A digital computer machine and a data processing system, methods involving
the same and products produced thereby, as well as data structures and
articles of manufacture pertaining thereto, as pertains to an auction for
trading preferred return securities. The method includes providing a
first digital electrical computer apparatus including a digital computer
having a processor, the processor electrically connected to a memory
device for storing and retrieving machine-readable signals, to an input
device for receiving input data and converting the input data into input
electrical data, and to an output device for converting output electrical
data into output having a visual presentation and programming the
processor to control the apparatus to receive the input data and to
produce the output data by steps including: respectively entering
financial characteristics of preferred-return instruments representing
investments; respectively entering amounts that buyers want to buy of a
member from a first group, the first group consisting of at least one of
the instruments and at least one group of the instruments, at the
respective buyer's hypothetical current preferred return; respectively
entering amounts that sellers want to sell of a member of a second group,
the second group consisting of at least one of the instruments and at
least one group of the instruments, at the respective seller's
hypothetical current preferred return; computing a demand schedule for
each of said instruments corresponding to the first group; computing a
supply schedule for each of said instruments corresponding to the second
group; comparing the schedules to produce a current preferred return for
each of the corresponding instruments in both the first group and the
second group; computing a price for each said instrument having a current
preferred return; and generating output representing respective amounts
of the instruments respectively in association with at least one member
of a group consisting of the current preferred return and the price.
