Abstract: In one aspect, the invention comprises a method comprising: (a) acquiring data regarding a first group of securities in a first portfolio; (b) based on said data and on risk characteristics of said first group of securities, identifying a second group of securities to be included in a second portfolio; and (c) calculating holdings in said second portfolio based on one or more portfolio optimization procedures. In another aspect, the invention comprises software for performing the steps described above (as well as steps of other embodiments), and in another aspect, the invention comprises one or more computer systems operable to perform those steps.

Abstract: Various aspects can be implemented for providing a unified automated billing system for offline media (e.g., radio, television, newspaper, and the like) advertising that spans across different time zones based on the concept of a station local time (e.g., the local time where the broadcast station is located) for the broadcast advertising spots. In general, one aspect can be a method that includes recording a local time for an allocated advertising spot when the ad played during the allocated advertising spot, such that the allocated advertising spot is in a broadcast time zone different from a billing time zone of the advertiser. The method also includes generating a station local time for the allocated advertising spot. The method further includes generating a billing event based on the station local time. Other implementations of this aspect include corresponding systems, apparatus, and computer program products.

Abstract: A system, computer program product and method for deciding whether to make a loan to an applicant and/or terms of the loan. A first program function determines a credit risk of the applicant. A second program function computes a default probability of the applicant over time based on the credit risk. The second program function determines a surviving probability of an applicant based on the applicant's credit risk. The second program function determines the default probability for each month of the term of the loan based in part on the surviving probability. A third program function computes a sum of the expected profit during each month of a term of the loan based in part on the default probability.

Abstract: A system and method for confirmation of hedge fund information, comprising performing an asset/liability confirmation by comparing corroborating data received from a third party independent of the hedge fund to a list of hedge fund assets/liabilities to identify third party confirmed assets/liabilities that correspond to the corroborating data. A price input confirmation is performed to identify a fund-provided value of an asset/liability as a confirmed value when it substantially corresponds a third party value of each asset/liability. Assigning a unique identifier to a confirmation instance and associated the unique identifier to a report identifying the proportion of the fund's NAV attributable to the total value of third party confirmed assets/liabilities and attributable to the total confirmed value of assets/liabilities. A second report identifying generated risk and/or performance data includes the unique identifier to certify that the asset/liability and price input confirmations have been performed.

Abstract: A method for assessing, pricing, and provisioning distance-based vehicle insurance is disclosed. Receiving identification information of a customer and an associated vehicle, a current odometer reading of the vehicle, and a garaging location of the vehicle is disclosed. The customer is provided with a quote including a policy rate identifying a cost per distance unit based on the customer and vehicle identification information and the garaging location. Performing a purchase transaction for an insurance policy in response to the customer selecting one of the items for purchase, wherein coverage provided by the insurance policy expires based on the earlier of an odometer expiration value occurring and a predetermined time limit is disclosed. The expiration odometer value is the sum of the current odometer reading and the total number of distance units included in the selected item. The current odometer reading is not audited prior to or during the purchase transaction.

Abstract: A system and method for accommodating financial risk calculations in a relational database schema is disclosed. The database schema scales to accommodate a variety of risk calculations by utilizing a name/value pair approach associated with a market factor. Risk calculation definitions are explicitly and unambiguously defined by associating risk numbers with market factors that have been perturbed while calculating them.

Abstract: A system and method for an on-line swapping service. The service registers members and allows members to list items that each member is willing to swap in exchange for credits with the service for an item from listed by another member. An example of the items that may be swapped using the swapping service is books, such as paperback books. To facilitate delivery through the mail of an item from one member to another member, a printable mailing wrapper is created by the system with the appropriate destination address. The system emails, downloads or otherwise sends the mailing wrapper to the member who is in position of the item to be shipped. That member simply prints the mailing wrapper on a standard printer, and wraps it around the item to be shipped via standard postal services.

Abstract: A system and method for assessing, pricing, and provisioning distance-based vehicle insurance are provided. In one example, the method receives identification information of a customer and an associated vehicle, and a current odometer reading. Multiple coverage types are provided to the customer, as is at least one quote when the customer selects one of the coverage types. The quote includes a policy rate identifying a cost per distance unit based on the identification information. The customer is provided with multiple items based on the quote, where each item includes a total number of distance units for purchase at the policy rate. An insurance policy may be purchased in response to the customer selecting one of the items. The insurance policy's coverage is based on an expiration odometer value defined as the sum of the current odometer reading and the total number of distance units included in the selected item.

Abstract: Systems and methods for providing personalized services to remote customers using personal teller machines (PTM) from a centralized call center. The customer initiates the transaction providing identification at a PTM. The identification of the customer is verified and audio and/or video communication is established between the customer at the PTM and a teller at a teller station in the call center. Upon establishment of video and audio connection, the customer may request the performance of specific financial transactions that are controlled by a teller through the teller station that is connected with the PTM over a network. Upon completion of the transactions of the customer by the teller, a receipt is printed for the customer and the video and audio connections are closed.

Abstract: Disclosed are novel tangible financial instruments that allow entities to effectively and efficiently hedge the highly volatile fluctuations associated with predicting healthcare costs and revenues by converting healthcare services into commodities and constructing a financial derivative and a security with an underlying value based on the commodity. The financial instruments create a more efficient marketplace for the exchange of healthcare related products and services.

Abstract: Methods and apparatus are provided to administer an investment company. The investment company issues one or more classes of shares that are bought from and redeemed with the investment company at a net asset value. The investment company also issues one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold in a secondary market at negotiated market prices. One or more computers maintain information regarding portfolio holdings of the investment company and outstanding shares in the investment company. Dividends are periodically declared at a first time interval for the outstanding shares that are bought from and redeemed with the investment company at a net asset value. The amount of dividends to declare is calculated from the information maintained in the one or more computers. Dividends are periodically declared at a second time interval that is different from the first time interval for the outstanding shares that are exchange-traded.

Abstract: Systems and methods for determining a value for a global market index based on market data of publicly traded companies in a plurality of markets are disclosed. In one embodiment, indices may target a desired market coverage range subject to a universal minimum size range. In another embodiment, the indices may combine elements of percentile, number of companies, and market capitalization cutoff approaches.

Abstract: A computer implemented data processing system comprises a pricing engine and user interface program logic. The pricing engine is configured to calculate a price for an individual mortgage loan for a sale of the individual mortgage loan from a loan originator to a secondary mortgage market purchaser. The price is calculated prior to closing of the mortgage loan based on mortgage loan application data for a borrower associated with the mortgage loan. The user interface logic is configured to generate one or more screen displays configured to present the price to the loan originator prior to closing of the loan. The one or more screen displays are also configured to receive a commitment from the loan originator for the sale of the individual mortgage loan to the secondary mortgage market purchaser.

Abstract: A method for increasing an amount of a security available to an investor for borrow is disclosed. The method includes purchasing a first quantity of a security, and entering into a pre-paid forward purchase contract to subsequently deliver a second quantity of the security to a first entity. The method also includes lending a third quantity of the security to an investor.

Abstract: In determining a winning allocation in a forward auction, reverse auction or an exchange, a plurality of allocations are defined wherein each allocation defines a trade between one or more potential buyers and one or more potential sellers. At least one potential buyer is queried regarding at least one preference of the buyer about at least one allocation or a bundle associated therewith. The buyer's reply or intimation to the query is received and, based on the reply or intimation, each allocation that is either not feasible or not optimal is eliminated from consideration as the winning allocation. This process is repeated until a predetermined criteria is met whereupon one of the remaining allocations is selected as the winning allocation.

Abstract: A system comprises a memory operable to store a compound index that is based at least in part on a plurality of component indices. The plurality of component indices comprise an international developed markets equity index, a U.S. large-cap equity index, and a U.S. small-cap equity index. The compound index is further based at least in part on a plurality of weights, wherein each weight is associated with a respective one of the plurality of component indices. The system further comprises a processor communicatively coupled to the memory and operable to update the plurality of weights according to a regression analysis. The regression analysis is based at least in part on a respective set of returns associated with each of the plurality of component indices and with a hedge fund index. The plurality of weights are updated such that the compound index emulates the hedge fund index.

Abstract: A system for generating recommendation data includes an assessment unit and an evaluation unit. The assessment unit is configured to receive transaction data for a plurality of transactions and to assess each transaction and generate assessment data based thereon. The evaluation unit is coupled with the assessment unit and configured to receive an evaluation request including a proposed transaction, and generate recommendation data including a certainty indicator which indicates a level of certainty that the proposed transaction will be successful according to predetermined criteria.

Abstract: A method of providing an intermediary for a transaction is provided. The method includes receiving a first request to place a first order to trade a first product at a first price, the first product being associated with one or more events. The first order is placed. The method further includes receiving a second request to place a second order to trade the first product at a second price. The second order is placed. A match between the first order and the second order is identified based at least in part on the first price of the first order and the second price of the second order. A first set of one or more obligations is established based at least in part on the first order, and a second set of one or more obligations is established based at least in part on the second order.

Abstract: A method for determining a closing price of a security traded in an electronic market includes receiving a trade price of an executed trade of the security wherein the executed trade is executed during a trading session of the electronic market, comparing the received trade price to a market parameter of the security to determine the closing price of the security, and reporting the determined closing price of the security to a user.

Abstract: Systems and techniques for providing an index of initial public offerings (IPOs) may include selecting a set of IPOs for inclusion in the IPO index (IPOX), selecting an index start date and base value, acquiring price data and weighting data for the selected IPOs, determining first adjustment factors associated with any new exclusion of an IPO from the selected set of IPOs, determining second adjustment factors associated with any new inclusion of an IPO in the selected set of IPOs, determining reconstitution dates for the index, and computing an index value based at least in part on the index start date and base value, the acquired price data and weighting data, and the determined first and second adjustment factors.