US Patent 7783546 Automated financial instrument exchange apparatus and systems

Deal information associated with a bond exchange is determined, the deal information including information associated with a plurality of eligible financial instruments and at least one new financial instrument. In addition, offer information is received from a plurality of remote client devices via a communication network. An exchange allocation is then automatically calculated based on the deal information and the offer information. Moreover, target information associated with at least one financial instrument may be determined and used to calculate the exchange allocation.