engine, such as, for example, Microsoft SQL Server V.7.0. Application server 121 may maintain system information database 123. Client applications running on personal computers 180 may allow users to access the features of the system. The clients may, for example, pass SQL requests as messages to server 121. In another suitable approach, the client applications may invoke remote procedures that reside on server 121 using one or more remote procedure calls. Server 121 may execute SQL statements for such invoked remote procedures. In still another suitable approach, client objects executed by the client applications may communicate with server objects executed by server 121 using, for example, an object request broker (ORB). This may involve using, for example, Microsoft's Distributed Component Object Model (DCOM) approach. Any other suitable non-on-line based communications scheme may be used.
Electronic commerce system  125, documents system 130, paging/dialing system 103, or any suitable combinations thereof may be connected to application server 121 via links 107. Links 107 may be any suitable link, such as computer network links, Internet links, telephone links, wireless links, or any other suitable link. The functions of application server 121 and one or more of electronic commerce system 125 and documents system 130 may be combined into a single system if desired.
FIG. 2 shows an illustrative, generalized arrangement for the access devices  200 of FIG. 1a. Access devices 200 may have, for example, user interface 205, processing circuitry 210, communications device 220, and storage 230. User interface 205 may be any suitable input device, output device, or combination thereof. User interface 205 may include, for example, a pointing device, keyboard, touch-pad, touch screen, pen stylus, voice recognition system, mouse, trackball, cathode ray tube (CRT) monitor, liquid crystal display (LCD), voice synthesis processor and speaker, or any other suitable user input or output device. Processing circuitry 210 may include any suitable processor, such an Intel Pentium microprocessor, and other suitable circuitry (e.g., input/output (I/O) circuitry, direct memory access (DMA) circuitry, etc.). Communications device 220 may be any device suitable for supporting communications over links 195. Communications device 220 may include, for example, a modem (e.g., any suitable analog or digital standard, cable, or cellular modem), network interface card (e.g., an Ethernet card, token ring card, etc.), wireless transceiver (e.g., an infrared, radio, or other suitable analog or digital transceiver), or other suitable communications device. Storage 230 may be any suitable memory, storage device, or combination thereof, such as RAM, ROM, flash memory, a hard disk drive, etc.
FIG. 3 is a flowchart of an overview of illustrative steps involved in providing users with access to various features of some embodiments of the present invention. FIGS. 4 and 5 show illustrative, more specific flowcharts of steps involved in providing features of various embodiments. The steps shown in FIGS.  3-5 may be performed in any suitable order, based on, for example, the features provided by a system and its implementation. If desired, some of the steps may be deleted, and others added.
Some of the steps shown in FIGS.  3-5 involve providing users with opportunities to interact with an electronic trading system. Such steps may be performed by, for example, a client application that is programmed to generate or download screens suitable to provide such opportunities, by an Internet browser that downloads suitable pages to provide such opportunities, or using any other suitable approach. Other steps may involve additional processing, such as inviting users to participate in auctions, providing auctions, posting transactions, or other types of processing. In non-online arrangements, such processing may be performed by the client or the server, depending on the chosen system implementation and the degree to which the processing involves querying system information database 123 (FIG. 1b). In on-line arrangements, such processing may be performed by access device 200, Internet and application server 115, or database server 120 (FIG. 1a), depending on, for example, the processing and storage capabilities of access devices 200, the chosen implementation for the markup language documents used, the degree to which the processing involves querying system information database 123, or other factors. For purposes of clarity and not of limitation, the following discussion will describe the steps shown in FIGS. 3-5 as being performed by "the system," which is intended to include any non-on-line or on-line arrangement suitable for performing the steps shown.
At step  300, the system may provide users, such as swap users and swap dealers, or traders of other financial instruments, with opportunities to login to the system. This may be accomplished using any suitable approach. The system may, for example, provide a login page in response to a user accessing the system with a web-browser or other Internet navigational software. In another suitable approach, the system may provide a login screen in response to the user indicating a desire to launch an application (e.g., by selecting a program icon, by entering suitable path and file names, etc.). At step 310, the system may provide the user with an opportunity to post a swap offer. FIG. 4 shows illustrative steps involved in posting swap offers. Swap users, for example, may post swap offers to effect swaps with swap dealers. Swap dealers, for example, may post swap offers to effect inter-dealer swaps. Swap dealers may post swap offers to swap users if desired. The system may provide An electronic trading system user with an opportunity to indicate terms for a swap offer at step 400 of FIG. 4. The system may use any suitable user interface element or combination of elements to provide An electronic trading system user with an opportunity to indicate the terms of a swap. The system may use, for example, text boxes, drop-down lists, searchable text lists, check boxes, push buttons, radio buttons, any other suitable interface element or any suitable combination thereof. In another approach, system users may indicate terms for a swap offer by filling out a printed swap offer term sheet and faxing or otherwise providing the sheet to documents system 130 (FIGS. 1a and 1 b) for processing.
The system may provide users with one or more electronic swap term sheets to provide the opportunity of step  400. If desired, the system may provide one or more specialized electronic term sheets (step 410). Specialized electronic term sheets may include only those swap terms that are generally desirable to the user. For example, if a user is generally involved in equity swaps, then the user may desire to have an opportunity to select from one or more equity indexes when defining a swap. This user may also not find it particularly useful to have an opportunity to indicate an interest rate index. A specialized electronic swap term sheet for this user may include user interface elements that provide the user with opportunities to select equity indexes, and may not include any interface elements for indicating interest rates. As another example, a user who participates in interest rate swaps may generally confine the user's swaps to a particular type of interest rate (e.g., LIBOR). A specialized term sheet for this user may include interface elements that provide the user with opportunities to select one or more LIBOR rates, and may not include any interface elements that provide for indicating, for example, U.S. Treasury rates. Electronic term sheets may be specialized to include any suitable combination of swap terms for a given user. The system may provide specialized term sheets based on, for example, the user's login ID.
At step  415, the system may provide the user who is posting an offer (sometimes referred to as the "posting user") with an opportunity to electronically indicate one or more users whom the posting user wishes to have bid on a swap offer (sometimes referred to herein as "invitee users"). A posting user may indicate one or more invitee users based on their creditworthiness or other considerations. If desired, the system may provide the user with an opportunity to select one or more invitee users from a subset of all of the system users. The system may, for example, allow the posting user to indicate only swap dealers. If desired, the system may specialize a list of dealers to provide only those dealers that the posting user desires to have provided. The system may provide specialized invitee lists based on, for example, the user's login ID (step 417).
At step  420, the system may provide the posting user with an opportunity to indicate one or more swap auction parameters. Swap auction parameters may include, for example, whether a swap is open or closed, its start time, reserve rates or minimum bids, methods of confirmation (e.g., automatic, by electronic messages such as system messages or e-mail, by telephone, etc.), how the auction may terminate (e.g., end times, user acceptance, time period without bids, etc.), or any other suitable auction parameter. The system may also provide the posting user with an opportunity to indicate that a swap offer is a limit order—that the first bidder to bid the reserve rate or minimum bid is the winner of the swap auction.
At step  430, the system may provide the posting user with an opportunity to approve the swap offer. This may be accomplished using any suitable approach, the system may, for example, provide one or more pages or screens in which the swap offer terms, the indicated invitee users, the auction parameters, or any suitable combination thereof, are displayed for the posting user's review. A suitable interface element, such as a push button, may also be provided so that the posting user may indicate whether the offer is approved. After a swap offer has been defined and approved (if desired), the system may post the swap offer to system information database 123 of FIGS. 1a and 1 b (step 440). The system may also invite the invitee users indicated at step 415 to participate in an auction for the swap offer.
The system may invite invitee users using any suitable approach. The system may, for example, determine if an invitee user is logged into the system and provide an alert-style system message alerting the user to the invitation. In another suitable approach, the system may post An electronic trading system message that an invitee user may access after logging into the system. In another suitable approach, the system may generate an e-mail alerting an invitee user to the swap offer. In another suitable approach, the system may provide instant pop-up message when the user is not logged in. In still another suitable approach, the application server may direct paging/dialing system  103 to automatically call or page an indicated user to alert the user of the offer.
The system may provide the posting user and the invitee users with opportunities to participate in swap auctions (e.g., step  320 of FIG. 3). FIG. 5 is a flowchart of illustrative steps involved in providing users with opportunities to participate in swap auctions. At step 500, the system may provide a user with an opportunity to indicate a particular swap auction that the user wishes to participate in. The user may indicate a particular swap auction by, for example, selecting the auction from an on-screen list of pending auctions. In another suitable approach, The user may indicate a particular swap auction by, for example, selecting an Internet link from an e-mail notification for the auction that brings the user to an auction page. Any other suitable approach may be used.
After the user has indicated an auction that the user desires to participate in, the system may determine whether the user was the posting user or an invitee user. When the user is the posting user, the system may provide the user with an opportunity to electronically monitor bids for the swap (step  510). The system may provide a display screen or page that is updated in real time to show current bids (e.g., using a real-time non-on-line data streaming approach, XML polling, or any other suitable approach). The system may also provide a posting user with an opportunity to accept a bid that is not the best bid. Providing posting users with this opportunity may be desirable when, for example, users may want the ability to accept a bid that is not the best bid but is made by a better credit risk. This feature may be more appropriate in, for example, closed auctions where bidders cannot see the bids of other users. While bid acceptance may be used in open auctions, allowing posting users to usurp the "best bid wins" methodology by accepting a bid that is not the best bid may be unacceptable to some bidders, and may tend to cause them to dislike participating in auctions for fear of wasting their time.
When the user who indicated a desired auction at step  500 is an invitee user, the system may determine whether the auction is an open or closed auction. When the auction is an open auction, the system may provide the user with an opportunity to monitor pending bids for the desired auction (step 520). In either case, the system may provide the user with an opportunity to electronically bid on the swap (step 530). Providing a user with an opportunity to electronically bid on a swap may be accomplished using any suitable approach. The system may, for example, provide the user with an opportunity to enter an interest rate, index, amount of currency, or any other bid suitable for the type of swap offered. The system may also provide the user with an opportunity to beat the best pending bid with a single action (e.g., the pressing of a single button, clicking of a single link, etc.) at step 540. The user may also beat the best pending bid by entering a bid using some other suitable approach.
The system may provide a user with an opportunity to bid by electronic proxy at step  560. When bidding by proxy, a user may set a proxy rate (or other terms depending on the financial instrument traded) which the system then uses to automatically bid on the user's behalf. A user may desire to bid by electronic proxy when, for example, an auction is to be completed in a small amount of time, when the user cannot monitor an auction, or for any other reason. The user may indicate a desire to bid by proxy and indicate the user's best bid. Each time the system receives a bid for a swap, the system may automatically bid for the user a predetermined amount better than the best bid (e.g., one-tenth of one basis point (0.001%). The system may keep bidding by proxy for a user until the user's best bid is reached. If a better bid is posted by another user, the system may notify the proxy bidder (e.g., by e-mail or system message) that the proxy bidder's best bid has been beaten. The proxy bidder may rejoin the auction before it is completed and enter another bid if desired.
The system may complete an auction at step  570. The system may complete an auction in response to any suitable event. The system may, for example, complete an auction in response to a posting user accepting a bid. The system may also complete an auction at a particular time set by the posting user, when no new bids have been received after a predetermined period of time, when a limit order is met, or in response to any other suitable event. If desired, the system may dynamically extend the time for bids past a scheduled time when, for example, a certain number of bids are received within a predetermined time of the scheduled end time of the auction (step 575).
Returning to FIG. 3, the system may provide users with opportunities to confirm swaps when, for example, the completion of an auction itself is not sufficient to create a binding swap (step  330). The system may provide users with this opportunity using any suitable approach. The system may, for example, provide swapping users with opportunities to electronically sign e-mails that are exchanged between the swapping users. In another suitable approach, the system may provide the users with an opportunity to immediately confirm the swap orally using computer based telephony (e.g., Internet Protocol (IP) telephony). The system may, for example, generate printed confirmations that are signed and exchanged by the parties. In still another suitable approach, the system may allow users to confirm the swaps using instant pop-up messages that prompt the users to confirm the swap. Any other suitable approach may be used.
At step  340, the system may generate swap documentation. Swap documentation may include any suitable printed or electronic documents, such as printed or electronic ISDA, BBA, or other documents. The system may also generate electronic swap documentation or swap information that is provided to the user's risk management or back office system (step 345). This may provide for straight-through processing of the swap without requiring the user to manually enter the terms of the swap into the user's risk management or back office system. The system may also provide instructions to electronic commerce system 125 to transfer funds according to swap terms at step 347.
The system may provide users with opportunities to specialize their electronic swap term sheets, invitee lists, or any other display screens or pages (step  350). This may be accomplished using any suitable approach. The system may, for example, provide a display screen or web page in which the user is provided with an opportunity to indicate desired swap terms, invitee types, or other specialization information. Alternately, the system provider may interview the user to determine the user's desired swap parameters, invitee, types, or other information, and provide specialized screens or pages.
The features of an electronic trading system in accordance with the present invention may be presented to users using any user interface suitable to the chosen non-on-line or on-line approach used to implement the system. FIGS.  6-19 show one illustrative graphical user interface for an electronic swap trading system in accordance with one embodiment of the present invention. For purposes of clarity and not limitation, FIGS. 6-19 will be described as illustrative web pages for use in an on-line electronic swap trading system. The interface shown may, in practice, be used as suitable display screens in a non-on-line based system if desired.
The illustrative web pages shown in FIGS.  6-19 illustrate various features of some embodiments of the present invention as they may be used to provide users with opportunities to post offers and bid on swaps. The types of swaps shown in the following figures are only illustrative examples. Various features of the present invention may be used to provide users with opportunities to post offers and bid on any other suitable type of swap. Moreover, the user interface elements shown in the figures are only illustrative, and may be replaced with any other user interface elements suitable for the features with which the illustrative interface elements are associated (e.g., drop-down menus, text fields, buttons, radio buttons, tabs, links, check boxes selectable graphics, or any other switchable interface element).
An illustrative login page  600 in accordance with one embodiment of the present invention is shown in FIG. 6. Login page 600 may include text boxes 602 and 605 for providing a user with an opportunity to enter the user's login ID and password. The user may indicate that the user has finished entering his or her user ID and password by, for example, pushing button 610. In response, the system may provide an offer selection page. An illustrative offer selection page 700 is shown in FIG. 7.
Offer selection page  700, and other pages of the system may include graphics and advertisements that have not been shown to avoid overcomplicating the figures. Graphics may include, for example, product or service provider brands that indicate to the user the provider of the service. Advertisements may be any suitable text, graphic, video or other visual advertisement. Visual advertisements may have associated audio. Pure audio advertisements may be played without displaying visual indicators of their availability if desired.
Offer selection page  700, and other pages within the system, may include menu bar 705. Menu bar 705 may provide users with opportunities to access various features of the system. Users may select items on menu bar 705 to indicate a desire to, for example, go home (i.e., re-login to the system) by selecting menu item 710, view an offer list by selecting menu item 720, post an offer by selecting menu item 730, get instructions on how to use the system by selecting menu item 740, obtain swap investment tips by selecting menu item 750, logoff by selecting menu item 760, or perform any other suitable function.
Offer selection page  700 may also include one or more links that provide the user with an opportunity to indicate swap types for which the user wishes to post an offer. In this example, the user may indicate a desire to: post an offer for a United States Dollar (USD) interest rate swap by selecting link 770, post an offer for a cap, floor or collar by selecting link 780, post an offer for a non-USD interest rate swap by selecting link 790, and post an offer for a currency swap by selecting link 795. These offer types are only illustrative as the user may be provided with opportunities to select any other suitable offer type (e.g., equity swaps, basis swaps, etc.). Page 700 may also include link 797 for providing users with opportunities to specialize their web pages.
In response to a user indicating a desire to post an offer (e.g., by selecting a link for an offer type), the system may provide an electronic term sheet. FIGS. 8 a and 8 b show an illustrative electronic term sheet page 800 for USD interest rate swaps. FIG. 9 shows an illustrative term sheet page 900 for caps, floors, and collars. FIG. 10 shows an illustrative term sheet page 1000 for non-USD interest rate swaps. FIG. 11 shows an illustrative term sheet page 1200 for currency swaps.
Term sheet page  800 of FIGS. 8a and 8 b is an illustrative specialized term sheet for a USD interest rate swap. As shown, the system provides the user with opportunities to indicate various terms of a proposed swap. The user, in this example, Auto Motor Credit, may indicate the user's position—whether the user wishes to pay fixed rate payments or pay floating rate payments. In this example, Auto Motor Credit has chosen to pay fixed rate payments. The user may indicate the date on which the swap begins, commonly referred to as the swap settlement date. The user may indicate the date on which the swap expires, commonly referred to as its maturity date.
A further example of specialization of page  800 for this user is illustrated by the available options from which the user may select a floating index. Of all of the possible interest rate and equity indexes, the user in this example has had page 800 specialized to provide the user with an opportunity to select only LIBOR rates. The system also, however, provides the user in this example with an opportunity to enter an unlisted interest rate or equity index. This may provide the user with a specialized page that is optimized for the user's customary interest swaps, but that also allows the user to perform other interest rate or equity swaps from the same page if desired. Page 800 also provides the user with opportunities to specify whether any documentation must be generated when a trade is confirmed, and to enter any user comments.
FIG. 9 shows an illustrative specialized term sheet that the system may provide in response to a user indicating a desire to post an offer for a cap, floor, or collar (e.g., by selecting link  780 of FIG. 700). The user may, for example, specify the desired swap product (e.g., cap, floor, or collar), the user's position (e.g., buyer or seller), the strike, the settlement date, maturity date and the notional quantity for the product. The user may also specify when the fee or premium for the cap, floor, or collar is due.
An example of specialization of page  900 for this user is illustrated by available options from which the user may select a floating index (sometimes referred to as a reference rate), for the cap, floor, or collar. Of all of the possible interest rate and equity indexes, the user in this example, has had page 900 specialized to provide the user with an opportunity to select only LIBOR rates. The system also, however, provides the user in this example with an opportunity to enter an unlisted interest rate or equity index. This may provide the user with a specialized page that is optimized for the user's customary caps, floors, or collars, but that also allows the user to define offers for caps, floors, or collars based on other rates or indexes from the same page if desired.
FIGS. 10 a and 10 b show an illustrative specialized electronic term sheet page 1000 that the system may provide in response to a user indicating a desire to post an offer for a non-USD interest rate swap (e.g., by selecting link 790 of FIG. 7). FIG. 10b shows the bottom of page 1000 as it might look in response to a user scrolling or paging downward. Page 1000 of FIGS. 10a and 10 b includes many of the same fields as the illustrative USD swap page 700 of FIG. 7. Page 1000 includes an additional element, in this example dropdown lists 1010, that provide the user with an opportunity to specify currencies in which the fixed rate and floating rate payments will be made.
FIG. 11 shows an illustrative electronic term sheet page  1200 that the system may provide in response to a user indicating a desire to post an offer for a currency swap. (e.g., by selecting link 795 of FIG. 7). the user may indicate, for example, the currency the user wishes to trade, a notional amount of that currency, the desired or target currency, and the maturity date of the trade (i.e., the date on which the trade occurs).
The user may indicate a desire to clear the user's indications in pages  800, 900, 1000, and 1200 by, for example, pushing button 810. In response, the system may provide a blank page for the user to fill in terms. The user may indicate that the user is finished defining an offer by, for example, pushing button 815 of pages 800, 900, 1000, and 1010. In response, the system may, for example, provide an invitee page. Invitee pages may provide a list of counter parties that a user may invite to participate in an auction for a swap offer. FIG. 12 shows an illustrative specialized invitee page 1200. Invitee page 1200 is specialized in that it only provides swap user Auto Motor Credit with opportunities to select the swap dealers (and not other swap users) that Auto Motor Credit may invite to participate in an auction for a swap offer. The user may indicate that the user is finished indicating invitees by, for example, pushing button 1210. In response the system may, for example, provide an auction parameters page. Auction parameter pages may provide the user with an opportunity to indicate whether, for example, an auction is to be closed or open, whether the auction may be satisfied by a limit order, a start time for the auction, an end time for an auction (if desired), a minimum bid (sometimes referred to as a reserve rate), how a swap is confirmed (e.g., automatically, electronically, by telephone, etc.), or any other suitable auction parameter. FIG. 13 shows an illustratve auction parameters page 1300.
In response to a user indicating that the user has indicated all parameters for an auction (e.g., by pushing button  1310 of page 1300), the system may provide one or more confirmation pages. Confirmation pages may display the user's indicated swap terms, invitees, auction parameters, or any suitable combination thereof. FIGS. 14a and 14 b show illustrative confirmation page 1400 that display the user's swap terms and auction parameters. FIG. 14a shows the top of page 1400. FIG. 14b shows the bottom of page 1400 as it might look in response to a user scrolling or paging downward. A user may confirm the offer by, for example, pushing button 1410. In response, the system may post the offer, invite the invitees, and provide the user with an opportunity to participate in an auction for the swap.
FIG. 15 shows an illustrative offer list page  1500 that the system may provide in response to, for example, a user selecting offer list menu item 720. Offer list page 1500 may provide a list of pending offers that the user has either posted or been invited to bid on. In this example, there is only a single offer. The user may indicate a desire to view the terms of a swap offer by, for example, pushing a button 1510 associated with the swap offer. In response, the system may provide an electronic term sheet page that lists the terms of the offer.
The user may indicate a desire to monitor an offer by, for example, pushing a button  1520 that is associated with the offer. In response, the system may provide an auction page for the user. When an offer has been posted as an open auction, an auction page for the offer may display the pending bids for an offer. When an offer has been posted as a closed auction, an auction page for the offer may only provide the user with an opportunity to place a bid.
FIG. 16 shows an illustrative auction page  1600 for an open auction that may be provided to a posting user. The example of FIG. 16 shows an auction for an interest rate swap in which the best bid (in this example the lowest rate), wins the auction. Bidding users may bid progressively until the best-bid wins. As shown in FIG. 16, the posting user may view the bids of counter parties in real-time. Page 1600 may also include an indicator of the best bid, such as indicator 1610. Indicator 1610 may, for example, highlight the best bid, surround the best bid, or change the display characteristics of the best bid in any suitable fashion. If desired, the bid list may be dynamically re-orderable so that the best bid is always displayed at the top of the list.
FIG. 17 shows an illustrative auction page  1700 for an open auction that may be provided to an invitee user. As shown in FIG. 17, the invitee may be provided with an opportunity to monitor pending bids while the identities of the bidders remain secret. Page 1700 may include an indicator of the invitee user's current bid, such as indicator 1710. Indicator 1710 may, for example, highlight the user's bid, surround the user's bid, or change the display characteristics of the user's bid in any suitable fashion. If desired, page 1700 may also include indicator 1610 to indicate the best bid.
Page  1700 may provide the user with opportunities to update the user's bid, retract the user's bid, beat the best bid, or bid by proxy. The user may indicate a desire to update the user's bid by, for example, entering a bid in text box 1715 and pushing button 1720. The user may indicate a desire to beat the best bid by a predetermined amount (e.g., 10 bps) by, for example, pushing button 1740. The user may indicate a desire to retract the user's bid by, for example, pushing button 1730. In response to each of these, the system may update both the posting user's page 1600 (in this example Auto Motor Credit's page 1600) and the invitee users' pages 1700 (in this example Bank of America and Bank of Montreal's pages 1700) to reflect the new bids or that a bid was retracted. The update may occur in real time, with a fixed period, or using any other suitable approach. The user may indicate a desire to bid by proxy by, for example, entering the user's best bid into text box 1715 and pressing button 1750. In response, the system may continue to enter bids for the user that are a predetermined amount higher than the best bid (e.g., 10 bps) until the user wins the auction, the user's best bid is reached, or the auction is completed for some other reason.
FIG. 18 shows an illustrative page  1800 that the system may provide to an invitee of an open auction when the auction is complete. In this example, the auction was completed when its time ran out. Page 1800 may indicate the bids pending when the auction was completed, and provide the user with an opportunity to retract the user's winning bid if desired. In response to a user indicating a desire to retract a winning bid (e.g., by pressing button 1730), the system may retract the bid and electronically notify the offering user of the retraction. The system may also provide the offering user with an opportunity to accept the next-best bid. In response to the offering user accepting the next-best bid, the system may electronically notify the bidding user of the acceptance. If desired, the system may provide the bidding user with an opportunity to retract his or her bid. This may continue until, for example, a bid is accepted and not retracted, or until there are no bids remaining.
FIG. 19 shows an illustrative page  1900 that the system may provide in response to a user indicating a desire to specialize the user's pages (e.g., by selecting ling 797 of FIG. 7). In this example, the user may select swap parameters, invitee parameters, and other information for inclusion into the user's pages. The user may add information by, for example, highlighting the desired information and pushing button 1910. The user may remove information by, for example, highlighting the desired information and pushing button 1915. The user may indicate that the user has finished specializing the user's pages by, for example, pressing button 1920.
providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.
providing the at least one invitee user with an opportunity to participate in the auction for the swap.
wherein electronically inviting the at least one invitee user to participate in the auction for the swap comprises sending the invitee user an e-mail message that indicates an invitation to participate in the auction.
wherein sending the invitee user an e-mail message that indicates an invitation to participate in the auction comprises sending the invitee user an e-mail that contains an Internet link to an auctions page for the auction.
wherein electronically inviting the at least one invitee user to participate in the auction for the swap comprises automatically paging the invitee user to participate in the auction.
providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises displaying pending bids for the swap.
displaying pending bids for the swap comprises keeping the identity of the one invitee user secret from another invitee user.
providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to beat the best bid using a single action.
wherein providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to retract a bid.
wherein providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to bid by proxy.
further comprising providing the user with an opportunity to indicate a desired auction from a plurality of auctions.
further comprising providing the user with an opportunity to approve the auction with the terms indicated by the user using the electronic swap term sheet.
wherein providing an electronic auction for the swap as indicated by the user using the electronic swap term sheet comprises providing the user with an opportunity to monitor bids.
wherein providing an electronic auction for the swap as indicated by the user using the electronic swap term sheet comprises providing the user with an opportunity to accept a bid.
providing an auction for a swap as indicated by the user using the electronic swap term sheet comprises providing an auction for a swap as indicated by the user using the specialized electronic swap term sheet.
wherein providing a user with an opportunity to indicate swap terms for a swap using a specialized electronic swap term sheet having a plurality of potential swap terms comprises providing a user with an opportunity to indicate swap terms for a swap using a specialized electronic swap term sheet having at least one specialized potential swap term selected from the group of swap terms consisting of: interest rates, equity indexes, currencies, amortization schedules, call schedules, and floating rate indices.
the method further comprises extending the first predetermined time period during which bids may be made electronically by users in response to at least one bid being made by a user during a second predetermined time period within the end of the first predetermined time period.
further comprising providing at least one bidding user with an opportunity to participate in the auction for the swap.
wherein the method further comprises displaying pending bids for the swap.
wherein displaying pending bids for the swap comprises keeping identities of bidding users secret.
providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to beat the best bid using a single action.
wherein providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to retract a bid.
wherein providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to bid by proxy.
further comprising providing the user with an opportunity to confirm a swap with a bidding user.
wherein providing the user with an opportunity to confirm a swap with a bidding user comprises providing the user with an opportunity to confirm a swap by e-mail with the bidding user.
wherein providing the user with an opportunity to confirm a swap with a bidding user comprises providing the user with an opportunity to confirm a swap using computer-based telephony.
further comprising providing instructions to an electronic commerce system for the electronic exchange of funds from the user to a bidding user in accordance with the terms of the swap.
further comprising downloading the indicated swap terms to a user's risk management or back office system to provide for straight-through processing of the swap by the user's risk management or back office system.
wherein providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet comprises providing a user with an electronic swap term sheet page.
wherein providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet comprises providing a user with an opportunity to indicate terms for a swap selected from the group of swaps consisting of: interest rate swaps, equity swaps, currency swaps, zero coupon swaps, basis-rate swaps, caps, floors, and collars.
wherein providing an electronic auction for the swap comprises providing an electronic best-bid-wins auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein providing an electronic auction for the swap comprises providing an electronic English-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein providing an electronic auction for the swap comprises providing an electronic Dutch-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein providing an electronic auction for the swap comprises providing an electronic closed auction for the swap having the terms indicated by the user using the electronic swap term sheet.
confirming the swap when the auction is complete.
accessing an auction page for the swap comprises accessing the auction page in response to receiving the invitation.
wherein placing a bid on the swap using the auction page comprises placing a proxy bid on the swap using the auction page.
wherein confirming the swap when the auction is complete comprises electronically confirming the swap when the auction is complete.
receiving a bid calculated by the risk management or back office system.
providing the indicated swap terms to the user's risk management or back office system to provide for straight-through processing of the swap by the user's risk management or back office system.
receiving a bid calculated by the risk management or back office system of the invitee user.
providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.
wherein providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the derivative over the Internet.
providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the swap.
downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users.
providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the swap.
wherein providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument over the Internet.
providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet.
wherein providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet comprises providing an electronic auction over the Internet.
providing the electronic auction for the financial instrument having the offer terms indicated by the user.
wherein providing the electronic auction for the financial instrument having the offer terms indicated by the user comprises providing the electronic auction over the Internet.
wherein electronically inviting the at least one other user to participate in the electronic auction comprises sending the at least one other user an e-mail message that indicates an invitation to participate in the auction.
wherein electronically inviting the at least one other user to participate in the electronic auction comprises sending the at least one other user an e-mail message that contains an Internet link to an auctions page for the auction.
wherein electronically inviting the at least one other user to participate in the electronic auction comprises automatically paging the at least one other user to participate in the auction.
wherein providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument comprises providing the user with an opportunity to indicate at least one other user using a specialized list of users.
creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.
creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.
an access device configured to: (1) provide a user with an opportunity to indicate terms for the swap using an electronic swap term sheet, and (2) provide the user with access to the electronic auction.
the system further comprises a second access device configured to provide the at least one invitee user with an opportunity to participate in the auction for the swap.
wherein the electronic invitation is an e-mail message that indicates an invitation to participate in the auction.
wherein the electronic invitation is an e-mail that contains an Internet link to an auctions page for the auction.
the server is further configured to provide instructions to the paging/dialing system to automatically page the invitee user to participate in the auction.
the second access device is further configured to display the pending bids for the swap.
the second access device is further configured to display pending bids for the swap comprises keeping the identity of the one invitee user secret from another invitee user.
the second access device is further configured to provide the at least one invitee user with an opportunity to beat the best bid using a single action.
the server is further configured to retract the bid from the auction.
wherein the second access device is further configured to provide the at least one invitee user with an opportunity to bid by proxy.
wherein the access device is further configured to provide the user with an opportunity to indicate a desired auction from a plurality of auctions.
wherein the access device is further configured to provide the user with an opportunity to approve the auction with the terms indicated by the user using the electronic swap term sheet.
the access device is further configured to provide the user with an opportunity to monitor bids.
wherein the access device is further configured to provide the user with an opportunity to accept a bid.
the server is further configured to provide the auction for a swap as indicated by the user using the specialized electronic swap term sheet.
wherein the specialized potential swap terms are selected from the group of swap terms consisting of: interest rates, equity indexes, currencies, amortization schedules, call schedules, and floating rate indices.
the server is further configured to extend the first predetermined time period during which bids may be made electronically by users in response to at least one bid being made by a user during a second predetermined time period within the end of the first predetermined time period.
further comprising at least one second access device configured to provide a bidding user of a plurality of bidding users with an opportunity to participate in the auction for the swap.
the second access device is further configured to receive the pending bids.
each second access device is further configured to display pending bids for the swap while keeping identities of other bidding users secret to each bidding user.
each second access device is further configured to provide each bidding user with an opportunity to beat the best bid using a single action.
wherein each second access device is further configured to provide a bidding user with an opportunity to retract a bid.
wherein each second access device is further configured to provide a bidding user with an opportunity to bid by proxy.
wherein the access device is further configured to provide the user with an opportunity to confirm a swap with a bidding user.
wherein the access device is further configured to provide the user with an opportunity to confirm a swap by e-mail with the bidding user.
wherein the access device is further configured to provide the user with an opportunity to confirm a swap using computer-based telephony.
wherein the server is further configured to provide instructions to an electronic commerce system for the electronic exchange of funds from the user to a bidding user in accordance with the terms of the swap.
wherein the access device is further configured to the indicated swap terms to a user's risk management or back office system to provide for straight-through processing of the swap by the user's risk management or back office system.
wherein the access device is Internet enabled and further configured to provide a user with an electronic swap term sheet page.
wherein the terms for a swap are selected from the group of swaps consisting of: interest rate swaps, equity swaps, currency swaps, zero coupon swaps, basis-rate swaps, caps, floors, and collars.
wherein the server is further configured to provide an electronic best-bid-wins auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein the server is further configured to provide an electronic English-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein the server is further configured to provide an electronic Dutch-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.
wherein the server is further configured to provide an electronic closed auction for the swap having the terms indicated by the user using the electronic swap term sheet.
provide the user with an opportunity to electronically confirm the swap when the auction is complete.
provide the invitation to the user.
wherein the access device is further configured to provide the user with an opportunity to place a proxy bid on the swap using the auction page.
wherein the access device is further configured to electronically confirm the swap when the auction is complete.
receive a bid calculated by the risk management or back office system.
wherein the first and second access devices are further configured to provide the indicated swap terms to the a risk management or back office system to provide for straight-through processing of the swap by the risk management or back office system.
wherein the second access device is further configured to: (1) provide the terms to a risk management or back office system of an invitee user, (2) receive a bid calculated by the risk management or back office system of the invitee user, and (3) provide the bid to the server.
a plurality of access devices each configured to: (1) provide to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction, and (2) provide to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.
wherein each access device is Internet enabled and configured to provide to each user of the plurality of users an opportunity to electronically bid on the derivative over the Internet.
wherein the derivative is a swap.
a plurality of access devices wherein each access device is configured to: (1) provide to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction, (2) automatically complete the auction, and (3) download a winning bid of the auction to a risk management or back office system.
each access device is further configured to provide to each user of a plurality of users an opportunity to electronically bid on the swap.
wherein each access device is further configured to electronically bid on the financial instrument over the Internet.
an access device configured to provide a user with an opportunity to indicate the terms using a specialized electronic term sheet.
the access device is Internet enabled.
wherein the server is further configured to provide the electronic auction for the financial instrument to the access device having the offer terms indicated by the user.
wherein the electronic invitation is an e-mail message that contains an Internet link to an auctions page for the auction.
the server is further configured to instruct the paging/dialing system to automatically page the at least one other user to participate in the auction.
wherein the access device is further configured to provide the user with an opportunity to indicate at least one other user using a specialized list of users.
wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by completing the auction.
wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
an electronic commerce system configured to electronically transfer funds between the offering user and the bidding user in accordance with the bid and the offer.
means for providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.
means for confirming the swap when the auction is complete.
means for providing the indicated swap terms to the user's risk management or back office system to provide for straight-through processing of the swap by the user's risk management or back office system.
means for providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.
means for downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users.
means for providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet.
means for providing the electronic auction for the financial instrument having the offer terms indicated by the user.
means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.
means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.
means for electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.


The first program dedicated to allied health professionals will be held as part of the IOF World Congress on Osteoporosis, to be held in Toronto, Canada, next June.
Running from 09:00 to 15:00, on Sunday June 4, 2006, the day will feature osteoporosis-related presentations by nurses, dietitians, physiotherapists and occupational therapists, aimed at people working in these fields.
"We are delighted that allied health professionals will be participating in this important congress as they form an important part of the team in osteoporosis prevention, diagnosis and treatment. The care of patients with osteoporosis relies on the entire spectrum of health care professionals, not just physicians," said Professor René Rizzoli, chairman, IOF Committee of Scientific Advisors and chairman, IOF World Congress on Osteoporosis 2006 Scientific Committee.
In addition, a plenary lecture "Paleolithic Lifestyle and Bone" will be given by Dr. S. Boyd Eaton, USA and highlights of the Congress will be presented by Prof. Ego Seeman, Australia.
The IOF WCO, which will be held June 2-6, 2006, is the world's largest scientific congress devoted specifically to osteoporosis, and is expected to attract more than 6,000 global participants.
Osteoporosis, in which the bones become porous and break easily, is one of the world's most common and debilitating diseases. The result: pain, loss of movement, inability to perform daily chores, and in many cases, death. One out of three women over 50 will experience osteoporotic fractures, as will one out of five men 1, 2, 3. Unfortunately, screening for people at risk is far from being a standard practice. Osteoporosis can, to a certain extent, be prevented, it can be easily diagnosed and effective treatments are available.
The International Osteoporosis Foundation (IOF) is the only worldwide organization dedicated to the fight against osteoporosis. It brings together scientists, physicians, patient societies and corporate partners. Working with its 170 member societies in 84 locations, and other healthcare-related organizations around the world, IOF encourages awareness and prevention, early detection and improved treatment of osteoporosis.
IOF World Congress on Osteoporosis, held every two years, is the only global congress dedicated specifically to all aspects of osteoporosis. Besides the opportunity to learn about the latest science and developments in diagnosis, treatment and the most recent socio-economic studies, participants have the chance to meet and exchange ideas with other physicians from around the world. All aspects of osteoporosis will be covered during the Congress which will comprise lectures by invited speakers presenting cutting edge research in the field, and a large number of oral presentations and poster sessions selected from submitted abstracts. More than 70 Meet the Expert Sessions covering many practical aspects of diagnosis and management of osteoporosis are also on the program.


text:
Lisa Ferri • Mayer Brown LLP
Partner and IP Practice Leader
Intellectual Property Lawyer on Front Lines
With her strong legal acumen, leadership and commitment to diversity, Lisa Ferri's mission is improving the recruitment, retention and promotion of women attorneys across the legal profession.
A partner in the New York office of Mayer Brown, Ferri leads the office's Intellectual Property group and is on the frontlines in securing and enforcing patents covering innovative biologic therapies. She serves as lead counsel on behalf of high-profile companies in federal courts across the country, covering a broad range of areas from pharmaceuticals and biologics for treatment of HIV/AIDS, cancer, hepatitis, influenza and auto-immunities, to technology for drug delivery systems, research, DNA and medical devices.
Ferri is one of a select few female first-chair trial lawyers racking up major successes for clients, including GlaxoSmithKline, Bristol-Myers Squibb and Sanofi, in high-stakes patent cases involving blockbuster drugs. She also serves as co-chair of the firm's global Women's Leadership Committee and as a Board Member of the Women in Law Empowerment Forum.
She says being a woman in her profession has been both challenging and rewarding. "The field of patent litigation is very male dominated, so over the years I have often been the only woman in the conference room or the courtroom," she said
Her colleagues say her leadership is paving the way for other women in the profession. Ferri speaks on panels with clients about women and business development, mentors female associates and participates in the firm's women's conferences. She has an enviable record in hiring, retaining and promoting women, as Mayer Brown's New York IP Group is 50 percent women, including the partners. "I feel very satisfied to have contributed to changing the face of patent litigation," she said.
Ferri holds a law degree from Seton Hall University Law School and B.A. from the University of Virginia. She launched her legal career as a securities class-action litigator and was drawn to life sciences patent litigation after working with the team defending the HIV/AIDs drug AZT in one of the first suits brought pursuant to the Hatch-Waxman Act. She serves as a member of numerous bar associations and is an adjunct professor at Fordham University School of Law where she teaches patent litigation.
"Trial lawyers often say that they hate losing more than they love winning. As a competitive person, I get it, and that explains litigation in a nutshell," she said. "I knew that litigation was for me as soon as I experienced my first big win."

redpajama_set_name: RedPajamaCommonCrawl


The backers of the recalls targeting Democratic state Sens. Joyce Woodhouse and Nicole Cannizzaro have asked the Clark County Election Department to re-check hundreds of signatures they say were improperly marked as invalid.
What is dead may never die, especially when it comes to the attempted recall of two Democratic state senators.
The backers of the recalls targeting Nevada state Sens. Joyce Woodhouse and Nicole Cannizzaro have asked the Clark County Election Department to recheck hundreds of signatures they say were improperly deemed invalid, Clark County spokesman Dan Kulin said Thursday.
An attorney for the Republican-backed efforts declined to comment Thursday afternoon.
But Billy Rogers, president Advanced Micro Targeting, the group hired to gather signatures for the recalls, said it had requested the recheck of 389 signatures in the Woodhouse recall.
Rogers said he hopes to submit more signatures for re-check in the Woodhouse case, as well as some in the Cannizzaro recall, ahead of a court hearing next week.
If enough of those signatures are found to be valid, the recall group's potential appeal to the state Supreme Court could be made more viable.
Last month, District Court Judge Jerry Wiese ordered the county election department to review the validity of all signatures submitted in both recalls, as well as the petitions submitted by people who wanted their names removed from the recall effort.
The Woodhouse recall needed 14,412 signatures, but the review found that 14,216 were valid. There were also 1,388 valid submission removal forms, meaning the recall fell roughly 1,600 signatures short, according to the court filing. For Cannizzaro, the recall fell roughly 500 signatures short without the withdrawal forms accounted for, and 1,900 short with them included.
It seemed as though the recalls may have been finished after the review, but the recheck may breathe new life into the efforts.
But even if the recheck puts the Woodhouse recall above the initial threshold, the group would still need to appeal to state's high court in an attempt to overturn Wiese's ruling, which said that the post-submission removal forms should be counted.
Recall backers, represented by Lt. Gov. Mark Hutchison and his law firm Hutchison and Steffen, have argued that accepting those removal forms is unconstitutional.
Wiese is scheduled to hold a hearing on Wednesday to discuss the findings of the full verification.


GRANRODEO 第八張專輯 "FAB LOVE" 全貌現在正式公開!!
另外,該專輯的初回限定版中所包含的Blu-ray中收錄了標題歌曲「FAB LOVE」和「Take it easy」的Music Clip, 同時也收錄了於2018年舉辦的宇部凱旋演唱會的精選片段!
本專輯中將會包含該巡演的先行預約序號ID,以及『"FAB LOVE" purchasers' limited release commemorative mini live』先行預約序號ID.


text:
Subscribe To George R.R. Martin's New Winds Of Winter Chapter Reveals What's Really Going On In Dorne Updates
George R.R. Martin's New Winds Of Winter Chapter Reveals What's Really Going On In Dorne
Corey Chichizola
The Game of Thrones and A Song of Ice and Fire community is one of the strongest in the history of fandom. Both the HBO series and the original novels serve to further inform and expand their counterpart, making a fully formed universe. Of course, many fans are novel purists, and therefore have strong opinions on how the TV adaptation should function. Luckily for them, George R.R. Martin just released a new chapter from his long-awaited novel The Winds of Winter.
This new chapter focuses on the character Arianne Martell, who is noticeably absent from Game of Thrones. Is this a jab by George R.R. Martin at the series which left her out? Check out a section from that chapter below:
Prince Trystane had remained safely back at Sunspear, after a tearful parting from Princess Myrcella. 'That accounts for one brother', thought Arianne, 'but where is Quentyn, if not with the griffin?' Had he wed his dragon queen? King Quentyn. It still sounded silly. This new Daenerys Targaryen was younger than Arianne by half a dozen years. What would a maid that age want with her dull, bookish brother? Young girls dreamed of dashing knights with wicked smiles, not solemn boys who always did their duty. 'She will want Dorne, though. If she hopes to sit the Iron Throne, she must have Sunspear'.
This small segment shows just how starkingly different the Dorne storyline in the novels is when compared to Game of Thrones. There is a lot going on in this new chapter, so let's get into how it related to Game of Thrones.
To start, this chapter shows just how separate and seemingly disconnected the Dorne plot is in Game of Thrones. George R.R. Martin features House Martell as a cunning and very real player in the game. Arianne, who does not even exist in the TV show, is the heiress of Sunspear who longs to overthrow the Lannisters. She attempts to use Cersei's daughter Myrcella (who is still alive and kicking) as a challenger to the Iron Throne after Oberyn's death. Women can rule in Dorne, so Myrcella would have more of a claim than Tommen since she's older. It's basically yet another challenger to the Iron Throne.
Game of Thrones; however, features a useless Prince Doran who does whatever the Lannisters want. Arianne doesn't even exist, with his son Trystane (once again, still alive and kicking in the books) being the boring heir. Now the Sandsnakes have randomly killed the Martells- making Sunspear without a ruler, and the three bastard women having no right to the throne. It all seems a bit self-sabotaging and nonsensical to me.
The above segment also shows how Dorne is invested in Daenarys' quest for the Iron Throne. They're aware and prepared players in the game, rather than being a dissociated side plot like Game of Thrones.
Game of Thrones has been the subject of a fair amount of criticism for its handling of the Dorne plotline. With one of the coolest and most feminist characters cut and replaced by a bunch of lifeless fighters, it seems that Game of Thrones might have made an error. Then again, there are already so many plots and characters that another strong family might oversaturate the series.
What do you think of the Dorne plotline in the novels and TV series? Sound off in the comments section below.
Top 5 Game of Thrones Battles
11 Hot Takes On Game Of Thrones' Record-Breaking Emmy Nominations
Game Of Thrones Fans Are Adopting Lots Of Huskies... Then Abandoning Them
2019 Emmy Nominations: HBO And Game Of Thrones Get Tons Of Attention After Final Season


text:
HTC One M10: Specs to expect from the flagship phone that could revive sales for the company
By Agamoni Ghosh
February 1, 2016 10:40 GMT
After a lukewarm response to the HTC One M9 and a disappointing year in business, the Taiwan-based smartphone manufacturer is desperately looking for a product that can help it lure its customers back and attract new ones. While its foray into the virtual reality (VR) world is gaining ground, the company would surely want to win back its market share in the smartphones segment with the release of the HTC One M10.
Sales of HTC smartphones – which once trailed market leaders Samsung and Apple – have dipped primarily due to an overflow of redundant models. HTC posted a Taiwanese $4.5bn (£97m, $139m) loss for the third quarter in 2015.
Can it win back its loyal customer base and add new ones with its upcoming flagship? IBTimes UK takes a look at some of the specs that potential users can expect in HTC One M10:
The flagship model is expected to look similar to the HTC One A9, which was accused of being a copy of the iPhone 6s. Hence, those who like the iPhone's premium version smartphone, can hope to relate with the looks of the M10.
The handset is rumoured to come pre-installed with Android 6.0.1 Marshmallow operating system (OS) with Sense 8.0 UI on top. The OS would be updated to higher versions as they are released.
According to VentureBeat, the One M10 is being developed under the codename "Perfume", suggesting that there could be a change in the device's name altogether.
Camera and Display
The screen of the One M10 is reported to be around the 5.1in mark. It is expected to get a Quad HD Amoled panel with Gorilla Glass 4 protection. The upcoming flagship handset may also have 2560x1440 pixel resolution.
HTC will incorporate ultrapixel (UP) technology in the new M10, instead of the traditional megapixel (MP). The company had introduced a new UP camera with the HTC One M8, however, since it was not well received by users, the company switched back to MP technology with the One M9.
The M10 is rumoured to incorporate a 12UP rear camera with laser autofocus with f/2.0, optical image stabilisation, laser autofocus and a dual-LED (dual tone) flash. The capacity of the front facing camera is unknown, but if the company is looking to target its rivals it should at least have a 5MP capacity or its corresponding UP capacity.
Processor, RAM and Storage
The upcoming flagship is rumoured to be equipped with Qualcomm's latest top-of-the-line chipset, the Snapdragon 820 with Adreno 530 graphics. It is also expected to have a 4GB RAM capacity.
It could possess 32GB of internal storage, but some suggest that it could be as low as 23GB. It could also have a microSD slot given that both the speculated storage capacities are not high.
Battery and speakers
The M10 is slated to be powered by a 3000mAh battery with Qualcomm's Quick Charge 3.0 capability, which can power the phone up to 83% in just 30 minutes. Like the A9, a fingerprint sensor is also like to be placed on the home button. Further, HTC is rumoured to do away with BoomSound speakers in the upcoming model, which could disappoint some of its loyal users.
Although the upcoming M10 looks promising, its specifications do not offer anything extraordinary to compete with the Samsung Galaxy S7 and LG G5, which are expected to launch this year. We would surely be thrilled if some unique features are provided to wow Android users and give them a reason to purchase the new model.
The launch date for the M10 is unclear as latest reports state that it may not make it to the Mobile World Congress 2016 to be held in Barcelona this month, and may be released in March-April.
Rumored HTC One M10 specs:
OS: Android 6.0.1 Marshmallow software
Screen: 5.1in 2560x1440 pixel display
Camera: 12UP rear camera with laser autofocus
Processor: Qualcomm Snapdragon 820 processor
Storage: 23GB or 32GB storage with expandable storage option (not known)
Additional: Fingerprint scanner on home button
More about HTC
HTC Vive VR headset gets April 2016 commercial release date
HTC One smartwatch could be launched in February 2016
Update HTC One M7 to Android 6.0 Marshmallow using unofficial CyanogenMod 13 ROM
HTC will no longer provide earnings guidance to avoid \'side effects\'
HTC Grip will not be available until 2016
Related topics : HTC MWC 2016


text:
PRINT February 1965
Saint Andy
Some notes on an artist who, for a large section of a younger generation, can do no wrong.
IT IS YET TOO EARLY TO SPEAK OF A LITERARY MOVEMENT which corresponds to the various post-Abstract Expressionist art movements (as the Beat could be compared to Abstract Expressionism), and almost outrageous to suggest that in Pop Art we may find a feeding-in of sensibility to some of the most actively dissident elements in our society, but there are enough signs of both to perhaps give them early mention. One would suggest only this: that an accent of derision, of an irony which makes the most destructive use of the imagery of commonplace America has been provided to a restless and rebellious young er generation now at work in literature, in the film and in art by the work of the Pop artists of the last several years.
The statement which the young Los Angeles artist, Larry Bell, was moved to write upon first viewing Andy Warhol's work is revealing of the electric influence which Warhol, as a personality and as an artist, has exerted on so many young artists, especially, perhaps, on the West Coast. The extent of Bell's admiration could not be deduced from an examination of his work, for he does not work at all like Warhol, and this is perhaps because the nature of Warhol's attraction is not exclusively in his work, but in that "he has taken a super-sophisticated attitude and made it the art."
Part of what makes the attitude super-sophisticated are the ambiguities attendant upon it. It is an art that may be a mockery or may not be a mockery, that seems most a mockery when most fashionably accepted, most subversive when most a fad. It is an art that seems capable of feeding the most disruptive energies to a sardonic generation only when it is the very toast of the bourgeois world, and Warhol's younger admirers enjoy his fashionable prominence as much as they enjoy the disdain with which he is treated by so many critics.
The installation of the "Arena of Love" exhibition at the Dwan Gallery in Los Angeles recently, provided a vivid example of the esteem which Warhol commands. Mounted above the exhibition, Andy in Majesty, were two large Warhol canvases, setting the tone and accent of the exhibition below. The idea, implicit in Warhol's paintings (and explicit in many of his films) that one most effective way to get under the skin of bourgeois America is by threatening its sexual values, is the theme of the Dwan show. Ben Talbert's painting of a pornographic playing card on a background of the American flag makes the point perhaps more explicitly than Pop Art, at its most typical, would, but Talbert is an artist apart, whose work does not partake of that ambiguity which characterizes most of the other work in the movement. (But it does take the lead in annexing a territory which much Pop-influenced art—especially literature and the film—is eyeing, that of the pornographic. The canvas in the Dwan exhibition is one of the few exhibitable paintings Talbert has produced.) For the rest, if, on the one hand, all those lips, nipple-pinchings, harems and nudies are just a kick, the dead-pan, comical subject matter of Pop, they hint, on the other hand, at a sexuality that is more open, illicit, freer than, and consequently threatening to, bourgeois sexuality. The Dwan show only flirts with what in much recent literature and film has become a fact, and for this reason tends to smirk and snicker when it should be orgiastic and dangerous, but it does illustrate the possibility that a second generation of artists are making more overt use of a vocabulary of derision, laced with hilarity, which the Pop Art movement, and Warhol in particular, have provided.
Warhol's activities in the film treat much more openly that mockery of prescriptive values which is only implicit in his paintings (and which is prominent or subdued, depending on where and when his work is seen). Art critics who cannot find the art in Warhol, who are mystified at the virtual idolatry with which he is regarded by a younger generation of painters might have been even more astonished at the roar of approval which greeted the award given to Warhol's three-minute "Banana Sequence" at the recent Los Angeles film festival. For this was an audience of the young disaffiliated film-makers making movies on nickels and dimes, film buffs who do not, for the most part, tend to concern themselves with doings in the art galleries, an audience seeking not the chic but the subversive, not the elegant but the destructive, not satire but nihilism. "Banana Sequence," with its blatant and hilarious assault on that world of what Allen Ginsberg has called the "heterosexual dollar," met all the requirements, and it is telling, indeed, of Warhol's influence that "Film Culture," the organ of the most radical—politically, sexually and artistically—wing of the experimental film-makers should recently have presented to him its Sixth Independent Film Award (for the films "Sleep," "Haircut," "Eat," "Kiss," and "Empire.")
In all the areas in which the best and the most engaged youth are at work today, the accent and irony of Pop has fed a new and powerful energy. If it is yet too early to speak of a "Pop" literary movement, it is not too early to discern the influence of this energy in literature. Now, it is only in the offset-mimeo productions of obscure literary groups here and there that one can discover, for example, a manuscript like "Private Dick," by "Lamont Cranston," but Terry Southern's "Candy," whose lines could come out of Lichtenstein balloons, has already reached a more extensive audience.
In these novels, the artist as skillful manipulator of sacred techniques, delicate, "talented" vessel of sensibility is obliterated. "Lamont Cranston" eliminates "the author" as a Warhol painting eliminates "the artist." "Candy" seeks a form which will render criticism absurd, and finds it in the pornographic novel as Roy Lichtenstein found it in the comic strip. For to eliminate "the artist" with his baggage of "esthetics as we know it," it is also necessary to eliminate the critic with his baggage of lunatic distinctions, judgments, significant and insignificant forms, "second guesses," killing doubts, museum mentality. Pack him off to look for "motifs" in comic strips and half the battle is won; the way is cleared for what someone has called a "criticism of enthusiasm." What is feeding through into film, painting and literature is the possibility of an art unhampered by art, of an artist who permits nothing to stand between society and his vicious presence.
Its remarkable success among those very elements in American society against which so much of its energy was directed—the rich, industry, banks, the fashionable dilettante world of post-war affluence—has ever been a source of embarrassment to Abstract Expressionism. Because the success of Pop Art does not share this embarrassment, because so much of its irony turns on its being produced for—and against—the fashionable world of avant-garde collecting, because there is so much that is itself Pop about a cocktail opening for an exhibition of soup cans or rubber telephones, the new art was quickly labeled as the most conspicuous example of fashionable decadence. The possibility that it may be from this art, of all arts, from which a truly subversive energy has been released to a younger generation is one remarkable to consider.
"Private Dick," by "Lamont Cranston."
after cruising the Worth's neighborhood, Private Dick went to the National City Dept. of parks public swimming pool. he paid the taxi driver & went in. most of the swimmers were teen-agers. Pry say in the shade & looked around. after ten minutes he walked over to a tall guy with a crew-cut. "are you College Joe?" Pry asked flashing his teeth . . .
"what if I am?"
"like to ask a few questions." he took out a notebook and pencil.
"i don't want to answer any." Joe turned away. Private grabbed his arm . . . "just a minute." Joe jumped into the pool, taking Private Dick with him. Joe was out-in-a-flash & made good his escape, while Private choked & thrashed.
"let me help you up." Private looked up at a beautiful eurasian girl in a bikini, bending over. "give me your hand." she took his wet hand & pulled him out of the pool. "let me dry you off," she said, taking off the top of her suit & wiping his face.
"I'm alright," said Pry, struggling to get away; instead bumping into her, the two of them falling in a pile of flesh and wet clothes, on the ground. Dick jumped up, to find himself in the the midst of a ring of teenagers drinking soda pop from bottles & laughing.
Punk Kid stepped forward. "better get outa here mister," he said, waving his Coke bottle aloft.
From a statement written by Larry Bell in September, 1963, upon first seeing an exhibition of Warhol's work:
It is quite unique to these past few years that a generation of artists should have its influence on a second generation before it has even resolved its own philosophy. Modern means of communication and Pop Art are a romance that must have been made in heaven. It is my opinion that Andy Warhol is an incredibly important artist; he has been able to take painting as we know it, and completely change the frame of reference of painting as we know it, and do it successfully in his own terms. These terms are also terms that we may not understand.
Warhol has successfully been able to remove the artist's touch from the art. He has not tried to make a science out of it as Seurat did, but made an anti-science, anti-esthetic, anti-"artistic," art totally devoid of all considerations that we may have thought of as necessary. He has taken a super-sophisticated attitude and made it the art, and made the paintings an expression of complete boredom for esthetics as we know it.
It has always been my opinion that the only art that is really important is the art that changes. Warhol is important and his paintings are art. In the past artists have been involved with making art as an object, alone, relating only to itself; these paintings are objects without reference and without relationship even to themselves. They even have very little to do with Andy Warhol, maybe nothing, because it is dubious whether he had anything to do with the act of painting them. It is painting in the most absolute and abstract sense; it is Pop Art and probably the first true, pure honest example of it. The paintings are visual proof that the "thought" is sincere, considered and deliberate, with absolutely no guesswork, second guessing, or naive accidents. It is absolute, it is painting, most of all, it is art. In any event, and no matter what is finally decided about it, nothing can take away from it the important changes that the work itself has made in the considerations of other artists.
—Philip Leider