| 摘要 |
A method and system for auctioning an investment instrument that allows investors to take risk positions relative to the occurrence or non-occurrence of a contingent binary event is disclosed. The contingent binary event will have one of two possible outcomes. Tn a digital derivative contract, a long investor agrees to pay a short investor a contract amount in return for the short investor agreeing to pay the long investor one of two different settlement amounts depending on the outcome as the contingent binary event. Typically, one settlement amount will be zero and the other will be an amount greater than the digital derivative contract price. All of the digital derivative contracts that settle in-the-money may be funded by those that settle out-of-the-money.
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