Abstract: An exemplary aspect comprises receiving data related to an underlying asset; calculating values corresponding to near-term implied volatility and realized volatility for the underlying asset; and transmitting data sufficient to describe an index based on a difference between the values corresponding to the near-term implied volatility and the realized volatility for the underlying asset. Another exemplary aspect comprises receiving electronic data related to an underlying asset; calculating data sufficient to describe a plurality of call options and a plurality of put options related to the underlying asset and written on a first settlement date; crediting an account with proceeds from selling the call and put options; and debiting the account to settle one or more of the options that are in-the-money on a second settlement date. Other aspects are apparent from the description and claims.

Abstract: An exemplary aspect comprises receiving data related to an underlying asset; calculating values corresponding to near-term implied volatility and realized volatility for the underlying asset; and transmitting data sufficient to describe an index based on a difference between the values corresponding to the near-term implied volatility and the realized volatility for the underlying asset. Another exemplary aspect comprises receiving electronic data related to an underlying asset; calculating data sufficient to describe a plurality of call options and a plurality of put options related to the underlying asset and written on a first settlement date; crediting an account with proceeds from selling the call and put options; and debiting the account to settle one or more of the options that are in-the-money on a second settlement date. Other aspects are apparent from the description and claims.

Abstract: A novel investment vehicle comprises a synthetic corporate exchangeable note linked to the equity return and credit of select third parties. A computer system creates, tracks and implements the investment vehicle in accord with program-controlled processing. A highly flexible, cost-efficient security is created having enhanced risk/return characteristics.

Abstract: An exemplary aspect comprises receiving data related to an underlying asset; calculating values corresponding to near-term implied volatility and realized volatility for the underlying asset; and transmitting data sufficient to describe an index based on a difference between the values corresponding to the near-term implied volatility and the realized volatility for the underlying asset. Another exemplary aspect comprises receiving electronic data related to an underlying asset; calculating data sufficient to describe a plurality of call options and a plurality of put options related to the underlying asset and written on a first settlement date; crediting an account with proceeds from selling the call and put options; and debiting the account to settle one or more of the options that are in-the-money on a second settlement date. Other aspects are apparent from the description and claims.

Abstract: A system and method is provided for calculating and generating a predetermined payment obligation. A hypothetical portfolio of securities is selected having an initial value. A financial instrument is issued that references the hypothetical portfolio, the financial instrument having a fixed term. A guaranteed minimum withdrawal benefit is deducted from a net asset value of the hypothetical portfolio on a periodic basis for the fixed term. The net asset value of the hypothetical portfolio is determined to be zero if the net asset value of the hypothetical portfolio falls below a predetermined amount of funds. An adjustment in the number of securities in the hypothetical portfolio is calculated with a computer on a periodic basis according to an algorithm, the algorithm taking into account at least one of a prevailing market value of the securities in the hypothetical portfolio and a net present value of an obligation to deduct the predetermined amount of funds until the end of the fixed term.

Abstract: A novel investment vehicle comprises a synthetic corporate exchangeable note linked to the equity return and credit of select third parties. A computer system creates, tracks and implements the investment vehicle in accord with program-controlled processing. A highly flexible, cost-efficient security is created having enhanced risk/return characteristics.