JP2003263560A - Bond issuing system and market formation method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a bond issuing system for issuing a bond carrying no term of redemption of the principal and a market formation method based on circulation of the bond. <P>SOLUTION: In this bond issuing system for issuing a funding bond carrying the bond carrying allocate words, interest words, and insurance words, a server transmits the type of combination of issued bonds to a general-purpose personal computer of each user institution for establishing bond trade on the basis of a bond purchase application, transmits bond purchase application information and user personal ID information to a bond issuing machine, accumulates issue result information of the bond, and calculates a charged fee amount of each user institution. The general-purpose personal computer and the like in each user institution displays the ID information for applying for purchase of the bond. The bond issuing machine reads ID information through input of an ID storage medium, collates the read ID information with the ID information transmitted from the server, issues a bond based on the corresponding bond purchase application information, and transmits the fact of issue of the bond to the server. <P>COPYRIGHT: (C)2003,JPO

Description

Detailed Description of the Invention

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a securities issuing system and a market forming method by distributing securities issued in the securities issuing system.

[0002]

2. Description of the Related Art Stock certificates are securities well known as securities that recognize the status or rights of shareholders. In order to obtain the funds, the business operator makes the stock certificates commend the stockholders' rights or rights and delivers them. The person who bought the stock certificate (ie, the shareholder) can participate in the management of the stock company that issued the stock certificate in order to acquire the status or rights of the shareholder as described above. That is, the shareholders can attend the general meeting of shareholders, participate in the voting, and request the dividend to the company that issued the stock certificate.

Further, the shareholders can sell the stock certificate to a third party. Shareholders can obtain the profit of the difference by selling the stock certificates for the amount of purchase or more.

[0004] Bonds are also well known as securities issued to governments, local public bodies, corporations established by special laws, or corporations for debts collectively borne by the public. It is a security. The bond is characterized in that the redemption deadline of the purchase price is predetermined, and after the redemption deadline, the bond issuer pays the principal and interest to the bond owner. A bond purchaser can also obtain a profit for the difference by selling the bond at an amount equal to or more than the purchase price of the bond.

[0005]

However, there are cases where a business operator cannot always obtain sufficient funds simply by issuing share certificates. In addition, the business operator will have to redeem the principal and interest after the redemption deadline when the bond is issued. Therefore, issuing bonds to raise funds is a heavy burden for businesses.

On the other hand, for investors who purchase stocks and bonds, if new financial products other than stocks and bonds are created, they have the opportunity to obtain new profits by buying and selling these financial products. be able to.

In view of such circumstances, the present invention provides a business operator by issuing securities in which the dividend word, the interest word, and the guarantee word are displayed but the redemption deadline of the principal is not displayed. It will be possible to procure funds easily and become a new financial product for investors. A securities issuing system that issues securities that are neither bonds nor bonds, and securities issued by the securities issuing system will be distributed. The purpose of the present invention is to provide a method of market formation.

[0008]

The above-mentioned problems can be solved by the invention described in the claims. That is, the invention according to claim 1 provides a server provided in a securities issuing institution that issues securities in response to a securities purchase application, a general-purpose personal computer or a dedicated terminal provided in each user institution, and a securities issuing place. A securities issuing machine, and an ID recording medium in which user ID information regarding individual users within each user institution is recorded,

[0009] The securities are securities for financing that are issued in exchange for the funds procured by the business operator, and the business operator has obtained the person who owns the securities as a result of the business activity of the business operator. The dividend wording that the profits will be distributed, the interest wording that the business operator will periodically pay interest to the person who owns the securities, and the interest rate of the business operator due to bankruptcy, poor management, etc. Regarding the repayment of the principal of the funds raised when the payment of interest as stated in the text cannot be fulfilled,
A fixed amount of one of the public corporations or private corporations with nationality in Japan or Japan and the public corporations or private corporations with foreign nationality in foreign countries or foreign countries, or two or more of them jointly A security statement that states that you will be a guarantor within the scope of

The server of the securities issuing institution carries out the amount and interest rate of the principal (the face value) of the securities inputted by the securities issuing institution, the name of the guarantor and the repayment of the principal debt to be borne by the guarantor. Based on the information transmission function that each user institution sends information about the combination of securities sold, such as certain limits, to the general-purpose personal computer or dedicated terminal of each user institution, based on the information sent above. , Based on the securities purchase application directly to the server of the securities issuing institution or indirectly through the server of another financial institution using a general-purpose computer or a dedicated terminal after selecting which securities to purchase. The purchase application receipt function that establishes a securities purchase and sale, the specific securities purchase application information that was established, and a general-purpose computer or dedicated terminal for the securities purchase application. A standby command function of transmitting the personal ID information of the user directly or indirectly displayed to the securities issuing machine at the securities issuing place, and an information storage function of storing the issue result information of the securities transmitted from the securities issuing machine. A collective settlement function capable of calculating a charge amount for each user institution based on the ID information of each user institution directly or indirectly displayed by a general-purpose personal computer or a dedicated terminal for the securities purchase application, Have

A general-purpose personal computer or a dedicated terminal of each user institution directly or indirectly displays the ID information of each user institution and individual users within the user institution to make a securities purchase application. Has a function,

The securities issuing machine at the securities issuing place collates the ID reading function of reading the user ID information through the input of the ID recording medium with the read user ID information and the individual user ID information transmitted from the server. A security having a matching function, an issuing function for issuing a security based on the corresponding security purchase application information based on the matched result, and an issue result transmitting function for transmitting the fact of security issue to a server. Issuing system.

Since the securities issued by the securities issuing system according to claim 1 do not have the concept of redemption deadlines, the business operator does not actually bear the burden of redemption of the principal.

According to the securities issued by the securities issuing system according to claim 1, the owner of the securities can receive the dividend. You can also earn interest on a regular basis. In addition, if the business operator who issued the Securities is in bankruptcy or suffers from poor management and is unable to pay the interest as stated on the securities, the public corporation or private company with nationality in Japan or Japan. And a public corporation or private company with foreign nationality or foreign nationality,
One person alone or two or more of them together
The principal of the funds raised by the business operator will be repaid to the owner of the Securities within a predetermined limit. Therefore, the securities issued by the securities issuing system according to claim 1 are attractive financial products for investors.

According to the securities issuing system of the first aspect, since each user institution can apply for securities purchase through a general-purpose personal computer or a dedicated terminal, the securities purchaser can be at home or at the office. You can buy securities. In addition, since the general-purpose personal computer or dedicated terminal of this securities issuing system is installed in each user institution, it is easy to manage the securities purchase status for each user institution, and various services can be provided for each user institution. , Can attract customers enough. The user institution means a securities company, a bank, a private company, a general securities purchase applicant, or the like in which the general-purpose personal computer or the dedicated terminal of the present invention is installed. Furthermore, the user of this securities issuing system must
If you own a recording medium, you can purchase the securities without having cash.

According to the invention of claim 2, a person who has not purchased the securities purchases the securities issued by the securities issuing system of claim 1 and distributes the securities as necessary. Is a new market formation method.

According to the market forming method of claim 2,
The securities issued by the securities issuing system according to claim 1 circulate in the market. This security is a new financial product that did not exist before. Therefore, according to the market forming method of the second aspect, it is possible to form a new financial market.

[0018]

BEST MODE FOR CARRYING OUT THE INVENTION Preferred embodiments of a securities issuing system and a market forming method for trading securities issued by the securities issuing system according to the present invention will be described in detail below with reference to the accompanying drawings. To do.

FIG. 1 is a diagram showing a first example of securities issued in the securities issuing system. The securities include
Word 1 of "Japan Highway Public Corporation (Toll Expressway) Securities",
The wording 2 of "1 million yen", the wording 3 of "The Japan Highway Public Corporation distributes the profits obtained from the operation of toll expressways to the owners of this securities," and the statement 3 of "the Japan Highway Public Corporation of the face value of %
Of interest to the holders of this security on April 1st of each year. "
Statement 4 and "If this Japan Securities Corporation suffers from poor management and is unable to pay interest according to the interest wording, Japan guarantees a 60% repayment of the face value (principal). The wording 5 of "do" and "issue date April 1, 2002"
6 is described.

The wording 1 of "Japan Highway Public Corporation (Toll Expressway) Securities" is intended to indicate that this securities relates to toll highways operated by the Japan Highway Public Corporation. From this wording 1, those who are willing to purchase the securities can understand that the securities are issued for the purpose of raising funds by the Japan Highway Public Corporation.

The wording "1 million yen" 2 indicates the amount of funds procured by the issuance of the securities. The statement 3 "The Japan Highway Public Corporation distributes the profits from the operation of expressways to the holders of this securities"
It is a wording indicating that the dividend will be paid by the Japan Highway Public Corporation.

"The Japan Highway Public Corporation has a par value (principal) of 3
The wording 4 of "pay% interest to the holder of this securities on April 1st of every year" is a statement indicating that the holder of this securities will be paid interest from the Japan Highway Public Corporation. Therefore,
The owner of the securities will be paid 30,000 yen each year by the Japan Highway Public Corporation.

Statement 5 of "This securities guarantees repayment of 60% of the face value (principal) in the event that Japan Highway Public Corporation falls into poor management and cannot pay interest."
Is the purpose of clarifying that Japan guarantees the repayment of the par value (principal) stated in the Securities within a certain limit.

[0024] As a result, even after the issuance of the Securities, the Japan Highway Public Corporation falls into a slump in management and cannot pay the interest according to the interest wording. 60% repayment is guaranteed by Japan. According to this security, the purchaser of the security can feel a sense of security, and the purchaser's willingness to purchase the security can be improved.

The guarantee in Japan is limited to a certain limit. Therefore, according to the Securities, Japan does not have to repay the full face value (principal). The wording 6 of “Issuing date April 1, 2002” is intended to clarify the issuing date.

FIG. 2 is a diagram showing a second example of securities issued by the securities issuing system. The securities include
Wording 7 of "Odaiba Casino Construction Management Securities", wording "2 million yen", and wording 9 of "B Co., Ltd. distributes the profits from the operation of the casino to the owners of this securities." ,
"B Co., Ltd. pays interest of 3% of face value every April 1
"Payment to the holder of this security on a daily basis" and "If this stock is unable to pay the interest as stated by B Co., Ltd. Tokyo guarantees 60% repayment "
And the wording 12 of the “issue date April 1, 2002”,
"Planner, Tokyo operator, Las Vegas B Co., Ltd."
No. 13 is described.

Wording 7 of "Odaiba Casino Construction Management Securities"
Indicates that the Securities are related to financing for Odaiba Casino construction and operation. "Planner Tokyo
The wording 13 of "Operator Las Vegas B Co., Ltd." is intended to indicate a person who plans and operates the Odaiba casino construction operation. From this wording 13, those who are willing to purchase securities can understand that the Odaiba casino construction operation shown in this securities is planned by Tokyo and operated by B Co., Ltd. in Las Vegas.

The wording "8 million yen" 8 indicates the amount of funds procured by the issuance of the securities. The wording 9 of "B Co., Ltd. distributes the profits obtained from the operation of the casino to the owners of this security" is a wording indicating that the stockholders of this security will be paid a dividend from B Co. is there.

"B Corporation is 3% of the face value (principal)
Of interest to the holders of this security on April 1st of each year. "
10 is a wording indicating that interest will be paid from B Corporation to the owner of the Securities. Therefore, the owner of the Securities will be paid 60,000 yen each year by B Corporation.

Statement 5 of "This securities guarantees repayment of 60% of the face value (principal) in the event that B Co., Ltd. is in poor management and cannot pay interest."
Is the purpose of clarifying that the Tokyo Metropolitan Government guarantees the repayment of the par value (principal) stated in the Securities within a certain limit.

As a result, even if B Co., Ltd. falls into poor management after the issuance of the Securities and is unable to pay the interest as stated in the interest wording, the holder of the Securities will receive the par value (principal). A 60% repayment is guaranteed by Tokyo. According to this security, the purchaser of the security can feel a sense of security, and the purchaser's willingness to purchase the security can be improved.

The guarantee of Tokyo is limited to a certain limit. Therefore, according to the Securities, the Tokyo Metropolitan Government does not need to repay the full face value (principal). The wording 6 of “Issuing date April 1, 2002” is intended to clarify the issuing date.

The securities mentioned above are securities according to the embodiment of the present invention. Therefore, the securities according to the present invention are not limited to the above securities. For example, wording 1 or wording 7 is “X department store (Shinjuku store)
Any securities such as "securities", "P airport securities", "W public housing securities", etc. can be used as long as they clearly indicate that the securities according to the present invention are related to the financing of the business operator.

Further, the degree of guarantee shown in the wording 5 or the wording 11 is not limited to "60%", but is guaranteed to be "10%", "20%", "50%", etc. , Anything can be used as long as it clearly indicates the ratio. Also, in the wording 5, the guarantor is “Japan” and the wording 11
Although the guarantor is described as “Tokyo” in, the guarantor is not limited to Japan or Tokyo. Therefore,
Each country in the world such as “US”, “China”, “Korea”, “UK”, “Japan and US”, “Korea and UK” can be described as a guarantor in the wording 5.

Further, it corresponds to a local public entity or a local public entity in each country of the world such as "Hokkaido", "Osaka Prefecture", "Los Angeles", "Beijing", "Tokyo and Los Angeles", "Osaka Prefecture and San Francisco", etc. A thing can also be described as a guarantor in the wording 5 or the wording 11. Also, one or a plurality of private companies such as "J Corporation" and "L Corporation and G Bank" can also be described in the wording 5 or the wording 1.
Can be listed as a guarantor in 1. Also,
Countries and local governments such as "Japan and Los Angeles"
Countries such as "Osaka Prefecture, USA and L Co., Ltd.", local public bodies and private companies can also be described as guarantors in the wording 5 or the wording 11.

Furthermore, the purchaser of the securities of the present invention is not limited to Japanese citizens. Therefore, Americans, Chinese, Koreans, British, and other people from all over the world can purchase the securities of the present invention.

FIG. 3 is a diagram showing a securities issuing system according to an embodiment of the present invention. As shown in FIG. 3, the securities issuing system according to the present embodiment has a server 41 provided in a securities issuing institution that issues a securities purchase application and issues securities.
And a general-purpose personal computer or a dedicated terminal 43 connected to the server through a telephone line 42 and provided in each user institution.
And a securities issuing machine 45, which is connected to the server 41 via a telephone line 42 and is provided in each securities issuing place, and an ID recording medium 46 in which ID information is recorded.

In the general-purpose personal computer or the dedicated terminal 43, dedicated securities purchase application software 44 is installed, but various application software is also installed. When the securities purchase application software 44 is activated, the general-purpose personal computer 43 can communicate with the server 41 and can apply for securities purchase to the server 41. The securities purchase application software 44 is lent to each user institution free of charge by, for example, a securities issuing institution, and is set so that an application for securities purchase can be made easily and smoothly.

The general-purpose personal computer 43 in which the securities purchase application software 44 is activated can be easily transmitted by transmitting (displaying) the information of the securities desired to be purchased and the ID information regarding the user and the user institution to the server 41. And it is possible to smoothly apply for securities purchase (purchase application function).

The ID information regarding the individual user and the user institution transmitted from the general-purpose personal computer or the dedicated terminal 43 to the server 41 at the time of application for purchase of securities is recorded in the ID recording medium 46 as user ID information. The ID recording medium 46 in the present embodiment is an ID card, but the mode is not limited to this.

On the other hand, the server 41 of the securities issuing institution establishes the securities purchase application based on the securities purchase application from the general-purpose personal computer or the dedicated terminal 43 (purchase application receiving function).
For example, the server 41 is a general-purpose personal computer or a dedicated terminal 4
Based on the information on the securities sent from 3, the securities are searched for unsold securities, and if there are unsold securities, a securities purchase application is established. If there are no unsold securities, a general-purpose personal computer or dedicated terminal to that effect Reply to 43. It should be noted that if the ID information is not correctly transmitted from the general-purpose personal computer or the dedicated terminal 43, the securities purchase application will not be established even if there are unsold securities.

When the securities purchase application is established, the server 41
Is configured to transmit the established securities purchase application information and the ID information associated with the securities purchase application to the securities issuing machine 45 provided in the securities issuing area (standby command function).

The securities issuing machine 45 of the securities issuing place has an input port 45a for inputting (inputting) the ID recording medium 46, and when the ID recording medium 46 is input (inputting) into this inputting port. The user ID information recorded on the ID recording medium can be read (I
D reading function). Then, the read user ID information is collated with the ID information transmitted from the server (collation function), and the securities 47 based on the corresponding securities purchase application information are issued based on the result of the collation. (Issuing function). Further, the fact that the securities have been issued is transmitted to the server 41 as securities issuance result information (issuing result transmission function).

The issuance result information of the securities 47 transmitted from the securities issuing machine 45 to the server 41 is stored in a database in the server 41 (information storage function).

The server 41 of the securities issuing institution can further calculate the charge amount based on the accumulated issuance result information (post-issuance settlement function).

Next, the operation of the present embodiment having such a configuration will be described. In the securities issuing system using ID information of the present embodiment, the general-purpose personal computer or dedicated terminal 43 of each user institution is activated and operated by the operator, and the securities purchase application software 44 installed in the general-purpose personal computer or dedicated terminal 43 is activated. To be done. When the securities purchase application software 44 is activated, the general-purpose personal computer or the dedicated terminal 43 becomes in a state of being able to communicate with the server 41.

Next, the operator has information on the securities he / she desires to purchase, and I regarding the individual user and the user institution concerned.
Input the D information to a general-purpose personal computer or dedicated terminal 43,
A general-purpose personal computer or a dedicated terminal 43 transmits (displays) to the server 41 to make a securities purchase application to the server 41. The ID information about the individual user of the system and the user institution of the system transmitted to the server 41 is information recorded in the ID recording medium 46 as user ID information.

Upon receipt of the securities purchase application from the general-purpose personal computer or the dedicated terminal 43, the server 41 of the securities issuing institution determines whether there is any unsold securities based on the information of the securities transmitted from the general-purpose personal computer or the dedicated terminal 43, for example. If there are unsold securities, a securities purchase application is established, and if there are no unsold securities, the fact is returned to a general-purpose personal computer or a dedicated terminal. If the ID information is not correctly transmitted from the general-purpose personal computer or the dedicated terminal 43, the securities purchase application will not be established even if there are unsold securities.

When the securities purchase application is established, the server 41
Transmits the established securities purchase application information and the ID information associated with the securities purchase application to the securities issuing machine 45 provided in the securities issuing place. This completes the securities purchase application procedure.

The user who has applied for the purchase of the securities goes to the securities issuing place with the ID recording medium 46 recording the ID information displayed at the time of the application. Then, the ID recording medium 46 is inserted into the insertion port 45a of the securities issuing machine 45 of the securities issuing institution at the securities issuing place.

The securities issuing machine 45 reads the information on the ID recording medium 46, collates the read user ID information with the ID information transmitted from the server, and based on the collation result, makes a corresponding securities purchase application. Issue information-based securities 47.

Further, the securities issuing machine 45 transmits the fact of the securities issuance to the server 41 as securities issuance result information. The securities issuance result information transmitted from the securities issuing machine 45 to the server 41 is accumulated in a database in the server 41.

The server 41 of the securities issuing institution calculates a charge amount based on the issued issuance result information according to the selection of the securities issuing institution, or the general-purpose personal computer or dedicated terminal 43 of each user institution or each user institution. Calculate the billing amount for each.

As described above, according to this embodiment, since the general-purpose personal computer or the dedicated terminal 43 is installed in each user institution, each user institution can easily manage the securities purchase status. In particular, a general-purpose personal computer or dedicated terminal 43
Since other application software can be started up, it is possible to easily perform a wide range of applications such as reading the data of the securities purchase status into the accounting application software.

On the other hand, the securities issuing institution can provide various services for each user institution according to the present embodiment. For example, it is possible to collectively charge the postpaid payment based on the securities issuance result information, or provide a discount service according to the number of securities issuances for each user institution. This allows the securities issuing institution to effectively monopolize the securities purchasing needs of each user institution.

Further, according to the present embodiment, since the charge settlement procedure is also carried out to the user organization, the procedure within the organization such as so-called advance payment and its declaration is not necessary.

A general-purpose personal computer or a dedicated terminal 43
Has various functions, such as a function of inquiring about the status of securities purchase application, as a function associated with the securities purchase application. In addition, various services from securities issuing institutions are provided by the server 41.
It is also possible to transmit from the computer to the general-purpose personal computer 43.

Further, in the present embodiment, the general-purpose personal computer or the dedicated terminal 43 is directly connected to the securities issuing institution by each user institution and an individual I within the user institution.
Although the D information is displayed and the securities purchase application is made, the present invention is not limited to this. So, for example,
The general-purpose personal computer or the dedicated terminal 43 according to the present invention indirectly purchases securities by displaying the ID information to a securities issuing institution by applying to the Bank of Japan, a financial institution, or the like to purchase the securities to display the ID information. You can apply. In this case, the Bank of Japan or the financial institution displays the ID information displayed from the general-purpose personal computer or the dedicated terminal 43 to the securities issuing institution.

[0059]

As described above, according to the present invention,
Investors can pursue profits by utilizing new financial markets that were not previously available by purchasing securities, which are new stocks that are neither stocks nor bonds, and businesses are not stocks. Funds can be raised using securities that are not bonds.

[Brief description of drawings]

FIG. 1 is a diagram showing a first example of securities issued in the securities issuing system.

FIG. 2 is a diagram showing a second example of securities issued in the securities issuing system.

FIG. 3 is a diagram showing a securities issuing system according to an embodiment of the present invention.

[Explanation of symbols]

1 A word indicating that the securities are related to toll expressways operated by the Japan Highway Public Corporation 2 A word indicating the face value (principal) of the securities 3 An example of dividend wording 4 An example of interest wording 5 An example of guarantee wording 6 Issue Day 7 Wording indicating that it is a securities related to financing for Odaiba casino construction operation Wording indicating the face value (principal) of securities 9 Example of dividend wording 10 Example of interest wording 11 Example of guarantee wording 12 Date of issue 13 Languages indicating planners and operators 41 Server 42 Telephone line 43 General-purpose personal computer or dedicated terminal 44 Securities purchase application software 45 Securities issuer 45a Entry slot 46 ID recording medium 47 Securities

Claims (2)

[Claims] 1. A server provided in a securities issuing institution that issues securities in response to a securities purchase application, a general-purpose personal computer or a dedicated terminal provided in each user institution, and a securities issuing machine provided in a securities issuing place. And a ID recording medium in which user ID information regarding individual users in each user institution is recorded, and the securities are for fund procurement to be issued in exchange for funds procured by the business operator. Securities, the dividend wording that the business operator distributes the profit obtained as a result of the business activity of the business operator to the owner of the security certificate, and the business operator , The interest wording that the interest is paid regularly, and when the business operator cannot perform the interest payment according to the interest wording due to bankruptcy, poor management, etc., Repayment of principal A fixed amount of one of the public corporations or private corporations with nationality in Japan or Japan and the public corporations or private corporations with foreign nationality in foreign countries or foreign countries, or two or more of them jointly The guarantee statement that the person will be a guarantor within the range of, and the securities of the securities issuing institution's server are the amount of the principal amount (face value) of the securities entered by the securities issuing institution. And interest rate, the name of the guarantor and a certain limit of repayment of the principal debt that the guarantor should bear,
Based on the information transmission function that transmits information about what kind of combination of securities is on sale to the general-purpose PC or dedicated terminal of each user institution, and which of the securities is sent by each user institution Select whether to purchase and use a general-purpose computer or a dedicated terminal to establish a securities transaction based on a securities purchase application directly to the server of the securities issuing institution or indirectly via the server of another financial institution Purchase application receipt function, specific securities purchase application information that has been established, and user ID information directly or indirectly displayed by a general-purpose computer or dedicated terminal for the securities purchase application Standby command function to send to the securities issuing machine, information storage function to store the issuance result information of the securities sent from the securities issuing machine, I of each user institution directly or indirectly displayed by a general-purpose personal computer or a dedicated terminal for inclusion
It has a collective settlement function that can calculate the charge amount for each user institution based on D information, and the general-purpose personal computer or dedicated terminal of each user institution directly or indirectly to the securities issuing institution. It has a purchase application function that displays ID information of each user institution and individual users within the user institution to apply for securities purchase. The securities issuing machine at the securities issuing place has the user ID information through the input of the ID recording medium. Read I
D-reading function, collation function that collates the read user ID information with individual user ID information sent from the server, and issuance of securities based on the corresponding securities purchase application information based on the collated result A securities issuance system having a function and an issuance result transmission function of transmitting the fact of securities issuance to a server. 2. A person who has never purchased a security purchases a security issued by the security issuing system according to claim 1 and distributes the security as needed, thereby creating a new Market formation method.