Systems and methods for creation, issuance, redemption, conversion, offering, trading, and clearing a debt obligation convertible into cash plus a spot foreign exchange contract that is priced to reflect the value of the debt obligation in a base currency in relation to the value of a reference currency

A system for trading a debt obligation, the system comprising:

• an order book server configured to:
• price the debt obligation in a base currency in relation to a reference currency to have a face value and a term of maturity;
• communicate an offer to sell the debt obligation from the order book server to one or more trader computer terminals;
• receive communications of an offer buy the debt obligation at the order book server from the one or more trader computer terminals;
• communicate the offer to sell the debt obligation to the one or more trader computer terminals;
• receive an offer to purchase the debt obligation from one of the one or more trader computer terminals;
• receive a deposit of funds at the order book server from the one or more trader computer terminals to purchase the debt obligation;
• receive at the order book server information of one or more foreign exchange contracts entered into to issue the debt obligation;
• communicate to one or more trader computer terminals that purchased the debt obligation a position in the debt obligation;
• calculate accrued interest on the debt obligation;
• and
• communicate with one or more trading computer terminals, one or more issuer servers, and one or more foreign exchange prime brokers or other counterparties to electronically execute a foreign exchange transaction with one of the one or more of the foreign exchange brokers or the other counterparties to convert the debt obligation into a foreign exchange contract at any time after issuance and before maturity.