Sistema E Método De Negociação De Empréstimo Bancário

Título do aplicativo de patente: Sistema e método para otimização da taxa fixa Todo o empréstimo de negociação Título do aplicativo de patente: Sistema e método para otimizar a taxa fixa inventores de negociação de empréstimo integral: Harsha Nagesh Rajan Godse Agentes: KING SPALDINGCREDIT SUISSE SECURITIES (EUA) LLC Atribuintes: Credit Suisse Securities ( EUA) LLC Origem: ATLANTA, GA EUA IPC8 Classe: AG06Q4000FI USPC Classe: 705 36 R Número de pedido de patente: 20100057635 Otimizando a taxa fixa todo o empréstimo de negociação. Especificamente, a invenção fornece sistemas e métodos baseados em computador para empacotar de forma ótima uma população de empréstimos completos em títulos em uma estrutura de títulos subordinados ou em pools de passos através de títulos garantidos por uma agência governamental. Os modelos para cada tipo de estrutura de vínculo são processados ​​na população de empréstimos até que seja encontrado um pacote de bonificação ideal ou um usuário determina que uma solução de alta qualidade seja encontrada. Além disso, os modelos podem contabilizar lances para empréstimos completos, alocando empréstimos completos que atendem aos requisitos da oferta, mas são menos favoráveis ​​para serem securitizados. 1. Um sistema para otimizar a negociação de empréstimo integral de taxa fixa, compreendendo: um sistema de computação que compreende uma aplicação de software que compreende um ou mais módulos operáveis ​​para: desenvolver um modelo para determinar uma estratégia de securitização para uma população de empréstimos completos; a estratégia de securitização que compreende uma pluralidade De títulos e processar o modelo até encontrar uma estratégia de securitização ideal para a população de empréstimos completos e uma interface de usuário para receber a entrada do usuário para um ou mais módulos e para a saída da estratégia de securitização ótima, sendo a interface do usuário em comunicação com o aplicativo de software. 2. O sistema de acordo com a reivindicação 1, em que o ou os módulos compreendem um módulo subordinado de seniores operável para agrupar a população de empréstimos em uma estrutura de obrigações subordinadas de seniors que compreende pelo menos uma parcela de títulos de capital e pelo menos uma parcela subordinada de títulos. 3. O sistema de acordo com a reivindicação 1, em que o ou mais módulos compreendem um módulo pass-thru operável para agrupar uma população de empréstimos em um ou mais pools de passos através de ligações. 4. Sistema de acordo com a reivindicação 1, que compreende ainda uma ou mais fontes de dados comunicadas de forma comunicável ao sistema de computação, uma ou mais fontes de dados compreendendo informações para utilização pelo aplicativo de software. 5. Um produto de programa de computador compreendendo: um meio legível por computador possuindo um código de programa legível por computador incorporado no mesmo para determinar um cupom de ligação de execução ideal para cada empréstimo em uma pluralidade de empréstimos em uma estrutura de ligação subordinada de seniors, o meio legível por computador compreendendo: computador - código de programa reproduzível para criar um modelo que compreende uma função objetiva que representa um valor de mercado total da estrutura de títulos subordinados de seniors para a pluralidade de empréstimos e o código de programa legível pelo computador para maximizar a função objetivo para maximizar o valor de mercado total da estrutura de títulos subordinados. 6. Produto de programa de computador de acordo com a reivindicação 5, em que o código de programa legível por computador para maximizar a função objetiva compreende código de programa legível por computador para: determinar um preço de mercado de cada um que define um primeiro cupom médio ponderado de execução para a pluralidade de empréstimos correspondentes a O preço de mercado de cada loandetermining o valor de mercado total da estrutura de seniorsubordinate na primeira execução média ponderada couponiterating o cupom de execução médio ponderado e determinando um valor de mercado total para a estrutura de seniorsubordinate em cada iteração e determinando o cupom médio ponderado de execução com o maior mercado total Valores para a estrutura de seniorsubordinate. 7. O produto de programa de computador da reivindicação 5, que compreende ainda um código de programa legível por computador para desenvolver e maximizar uma função objetiva para separar otimamente pelo menos um dos empréstimos em dois pseudo-empréstimos para impedir a criação de um vínculo de interesse único ou apenas um principal Bond, os dois pseudo-empréstimos compreendendo diferentes valores de cupom. 8. Um produto de programa de computador compreendendo: um meio legível por computador com um código de programa legível por computador incorporado no mesmo para agrupar de forma ótima uma pluralidade de empréstimos para passar através de pools de ligação, o meio legível por computador compreendendo: código de programa legível por computador para criar um modelo Correspondendo a uma pluralidade de pools de ligações passantes, cada passagem através de agrupamento de ligações compreendendo pelo menos um código de programa legível para leitura de limitação para aplicar a pelo menos uma restrição de cada passagem através de agrupamento de obrigações para cada um da pluralidade de empréstimos para determinar o qual passa através de ligação Pools de cada uma da pluralidade de empréstimos é elegível e código de programa legível pelo computador para processar o modelo para determinar o agrupamento ótimo. 9. Produto de programa de computador de acordo com a reivindicação 8, em que o modelo compreende uma função objetiva compreendendo uma combinação linear de um valor de mercado de cada um da pluralidade de empréstimos. 10. Produto de programa de computador de acordo com a reivindicação 9, em que o processamento do modelo compreende maximizar a função objetivo. 11. Produto de programa de computador de acordo com a reivindicação 8, que compreende ainda um código de programa legível por computador para transformar a pelo menos uma restrição de cada passagem através do agrupamento de ligações em uma restrição condicional. 12. Produto de programa de computador de acordo com a reivindicação 8, que compreende ainda um código de programa legível por computador para converter pelo menos uma porção da pelo menos uma restrição de cada passagem através do agrupamento de ligações em uma restrição condicional antes do processamento do modelo para garantir que o modelo seja Resolutivo. 13. Produto de programa de computador de acordo com a reivindicação 18, que compreende ainda um código de programa legível por computador para transformar cada uma das pelo menos uma restrição em uma restrição condicional para permitir que restrições sejam aplicáveis ​​para apenas passar por conjuntos de ligações alocados. 14. Produto de programa de computador de acordo com a reivindicação 8, compreendendo ainda um código de programa legível por computador para alocar pelo menos um da pluralidade de empréstimos a um pool não alocado. 15. O produto de programa de computador da reivindicação 8, que compreende ainda um código de programa legível por computador para alocar empréstimos em um pool não alocado, se cada um dos vários conjuntos de títulos passivos não puderem ser alocados com a pluralidade de empréstimos, em que os empréstimos no pool não alocado Recebem valor de mercado zero e em que o processamento do modelo inclui ainda minimizar o número de empréstimos alocados ao pool não alocado. 16. O produto do programa de computador da reivindicação 8, em que o modelo explica a restrição de cada passagem através do pool de obrigações e um pagamento associado a cada passagem através do pool de obrigações. 17. Um produto de programa de computador compreendendo: um meio legível por computador possuindo um código de programa legível por computador incorporado no mesmo para alocar uma porção de uma pluralidade de empréstimos para uma embalagem de empréstimo, o meio legível por computador compreendendo: código de programa legível por computador para determinar qual Da pluralidade de empréstimos atendem a uma ou mais restrições do código de programa legível para o empréstimo de empréstimo para determinar o preço de mercado de cada um dos vários empréstimos com base em um modelo de securitização, código de programa legível por computador para modelar uma função objetiva para determinar quais empréstimos no A pluralidade de empréstimos que atende a uma ou mais restrições são menos lucrativas para a securitização no modelo de securitização e no código do programa legível para o usuário para alocar os empréstimos que atendem a uma ou mais restrições e são menos lucrativos para a securitização no pacote de empréstimo. 18. Produto de programa de computador da reivindicação 17, em que o modelo de securitização compreende um modelo subordinado de seniors. 19. O produto de programa de computador da reivindicação 17, em que a função objetivo é modelada para minimizar um spread entre um preço médio ponderado dos empréstimos no pacote de empréstimo e um preço obrigatório de A Be Announced (TBA) do cupom médio ponderado dos empréstimos No pacote de empréstimo. 20. O produto de programa de computador da reivindicação 17, em que a função objetiva é modelada para minimizar o valor em dólares de um spread entre um preço médio ponderado dos empréstimos no pacote de empréstimo e um preço de caução Anunciado (TBA) da média ponderada Cupom dos empréstimos no pacote de empréstimo. 21. Um método para otimizar a negociação de empréstimo integral de taxa fixa, em que cada etapa é implementada em um sistema de computador, compreendendo o método as etapas de: determinar uma estrutura de títulos para securitizar uma pluralidade de empréstimos completos desenvolvendo um modelo que compreende uma função objetiva que representa um total Valor de mercado para a pluralidade de empréstimos completos quando executados em títulos correspondentes à estrutura de obrigações que processam o modelo para determinar qual de um grupo de títulos disponíveis deve ser gerado e em que títulos das obrigações geradas que cada um dos vários empréstimos completos se executam melhor em . 22. O método da reivindicação 21, em que a estrutura de ligação compreende uma estrutura de ligação subordinada de seniors. 23. O método da reivindicação 21, em que a estrutura de obrigações compreende uma agência segura passada através da estrutura de ligação. 24. O método da reivindicação 21, compreendendo ainda o passo de alocar uma parcela da pluralidade de empréstimos completos a um pacote de empréstimos completos para venda como empréstimos inteiros, a parcela compreendendo empréstimos integrais que atinjam pelo menos uma restrição e sendo menos lucrativa do que a Outros empréstimos completos quando executados em uma obrigação na estrutura de títulos. 25. Um produto de programa de computador que compreende: um meio legível por computador que possui um código de programa legível por computador incorporado no mesmo para reunir de forma otimizada o cupom em excesso resultante da securitização de uma pluralidade de empréstimos, o meio legível por computador compreendendo: código de programa legível por computador para criar um modelo Correspondente a uma pluralidade de pools de obrigações de cupão em excesso e um pool não alocado, cada pool de bonificação de cupão em excesso compreendendo pelo menos uma restrição e um código de programa legível para o computador para processar o modelo para alocar cada um dos empréstimos em um pool de títulos de cupão em excesso ou para o não alocado Pool para maximizar o valor de mercado total do cupom em excesso que é alocado aos pools de bonificação de cupão em excesso. 26. Produto de programa de computador da reivindicação 25, em que o modelo compreende uma função objetiva que representa o valor de mercado total do cupom em excesso que é alocado aos pools de bonificação de cupão em excesso. 27. Produto de programa de computador da reivindicação 25, que compreende ainda um código de programa legível por computador para transformar cada uma das pelo menos uma restrição em uma restrição condicional. 28. Produto de programa de computador de acordo com a reivindicação 25, que compreende ainda um código de programa legível por computador para transformar cada uma das pelo menos uma restrição em uma restrição condicional para permitir que restrições sejam aplicáveis ​​a apenas conjuntos de ligações de cupão em excesso alocados. 29. Produto de programa de computador da reivindicação 25, que compreende ainda: código de programa legível por computador para identificar os conjuntos de cupões em excesso para os quais cada um dos empréstimos pode ser alocado com base em atributos colaterais dos empréstimos e código de programa legível pelo computador para colapso de cada empréstimo identificado Para um pool de cupom em excesso em um único empréstimo para reduzir o número de empréstimos no modelo. Descrição: 0001 Este pedido de patente não provisório reivindica prioridade sob 35 U. S.C. 119 ao Pedido de Patente Provisória dos Estados Unidos N ° 61191,011, intitulado Sistema e Método para o Otimização de Negociação de Empréstimo Integral de Taxa Fixa, que aqui é totalmente incorporado aqui por referência. 0002 A presente invenção relaciona-se geralmente com sistemas e métodos para otimizar o comércio de empréstimos e, mais especificamente, sistemas informáticos e métodos implementados por computador para otimizar pacotes de empréstimos completos para execução em títulos ou venda como pacotes de empréstimo integral. 0003 As instituições financeiras, como os bancos de investimento, compram empréstimos e carteiras de empréstimos de bancos ou criadores de empréstimos principalmente para securitizar os empréstimos em títulos e, em seguida, vender os títulos para os investidores. Esses títulos são considerados títulos garantidos por ativos, uma vez que são garantidos pelos ativos dos empréstimos. Muitos tipos de empréstimos podem ser securitizados em títulos, incluindo hipotecas residenciais, hipotecas comerciais, empréstimos automotivos e recebíveis de cartões de crédito. 0004 Uma variedade de estruturas de vínculo pode ser criada a partir de uma população de empréstimos, cada estrutura com características e restrições que precisam ser contabilizadas para maximizar o lucro que uma instituição financeira pode realizar ao securitizar os empréstimos em títulos. O agrupamento ideal ou o agrupamento de empréstimos em títulos para uma determinada estrutura de títulos e uma determinada população de empréstimos pode depender das características de cada empréstimo na população. Além disso, o pool de obrigações ou cupom de execução que um empréstimo individual executa pode depender da associação de obrigações ou da melhor execução de cada empréstimo na população. Como a população de empréstimo típica considerada para securitização em títulos é muito grande (por exemplo, 10.000 empréstimos ou mais), determinar uma associação ótima de empréstimos para securitização em títulos pode ser um desafio. 0005 Assim, o que é necessário são sistemas e métodos para otimizar a embalagem de uma população de empréstimos em títulos para uma determinada estrutura de títulos. 0006 A invenção fornece sistemas computadorizados e métodos implementados por computador para otimizar a negociação de empréstimo integral de taxa fixa para uma população de empréstimos completos. 0007 Um aspecto da presente invenção fornece um sistema para otimizar a negociação de empréstimo integral de taxa fixa. Este sistema inclui um sistema informático que inclui uma aplicação de software que inclui um ou mais módulos operáveis ​​para desenvolver um modelo para determinar uma estratégia de securitização para uma população de empréstimos completos, a estratégia de securitização, incluindo títulos e operável para processar o modelo até uma estratégia de securitização ideal para É encontrada a população de empréstimos completos e uma interface de usuário para receber entrada de usuários para um ou mais módulos e para a saída da estratégia de securitização ideal, sendo a interface de usuário em comunicação com a aplicação de software. 0008 Outro aspecto do presente invento proporciona um produto de programa de computador incluindo um meio legível por computador possuindo um código de programa legível por computador incorporado no mesmo para determinar um cupom de bonificação de execução ideal para cada empréstimo em um grupo de empréstimos em uma estrutura de vínculo de seniorsubordinate. Este meio legível por computador inclui código de programa legível por computador para criar um modelo que compreende uma função objetiva que representa um valor de mercado total da estrutura de títulos subordinados para os empréstimos e código de programa legível por computador para maximizar a função objetiva para maximizar o valor de mercado total de A estrutura de títulos subordinados de seniorsubordinate. 0009 Outro aspecto da invenção proporciona um produto de programa de computador que inclui um meio legível por computador com um código de programa legível por computador incorporado no mesmo para o agrupamento ideal de empréstimos para passar através de pools de ações. Este meio legível por computador inclui código de programa legível por computador para criar um modelo correspondente a passar através de pools de títulos, cada passagem através de pool de ações, incluindo um código de programa legível por computador de restrição para aplicar a restrição de cada passagem através de pool de ações para cada um dos empréstimos Para determinar quais passagens através de pools de ações cada um dos empréstimos é elegível e código de programa legível por computador para processar o modelo para determinar o agrupamento ótimo. 0010 Outro aspecto da invenção proporciona um produto de programa de computador incluindo um meio legível por computador com um código de programa legível por computador incorporado no mesmo para alocar uma parcela de um grupo de empréstimos a um pacote de empréstimo. Este meio legível por computador inclui código de programa legível por computador para determinar qual dos empréstimos atende a uma ou mais restrições do pacote de empréstimo código de programa legível por computador para determinar o preço de mercado de cada um dos empréstimos com base em um modelo de titularização modelo legível por computador Código para modelar uma função objetiva para determinar quais empréstimos no grupo de empréstimos que atendem a uma ou mais restrições são menos rentáveis ​​para securitização no modelo de securitização e código de programa legível por computador para alocar os empréstimos que atendem a uma ou mais restrições e são Menos rentável para securitização no pacote de empréstimo. 0011 Outro aspecto da presente invenção proporciona um método para otimizar a taxa fixa todo o empréstimo de negociação. Este método inclui as etapas de determinar uma estrutura de títulos para securizar empréstimos completos desenvolvendo um modelo que inclua uma função objetiva que representa um valor de mercado total para todo o empréstimo quando executado em títulos correspondentes à estrutura de obrigações processando o modelo para determinar qual de um grupo de Devem ser gerados títulos disponíveis e em que títulos dos títulos gerados que cada um dos empréstimos completos se executam melhor. 0012 Outro aspecto do presente invento proporciona um produto de programa de computador que inclui um meio legível por computador com um código de programa legível por computador incorporado no mesmo para o agrupamento otimizado de cupão resultante resultante da titularização de empréstimos. Este meio legível por computador inclui código de programa legível por computador para criar um modelo correspondente a pools de obrigações de cupão em excesso e um pool não alocado, cada pool de bonificação de cupom em excesso incluindo pelo menos uma restrição e código de programa legível por computador para processar o modelo para alocar cada um Os empréstimos em um pool de bonificação de cupão em excesso ou no pool não alocado, a fim de maximizar o valor de mercado total do cupom em excesso que é alocado aos pools de bonificação de cupão em excesso. 0013 Estes e outros aspectos, características e formas de realização da invenção tornar-se-ão evidentes para uma pessoa com conhecimentos comuns na técnica após consideração da descrição detalhada a seguir de formas de realização ilustradas exemplificando o melhor modo para levar a cabo a invenção como é percebido atualmente. BREVE DESCRIÇÃO DOS DESENHOS 0014 Para uma compreensão mais completa das formas de realização exemplares da presente invenção e suas vantagens, faz-se referência agora à descrição a seguir, em conjunto com as figuras anexas descritas brevemente a seguir. 0015 FIG. 1 é um diagrama de blocos que representa um sistema para otimizar a negociação de empréstimo integral de taxa fixa de acordo com uma forma de realização exemplar da presente invenção. 0016 FIG. 2 é um fluxograma que descreve um método para otimizar a negociação de empréstimo integral de taxa fixa de acordo com uma forma de realização exemplar da presente invenção. 0017 FIG. 3 é um diagrama de fluxo que descreve um método para determinar uma estratégia de securitização para uma população de empréstimos de acordo com uma forma de realização exemplar da presente invenção. 0018 FIG. 4 é um diagrama de fluxo que descreve um método para empacotar uma população de empréstimos em uma estrutura subordinada de seniors de acordo com uma forma de realização exemplar da presente invenção. 0019 FIG. 5 é um diagrama de fluxo que descreve um método para empacotar uma população de empréstimos em uma estrutura subordinada de seniors de acordo com uma forma de realização exemplar da presente invenção. 0020 FIG. 6 é um diagrama de fluxo que descreve um método para empacotar uma população de empréstimos para passar através de ligações de acordo com uma forma de realização exemplar da presente invenção. 0021 FIG. 7 é um diagrama de fluxo que descreve um método para empacotar empréstimos inteiros de acordo com uma forma de realização exemplar da presente invenção. 0022 FIG. 8 é um diagrama de fluxo que descreve um método para reunir o cupom em excesso de acordo com uma forma de realização exemplar da presente invenção. DESCRIÇÃO DETALHADA DAS REALIZAÇÕES EXEMPLARES 0023 A invenção fornece sistemas e métodos baseados em computador para otimizar a negociação de empréstimo integral de taxa fixa. Especificamente, a invenção fornece sistemas e métodos baseados em computador para empacotar de forma ótima uma população de empréstimos completos em títulos em uma estrutura de títulos subordinados ou em pools de passos através de títulos garantidos por uma agência governamental. Os modelos para cada tipo de estrutura de vínculo são processados ​​na população de empréstimos até que seja encontrado um pacote de bonificação ideal ou um usuário determina que uma solução de alta qualidade seja encontrada. Além disso, os modelos podem contabilizar lances para empréstimos completos, alocando empréstimos completos que atendem aos requisitos da oferta, mas são menos favoráveis ​​para serem securitizados. Embora as formas de realização exemplares da invenção sejam discutidas em termos de empréstimos completos (particularmente hipotecas residenciais de taxa fixa), os aspectos da invenção também podem ser aplicados à negociação de outros tipos de empréstimos e ativos, como empréstimos de taxa variável e dívidas rotativas. 0024 A invenção pode compreender um programa de computador que incorpora as funções aqui descritas e ilustrado nos fluxogramas anexados. No entanto, deve ser evidente que pode haver muitas maneiras diferentes de implementar a invenção na programação de computadores, e a invenção não deve ser interpretada como limitada a qualquer conjunto de instruções do programa de computador. Além disso, um programador qualificado seria capaz de escrever um tal programa de computador para implementar uma forma de realização da invenção descrita com base nos fluxogramas e descrição associada no texto da aplicação. Portanto, a divulgação de um determinado conjunto de instruções de código de programa não é considerada necessária para uma compreensão adequada de como fazer e usar a invenção. A funcionalidade inventiva do programa de computador reivindicado será explicada com mais detalhes na descrição a seguir lida em conjunto com as figuras que ilustram o fluxo do programa. Além disso, será apreciado para os especialistas na técnica que uma ou mais das etapas descritas podem ser realizadas por hardware, software ou uma combinação delas, como podem ser incorporadas em um ou mais sistemas de computação. 0025 Voltando agora aos desenhos, nos quais os números iguais representam elementos semelhantes em todas as figuras, os aspectos das formas de realização exemplares serão descritos em detalhes. FIG. 1 é um diagrama de blocos que representa um sistema 100 para otimizar o comércio completo de empréstimos de taxa fixa de acordo com uma forma de realização exemplar da presente invenção. Referindo-se à FIG. 1, o sistema 100 inclui um sistema de computação 110 conectado a uma rede distribuída 140. O sistema de computação 110 pode ser um computador pessoal conectado à rede distribuída 140. O sistema de computação 110 pode incluir uma ou mais aplicações, como a aplicação do otimizador de negociação de empréstimo 120. Este otimizador de negociação de empréstimo exemplar 120 inclui quatro módulos 121-124 que podem operar individualmente ou interagir uns com os outros para fornecer uma embalagem ideal de empréstimos em uma ou mais estruturas de títulos e pacotes de empréstimo completo. 0026 Um módulo seniorsubordinate 121 distribui empréstimos em uma estrutura de títulos de seniorsubordinate com títulos com classificações de crédito diferentes e valores de cupom líquido diferentes. Como será discutido com mais detalhes com referência às FIGS. 4-5, o módulo seniorsubordinate 121 distribui os empréstimos em títulos com rating AAA, títulos subordinados com menores ratings de crédito e, dependendo dos empréstimos e dos valores de cupom das obrigações AAA e dos títulos subordinados, somente títulos de juros e principal títulos. 0027 Um módulo pass-thru 122 distribui empréstimos para passar por títulos garantidos por uma agência governamental, como Freddie Mac ou Fannie Mae. O módulo pass-thru 122 agrupa de forma ideal os empréstimos em A Be Announced (TBA) passando por títulos com base em uma variedade de restrições. O módulo pass-thru 122 é discutido em maior detalhe abaixo com referência à FIG. 6. 0028 Um módulo de empréstimo inteiro 123 aloca empréstimos para atender lances para carteiras de empréstimos que atendam aos requisitos específicos e restrições da oferta. Todo o módulo de empréstimo 123 pode interagir com o módulo 121 ou o módulo pass-bypass 122 para alocar empréstimos que atendam aos requisitos das propostas, mas são menos favoráveis ​​para serem securitizados. Todo o módulo de empréstimo 123 é discutido abaixo com mais detalhes com referência à FIG. 7. 0029 Um módulo de cupom em excesso 124 distribui cupões em excesso de empréstimos securitizados em diferentes tranches de títulos ou pools. O módulo de cupão em excesso 124 pode agrupar os cupons de excesso resultantes da estrutura de obrigações subordinadas de seniors criadas pelo módulo de subordinado seniors 121 e ou cupons de excesso resultantes da passagem de títulos criados pelo módulo de passagem 122. O módulo de cupom de excesso 124 é discutido abaixo com mais detalhes com referência Para a FIG. 8. 0030 Os usuários podem inserir informações em uma interface de usuário 115 do sistema de computação 110. Essa informação pode incluir um tipo de estrutura de títulos para otimizar, restrições associadas a estruturas de obrigações e pools de obrigações, informações associadas a lances de empréstimo e qualquer outra informação necessária Pelo otimizador de negociação de empréstimo 120. Após a informação ser recebida pela interface de usuário 115, a informação é armazenada em uma unidade de armazenamento de dados 125, que pode ser uma base de dados de software ou outra estrutura de memória. Os usuários também podem selecionar uma população de empréstimos a considerar para otimização por meio da interface de usuário 115. Os empréstimos podem ser armazenados em um banco de dados armazenado ou acoplado ao sistema de computação 110 ou a uma fonte de dados 150 conectada à rede distribuída 140. A interface de usuário 115 também pode produzir para um usuário os pacotes de títulos e pacotes de empréstimo completo determinados pelo otimizador de negociação de empréstimo 120. 0031 O otimizador de negociação de empréstimo 120 pode se comunicar com múltiplas fontes de dados 150 por meio da rede distribuída 140. Por exemplo, Otimizador de negociação de empréstimo 120 pode se comunicar com uma fonte de dados 150 para determinar os preços de Fannie Mae TBA e outra fonte de dados 150 para determinar os preços do Tesouro dos EUA. Em outro exemplo, o otimizador de negociação de empréstimo 120 pode se comunicar com uma fonte de dados 150 para acessar informações associadas a lances para pacotes de empréstimo inteiro. A rede distribuída 140 pode ser uma rede de área local (LAN), rede de área ampla (WAN), Internet ou outro tipo de rede. 0032 FIG. 2 é um fluxograma que descreve um método 200 para otimizar a negociação de empréstimo completo de taxa fixa de acordo com uma forma de realização exemplar da presente invenção. Referindo-se às FIGS. 1 e 2, no passo 205, a interface de utilizador 115 recebe a entrada de um utilizador. Essa entrada de usuário é usada pelo otimizador de negociação de empréstimo 120 para determinar a estrutura de títulos que deve ser otimizada para uma população de empréstimos. Por exemplo, se o usuário deseja encontrar a melhor combinação de empréstimos para passagens através de títulos, o usuário pode inserir as restrições para cada grupo de ações. Exemplos de restrições para a passagem através de pools de obrigações incluem restrições sobre saldos de empréstimos, número total de empréstimos para um pool e saldo total do empréstimo para um pool. 0033 No passo 210, uma população de empréstimos é selecionada para otimização. A população de empréstimos pode ser selecionada a partir de empréstimos armazenados em um banco de dados de empréstimo armazenado ou acoplado ao sistema de computação 110 ou a partir de uma base de dados em uma fonte de dados 150 conectada à rede distribuída 140. A população de empréstimos pode incluir empréstimos atualmente detidos pelo Usuário (por exemplo, banco de investimento) do otimizador de negociação de empréstimos 120 e empréstimos que estão sendo oferecidos por outro banco, credor de empréstimo ou outra instituição. Por exemplo, um usuário pode empregar o otimizador de negociação de empréstimos 120 para encontrar o valor de mercado máximo de uma carteira de crédito atualmente para venda, a fim de determinar uma oferta ideal para a carteira de crédito. Além disso, um usuário pode selecionar a população de empréstimos, especificando certos critérios, como o saldo máximo do empréstimo, a localização dos empréstimos e o FICO. 0034 No passo 215, o otimizador de negociação de empréstimo 120 determina uma estratégia de securitização para a população de empréstimos selecionados no passo 210. Dependendo das entradas de usuário recebidas no passo 205, o otimizador de negociação de empréstimo 120 emprega um ou mais módulos móveis subordinados 121, Módulo pass-thru 122 e todo o módulo de empréstimo 123 para determinar a estratégia de securitização para a população de empréstimos. A etapa 215 é discutida com mais detalhes com referência às FIGS. 3-7. 0035 No passo 220, o otimizador de negociação de empréstimo 120 determina se a estratégia de securitização retornada no passo 215 é de qualidade suficientemente alta. Nesta concretização exemplar, o otimizador de negociação de empréstimos 120 itera o passo de determinar uma estratégia de securitização para a população de empréstimos até que seja encontrada uma solução ótima ou o usuário determine que a estratégia de securitização é de qualidade suficientemente alta. Para que o usuário determine se a estratégia de securitização se de alta qualidade suficiente, o otimizador de negociação de empréstimo 120 pode produzir os resultados para o usuário por meio da interface de usuário 115. O otimizador de negociação de empréstimo 120 pode produzir esses resultados com base em um número Das iterações do passo 215 (por exemplo, cada 100 iterações) ou quando um certo nível de qualidade é encontrado. A interface de usuário 115 pode então receber entrada do usuário, indicando se a estratégia de securitização é de alta qualidade suficiente. Se a estratégia de securitização for de alta qualidade ou otimizada, o método 200 passa para o passo 225. Caso contrário, o método 200 retorna ao passo 215. 0036 Numa forma de realização exemplar, a qualidade é medida em termos do valor total em dólares da população de Empréstimos. Por exemplo, o usuário pode querer vender uma população de empréstimos por pelo menos dez milhões de dólares, a fim de licitar os empréstimos. O usuário pode definir um limite para o otimizador de negociação de empréstimo 120 para apenas retornar uma solução que atenda a esse limite ou uma solução que seja a solução ideal se a solução ideal estiver abaixo desse limite. 0037 No passo 225, o módulo de cupom em excesso 124 do otimizador de negociação de empréstimo 120 pode agrupar qualquer cupom em excesso resultante da estratégia de securitização determinada no passo 215. Este passo é opcional e é discutido abaixo com mais detalhes com referência à FIG. 8. 0038 No passo 230, o otimizador de negociação de empréstimo 120 comunica a estratégia final de securitização para a interface de usuário 115 para saída para um usuário. A interface de usuário 115 pode exibir a estratégia de securitização final e opcionalmente outras estratégias de securitização possíveis com níveis de qualidade semelhantes. 0039 FIG. 3 é um diagrama de fluxo que descreve um método 215 para determinar uma estratégia de securitização para uma população de empréstimos de acordo com uma forma de realização exemplar da presente invenção. Referindo-se às FIGS. 1 e 3, no passo 305, o otimizador de negociação de empréstimo 120 determina quais modelos usar para determinar as estratégias de securitização. Nesta concretização exemplar, o otimizador de negociação de empréstimo 120 inclui um módulo de subordinado de seniores 121, um módulo de passagem 122 e um módulo de empréstimo inteiro 123. Cada um dos módulos 121-123 pode construir e processar um modelo para determinar uma embalagem ideal de empréstimos Conforme discutido abaixo. O otimizador de negociação de empréstimo 120 determina quais módulos 121-123 usarem com base na entrada recebida do usuário no passo 205 da FIG. 2. Por exemplo, o usuário pode especificar que apenas uma estrutura de seniorsubordinate deve ser otimizada para a população de empréstimos. Alternatively, if the user has entered bid information for a portfolio of whole loans, the loan trading optimizer 120 can execute the whole loan module 123 with the seniorsubordinate module 121 andor the pass-thru module 122 to determine which of the loans meet the requirements of the bid and are least favorable for securitization. Additionally, a user may specify that both an optimal seniorsubordinate bond structure and an optimal pooling of pass through bonds should be determined for the population of loans. 0040 If the user selected that a seniorsubordinate bond structure should be optimized, the method 215 proceeds to step 310. At step 310, the seniorsubordinate module 121 develops a model for packaging the population of loans into a seniorsubordinate bond structure and processes the model to determine an optimal seniorsubordinate bond structure for the loan population. Step 310 is discussed in more detail with reference to FIGS. 4 and 5. After the seniorsubordinate structure is determined, the method 215 proceeds to step 220 (FIG. 2). 0041 If the user selected that the population of loans should be optimally pooled into pass through bonds, the method 215 proceeds to step 315. At step 315, the pass-thru module 122 develops a model for pooling the population of loans into multiple bond pools and processes the model to determine an optimal pooling for the loan population. Step 315 is discussed in more detail with reference to FIG. 6. After the pooling is determined, the method 215 proceeds to step 220 (FIG. 2). 0042 If the user selected that whole loans should be allocated to a package of whole loans to be sold, the method 215 proceeds to step 320. At step 320, the whole loan module 123 develops a model for allocating whole loans that meet certain constraints and are less favorable to be securitized into a whole loan package and processes the model to determine which loans are best suited for the whole loan package. Step 320 is discussed in more detail with reference to FIG. 7. After the whole loan package is determined, the method 215 proceeds to step 220 (FIG. 2). 0043 FIG. 4 is a flow chart depicting a method 310 for packaging a population of loans into a seniorsubordinate bond structure in accordance with one exemplary embodiment of the present invention. As briefly discussed above with reference to FIG. 1, a seniorsubordinate bond structure is a structure where bonds with different credit ratings are created. Typically, the seniorsubordinate bond structure includes a senior tranche of bonds having a AAA or similar credit rating and a subordinate tranche of bonds having a lower credit rating. The senior tranche is protected from a certain level of loss by the subordinate tranche as the subordinate tranche incurs the first losses that may occur. The senior trance can be sold to investors desiring a more conservative investment having a lower yield, while the subordinated tranche can be sold to investors willing to take on more risk for a higher yield. For the purpose of this application, a AAA rated bond refers to a bond in the senior tranche, but not necessarily a bond having a credit rating of AAA. 0044 Additionally, interest only (IO) and principal only (PO) bonds may be created in a seniorsubordinate structure. An IO bond is created when the net coupon of a loan is more than the coupon of the bond in which the loan executes. Thus, the difference in the loan coupon and the bond coupon creates an interest only cash flow. Similarly, when the loan coupon is less than the bond coupon, a PO bond is created which receives only principal payments. 0045 Referring to FIGS. 1 and 4, at step 405, the seniorsubordinate module 121 determines the bond coupons that are available for executing the loans into. The seniorsubordinate module 121 may obtain the available bond coupons from a data source 150 or may receive the available bond coupons from the user by way of the user interface 115 in step 205 of FIG. 2. For example, the user may desire to execute the loans into bonds having coupon values between 4.5 and 7.0. 0046 At step 410, the seniorsubordinate module 121 selects a first bond coupon value from the range of available bond coupon values. This first coupon value can be the lowest bond coupon value, the highest coupon value, or any other bond coupon value in the range of available bond coupon values. 0047 At step 415, the seniorsubordinate module 121 determines the execution price of each loan in the population of loans at the selected coupon value. Each loan in the population of loans is structured as a bond. The cash flow of each loan is distributed into symbolic AAA and subordinate bonds, and depending on the coupon of the loan and the selected bond coupon, an IO or PO bond. The principal payment and interest cash flows of each loan is generated in each period accounting for loan characteristics of the loan, such as IO period, balloon terms, and prepayment characteristics. The cash flow generated in each period is distributed to all bonds that the loan executes taking into account shifting interest rules that govern the distribution of prepayments between the AAA and the subordinate bonds in each period. The proportion in which the principal payments are distributed depends on the subordination levels of the AAA and the subordinate bonds. The subordination levels are a function of the loan attributes and are supplied by rating agencies for each loan through an Application Program Interface (API) coupled to the computing device 110. Prepayments are first distributed pro rate to the PO bond and then between the AAA and the subordinate bonds based on the shifting interest rules. Any remaining prepayment is distributed proportionally among all the subordinate bonds. The interest payment for each of the bonds is a direct function of the coupon value for the bond. 0048 After the cash flows of each of the bonds for each of the loans have been generated, the present value of these cash flows is determined. For fixed rate loans, the AAA bonds can be priced as a spread to the To Be Announced (TBA) bond prices. However, the subordinate bond cash flows are discounted by a spread to the U. S. Treasury Yield Curve. The TO and PO bonds are priced using the Trust TO and PO prices. Finally, the price of the AAA bond, the subordinate bonds, and the TO or PO bond is combined proportionally for each loan based on the bond sizes to get the final bond price for each loan. This final bond price is the price of the loan executing into the bond given the selected coupon value of the bond. 0049 At step 420, the seniorsubordinate module 121 determines if there are more bond coupon values in the range of available bond coupon values. If there are more bond coupon values, the method 310 proceeds to step 425. Otherwise, the method 310 proceeds to step 430. 0050 At step 425, the next bond coupon value in the range of available bond coupon values is selected. In one exemplary embodiment, the seniorsubordinate module 121 can increment from the previous selected bond coupon value (e. g. 0.5 increments) to determine the next bond coupon value. In an alternative embodiment, the seniorsubordinate module 121 can progress through a fixed list of bond coupon values. For example, the user may select specific bond coupon values to execute the loans into, such as only 4.0, 5.0, and 6.0. After the next bond coupon value is selected, the method 310 returns to step 415 to determine the execution price of each loan in the population of loans at the new coupon value. 0051 At step 430, the seniorsubordinate module 121 determines, for each loan in the population of loans, which bond coupon value yielded the highest final bond price for that particular loan. 0052 At step 435, the seniorsubordinate module 121 groups the loans according to the bond coupon value that yielded the highest final bond price for each loan. For example, if the available bond coupon values are 4.0, 5.0, and 6.0, each loan that has a highest final bond price at 4.0 are grouped together, while each loan that has a highest final bond price at 5.0 are grouped together, and each loan that has a final bond price at 6.0 are grouped together. After step 435 is complete, the method proceeds to step 220 (FIG. 2). 0053 In the embodiment of FIG. 4, the subordinate bonds for each loan execute at the same bond coupon value as the corresponding AAA bond. For example, if a first loan of 6.25 best executes into a bond having a coupon value of 6.0, then a AAA bond of 6.0 and a subordinate bond that is priced at U. S. Treasury spreads specified for execution coupon 6.0 is created. If a second loan of 5.375 best executes into a bond having a coupon value of 5.0, then a AAA bond of 5.0 and a subordinate bond that is priced at U. S. Treasury spreads specified for execution coupon 5.0 is created. This creates two AAA bonds and two subordinate bonds at two different coupon values. 0054 Typically, when loans are packaged in a seniorsubordinate bond structure, multiple AAA bonds with multiple coupon values are created with a common set of subordinate bonds that back all of the AAA bonds. This set of subordinate bonds is priced at the weighted average (WA) execution coupon of all of the AAA bonds created for the loan package. Pricing the subordinate bonds at the WA execution coupon implies that the spread to the benchmark U. S. Treasury curve, which is a function of the bond rating and the execution coupon of the subordinate bond, has to be chosen appropriately. In order to know the WA execution coupon of all the AAA bonds for the population of loans, the best execution coupon for each loan in the population of loans has to be known. In order to know the best execution coupon of each loan, the loan has to be priced at different bond coupon values and the AAA and subordinate bonds created at those coupons also have to be priced. However, the subordinate bond cash flows are discounted with spreads to the U. S. Treasury, with spreads taken at the WA best execution coupon which is still unknown. This creates a circular dependency as the best execution of each loan in the population of loans now depends on all the other loans in the population. 0055 FIG. 5 is a flow chart depicting a method 500 for packaging a population of loans into a seniorsubordinate structure in accordance with one exemplary embodiment of the present invention. The method 500 is an alternative method to that of method 310 of FIG. 4, accounting for pricing subordinate bonds at the WA execution coupon and provides a solution to the circular dependency discussed above. 0056 The WA execution coupon for a population of loans can be calculated by: 0057 In Equation 1, x ij is a binary variable with a value of either 0 or 1, whereby a value of 1 indicates that the i th loan is optimally executing at the j th execution coupon value. The parameters d 0 to d j represent the j execution coupon values. For example, the coupons values could range from 4.5 to 7.0. Finally, the parameter b i represents the balance of the i th loan. 0058 If q o to q j are the weights of the j execution coupons, then: 0059 where q 0 to q 1 are special ordered sets of type two, which implies that at most two are non-zero and the two non-zero weights are adjacent. 0060 Let Pa ij be the price of the AAA bond when loan i executes at coupon j. Next, let Ps ij be the overall price of all of the subordinate bonds combined when loan i executes at coupon j. Finally, let Pio ij and Ppo ij be the prices of the IO and PO bonds respectively when loan i executes at coupon j. 0061 The AAA bond prices and the TO and PO bond price components of loan i executing at coupon j are linear functions of x ij . The AAA priced as a spread to the TBA is a function of the execution coupon of the AAA bond and the IOPO prices are a lookup based on collateral attributes of the loan. However, pricing the subordinate bonds is complicated because the subordinate cash flows are discounted at the WA execution coupon. 0062 Let p i be a matrix of size jj that contains the prices of the subordinate bonds. The (m, n) entry of the matrix represents the price of the subordinate cash flows when the cash flow of loan i is generated assuming that loan i executes at the m th coupon and is discounted using subordinate spreads for the n th coupon. Subordinate spreads to the U. S. Treasury are a function of the execution coupon and any product definition, such as the size (e. g. JumboConforming), maturity (e. g. 1530 years), etc. The price of the subordinate bond of the i th loan can be written as: 0063 which is a non linear expression as the equation contains a product of q and x ij . both of which are variables in this equation. 0064 FIG. 5 provides a method 500 for overcoming this non-linearity. Referring to FIG. 5, at step 505, the seniorsubordinate module 121 determines the optimal execution price for each loan in the population of loans independent of the WA execution coupon. In one exemplary embodiment, the seniorsubordinate module 121 employs the method 310 of FIG. 4 to find the optimal execution price for each loan. 0065 At step 510, the seniorsubordinate module 121 determines the WA execution coupon corresponding to the optimal execution price for each loan. This WA execution coupon can be found using Equation 1 above. 0066 At step 515, the seniorsubordinate module 121 determines the weights (i. e. q 0 - q j ) of each execution coupon for the WA execution coupon found in step 510. These weights can be found using Equation 3 above. 0067 At step 520, the seniorsubordinate module 121 builds a model including an objective function to determine the optimal execution coupon for each loan to maximize the total market value of all of the bonds in the seniorsubordinate structure. The expression of the objective function contains ij terms, where the ij term represents the market value of executing the i th loan at the j th execution coupon. After inserting the values of the weights of the execution coupons (i. e. qs) into the expression for subordinate bond price (Equation 4), only two of the terms will be non-zero for the sub-price of the i th loan executing at the j th execution coupon. 0068 As the method 200 of FIG. 2 iterates step 215, different WA execution coupons can be used to maximize the objective function. The iterations can begin with the WA execution coupon found in step 510 and the seniorsubordinate module 121 can search around this WA execution coupon until either the optimal solution is found or the user decides that a solution of sufficient high quality is found in step 220 of FIG. 2. In other words, the seniorsubordinate module 121 searches for an optimal solution by guessing several values of the WA execution coupon around an initial estimate of the optimal execution coupon. After a final solution is found by the seniorsubordinate module 121, the loans can be grouped based on the coupon values for each loan in the final solution to the objective function. 0069 In some instances, one of the undesirable effects of the seniorsubordinate bond structure is the creation of IO andor PO bonds, which may not trade as rich as AAA bonds. In some exemplary embodiments, the seniorsubordinate module 121 can ameliorate this issue by considering a loan as two pseudo loans. For example, a loan having a net rate of 6.125 and a balance of 100,000 can be considered equivalent to two loans of balance b1 and b2 and coupons 6 and 6.5 such that the following conditions are satisfied: 0070 The first condition conserves the original balance, while the second condition is to set the WA coupon of the two pseudo loans to equal the net rate of the original loan. Solving these equations for b1 and b2, we find that b175,000 and b225,000. These two loans, when executed at 6.0 and 6.5 bond coupons respectively, avoids the creation of either an IO bond or a PO bond. 0071 Although in the above example two adjacent half point coupons were used to create the two pseudo loans, two coupons from any of the half point bond coupons that are being used to create the bonds can be used. For example, if only bond coupons from 4.5 to 7.0 are being used to create the bonds, there would be fifteen combinations to consider (6C215). In some cases, the best solution is not to split the loan into two adjacent half point bond coupons. For example, this split may not be optimal if the AAA spreads at the two adjacent half point coupons are far higher than the ones that are not adjacent to the net balance of the loan. 0072 The seniorsubordinate module 121 can construct a linear program or linear objective function to determine the optimal split into pseudo loans. The output of the linear program is the optimal splitting of the original loan into pseudo loans such that the overall execution of the loan is maximized, subject to no IO bond or PO bond creation. For each loan i, let variable x ij indicate the balance of loan i allocated to the jth half point coupon, subject to the constraint that the sum of over x ij for all j equals to the balance of loan i and the WA coupon expressed as a function of the x ij s equals to the net coupon of loan i, similar to Equation 6 above. Let the execution coupons be r 0 to r n . Thus, this equation becomes: 0073 where b i is the balance of loan i and c i is the net coupon of loan i. The price of loan i executing at coupon j is the sum of the price of the AAA bond and the subordinate bonds. No IO or PO bonds are created when the coupons are split. The seniorsubordinate module 121 calculates the price of the AAA bond as a spread to the TBA, where the spread is a function of the execution coupon j. In one embodiment, the seniorsubordinate module 121 also calculates the price of the subordinate bond as a spread to the TBA for simplification of the problem. Cash flows are not generated as the split of the balances to different execution coupons is not yet known. The seniorsubordinate module 121 combines the price of the subordinate bond and the AAA bond in proportion to the subordination level of loan i, which can be input by a user in step 205 of FIG. 2 or input by an API. At this point, the seniorsubordinate module 121 has calculated the price of loan i (P ij ) for each execution coupon j. To determine the optimal splitting of the original loan into pseudo loans, the seniorsubordinate module 121 creates the following objective function and works to maximize this objective function: 0074 Equation 8 is a simple linear program with two constraints and can be solved optimally. The solution gives the optimal split of the loan into at most two coupons and thus, a bond can be structured without creating any IO or PO bonds. The user can determine if the bond should be split or not based on the optimal execution and other business considerations. 0075 FIG. 6 is a flow chart depicting a method 315 for packaging a population of loans into pass through bonds in accordance with one exemplary embodiment of the present invention. A pass through bond is a fixed income security backed by a package of loans or other assets. Typically, as briefly discussed above with reference to FIG. 1, a pass through bond is guaranteed by a government agency, such as Freddie Mac or Fannie Mae. The government agency guarantees the pass through bond in exchange for a guarantee fee (Gfee). The Gfee can be an input provided by the agencies for a specific set of loans or can be specified as a set of rules based on collateral characteristics. Regardless of how the Gfee is obtained, the Gfee for a loan set is known. 0076 When loans are securitized as a pass through bond, one has the option to buy up or buy down the Gfee in exchange for an equivalent fee to the agencies. Buying up the Gfee reduces the net coupon and thus the price of the bond as well. This upfront buy up fee is exchanged in lieu of the increased Gfee coupon. Similarly, buying down the Gfee reduces the Gfee and increases the net coupon and therefore increases the bond price. An upfront fee is paid to the agencies to compensate for the reduced Gfee. 0077 The Fannie Mae and Freddie Mac agencies typically provide buy up and buy down grids each month. Referring to FIG. 1, these grids can be stored in a data source 150 or in the data storage unit 125 for access by the pass-thru module 122 of the loan trading optimizer 120. If the Gfee is bought up or bought down, an excess coupon is created. The amount of buy up or buy down of Gfee can vary based on collateral attributes of the loan and can also be subject to a minimum and maximum limit. 0078 Referring now to FIGS. 1 and 6, at step 605, the pass-thru module 122 determines the optimal execution of each loan by buy up or buy down of the Gfee. In one exemplary embodiment, the optimal execution of each loan is determined by finding the overall price of the loan for each available buy up and buy down of the Gfee. Typically, a Gfee can be bought up or down in increments of 1100 th of a basis point. The pass-thru module 122 implements a loop for each loan from the minimum to the maximum Gfee buy up with a step size of 1100 th of a basis point. Similarly, the pass-thru module 122 implements a loop for each loan from the minimum to the maximum Gfee buy down with a step size of 1100 th of a basis point. In each iteration, the amount of Gfee buy up or buy down is added to the current net rate of the loan. From this modified net rate of the loan, the TBA coupon is determined as the closest half point coupon lower than or equal to the modified net rate. The excess coupon is equal to the modified net rate of the TBA coupon and the price of the excess coupon is a lookup in the agency grid. The fee for the buy up or buy down is also a lookup in the agency grid. The price of the TBA coupon is a lookup from the TBA price curve. When the Gfee is bought up, the cost is added to the overall price and when the Gfee is bought down, the cost is subtracted from the overall price. The pass-thru module 122 determines the overall price of execution for the loan at each iteration and determines the optimal execution for the loan as the execution coupon of the TBA for which the overall price is maximized. This overall cost is the combination of the price of the TBA coupon, the price of the excess coupon, and the cost of the Gfee (added if buy up, subtracted if buy down). 0079 At step 610, the pass-thru module 122 determines which TBA pools each loan is eligible for. Pooling loans into TBA bonds is a complex process with many constraints on pooling. Furthermore, different pools of loans have pool payups based on collateral characteristics. For example, low loan balance pools could prepay slower and thus may trade richer. Also, loan pools with geographic concentration known to prepay faster may trade cheaper and thus have a negative pool payup. Thus, pooling optimally taking into account both the constraints and the pool payups can lead to profitable execution that may not be captured otherwise. 0080 Each of the TBA pools for which a loan can be allocated has a set of pool eligibility rules and a pool payup or paydown. Non-limiting examples of pools can be a low loan balance pool (e. g. loan balances less than 80K), a medium loan balance pool (e. g. loan balance between 80K and 150K), a high loan balance pool (e. g. loan balances above 150K), a prepay penalty loan pool, and an interest only loan pool. For a loan to be allocated to a specific pool by the pass-thru module 122, the loan has to satisfy both the eligibility rules of the pool and also best execute at the execution coupon for that pool. 0081 The pass-thru module 122 applies the eligibility rules of the TBA bond pools to the loans to determine the TBA bond pools for which each loan is eligible. The pass-thru module 122 can utilize pool priorities to arbitrate between multiple pools if a loan is eligible for more than one pool. If a loan is eligible to be pooled into a higher and lower priority pool, the pass-thru module 122 allocates the loan to the higher priority pool. However, if a loan is eligible for multiple pools having the same priority, the pass-thru module 122 can allocate the loan into either of the pools having the same priority. 0082 At step 615, the pass-thru module 122 builds a model for allocating the loans into TBA pools based on the constraints of each TBA bond pool. Let x ij be a binary variable with a value of 1 or 0 which has a value of 1 when loan i is allocated to TBA bond pool j. The total loan balance and loan count constraints of the TBA pools are linear functions of the x ij variables. The objective function for this model is also a linear combination of the market values of each loan. The primary problem in this model is that the given loan population selected in step 210 of FIG. 2 may not be sufficient to allocate all TBA loan pools, as some of the pools may not have loans to satisfy the balance and count constraints or the loans may not be eligible for those pools. In such cases, it is desirable for the pools to have the constraints when applicable. If there are some pools for which there are not enough loans in the population of loans to form a pool, then such pools are not subjected to the specified constraints while the other pools are. However, it is not possible to know a-priori which pools do not have enough loans to satisfy the constraints. Thus, the model employs conditional constraints to allow constraints to be applicable to only those pools which are allocated. 0083 The pooling model is modified to allow for some loans to not be allocated to any pool. This non-allocation will ensure that the model is always solvable and is similar to introducing a slack variable in linear programming. Thus, for each loan in the population of loans, there is an additional binary variable representing the unallocated pool into which the loan can be allocated. Those loans allocated to the unallocated pool are given a zero costmarket value, thus encouraging the pass-thru module 122 to allocate as many loans as possible. 0084 The next step in building this pooling model is to introduce p binary variables for the p possible TBA pools. A value of 1 indicates that this pool is allocated with loans satisfying the pool constraints and a value of 0 indicates that this pool is not allocated. These variables are used to convert simple linear constraints into conditional constraints. 0085 Each constraint of each pool is converted to conditional constraints for the pooling model. To detail this conversion, a maximum loan count constraint is considered for pool P. Let x 1 to x n be binary variable where x i are the loans eligible for pool P. Next, let x 1 . x n U, where U equals the total number of loans in pool P. Finally, let w be the binary variable to indicate if pool P is allocated. The user constraint for maximum loan count is specified as UK, where K is given by the user. In order to impose this constraint conditionally, this constraint is transformed to the following two constraints: 0086 UK w 0087 UM w 0088 where M is a constant such that the sum of all x i s is bounded by M. Consider both the cases when pool P is allocated (w1) and when pool P is not allocated (w0) below: 0089 w1: UK (required) 0090 UM (redundant) 0091 w0: U0 0092 U0 0093 The only way for U0 would be when all the x i s are 0 and thus, pool P will be unallocated. 0094 Other constraints, such as minimum count, minimum balance, maximum balance, average balance, and weighted average constraints can be transformed similarly for the pooling model. After all of the constraints are transformed to conditional constraints, the pooling model is ready to handle constraints conditionally. 0095 At step 620, the pass-thru module 122 executes the pooling model to allocate the loans into TBA pools. After the pass-thru module 122 executes the model for one iteration, the method 315 proceeds to step 220 (FIG. 2). As the method 200 of FIG. 2 iterates step 215, different TBA pool allocations are produced by the pass-thru module 122 until either the optimal TBA pool allocation is found or until the user decides that a solution of sufficient high quality is found in step 220 (FIG. 2). 0096 FIG. 7 is a flow chart depicting a method 320 for packaging whole loans in accordance with one exemplary embodiment of the present invention. The method 320 identifies an optimal package of loans meeting a set of constraints given by a customer or investor. In this embodiment, the loan package is optimized by determining which loans, among the population of loans that meet the constraints, are least favorable to be securitized. Although the method 320 of FIG. 7 is discussed in terms of the seniorsubordinate bond structure, other bonds structures or models can be used. 0097 Referring to FIG. 7, at step 705, the whole loan module 123 determines which loans in the population of loans meets constraints of a bid for whole loans. Investment banks and other financial institutions receive bids for whole loans meeting specific requirements. These requirements can be entered into the user interface 115 at step 205 of FIG. 2 andor stored in the data storage unit 125 or a data source 150. The constraints can include requirements that the loans must satisfy, such as, for example, minimum and maximum balance of the total loan package, constraints on the weighted average coupon, credit ratings of the recipients of the loans (e. g. FICO score), and loan-to-value (LTV) ratio. The constraints can also include location based constraints, such as no more than 10 of the loan population be from Florida and no zip code should have more than 5 of the loan population. 0098 After the whole loan module 123 selects the loans that meet the constraints, at step 710, the whole loan module 123 determines the price of each loan that meets the constraints based on a securitization module. For example, the price of the loans may be calculated based on the seniorsubordinate structure discussed above with reference to FIGS. 4 and 5. 0099 At step 715, the whole loan module 123 determines whether to use an efficient model to select loans least favorable to be securitized by minimizing the dollar value of the spread of execution of the loans based on a securitization model or a less efficient model to select loans least favorable to be securitized by minimizing the spread of execution of the loans based on a securitization model. In one exemplary embodiment, this determination can be based on the total number of loans in the population or chosen by a user. If the whole loan module 123 determines to use the efficient model, the method 320 proceeds to step 725. Otherwise, the method 320 proceeds to step 720. 0100 At step 720, the whole loan module 123 selects loans that are least favorable to be securitized by minimizing the spread of execution of the loans based on the seniorsubordinate bond structure. The whole loan module 123 builds a model to select a subset of the loans that meet the constraints such that the WA price of the loans of this subset net of the TBA price of the WA coupon of this subset is minimized. The TBA price of the WA coupon of the subset is typically higher as the TBA typically has a better credit quality and hence the metric chosen will have a negative value. The objective function that needs to be minimized is given by: 0101 In Equation 9, x i to x n are binary variables with a value of either 0 or 1, whereby a value of 1 indicates that the loan is allocated and 0 otherwise. The variables b 1 to b n are the balances of the loans and p i to p n are the prices of the loans as determined in step 710. The variables q 1 to q m are the weights for each of the half point coupons and px 1 to px m are the TBA prices for the half point coupons. The weights are special ordered sets of type two, which as discussed above, implies that at most two are non-zero and the two non-zero weights are adjacent. Thus, the expression (q 1 px 1 . q mpx m ) is the price of the WA coupon of the allocated loans. 0102 The weights (q 1 - q m ) are subject to the constraints: 0103 where the c i s are the net coupons on the loans and the r i s are the half point coupons of the TBA curve. 0104 An illustrated weighted average constraint (Kwac) on the coupon could be: 0105 Let y 0 M(x 1 b 1 . x nb n ) and y j x j y 0 where M is a scaling constant to keep the model scaled sensibly. Rewriting the equations, the objective function to minimize is:A bank loan trading system and method is provided to utilize an electronic facility to facilitate the trading of bank loans. Sellers and buyers enter offers and bids that are posted to all potential buyers and sellers, unless the orders are undisclosed. It is determined whether there is a match between one of the bids and one of the offers of the same loan. If an order can be filled, the system and method provide various confirmation techniques to ensure that a resultant trade does not violate the terms of the bank loan itself. If an order can be filled partially and the remaining portion of the order may be filled in part or in full, the party entering the initial partial order is given the choice of entering into the second trade. Buyers and sellers also can enter linked orders representing two different orders for the same loan and upon filling one of the linked orders, the other order is canceled. What is claimed is: 1. A bank loan trading method for matching buyers with sellers of bank loans, comprising the steps of: using a computer or other system to post to buyers and sellers bank loan information regarding bank loans for sale entering by one or more of said sellers offers for respective ones of the posted bank loans entering by one or more of said buyers bids or respective ones of the posted bank loans posting to said buyers and sellers the bids and offers for each of the posted bank loans determining whether a match exists between one of said bids and one of said offers for the same bank loan filling the matching bid and offer by conducting a trade between the buyer entering said one of said bids and the seller entering said one of said offers and further comprising the steps of a buyer or a seller or both designating whether a partial order may be filled, for both bids and offers, are carried out by designating an All or None order, a Partial Fill order, or Partial Increm ents Only order said All or None order representing an order having a possible fill amount of only said bank loan dollar amount, said Partial Fill order representing an order having possible fill amounts of increments of a predetermined size greater than the unit of currency of said loan between and including a minimum size and said bank loan dollar amount, and said Partial Increments Only order representing an order having possible fill amounts of said minimum size, incremental amounts greater than said minimum size and less than said bank loan dollar amount in increments of an increment size greater than the unit of currency of said loan, and said bank loan dollar amount, said minimum size and said increment amount being designated by a seller entering said offer or a buyer entering said bid. 2. A bank loan trading method for matching buyers with sellers of bank loans, comprising the steps of: using a computer or other system to post to buyers and sellers bank loan information regarding bank loans for sale entering by one or more of said sellers offers for respective ones of the posted bank loans confirming that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered entering by one or more of said buyers bids for respective ones of the posted bank loans posting to said buyers and sellers the bids and offers for each of the posted bank loans determining whether a match exists between one of said bids and one of said offers for the same bank loan and filling the matching bid and offer by conducting a trade between the buyer entering said one of said bids and the seller entering said one of said offers wherein the entered offers represent actual offers, and the step of posting the offers for each of the posted bank loans is carried out by rounding each of said actual offers to a nearest interval of a preset dollar amount to provide rounded offers and posting only the founded offers and said step of posting the bids and offers further includes the steps of determining whether each of said rounded offers is within a predetermined offset amount of the respective actual offer and posting information for each of the posted rounded offers indicating whether the respective rounded offer is within the predetermined offset amount of the actual offer. 3. The bank loan trading method of claim 2, wherein said preset dollar amount is 1,000,000, and said predetermined offset amount is 100,000. 4. The bank loan trading method of claim 2, wherein an offer of a subject loan has been posted and further comprising a step of entering by one of said buyers an order exact amount or less or an exact amount or more of said subject loan. 5. A bank loan trading method for matching buyers with sellers of bank loans, comprising the steps of: using a computer or other system to post to buyers and sellers bank loan information regarding bank loans for sale entering by one or more of said sellers offers for respective ones of the posted bank loans confirming that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered entering by one or more of said buyers bids for respective ones of the posted bank loans posting to said buyers and sellers the bids and offers for each of the posted bank loans determining whether a match exists between one of said bids and one of said offers for the same bank loan filling the matching bid and offer by conducting a trade between the buyer entering said one of said bids and the seller entering said one of said offers wherein the entered offers represent actual offers, and the step of posting the offers for each of the posted bank loans is carried out by rounding each of said actual offers to a nearest interval of a preset dollar amount to provide rounded offers and posting only the rounded offers and the step of entering bids is carried out by entering only bids in intervals of said preset dollar amount and the step of determining whether a match exists is carried out by determining whether a match exists between a bid and the rounded offer for the same bank loan and the step of entering bids or offers further includes the steps of indicating, for each bid or offer, whether a partial order may be filled and entering partial amounts representing portions of said actual bid or actual offer that are acceptable to fill the bid or the offer, with such preset dollar amount being greater than the unit of currency of said loan. 6. A bank loan trading method for matching buyers, with sellers of bank loans, comprising the steps of: using a computer or other system to post to buyers and sellers bank loan information regarding bank loans for sale entering by one or more of said sellers offers for respective ones of the posted bank loans confirming that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered entering by one or more of said buyers bids for respective ones of the posted bank loans posting to said buyers and sellers the bids and offers for each of the posted bank loans determining whether a match exists between one of said bids and one of said offers for the same bank loan and filling the matching bid and offer by conducting a trade between the buyer entering said one of said bids and the seller entering said one of said offers wherein each of said posted bank loans includes a respective minimum retained amount restricti on that is greater than zero and the step of filling the matching bid and offer is carried out by conducting a trade representing an entire amount or a partial amount of the respective bank loan said bank loan trading process further comprising the steps of determining, when a partial amount of the respective bank loan can be traded, whether an amount of the loan to be retained by the respective seller if the respective loan is partially traded is greater than or equal to the minimum retained amount restriction of the respective loan and preventing the respective seller from entering the respective offer if the respective offer can result in an amount retained by the respective seller that is not greater than or equal to the minimum retained amount restriction of the respective loan. 7. A bank loan trading method for matching buyers with sellers of bank loans comprising the steps of: using a computer or other system to post to buyers and sellers bank loan information regarding bank loans for sale entering by one or more of said sellers offers for respective ones of the posted bank loans entering by one or more of said buyers bids for respective ones of the posted bank loans posting to said buyers and sellers the bids and offers for each of the posted bank loans determining whether a match exists between one of said bids and one of said offers for the same bank loan filling the matching bid and offer by conducting a trade between the buyer entering said one of said bids and the seller entering said one of said offers wherein the step of entering bids further include the step of entering whether the respective bid is disclosed or undisclosed and the step of posting bids and offers posts only the disclosed bids and offers said bank loan trading method further comprisi ng the step of determining whether a match exists between one of said bids and one of said offers for the same bank loan further includes the step of determining, if no match exists for a respective offer and said offer is undisclosed, whether one of said bids for the same bank loan as the undisclosed offer is within a predetermined amount of the undisclosed offer and advising both the respective seller that entered the undisclosed offer and the respective buyer that entered said one of said bids of a proximity of the undisclosed offer and said one of said bids. 8. A system for facilitating trading of bank loans between buyers and sellers comprising: a storage device a processor connected to the storage device, the storage device storing a program for controlling the processor the processor operative with the program to: post to buyers and sellers bank loan information regarding bank loans sale receive from one or more of said sellers offers for respective ones of the posted bank loans receive by one or more of said buyers bids for respective ones of the posted bank loans post to said buyers and sellers the bids and offers for each of the posted bank loans determine whether a match exists between one of said bids and one of said offers for the same bank loan wherein the received indication whether a partial order may be filled, for both bids and offers, designates an All or None order, a Partial Fill order, or a Partial Increments Only order as chosen by a buyer or a seller or both said All or None order representing an order having a possible fill amount of only said bank loan dollar amount, said Partial Fill order representing an order having possible fill amounts of increments of a predetermined size greater than the unit of currency of said loan between and including a minimum size and said bank loan dollar amount, and said Partial Increments Only order representing an order having possible fill amounts of said minimum size, incremental amounts greater than said minimum size and less than said bank loan dollar amount in increments of an increment size, greater than the unit of currency of said loan, and said bank loan dollar amount said processor further receiving said minimum size and said increment amount from a seller supplying an offer or from a buyer supplying a bid. 9. A system, for facilitating trading of bank loans between buyers and sellers comprising: a storage device a processor connected to the storage device the storage device storing a program for controlling the processor the processor operative with the program to: post to buyers and sellers bank loan information regarding bank loans for sale receive from one or more of said sellers offers for respective ones of the posted bank loans confirm that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered receive by one or more of said buyers bids for respective ones of the posted bank loans post to said buyers and sellers the bids and offers for each of the posted bank loans determine whether a match exists between one of said bids and one of said offers for the same bank loan and notify the buyer entering said one of said bids and the seller entering said one of said offers that their respective bid and offer has been filled wherein the entered offers represent actual offers, and the processor operates to round each of said actual offers to a nearest interval of a preset dollar amount to provide rounded offers and to post only the rounded offers and said processor operates to determine whether each of said rounded offers is within a predetermined offset amount of the respective actual offer and to post to said buyers and sellers information for each of the posted rounded offers indicating whether the respective rounded offer is within the predetermined offset amount of the actual offer. 10. The system of claim 9, wherein said preset dollar amount is 1,000,000, and said predetermined offset amount is 100,000. 11. The system of claim 9, wherein an offer of a subject loan has been posted and said processor receives a bid from one of said buyers in an exact amount or less or an exact amount or more of said subject loan. 12. A system for facilitating trading of bank loans between buyers ad sellers, comprising: a storage device a processor connected to the storage device, the storage device storing a program for controlling the processor the processor operative with the program to: post to buyers and sellers bank loan information regarding bank loans for sale receive from one or more of said sellers offers for respective ones of the posted bank loans confirm that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered receive by one or more of said buyers bids for respective ones of the posted bank loans post to said buyers and seller the bids and offers for each of the posted bank loans determine whether a match exists between one of said bids and one of said offers for the same bank loan and notify the buyer entering said one of said bids and the seller entering said one of said offers that their respective bid and offer has been filled wherein the entered offers represent actual offers, and the processor operates to round each of said Actual offers to a nearest interval of a preset dollar amount to provide rounded offers and to post only the rounded offers, said processor operates to receive only bids in intervals of said preset dollar amount and to determine whether a match exists between a bid and the rounded offer for the same bank loan and said processor operates to receive an indication from sellers, for each bid or offer, whether a partial order may be filled to receive from the sellers partial amounts representing portions of said actual bid or offer that are acceptable to fill the bid or offer, with such preset dollar amount being greater than the unit of currency of said loan. 13. A system for facilitating trading of bank loans between buyers and sellers comprising: a storage device a processor connected to the storage device the storage, device storing a program for controlling the processor the processor operative with the program to: post to buyers and sellers bank, loan information regarding bank loans for sale receive from one or more of said sellers offers for respective ones of the posted bank loans confirm that filling any possible fill amounts of an entered order would not result in a violation of terms of the respective bank loan being offered receive by one or more of said buyers bids for respective ones of the posted bank loans post to said buyers and sellers the bids and offers for each of the posted bank loans determine whether a match exists between one of said bids and one of said offers for the same bank loan and notify the buyer entering said one of said bids and the seller entering said one of said offers that their respective bid and offe r has been filled wherein each of said posted bank loans includes a respective minimum retained amount restriction that is greater than zero and the processor operates to determine, when a partial amount of the respective bank loan can be traded, whether an amount of the loan to be retained by the respective seller if the respective loan is partially traded is greater than or equal to the minimum retained amount restriction of the respective loan and to cancel the respective offer if the respective offer can result in an amount retained by the respective seller that is not greater than or equal to the minimum retained amount restriction of the respective loan. 14. A bank loan trading method for matching buyers with sellers of ban loans, comprising the steps of: A system for facilitating trading of ban loans between buyers and sellers, comprising: a storage device a processor connected to the storage device, the storage device storing a program for controlling the processor the processor operative with the program to: post to buyers and sellers bank loan information regarding bank loan for sale receive from one or more of said sellers offers for respective ones of the posted bank loans receive by one or more of said buyers bids for respective ones of the posted bank loans post to said buyers and sellers the bids and offers for each of the posted bank loans determine whether a match exists between one of said bids and one of said offers for the same bank loan and wherein said processor operates to receive from buyers indications, for each bid, whether the respective bid is disclosed or undisclosed and to post to buyers and sellers only the dis closed bids and offers and said processor further operates to determine, if no match exists for a respective offer and said offer is undisclosed, whether one of said bids for the same bank loan as the undisclosed offer is within a predetermined amount of the undisclosed offer and to inform both the respective seller that entered the undisclosed offer and the respective buyer that entered said one of said bids of a proximity of the undisclosed offer and said one of said bids. BACKGROUND OF THE INVENTION The present invention relates to a loan trading system and corresponding method and, more particularly, to a loan trading system carried out over the Internet to match buyers and sellers of loans via the matching of bids and offers or through the conducting of auctions. Bank Loan Facilities Large corporations and trusts arrange bank loans in facilities provided by a group of banks and financial institutions, otherwise known as a syndicate. Bank loans typically consist of term loans and revolving credit facilities (also known as revolvers). Term loans are lent to the borrower and have a stated maturity date for repayment. In addition, term loans may be structured with an amortization schedule providing different maturity dates for partial amounts of the term loan with the final payment due on the final maturity date. Term loans may be prepaid but not re-borrowed under the same facility. There may be more than one type or tranche of term loan under the same facility. These term loans are typically differentiated by the maturity date of the tranche. For example, the term loan with the shortest maturity date, typically referred to as the Term Loan A, may require a single amortization or have an amortization schedule with the last payment due on the final maturity date. A longer dated term loan or series of term loans under the same facility may have a maturity date longer than the Term Loan A. For example, a bank loan facility may have a Term Loan A tranche, a Term Loan B tranche with a final maturity date longer than the Term Loan A tranche, and a Term Loan C tranche, with a final maturity date longer than both the Term Loan A and Term Loan B tranches. A revolver provides a commitment from the syndicate for the borrower to draw upon a set amount of money until the maturity date. The commitment is then composed of two portions, the drawn amount and the undrawn amount. The borrower may draw upon the revolver, increasing the drawn amount and reducing the undrawn amount. Part or all of the drawn amount may also be repaid, thereby increasing the availability under the commitment. Draws and repayments may take place continuously until the maturity date when all outstanding amounts are due. There is no requirement that any draw be followed sequentially by a repayment. In some revolving credit facilities, draws may be predicated upon the satisfaction of certain requirements that limit the availability of money to an amount less than the total revolver commitment. These requirements, generally in the form of financial calculations, will generate a maximum available amount that the borrower can draw upon. This restricted amount of funds is typically referred to as the borrowing base. Typically, bank loans have floating interest rates. Borrowed amounts are drawn for intervals which have base interest rates set by industry or bank standards plus an interest rate spread charged to the borrower. For example, funds may be drawn for a number of days, weeks or months. The most common form of base interest rate is the London Interbank Offered Rate or LIBOR. For example, a borrower would inform the bank group of its desire to borrow funds under 1 month LIBOR. The interest rate would then be set for the 1 month interval at the then current 1 month LIBOR interest rate plus the interest rate spread that is set under the facility. At the end of the 1 month period, the money may be repaid or reborrowed for another period, whether or not the period would be the same or different length. In this way, the interest rate is said to float as it is resets periodically. There are generally two types of lenders in bank loan facilities. Banks typically provide loans under the revolver and term loan A tranches. Institutional investors such as mutual funds, privately-raised funds, investment companies or insurance companies typically provide loans under the term loans with longer maturity dates than the term loan A tranche. These term loans, such as the term loan B and the term loan C in the previous example, are typically referred to as institutional term loans. The combination of the term loan A and revolver tranches are typically referred to as the pro rata tranches. To date, the institutional term loans typically have a higher interest rate spread than the pro rata tranches. Other than the differences in the maturity dates and amortization schedules, the lenders under the different tranches typically have the same legal rights under the bank loan facility. Bank Loan Trading An active market has developed for the trading of bank loans. As a private instrument, the trading of bank loans is not subject to the laws pertaining to the trading of public securities. Bank loan trades are conducted by the assignment of the bank loan from one lender to another. Bank loan trades may be arranged through the negotiation of individual parties, with the assistance of brokers, or through an auction. There is no regulation on how these trades are conducted, but assignments typically require the approval of the administrative agent and the borrower. An administrative agent provides the processing of paperwork and movement of funds associated with a bank loan on behalf of the syndicate and the borrower. The approvals typically require that they not be unreasonably withheld. There are generally two restrictions on the assignment of bank loans, compliance with a minimum assignment amount and a minimum retained amount. The minimum assignment amount sets a floor for the amount to be traded and the minimum retained amount pertains to the amount the assignor or seller of the bank loan will continue to hold after assignment of a partial amount of their commitment. The seller may assign its total commitment, but it may not retain a commitment below the minimum retained amount. The participants in the bank loan market include the aforementioned banks and institutions, as well as dealers who make markets in or act as brokers for bank loans. Therefore, there are two types of trades in bank loans: principal and brokered. Principal trades pertain to transactions where a dealer will buy the loan with its own capital and hold the position in inventory until resale. Brokered trades are those that the dealer has arranged for both the purchase of the bank loan from a seller and sale of the bank loan to a buyer. Therefore, the dealer does not risk its own capital on the two transactions. Each trade or assignment generally requires the payment of an assignment fee to the administrative agent of a bank loan facility. Typically, the parties split these fees. In the case of a brokered trade, the dealer will typically pay half the fee for the purchase from the seller and half the fee for the sale to the buyer. Note that a dealer is not required to conduct a trade in such a manner to avoid the buyer and seller learning each others identity. Therefore, a buyer and seller may conduct a single trade to effect the assignment and split the fee amongst themselves. How the Market Functions The loan trading market is considered an over-the-counter market. This means that there is no exchange through which bids and offers are quoted and matched bids and offers are processed. For purposes of this discussion, trading is broken down into two types: trades through interdealer brokers and all other trades. Interdealer brokers match trades between dealers only. The interdealer brokers will market bids and offers, also known as offerings, to the dealers without disclosing the name of the potential buyers and sellers until a bid and offer is matched. The interdealer brokers will market the offerings to dealers either through telephone contact or through the posting of offerings on terminals connected via a direct telephone line to the interdealer brokers computer system. The interdealer broker systems do not use the Internet for transmission. These interdealer broker systems provide limited information that includes only the name of the borrower, the tranche offered or bid, the amount of the bids and offers and the price at which the bids and offers are quoted. To complete a trade, a dealer must contact the interdealer broker by telephone. Trades cannot be completed on the system itself. All other trades consist of those between any of the dealers, bank or institutions. These trades are all conducted by the telephone. Current Electronic Trading Systems The most common form of on-line trading is stock or equity trading. This trading pertains only to publicly-traded securities which are securities that are registered with the U. S. Securities and Exchange Commission. At least a dozen firms have on-line trading websites. All of these websites essentially perform the same function as each other. Clients are able to enter orders into the system connected through the Internet for the purchase or sale of stock that may subsequently be executed through a stock exchange or over the counter market makers. The parameters of the orders are limited to the particular issue of publicly-traded stock, the number of shares to be sold, whether the order requires execution to take place for the entire number of shares indicated (referred to as all or none) or execution is allowable for some part thereof, whether the order will remain open until the end of the day or until canceled (referred to as good for the day and good until canceled, respectively), and order types such as market order (the trade is executed at the currently available bids or offers), limit order (the trade will not occur unless the user receives a bid at or above his required price or an offer at or below his required price), stop order (the trade will occur at the then market price once the security has traded at the price chosen by the user, referred to as the stop price), and stop limit (a limit order that becomes effective once a trade occurs at the stop price). The only differentiation between website-based stock brokerage sites lies in the amount of information to which the users have access. For example, some websites may provide current news and financial statistics, others may include historical data and others may provide analyst research reports. There currently are approximately thirty (30) electronic trading systems engaged in the on-line sale andor trading of one, two or all of treasury, municipal and corporate bonds. These systems can be broken down into dealer systems that allow users to trade only with dealers, but not with each other, cross-matching systems that allow users to trade with each other anonymously, primary market bidding systems that allow users to bid directly on new issues, and a direct issuance system that allows investors to buy securities directly from the issuer. Limited information is available on most of these systems as access is limited to authorized users. There are also financial information websites and direct wireline systems that provide databases of news and financial information to allow for the analysis of issuers of stocks, bonds and derivative securities and their underlying securities. Bloomberg provides one such news and financial information database system and provides to the user the ability to input current information to determine the yield of a bank loan (the rate of return including adjustments for purchase prices with a premium or discount to par measured in terms of two interest rate components, one being the floating rate of interest utilized as a base rate such as LIBOR and the other a numerical measure of the rate of interest). Bloomberg does not provide information on bank loan interest rate spreads after a transaction has closed, nor does it provide a comparative table of bank loan yields. In addition to the above-mentioned limitations and shortcomings of currently available electronic trading systems, currently available financial websites are limited to the trading of financial assets such as even lots of stocks and bonds in the secondary market or the auction of financial assets in the primary market, in other words at the time of their initial issuance, such as the sale of treasury bonds or initial public offering of stock by on-line investment banks. Auction websites of non-financial assets typically are conducted with a non-blind process and a preset end time. Therefore the then highest offer is revealed to users throughout the process and the website typically receives a large influx of bids just prior to the deadline since doing so generally increases the bidders chances of success, whereas earlier bidders efforts go unsuccessful. Bank loan auctions are currently conducted manually by sponsors with the assistance of facsimile and telephone transmission. These manual auctions are limited in the number of participants that may be reached and the process of conducting such manual auctions may not proceed equitably. For example, blind auctions, where bids are not revealed, often do not close at or near their deadlines, indicating that the auctions sponsor is disclosing the highest bid to a favored third party in the hope of an even higher bid. In a further example, sponsors have pulled auctions when bids are too low, thereby wasting the efforts of participants who may do a significant amount of work prior to submitting a bid or offer. OBJECTS OF THE INVENTION It is therefore an object of this invention to provide a bank loan trading system that provides to prospective buyers and sellers information regarding bank loans not previously available to such parties. Another object of the present invention is to provide an electronic matching of buyers and sellers for the trading of bank loans. A further object of the present invention is to provide such electronic matching of buyers and sellers that avoids the shortcoming and limitations of electronic trading systems previously mentioned. An additional object of the present invention is to conduct electronic auctions for bank loans in a fair and equitable manner. These and other objects, advantages and features of the present invention will become readily apparent to those of ordinary skill in the art, and the novel features will be particularly pointed out in the appended claims. SUMMARY OF THE INVENTION In accordance with one embodiment of the present invention, apparatus and method are provided for facilitating the trading of bank loans between buyers and sellers. Bank loan information (e. g. borrower and tranche) regarding bank loans for trading are posted to potential buyers and sellers, sellers and buyers enter offers and bids, respectively, for posted loans and the offers and bids are then posted to all potential buyers and sellers. It is determined whether a match between one of the bids and one of the offers for the same bank loan exists, and if a match exists, the matching bid and offer are filled by conducting a trade between the buyer who entered the bid and the seller who entered the offer. As one aspect of the present invention, only unfilled bids and orders are posted. As a further aspect of the present invention, the seller of a bank loan provides the information regarding a bank loan for sale not previously posted. As an additional aspect of the present invention, when either a bid or an offer is entered by a buyer or seller, respectively, a dollar amount and price of the bid or offer for that bank loan are provided. The type of bid or offer also is provided and identifies the order as an All or None order, a Partial Fill order, or a Partial Increments Only order. The All or None order represents an order having a possible fill amount of only the bank loan dollar amount, the Partial Fill order represents an order having possible fill amounts between and including a minimum partial fill size and the order dollar amount, and the Partial Increments Only order represents an order having possible fill amounts of the minimum size, incremental amounts greater than the minimum size and less than the bank loan dollar amount in increments of an increment size, and the order dollar amount. As a feature of this aspect, a match exists when bids and offers for the same loan with the same price have a common possible fill amount. As yet a further aspect of the present invention, the actual offer is rounded off to the nearest even incremental dollar amount (e. g. 1,000,000) before it is posted and further information is posted that indicates whether the rounded amount is within a predetermined amount (e. g. 100,000) of the actual offer. As yet another aspect of the present invention, a buyer can identify the maximum dollar amount of a loan that can be purchased with respect to a particular posted loan and a trade occurs if the loan is less than or equal to that maximum dollar amount, but if no trade occurs, the buyer is not informed of the actual amount of the offer. As yet an additional aspect of the present invention, offers are rounded to the nearest million dollars prior to determining whether an offer and a bid match. Upon finding a match, it is determined if the amount to be sold is the actual offer amount, which may be an odd amount, or a rounded even dollar amount. Still yet a further aspect of the present invention, offers are accepted only if filling them do not violate the terms (i. e. minimum retained amount and minimum assignment amount) of the bank loan. Still yet another aspect of the present invention, a seller or buyer can enter a linked offer comprised of two orders with a different set of terms for the same bank loan, and upon filling one of these orders, the other order is automatically canceled. Still yet an additional aspect of the present invention, after an order is partially filled in compliance with the orders terms, it is determined whether a second match exists for the unfilled portion of the order. As a further aspect of the present invention, undisclosed bids and offers may be entered which are not posted to buyers and sellers. As a feature of this aspect, if no match is found for an undisclosed order, then it is determined if the undisclosed offer or undisclosed bid is within a predetermined amount of a corresponding bid or offer, and if so, the parties making the respective offer and bid are contacted to see if a match can be made. In accordance with another embodiment of the present invention, apparatus and method are provided for carrying out an auction by placing by a seller of an existing bank loan, disclosing to participants in the bank loan auction information regarding the bank loan for sale, setting by the seller start and end time parameters by designating a start time and an end time, respectively, of the bank loan auction, receiving, after the start time, bids for the bank loan for sale from the participants in the bank loan auction, closing the bank loan auction at the end time, identifying the largest participant who made the largest, and conducting a trade for the bank loan for sale between the seller and said one of the participants. As an aspect of this embodiment, the end time parameter corresponds to an elapsed time interval amount necessary to elapse with no highest bids for the bank loan auction to close. As another aspect of this embodiment, the auction is identified as a blind auction or as a non-blind auction, and the highest bid is posted only during the non-blind auction. As a further aspect of this embodiment, each bid received is comprised of a price and a dollar amount, the bids are ranked by their respective price, a list is generated that includes all necessary ranked bids, starting from the highest ranking and continuing down the ranking, with corresponding dollar amounts that collectively cover the dollar amount of the bank loan, and the participants whose respective bids are included in the list are identified as the buyers. As an additional aspect of this embodiment, the seller sets a minimum acceptable bid, and the trade is discretionary to the seller if the highest bid is less than the minimum acceptable bid. In accordance with a further embodiment of the present invention, apparatus and method are provided for carrying out a reverse-offer bank loan auction by placing by a buyer a bid for a bank loan to be purchased, setting by the buyer start and end time parameters designating a start time and an end time, respectively, of the reverse-offer bank loan auction, receiving, after the start time, offers to sell bank loans from participants in the reverse-offer bank loan auction, closing the reverse-offer bank loan auction at the end time, identifying one of the participants who made the lowest offer, and conducting a trade for the bank loan offered for sale between the one of the participants and the buyer. BRIEF DESCRIPTION OF THE DRAWINGS The following detailed description, given by way of example and not intended to limit the present invention solely thereto, will be best appreciated in conjunction with the accompanying drawings, wherein like reference numerals denote like elements and parts in which: FIG. 1 is a flow chart broadly illustrating the operation of the bank loan trading system of the present invention FIG. 2 is an exemplary webpage that is displayed to users showing quote information FIG. 3 is an exemplary webpage that is displayed to the user when a bid or offer is initiated FIGS. 4A-4D represent a flow chart detailing the specific steps and inquiries taken during the offer and bid input process FIG. 5 is an exemplary order confirmation webpage displayed to a user upon entry of an order FIGS. 6A-6G represent a flow chart detailing the specific steps and inquiries taken during confirming the order and matching of bids and offers in accordance with the present invention FIG. 7 is an exemplary webpage displayed to a user who seeks to schedule an auction FIG. 8 is an exemplary webpage displayed to a user who seeks to make a bid or offer in an auction FIG. 9 is an exemplary webpage displayed to a user participating or sponsoring an auction that requires the user to certify that it complies with particular restrictions of the loans credit agreement and FIG. 10 is an exemplary analytics webpage that can be displayed to a user. DETAILED DESCRIPTION OF CERTAIN PREFERRED EMBODIMENTS The bank loan trading system and corresponding method of the present invention, as hereinafter described, preferably is embodied within an Internet website at a particular website address such as lexc, but other addresses may be used. Users of the present invention, generally buyers (i. e. potential assignees) and sellers (i. e. potential assignors) of bank loans, access the lexc website, enter pertinent and required information as set forth by the lexc website and the lexc website matches buyers with sellers, all as discussed in detail below. It is appreciated that the present invention is not limited to the Internet and may be applied to other public or non-public forums including, but not limited to, intranets. The bank loan trading system of the present invention provides two methods for buyers and sellers to trade bank loans and also presents information with sorting capabilities for the analysis of the bank loan offerings. In the first method for matching buyers and sellers, bids and offers are posted on the lexc website embodying the present invention. The second method entails an electronic auction. Matching of Bids and Offers In accordance with the present invention, the matching of bids and offers is carried out by the process schematically illustrated by the flow chart shown in FIG. 1. Each process and step shown in FIG. 1 is discussed hereinafter. Initially, existing bank loans for sale are displayed to users accessing the website previously mentioned, as represented by step 101 shown in FIG. 1. FIG. 2 is an exemplary webpage that is displayed to users and for convenience herein is identified as the quote page. Of course, existing bank loans and associated information may be displayed to users in various formats. As shown in the quote page shown in FIG. 2. existing bank loans are shown in table 20 . with each loan posted on a separate row of the table. For example, row 20 a displays a loan to the company Allied Waste, row 20 b displays a second loan to Allied Waste and row 20 c displays a loan to the company American Axle. Generally, each loan (i. e. each row of information within table 20 ) includes information pertinent to the loan itself including the loans borrower in column 22 . the tranche in column 24 . the loans base rate in column 26 . the loans base rate spread in column 28 . the interest rate as of date (IRD) in column 30 . whether the IRU is from pre-closing, the inception date or the current date in column 32 . the revolver unutilized commitment fee in column 34 . the maturity date in column 36 and the minimum assignment in column 38 . If applicable, the amount of the loans previous trade is displayed in column 39 (e. g. see FIG. 10 ). Other information pertinent to the loan including, but not limited to, the minimum retained amount, whether the loan interest rate is fixed or based upon a grid, the minimum retained amount, LTM or LQA, quarter ending, debtEBITDA, EBITDAinterest, Moodys long-term rating, Moodys rating security, SPs long-term rating, SPs long-term rating security, and industry also may be displayed. Some of this information may change for each tranche. The bank loan system of the present invention (hereinafter, the system) obtains the above-identified loan information from various known sources. In accordance with the present invention, the system is capable of obtaining information about loans for sale from the users themselves, as represented by block 102 in FIG. 1. Users may enter borrowers and tranches of loans that are not already listed or posted by the system and may enter not-yet listed tranches of loans for sale having borrowers who already are listed by the system. Here, a user provides to the system the borrowers name and the tranche, and the system, either automatically or via supporting personnel, obtains the maturity date and industry of the loan. Other information regarding the loan, mentioned above, may be obtained from the user or through other means. The user-supplied information will be verified by the system andor the supporting personnel prior to the loans posting. In addition to the above-mentioned loan information, table 20 shown in FIG. 2 also displays, if any exist, current bids and offers for each loan. If a bid currently exists for a particular loan, then the bid, the size of that bid, the terms of that bid and the minimum fill size are displayed in the appropriate row in columns 40 . 42 . 44 and 48 . respectivamente. Similarly, if an offer currently exists for a respective posted loan, then the offer, the size of that offer, so-called odd size information, the terms of that offer and the minimum fill size are shown in columns 50 . 52 . 54 . 56 and 58 . respectivamente. Information regarding bids and offers shown in columns 40 . 42 . 44 . 46 . 48. 50 . 52 . 54 . 56 and 58 are discussed further below. The quote page shown in FIG. 2 further includes a table 60 that displays to the user information pertinent to the bids and offers made by that particular user. Other information also is displayed within the quote page, as further discussed below. Bids and Offers Users can enter a bid or offer pertaining to a particular tranche on the listed bank loans, as represented by block 103 in FIG. 1. Such a bid or offer is initiated by selecting an appropriate selection within the quote page shown in FIG. 2. such. as box 70 shown, or by double-clicking a particular row within table 20 . or carrying out another appropriate event. FIG. 3 is an exemplary webpage that is displayed to the user when a bid or offer is initiated. As shown in FIG. 3. the user is asked to enter information about the loan. For example, if the minimum assignment amount is not already in the system, the user will be asked to enter the amount. If the loan has a grid for the base rate spread depending on the financial characteristics of the borrower, then the user will be asked to input the most recent base rate spread and the underlying base rate, as well as supply to the system (e. g. via a facsimile communication) a funding report that verifies the entered information. If the tranche offered is a revolver or pro rata offering of revolver and term loan, then the user will be asked to provide the unutilized commitment fee. In addition to the above user-supplied information, the user is asked to identify how long the order (i. e. bid or offer) will be outstanding. For example, possible choices for expiration include good until cancel, good until the end of the day or good until an expiration date, hour and minute chosen by the user. In addition, orders can be canceled at any time prior to the chosen expiration timedate. Further, the user is asked to enter the bid or offer price and the amount. As is well known, bank debt prices are measured in terms of points which equal the percentage of the par amount of the loan. For example, a price of 99.5 means the loan is priced at 99.5 of the par amount. 99.5 is also 0.5 points less than par. The price tendered and the loan amount equate to that displayed in columns 40 and 42 (for bids) and columns 50 and 52 (for offers) in table 20 in FIG. 2. The user also is asked to enter the terms of the bid or offer with regard to the size of the bank loan willing to be purchased or sold. The terms selected equates to that information displayed in column 44 (for bids) and column 56 (for offers) in table 20 . If the user seeks no partial order, then All or None is selected thereby requiring another users matching bid or offer to match exactly or to closely match (as discussed below with regard to odd) the amount of the current users order. An example of an All or None bid is shown in row 20 c in table 20 of FIG. 2. wherein the bidder (i. e. prospective purchaser) seeks to purchase the entire 5 million of a pro rata loan to American Axle. If the user is willing to enter into a trade of less than the entire amount of the users own bid or offer, then the user can select one of the following two alternative set of terms. The user can select the term Partial FillMinimum Size (Partial Fill) thereby allowing for a matching bid or offer to equal the designated minimum size (which is an even million dollar amount), to equal any even million dollar amount higher than the minimum size and at least one million less than the order amount rounded to the nearest million, or to equal the exact offered amount. As an example of this selection, a user offers 12 million with the requirement Partial Fill5 million and thus the user is willing to enter into a trade in the amounts of 5 million, 6 million, 7 million upwards to 12 million (the entire amount). The user also can select the term Partial IncrementsMinimum Size (Partial Increments Only) as shown in FIG. 3. thereby allowing for a matching bid or offer to equal the designated minimum size, to equal any amount above the minimum in increments of 5 million or some multiple thereof (e. g. 5 million, 10 million, 15 million, etc.) as chosen by the user, or to equal the exact offer amount. As an example of this selection, a user offers 22 million with the requirement Partial 5 Million Increments Only7 Million and thus the user is willing to enter into a trade in the amounts of 7 million (the minimum), 10 million, 15 million, 20 million (representing the partial incremental amounts) or 22 million (the ad entire amount). In another embodiment, the system trades in the amounts of, for example, 7 million (the minimum), 12 million, 17 million, (representing the partial incremental amounts) or 22 million (the entire amount). Thus, the present invention is not limited to the numbers and increments provided herein. Transactions in Odd Amounts Bank loans, unlike bonds, may be held in odd amounts. For example, bonds are typically issued in even 1,000 par amounts. In contrast, bank loans may be allocated amongst a bank group with odd amounts rounded to the nearest cent. In addition, even if the bank loan was allocated in even million dollar increments during syndication, prepayments and scheduled amortization payments may result in borrowers owing odd amounts to members of the bank group. As buyers and sellers may wish to maintain their anonymity, as do the system operators wish to maintain the anonymity of its users prior to the matching of bids and offers (discussed below), and revealing an exact amount offered for sale may provide information that will help identify the seller making an offer, the system displays even million dollar amounts and employs methods, rules and algorithms to provide for trades in odd amounts. The first rule is that buyers must bid in even million dollar amounts. Sellers can make offers in odd amounts, meaning an exact amount to the nearest cent, but that amount will be displayed by the system rounded to the nearest million dollars. In addition to displaying offers rounded off to the nearest million dollars (in column 52 in FIG. 2 ), the system displays the previously mentioned odd size information (in column 54 ) that identifies whether the displayed amount (i. e. the rounded amount) is within 100,000 of the exact amount of the offer. If so, the odd size information column is left blank. If not, the odd size information column is provided with the term odd. For example, an odd 5 million dollar offer represents an offer that falls between the values 4,500,000.01 and 4,899,999.99 or falls between the values 5,100,000.01 and 5,500,000.00. An even 5 million dollar offer therefore represents an exact offer of an amount within (and including) the range 4,900,000.00 and 5,100,000.00. Although it is preferred to utilize an offset of 100,000 as the gauge to identify an offer as odd or even, other amounts, such as 50,000, 75,000, 150,000, etc. may be used. In general, since buyers are highly likely to accept non-exact offers, notification to the potential buyer that an offer either is or is not within 100,000 of the stated amount is, for most purposes, sufficient. If a buyer requires further information, that buyer may inquire further by either personally contacting (e. g. via telephone) personnel operating the system or, alternatively, making an appropriate request via his or her own computer terminal. In either case, however, the system (or its personnel) does not disclose the exact offer amount until after the order has been filled (i. e. the buyer finally accepts). For example, if the buyer can not buy more than 5,250,000 of a loan and the offer is an odd 5 million, the buyer can inform the system (or its personnel) of the 5,250,000 limitation. This action operates as an offer to buy the odd 5 million loan if the exact amount is equal to or below 5,250,000. If the exact offer amount is less than or equal to 5,250,000, then the order is filled, at which time the buyer is informed of the exact amount. On the other hand, if the exact offer amount is greater than 5,250,000, the buyer is advised only that the order was not filled. By obligating the buyer to the above process, buyers are prevented from fishing for information to identify who the seller may potentially be. FIGS. 4A-4D represents a flow chart detailing the specific steps and inquiries taken during the above-discussed order and bid input process. As shown in FIG. 4A. inquiry 200 determines if a bid or offer is being made. For an offer, the process for determining the particular selections to be included within the bid and offer input webpage ( FIG. 3 ) begins at step 201 . Inquiries 202 . 203 and 205 and steps 204 and 206 concern grid, base rate spread, pro rata and revolver information. The minimum assignment amount of the bank loan in issue is either known or entered at inquiry 207 and steps 208 . 209 . The seller then enters the offer at step 210 (FIG. 4 B). If a bid is being made, the buyer enters the bid at step 211 . After the bid or offer is entered, inquiries pertaining to the type of bid or offer are made at steps 212 - 216 . At inquiry 217 (FIG. 4 C), the system inquires as to whether the order is linked (discussed below) and if so, inquiries regarding the linked order are made at steps 218 - 223 . Finally, the user enters the expiration date and time of the offer at inquiry 224 (FIG. 4 D), this information is displayed at step 225 . and a confirmation page (shown in FIG. 5 ) is generated during process 226 (discussed below). Matching of Offers and Bids After at least one bid (by a potential buyer) and at least one offer (by a potential seller) pertaining to the same loan (i. e. the same borrower and tranche) have been entered into the system at the same price or at a price in which the bid exceeds that of the offer, the system carries out the process of determining whether a match exists, as represented by block 104 in FIG. 1. Initially, each offer is rounded to the nearest million dollars and, as required, each bid already is in an even million dollar amount. As previously discussed, each offer and bid can be an All or None type bid, a Partial Fill type bid, or an Partial Increments Only type bid. Offers and bids are compared to one another to determine whether a match exists there between. Using standard logic routines, the existence of matches between offers and bid is obtained. Table 1 below shows example bids and offers, showing both the actual offers and the offers rounded off to the nearest million dollars (in millions), the bids (in millions), as well as the amounts (in millions) of the matches that exist. Prioritizing Multiples Bids and Orders Generally, a better bid for a particular loan is represented by a second bid of the same dollar amount as the first bid but the second bid has a higher price than the first bid. Similarly, a better offer is represented by a second offer of the same dollar amount as the first offer but the second offer has a lower price than the first offer. In these instances, the order with the lower bid or greater offer is canceled and a new order is filled. The following priority is followed when more than one existing order matches a newly entered order: (1) best price (if a bid price exceeds an offer price, the difference between the two is split) (2) largest size (the order that allows the largest amount of the order to be filled is utilized) (3) time priority (if two existing orders match the new order and both provide the same size trade, the first order to be entered is utilized). Compliance with Minimum Assignment and Retained Amount Terms As previously discussed, the seller of a bank loan generally is imposed with two restrictions when assigning the bank loan to a buyer: compliance with the loans minimum assignment amount and the loans minimum retained amount. The minimum assignment amount sets a floor for the amount to be traded and the minimum retained amount pertains to the amount the assignor or seller of the bank loan will continue to hold after assignment of a partial amount of its commitment. These amounts may and often differ from the minimum fill size chosen by users in Partial Fill and Partial Increments Only order fill instructions previously discussed. The loans minimum assignment, if known, is posted in column 38 of table 20 shown in FIG. 2. as previously mentioned. The loans minimum retained amount may be posted in the system, but is currently not embodied in the system. Since bank loans typically provide for both minimum assignment amount and minimum retained amount restrictions, sellers of such loans may have difficulty or be inhibited from using Partial Fill or Partial Increments Only order fill instructions since a partial fill (i. e. an assignment of a portion, not the entire amount, of the loan) may result in the seller retaining less than the minimum retained amount. For example, a seller owns a 17 million loan with a minimum retained amount restriction of 5 million, and the seller seeks to sell as much of the bank loan as possible. Given this scenario, the seller offers the entire loan as a 17 million Partial5 million offer. However, a buyers purchase of 15 million results in the seller retaining 2 million in violation of the bank loan credit agreement. To solve the aforementioned loan violation from occurring, the system of the present invention allows users to create so-called linked orders. A user (a buyer or seller) may enter two bids or two offers with respect to the same loan, and then link those bids or offers so that when one of those bids or offers is filled, the other is immediately canceled. Given the above example wherein the seller owns a 17 million bank loan with a minimum retained amount restriction of 5 million, the seller can enter a 12 million Partial5 million offer (as the first order) and then enter a second linked order as a 17 million All or None offer. If the second order is filled, then the first order is canceled. Conversely, if the first order is filled, the second order is canceled. Table 3 below illustrates the possible outcomes for this example. Since the system seeks to fill the largest orders first, the All or None offer is first attempted to be filled prior to filling partial orders. Additional Trade on Retained Amount If less then the entire amount of an order (bid or offer) is filled, then the system checks whether the amount of the loan retained by the seller or the amount of a bid still unfilled can be filled, as represented by block 106 in FIG. 1. That is, if an offer is partially filled (by the first match), then the system determines whether the unfilled amount (i. e. the amount retained by the seller) can be filled by another bid (a second match). Similarly, if a bid is partially filled (with the first match), then the system determines whether the unfilled amount (i. e. the difference between the bid and the first match) can be filled by another offer (a second match). The above determination of whether a second match is possible (and, if possible, a third match, a fourth match, etc.) is carried out for both linked and non-linked orders. During this determination process, the system repeats the above-discussed matching process for the unfilled amounts and assumes a Partial Fill order fill instruction. This assumption maximizes the chance of a second match. Alternatively, although not preferred, the type of order for unfilled amounts for both offers and bids use the same type of order as the original order (i. e. Partial Fill or Partial Increments Only). If second and subsequent matches are found, the user(s) involved are notified that their offers or bids that are not fully satisfied (i. e. the entire amounts thereof are not bought or sold) can be filled fully or partially by one or more additional trades, depending on the circumstances. Since users generally are obligated to conduct only one trade per offer or bid, a user can decline subsequent trades. Avoiding Broken TradesPossible Order Fill Amounts and Seller Compliance Representation The present invention seeks to prevent the users ability to break trades, that is, not complete a trade after a match has been made. One possible way for a seller to break or not close a trade is when the actual carrying out of that trade would be in violation of the bank loans minimum assignment amount or minimum retained amount restrictions. If such non-closure of trades were allowed, then buyers may miss opportunities to purchase loans elsewhere possibly resulting in increased expense to the buyer. All of this in turn may result in loss of support for the system by the users themselves. To prevent the foregoing possible non-closure of trades from occurring, the system has a number of safe-guards, one of which is its confirmation process. Firstly, upon entry of an order (offer or bid), the users order is posted to that user as an order confirmation webpage, such as shown in FIG. 5. The order confirmation webpage may repeat some or most of the information that the user entered in the Bid and Offer Input page shown in FIG. 3. The order confirmation webpage further repeats the offer or bid amount with the associated fill instructions (i. e. All or None, Partial Fill, Partial Increments Only) and all of the, fill amounts that can satisfy the order. This information presented to the user ensures that the user is aware. of the possible outcomes of the order and bears most significance in the requirement that the seller represent that the minimum assignment amounts and minimum retained amounts as provided in the credit agreement are complied with. Table 4 below shows exemplary offer amounts and fill instructions that may be entered by a seller and the possible fill amounts that would be provided to the user upon entry thereof. Similarly, Table 5 below shows exemplary bid amounts and fill instructions that may be entered by a buyer and the possible fill amounts that would be provided to the user upon entry thereof. The order confirmation webpage further requires a seller to confirm that if a trade is conducted, that such trade would not be in violation of any relevant credit documents, specifically the minimum assignment amount and minimum retained amount restrictions thereof, regardless of whether the order was partially or fully filled. Since sellers already have the credit documents by virtue of their participation in the bank loan facility and buyers may not necessarily already be in the facility and have access to the credit agreement, the onus is on sellers to confirm that only amounts equal to or in excess of the minimum assignment amount can possibly be traded and any retained amount be equal to or in excess of the minimum retained amount. The order confirmation page further may request that the seller confirm the amount of the minimum assignment amount of the credit agreement, for example, by sending via facsimile a copy of the credit agreement containing such information, if such information was not already confirmed. Undisclosed Orders The present invention further allows users to place undisclosed orders within the system. Undisclosed orders (bids or offers) are identical in all respects to the previously discussed bids and offers, except they are not displayed to users (e. g. on the quote page shown in FIG. 2 ). By providing an undisclosed bid or offer, the users order will not move the price of the loan against that users position, whereas a disclosed order might move the price. Generally, when a borrower is experiencing financial or operating difficulty, the placement of an offer to sell a loan concerning that borrower may induce other potential sellers to post offers at lower prices. This disadvantageous result to the seller is prevented by placing an undisclosed order. As with disclosed orders, if an entered order matches an undisclosed order, a trade takes place. However, if a bid and an offer are within 1.5 points (or other suitably close position) of one another and one or both of the bid and offer are undisclosed, the system or, alternatively, the systems personnel determines the likelihood of a trade taking place. If a trade is likely to occur, then the two users involved are notified of the proximity of the opposing orders. The system or personnel will then negotiate with both sides to complete a trade. This additional intervention by the system advantageously results in trades that otherwise would not take place when undisclosed orders are involved. The above-discussed functions and features of confirming the order and matching of bids and offers, whether disclosed or undisclosed, with the various confirmations are further schematically illustrated in the flow chart shown in FIGS. 6A-6G. Steps 300 - 304 concern user authentication security measures. User order information is printed at step 305 and based upon whether the order is a bid or an offer, as determined at inquiry 306 . the process proceeds to step 307 for an offer and inquiry 316 ( FIG. 6B ) for a bid. Steps 307 - 310 concern compliance with the credit agreement. Inquiries 311 and 316 determine if the indicated borrower is in the system and if not, a user message is provided at step 312 . Similarly, inquiries 314 and 317 determine if the indicated tranche is in the system and if not, a user message is provided at 315 . The systems personnel is notified at step 313 . For offers, the system verifies that the grid or that the tranches base rate and base rate spread are in the system at inquiries 318 and 319 (FIG. 6 C). If not, the user is informed at step 320 . Whether the minimum assignment information is in the system is determined at inquiry 321 and if not, the user is asked to provide proof of the minimum assignment amount at request 322 . Inquiry 323 verifies that the order amount is not less than the minimum size indicated. If it is, steps 324 - 325 advise the user. Inquiry 326 ( FIG. 6D ) verifies that the minimum size indicated is not less than the minimum assignment amount. If it is, steps 327 - 328 advise the user. Steps 329 - 332 concern providing advice to the user concerning the order, if necessary. Inquiry 333 and step 334 allow the user to return to the bid and offer input webpage, if desired. At step 335 (FIG. 6 E), the order is entered into the system and at step 336 . the process for finding a match for the order begins. Inquiry 337 determines it a match exists and if so, steps 338 - 351 ( FIGS. 6E and 6F ) are carried out. If, on the other hand, no match exists, then the system determines if another similar bid or offer already exists at inquiry 352 ( FIG. 6G ) and steps 353 - 358 determine which bid is greater or offer is lower and cancels the other bid or offer. Then, if the order currently being made is accepted, inquiry 359 determines if it is an undisclosed order. If so, an inquiry is made as to whether the order is within 1.5 points of an opposing order at inquiry 361 and if so, system personnel are notified at step 363 . Disclosed orders are posted by the system at step 360 . In addition to the above-described method and facility for matching buyers with sellers of bank loans, the bank loan trading system of the present invention further utilizes electronic auctions on the lexc website (or other suitable site), as discussed below. Currently, in the bank loan market, auctions generally are conducted by the firm selling (or buying in a reverse-offer auction) the bank loan. This firm is also referred to as the sponsor of the auction. As previously mentioned, without clearly-defined rules and a third party following generally accepted or standardized procedures, many auctions are conducted with less than fair and equitable results. This in turn discourages participants from engaging in announced auctions for fear their due diligence prior to their participation will become a wasted effort. Accordingly, participants often will not participate or put their best efforts or bids into an auction. With reduced participation due to a history of poorly conducted auctions by various sponsors, sponsors likely experience lower bids or higher reverse-offers. Furthermore, since the participants in auctions are generally dealer desks, these dealers are receiving their compensation from the difference in the price paid by the dealers buyer and the bid provided to the sponsor. This further reduces the amount received or increases the amount paid by the sponsor. In accordance with the present invention, the system (via its website) provides clear rules that ensures fair and equitable execution of bank loan auctions. In addition, the system of the present invention bypasses dealers, thereby increasing the proceeds or reducing the purchase cost to the sponsor. Three types of auctions may be carried out by the present invention: standard, blind and dutch. Table 80 shown in FIG. 2 provides various information regarding currently scheduled auctions and FIG. 7 is an exemplary webpage displayed to a user who seeks to schedule an auction. FIG. 8 is an exemplary webpage displayed to a user who seeks to make a bid or offer in an auction. Standard Auctions The system of the present invention allows the user to schedule a so-called standard auction which places a bank loan for sale to the highest bidder until the gavel falls. A pre-announced start date and time and the allotted time before the gavel falls are provided by that user. At the start of the auction, the system accepts bids and continuously posts the highest bid. This type of auction remains open so long as increasing bids continue to be entered. The action closes after no new bids are received for a stated interval of time. Therefore, the system continues to conduct the auction until an amount of time, e. g. five minutes, has elapsed since the last bid was entered. During the auction, the current highest bid and the amount of time remaining (which time is reset upon receipt of a new highest bid) are posted to users. Reverse offers also are possible and operate in a similar manner. The system refreshes the information displayed to users at a rate significantly faster than the amount of time that must elapse before the auction closes, thus ensuring that the Internet-conducted auction is fair to all users. For example, the system may provide a refresh rate of 15 seconds versus 5 minutes for the period for the gavel to fall. Blind Auctions The system further allows users to schedule so-called blind auctions at a preset date and time. In a blind auction, the auction closes at a pre-announced time, but bids, including the highest bid, are not posted by the system to either the auctions participants or the sponsor of the loan. This ensures that all participants equally lack bidding information. Reverse-offer blind auctions also may be scheduled. Dutch Auctions The system also allows users to schedule dutch auctions, which are similar to blind auctions, but provide for the sale of the loan (or purchase of a loan in a reverse offer) to one or more participants. Thus, while blind auctions can be considered to be an All or None type order, Dutch auctions may be partially filled by a number of auction participants. In the Dutch auction, the auction price for all purchasers is the lowest bid made by the eventual purchasers (representing the highest bidders) or, in the case of a reverse offer, is the highest offer made by the eventual sellers (representing the lowest offerors). Table 6 below shows example bids made during a Dutch auction sale of 50 million of a loan. Participants providing Bid 1 . Bid 2 and Bid 3 would all pay 98.00. Equitable Auctions Once an auction is entered or posted by the system, it may not be removed. Sponsors are required to place a minimum acceptable bid for which they will sell their loan or a maximum acceptable offer for which they will pay for a loan in a reverse-offer auction. Thus, the sponsor is not forced to accept below-market bids or above-market offers and participants are assured that if they place a bid above the a minimum acceptable bid or an offer below the maximum acceptable offer, the sponsor cannot refuse such bid or offer if no better bid or offer exists. Therefore, the participant knows that if the minimum acceptable bid or maximum acceptable offer is reasonable, then it may not be a waste of time to conduct due diligence to participate in the auction because the auction can not be stopped prior to completion. In addition, knowing that their bid or offer can not be shopped at the end of the auction provides the participant with the knowledge that his effort to make a bid or offer will not be inappropriately used by the sponsor to achieve a better bid or offer from a favored third party. Bids and offers may be entered that fall below the designated minimum acceptable bid or above the maximum acceptable offer, respectively. In the case that the highest bid still falls below the minimum acceptable bid or the lowest offer still is above the maximum acceptable offer, the system provides the sponsor the opportunity to accept or reject the best bid or offer. The system further allows the sponsor of an auction, prior to or during the auction, to modify various criteria previously set but only if such modification increases the likelihood of a completed trade. The system allows the sponsor to decrease its minimum acceptable bid and, similarly, to increase its maximum acceptable offer. Such changes could only tend to increase the likelihood of a successful, completed trade. Increasing the minimum acceptable bid or decreasing the maximum acceptable offer disadvantageously decreases the likelihood of a completed trade and thus is forbidden. The system further allows participants in an auction to only increase their bids or decrease their offers (in a reverse-offer). In dutch auctions, participants can also increase the dollar amount tendered, but not decrease it. Auctions Must Comply with Credit Agreement Whether the sponsor or the participant is the seller in a sale auction or reverse-offer auction, respectively, the system requires the seller to represent its compliance with the minimum assignment and retained amounts restrictions of the credit agreement. FIG. 9 is an exemplary webpage displayed to a user sponsoring and participating in an auction that requires the user to certify that it complies with these restrictions of the credit agreement. System Analytics and Sorting Capability In addition to the foregoing matching of sellers and buyers of bank loans and bank loan auctions, the system of the present invention further allows users thereof to arrange the aforementioned bank loan data, including the offers and bidders thereof, in different manners on the users computer monitors. FIG. 10 is an exemplary so-called analytics webpage that can be displayed to a user. Table 90 shown in FIG. 10 is similar to table 20 shown in FIG. 2. but table 90 is adapted for the purpose of comparing posted loans in different manners. For example, loans shown in table 90 can be sorted using any column therein as the sorting criteria. Thus, loans can be sorted chronologically depending on their quarter ending date, loans can be sorted numerically based on their total yield to an assumed maturity date (chosen as a percentage of time until maturity), and so on. For the sort on the yield, the system can assume the loan is outstanding for only 50 of the stated time until maturity. Therefore a premium or discount is amortized in half the amount of time, thereby reducing or increasing the yield, respectively. Given this feature of the present invention, users are able to quickly and easily obtain useful information helpful in their decision to make appropriate bids and offers. In accordance with a further embodiment of the present invention, the disclosed system and corresponding method may be applied to the trading of bonds whereby setting matching rules or utilizing auctions could increase the liquidity for, or in other words increase the number of buyers and sellers interested in, the trading of bonds. Since most bonds are traded over-the-counter, therefore through dealers acting as middlemen rather than through exchanges, and the trading in any particular issue of bond is generally not as active as with stocks, there are generally a limited number of dealers through which an investor can buy or sell the desired bonds. Due to this lack of trading in any given bond, the cost of execution is generally more expensive for bonds than stocks due to a lack of liquidity or demand for secondary purchases of the bonds. Therefore dealers acting as middlemen have to spend more time and effort to execute transactions. In addition, with limited competition and limited publication of market prices, the dealers may charge a large amount or excessive mark-up for trade execution. With the present invention applied to bonds, execution could be significantly more efficient as the number of potential buyers or sellers could increase and contacting these investors would be less expensive, thereby reducing the cost of execution. Furthermore, the rounding and matching method described in the present invention could increase the number of trades executed as it provides a method for matching buyers and sellers of unusual amounts and sizes. For example, bonds are typically issued in amounts of 1,000 per bond and trade in multiples of 100,000 or 100 bonds. If a seller has 231 bonds (worth 231,000), utilizing rules similar to that for bank loans whereby the buyers are subject to having their bids filled in odd amounts, the seller may sell its bonds to a buyer who placed a bid for 200 bonds plus or minus 50 bonds. Therefore, the rounding mechanism could increase the liquidity for odd-size trades of bonds. Further, an announced auction may increase interest in any particular sale or reverse-offer purchase of bonds. Similarly, the present invention may be applied to the trading of large blocks of stocks where the utilization of existing bid and offer systems on exchanges may cause large order imbalances that significantly and adversely impact the sale price. Exchanges will typically display bids and offers for stock up to amounts of 1,000,000 for example. If an order were placed for 5,000,000 or more, the sheer size of this order may move the market price against the party placing the order. Block trades are therefore typically conducted through block trading desks of broker-dealers. Similar to trading bonds over the counter, utilizing these block trading desks may result in expensive execution as the large amount of the trade may require an extensive effort and. large risk to resell the large position. Therefore, like the trading of bonds, utilizing the disclosed system and either the auction method or the rounding and matching method in accordance with the present invention may be more efficient and less expensive than the current method of trading though dealers block trading desks. Another possible application of the present invention is to the trading of odd lots of stocks. Stock trades are usually executed in amounts of 100 shares of stock. The present invention could apply the rounding and matching method previously discussed to post even amounts of the number of shares that may lead to the filling of odd-size number of share trades The linked order aspect of the present invention could be used to allow sellers to post very specific alternative fill instructions for stocks and bonds. Por exemplo. a seller may wish to sell only either 1,000,000 of bonds or 750,000 of bonds. This could be accomplished with a linked order of 1,000,000 All or None and 750,000 All or None. The systems auction function could also be applied to other financial assets. In other markets where the financial assets may be somewhat illiquid, therefore there may not be a competitive bid for all specific assets for sale, sellers may wish to sell the specific asset by way of auction. This applies especially to large financial assets sales where the dutch auction method described herein would allow a large sale to be divided into small portions allowing for better execution of the sale. In addition to the auctioning of financial assets, the present invention can be applied to the auctioning of non-financial assets. For both financial and non-financial assets, the present invention solves two issues at once. First, auctions with displayed prices and fixed end times create a rush to bid near the end time. By having a fixed end time, higher bids that may have been submitted given more time (or an open end until the gavel falls) would be prevented. Second, on-line auctions create an environment allowing for more participants, especially as most participants are not in the business of traveling to participate in small or one-off auctions. If a displayed-price auction is desired, then an on-line, open-ended auction would reach the most participants and generate the best bid because of (1) not preventing a higher bid (as discussed above), and (2) encouraging more participants such that more participants generates more bids, which generally will generate a higher highest bid in the long run. While the present invention has been particularly shown and described in conjunction with preferred embodiments thereof, it will be readily appreciated by those of ordinary skill in the art that various changes may be made without departing from the spirit and scope of the invention. For example, although the present invention has been described with respect to the trading and auctioning of bank loans, the present invention is not limited solely thereto and may be widely applied to the trading and auctioning of other financial interests within the secondary market, such as real estate and project finance loans As another example, although the present invention has been described as being a functional website on the Internet, the present invention suitably may be applied to intranets or even the non-computer forum. Therefore, it is intended that appended claims be interpreted as including the embodiments described herein, the alternatives mentioned above and all equivalents thereto. Forex Trading Systems A Forex trading system is a method of trading that uses objective entry and exit criteria based on parameters that have been validated by historical testing on quantifiable data. Embora não haja uma regra rígida e rápida para projetar os melhores sistemas de negociação Forex (diferentes especialistas têm opiniões diferentes), a essência continua a ser a mesma. Em geral, o sistema de negociação Forex fornece a disciplina para superar o medo e a ganância que em muitos casos paralisam um comerciante e o impedem de tomar decisões oportunas. Cada pedido colocado é regido por um conjunto predeterminado de regras que não se desviam com base em qualquer coisa que não seja a ação do mercado. We realize that Forex trading can be overwhelming Thats why we have designed a Forex Training Class for beginners that can help you learn Forex Trading Strategies that WORK The course is called Forex 1, 2, 3 and its FREE Click Here To Learn More . Como qualquer outro sistema e método de negociação, os sistemas de negociação Forex se reduzem ao risco versus recompensa. How much capital you are willing to put at risk for a given level of return should be your top consideration. Além disso, é preciso considerar os custos, as atividades de negociação e os mercados negociados antes de investir. Na verdade, os melhores sistemas de negociação Forex são uma boa mistura de arte e ciência, porque ela vem através da prática e da ciência, porque tem certas regras, regulamentos e princípios a serem seguidos. O conhecimento e a tecnologia desempenham um papel muito importante em cada decisão que você toma. In the field of trading systems, automated Forex trading systems are techniques that make trading decisions for you. Você insere os dados de negociação e o sistema gera uma resposta que indica a ação apropriada. Você compra, vende ou não faz nada dependendo das fórmulas que este sistema usa e opera. As últimas versões de computador desses sistemas mecânicos são operações completas 8220black box8221 (você não pode ter todas as emoções envolvidas quando você segue um sistema específico). Talvez, essa seja uma das razões pelas quais esses sistemas são chamados de sistemas mecânicos. Mas isso não significa que eles não são suficientemente inteligentes. Ligue o computador, comece o sistema e atualiza seu banco de dados e gera recomendações de negociação e coloca seus pedidos diretamente aos corretores. Veja o nosso Forex Trading Video Swingtrading Forex Dancing with the Market com Trend Jumper Inquestionavelmente, em sistemas de negociação Forex, a velocidade é essencial nos tempos agitados. Cada nanossegundo conta quando você está negociando usando gráficos de cinco minutos. As estratégias de negociação Forex mais básicas dependem de médias móveis. Os sistemas 8220sophisticated8221 usam combinações de médias móveis de preço e volume. Os sistemas 8220expensive8221 incorporam estocásticos, que são as técnicas matemáticas para uma ciência não-linear. A maioria destes sistemas de negociação Forex são reativos (não proativos) por design. Semelhantemente, se um estoque ou uma mercadoria atua de uma certa maneira, o sistema assume que o estoque ou uma mercadoria continuará a agir desse jeito. Ele gera essa conclusão com base nas fórmulas programadas no sistema. Algumas caixas pretas8221 também calculam uma grande variedade de indicadores na tentativa de aumentar a confiança de uma recomendação de ação. A maioria dos sistemas de negociação mecânica compra ou vende breakouts. O mercado de ações chama esses comerciantes momentum players. Suas fórmulas assumem a continuação desse movimento. Se esse movimento não continuar, o sistema Forex gerará uma perda, mais o custo da comissão. A importância de um bom sistema de negociação Forex não pode ser ultrapassado Todo mundo que está empenhado em ganhar o máximo de dinheiro possível com moedas estrangeiras precisa entender a importância de ter o melhor sistema de negociação Forex possível. O benefício real de ter um sistema para se basear em decisões de negociação decorre principalmente do fato de que não podemos realmente tomar as melhores decisões possíveis sem ter uma estrutura em vigor. Embora seja verdade que isso pode ser intimidante para pessoas que são novidades no comércio cambial de Forex. this is a concept that truly needs to be understood if a person is to give themselves the best chance possible of being successful. There are many advantages and disadvantages to Forex Trading. In many ways, this is a lot like a strategy game. While its certainly true that you can play the game without actually having a strategy in place, your odds of being successful are a lot lower. É a mesma coisa com as moedas de negociação. Você precisa ter uma estratégia ou estrutura básica no local que irá reger todas as decisões de negociação que você faz. Felizmente, você não precisa inventar seu próprio sistema de negociação Forex. There are a wide variety of different systems that you can look at so as to be able to pick one that is most suitable for you and your goals. What youll discover after you have been involved with Forex currency trading for a period of time is that you will begin to borrow elements of different strategies to create the best Forex trading system for you. Você pode descobrir que existem certos aspectos de um sistema particular que você considera muito atraente. Não só isso, você também pode achar que esses aspectos podem ser incrivelmente lucrativos quando usados ​​em conjunto com elementos de outro sistema de comércio Forex. Dito isto, isso geralmente é apenas algo que as pessoas que estiveram envolvidas com o comércio de moeda por um período de tempo são realmente capazes de determinar. O que você deve fazer se você é novinho no mundo do comércio de moeda é familiarizar-se com algumas das diferentes abordagens de troca de moeda que existem. Não só isso lhe dará o ponto de vista de ser capaz de ver como os outros abordam o processo de negociação de moedas, também ajudará a apresentar algumas das diferentes variáveis ​​do sistema de negociação Forex que (em alguns casos) são universais entre todos os Diferentes estruturas de troca de moeda. Acima de tudo, é importante perceber que a única maneira de realmente fazer uma determinação sobre o sistema de negociação Forex é melhor para você é realmente experimentar com uma grande variedade de sistemas diferentes para ver o tipo de resultados que você obtém. Não basta simplesmente olhar os resultados obtidos por outra pessoa. No final do dia, os únicos resultados que realmente importam são aqueles que você conseguiu obter por si mesmo através do uso de um sistema específico. Portanto, você precisa ter a mente aberta para tentar diferentes abordagens para ver o tipo de resultados que você obtém. Regardless of the specific Forex trading system that you ultimately choose, it is critically important that you understand that you must have some basic framework in place before you commence trading currencies in earnest.