1. A method of trading a financial instrument comprising:
identifying an initial public offering as a basis of a digital option contract;
establishing the digital option contract in which an investor will receive one of a first settlement amount and a second settlement depending on whether a strike price of the digital option contract is less than, equal to, or greater than a share value of the initial public offering at expiration of the digital option contract;
determining whether the strike price of the digital option contract is less than, equal to, or greater than the share value of the initial public offering at expiration of the digital option contract; and
settling the digital option contract according to whether the strike price of the digital option contract is less than, equal to, or greater than the share value of the initial public offering at expiration of the digital option contract.
2. The method according to claim 1, wherein the digital option contract comprises a digital call option contract and wherein the method further comprises;
allocating the first settlement amount to the investor if the strike price of the digital call option contract is less than or equal to the share value of the initial public offering at expiration of the digital call option contract; and
allocating the second settlement amount if the strike price of the digital call option contract is greater than the share value of the initial public offering at expiration of the digital call option contract.
3. The method according to claim 2, wherein the first settlement amount is a non-zero value and the second settlement amount is zero.
4. The method according to claim 1, wherein the digital option contract comprises a digital put option contract, and wherein the method further comprises:
allocating the first settlement amount to the investor if the strike price of the digital call option contract is greater than or equal to the share value of the initial public offering at expiration of the digital put option contract; and
allocating the second settlement amount to the investor if the strike price of the digital call option contract is less than the share value of the initial public offering at expiration of the digital put option contract.
5. The method according to claim 4, wherein the first settlement amount is a non-zero value and the second settlement amount is zero.
6. A computer-readable medium comprising processor executable program instructions for executing the steps of:
identifying an entity subject to an initial public offering;
establishing a digital derivative contract in which an investor will receive one of a first settlement amount and a second settlement amount depending on whether a strike price of the digital derivative contract is less than, equal to, or greater than a share value of the initial public offering; and
settling the digital derivative contract according to whether the strike price of the digital derivative contract is less than, equal to, or greater than the share value of the initial public offering at expiration of the digital derivative contract.
7. The computer-readable medium of claim 6, wherein the digital option contract comprises a digital call option contract, the computer-readable medium further comprising processor executable instructions for:
allocating the first settlement amount to an investor if the strike price of the digital call option contract is less than or equal to the share value of the initial public offering at expiration of the digital call option contract; and
allocating the second settlement amount if the strike price of the digital call option contract is greater than the share value of the initial public offering at expiration of the digital call option contract.
8. The computer-readable medium of claim 6, further comprising processor executable instructions for allocating a non-zero value for the first settlement amount and a zero value for the second settlement amount.
9. The computer-readable medium of claim 6, wherein the digital option contract comprises a digital put option contract, the computer-readable medium further comprising processor executable instructions for:
allocating the first settlement amount to the investor if the strike price of the digital call option contract is greater than or equal to the share value of the initial public offering at expiration of the digital put option contract; and
allocating the second settlement amount to the investor if the strike price of the digital call option contract is less than the share value of the initial public offering at expiration of the digital put option contract.
10. The computer-readable medium according to claim 9, further comprising processor executable instructions for allocating a non-zero value for the first settlement amount and a zero value for the second settlement amount.
11. An exchange configured for trading a digital derivative investment instrument based on an underlying initial public offering share value by a combination of electronic and open-outcry trading mechanisms, comprising:
an interface for receiving an incoming order to purchase the digital derivative investment instrument based on the underlying initial public offering share value, the incoming order having a size and a payout value associated therewith;
a book memory for storing a plurality of previously received orders, the previously received orders each having a size and a payout value associated therewith;
a system memory for storing predefined condition parameters for at least one defined state corresponding to at least one potential outcome for the digital derivative investment instrument; and
a processor adapted to allocate orders among the plurality of previously received orders in the book memory based on the condition parameters, wherein the condition parameters include at least one parameter for identifying an occurrence of at least one defined state occurring before the expiration; and
the processor further adapted to calculate a zero payout value for orders having the at least one defined state that did not occur before an expiration of the digital derivative investment instrument based on the underlying initial public offering share value and a greater than zero payout value for orders having at least one defined state that did occur prior to the expiration of the digital derivative investment instrument based on the underlying initial public offering share value.
12. The exchange of claim 11, wherein the system memory further comprises allocating parameters for allocating orders among market participants.
13. The exchange of claim 12, wherein the processor is further configured to allocate the previously received orders based on the allocating parameters in the system memory and wherein the allocating parameters include parameters for allocating preferentially against orders with larger size.
14. The exchange of claim 13, wherein the digital derivative investment instrument based on the underlying initial public offering share value comprises a digital option contract.
15. The exchange of claim 13, wherein the digital derivative investment instrument based on the underlying initial public offering share value comprises a digital futures contract.
16. The exchange of claim 13, further comprising a clearing system in communication with the processor, the clearing system adapted to settle the digital derivative investment instrument based on the underlying initial public offering share value.
The claims below are in addition to those above.
All refrences to claim(s) which appear below refer to the numbering after this setence.
What is claimed is:
1. A bolster assembly jig system, comprising:
a lower support formed by the interconnection of a plurality of beam members;
left and right fixed supports mounted in an upright position on ends of one of the beam members of the lower support;
upper and lower horizontal bars, the upper horizontal bar extending between the left and right fixed supports and the lower horizontal bar extending between the left and right fixed supports at a predetermined distance along a length of the left and right fixed supports from the upper horizontal bar, the upper and lower horizontal bars interconnecting the left and right fixed supports;
left and right lower fixing templates mounted on the beam members of the lower support that contact ends of the beam member on which the left and right fixed supports are mounted, the left and right lower fixing templates supporting left and right lower ends of a bolster assembly;
bumper beam fixing templates formed at a center of one side of each of the left and right fixing supports to support a left and right portion of one-side of a front bumper rail mounted on the bolster assembly;
left and right upper fixing templates provided above the upper horizontal bar for supporting left and right upper ends of a radiator support upper center panel of the bolster assembly;
a lower clamping unit provided at a center portion on one side of the lower horizontal bar to support a center portion of one side of the front bumper rail mounted to the bolster assembly; and
an upper clamping unit mounted on the upper horizontal bar and connected to the left and right upper fixing templates through a template fixing arm to enable operation of the left and right upper fixing templates.
2. The bolster assembly jig system of claim 1, wherein the left and right lower fixing templates have surfaces corresponding to a formation of the left and right lower ends of the bolster assembly contacting the left and right lower fixing templates.
3. The bolster assembly jig system of claim 1, wherein the bumper beam fixing templates each have an indentation portion at a distal end thereof, the indentation portions corresponding to an external curved shape of the front bumper rail.
4. The bolster assembly jig system of claim 1, wherein the left and right upper fixing templates have surfaces corresponding to the left and right upper ends of the radiator upper center panel of the bolster assembly contacting the left and right upper fixing templates.
5. The bolster assembly jig system of claim 1, wherein the lower clamping unit comprises:
a lower link bracket mounted extended upwardly on the center portion of one side of the lower horizontal bar;
a first lower link bar, a first end of which is hingedly connected to a first side of a distal end of the lower link bracket;
a lower rotating handle fixedly connected to a second end of the first lower link bar;
a second lower link bar, a first end of which is hingedly connected to within a center of the first lower link bar;
a third lower link bar, a center portion of which is hingedly connected to a within a second end of the second lower link bar, and a first end of which is hingedly connected to a second side on the distal end of the lower link bracket; and
a bumper beam fixing pin mounted to a second end of the third lower link bar through a connecting bar.
6. The bolster assembly jig system of claim 1, wherein the upper clamping unit comprises:
an upper link bracket mounted extended upwardly on one side of a center portion of the upper horizontal bar;
an first upper link bar, a first end of which is hingedly connected to a first side of a distal end of the upper link bracket;
an upper rotating handle fixedly mounted to a second end of the first upper link bar;
an second upper link bar, a first end of which is hingedly connected to within a center portion of the first upper link bar;
an third upper link bar, a center portion of which is hingedly connected to within a second end of the second upper link bar, and a first end of which is hingedly connected to a second side of the distal end of the upper link bracket; and
a connecting bar interconnecting a second end of the third upper link bar and the template fixing arm.
7. The bolster assembly jig system of claim 1, wherein a plurality of wheels are connected to a bottom surface of the lower support.
8. A bolster assembly jig, comprising:
a base member;
a frame extending upward from the base member
at least one bumper beam support mounted on the frame, said bumper beam support configured and dimensioned to support a bumper beam positioned on the jig;
at least one radiator support mounted on the frame above said bumper beam support; the radiator support configured and dimensioned to support a radiator portion of the bolster assembly; and
at least one bolster support mounted on the base member below said bumper beam support, the bolster support being configured and dimensioned to support a lower surface of the bolster assembly.
9. The bolster assembly jig of claim 8, further comprising:
at least one lower clamping unit mounted on the frame below said bumper beam support, said clamping unit configured to support a center portion of a front bumper rail of the bolster assembly; and
at least one upper clamping unit mounted on the frame and supporting said radiator support.
10. The bolster assembly jig of claim 9, wherein said lower clamping unit comprises:
a bracket mounted on the frame;
a locking assembly pivotably mounted on the bracket; and
a bumper beam fixing pin carried by the locking assembly opposite the bracket.
11. The bolster assembly jig of claim 9, wherein said upper clamping unit comprises:
a bracket mounted on the frame;
a locking assembly pivotably mounted on the bracket; and
a fixing arm carried by the locking assembly, said fixing arm supporting said radiator support.
12. A method for assembling a modular front end of a vehicle, comprising:
providing a bolster assembly jig;
mounting a front bumper rail on the assembly jig;
positioning a bolster assembly on the frame adjacent the front bumper rail;
securing the bumper rail to the bolster assembly;
assembling front end parts of the vehicle to the bolster assembly;
removing the bolster assembly from said jig.
13. The method of claim 12, further comprising:
supporting a center portion of the front bumper rail; and
supporting a center panel of a radiator support comprised in the bolster assembly.
14. The method of claim 13, wherein said assembling front end parts comprises:
mounting a cooling module on the bolster assembly;
mounting a hood latch and release cable on the bolster assembly; and
mounting a horn on the bolster assembly.
15. The method of claim 14, wherein said mounting steps are performed in the order recited in claim 14.
16. The method of claim 14, wherein said horn comprises a dual horn being separately mounted with bolts.
17. The method of claim 14, wherein said assembling of front end parts further comprises:
mounting headlight assemblies to the bolster assembly; and
mounting a hood over-slam bumper to the bolster assembly.
18. The method of claim 17, wherein the hood over-slam bumper is mounted on an upper part of said radiator support center panel.
19. The method of claim 12, wherein the bolster assembly jig comprises:
a base member;
a frame extending upward from the base member at least one bumper beam support mounted on the frame, said bumper beam support configured and dimensioned to support a bumper beam positioned on the jig;
at least one radiator support mounted on the frame above said bumper beam support; the radiator support configured and dimensioned to support a radiator portion of the bolster assembly; and
at least one bolster support mounted on the base member below said bumper beam support, the bolster support being configured and dimensioned to support a lower surface of the bolster assembly.
20. The method of claim 19, wherein said bolster assembly jig further comprises:
at least one lower clamping unit mounted on the frame below said bumper beam support, said clamping unit configured to support a center portion of a front bumper rail of the bolster assembly; and
at least one upper clamping unit mounted on the frame and supporting said radiator support.