Appeal 2006-2429
Application 09/999,580
1 reflect the current aggregate value of the shares and accrued
2 income and expenses associated with all shares in the
3 basket.” (Tull, col. 3, ll. 30-34).
4 12. “It is yet another object of the present invention to provide a
5 computer system for maintaining financial debt instruments
6 that represent positions in one or more capital markets and
7 which generates reports on the return of each financial debt
8 instrument to the investors.” (Tull, col. 3, ll. 42-46).
9 13. “The debt instrument is sold as an Optimal Portfolio Listed
10 Security ("OPALS") which may provide in many
11 jurisdictions tax and other advantages to the investors. The
12 data processing system of the management system of the
13 present invention provides continuous monitoring of the
14 price of the OPALS and reports this price to customers over
15 a communication network.” (Tull, col. 3, ll. 55-62).
16 14. “The debt instruments are issued in different series which
17 track the performance of domestic or foreign capital markets
18 over different predetermined periods of time.” (Tull, col. 4,
19 ll. 10-13).
20 15. “During the life of the security, the pricing of each OPALS
21 is monitored and analyzed. Based on the analysis, if
22 necessary, an OPALS is then rebalanced to account for
23 differences between the performance of the constituent
24 shares and that of the associated capital market index.”
25 (Tull, col. 4, ll. 34-39).
26 16. “Modeling system 3 selects an optimized basket of shares
27 which is representative of a particular capital market. . . .
28 predicts the future correlation of the selected stocks in the
29 basket with the index of the market to ensure that they will
30 track the market index closely.” (Tull, col. 6, ll. 4-5 and ll.
31 11-13).
32 17. “Based on the information from the modeling system 3,
33 financial management structure 8 creates one or more
34 financial debt instruments 10 which are designed to be
35 traded as Optimized Portfolio Listed Securities ("OPALS").”
36 (Tull, col. 6, ll. 14-18).
37 18. “A computer-based system is disclosed for reducing risk,
38 including market risk, for a given portfolio, by examining
7
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