A computer-mediated method of conducting an auction of a financial or legal instrument over an electronic network, wherein bidders can be in different physical locations and can simultaneously participate in the auction, said bidders having access to networked devices, said bidders' networked devices communicating over the electronic network with at least one computer having auction software, said method comprising: a) enforcing at least one condition bidders must satisfy to submit competing bids; b) enforcing at least one condition competing bids must satisfy; c) providing a centralized time indication; d) receiving, over the network, bids from bidders using said networked devices; e) enabling bidders to modify their bid inputs; f) permitting comparison of received bids; and g) providing information allowing for display of at least the best bid. view more

The method of claim 1 including conducting multiple auctions simultaneously.

The method of claim 1 including offering multiple instruments in the same auction.

The method of claim 1 wherein bidders may participate in a plurality of auctions simultaneously.

The method of claim 1 wherein bidders may bid more than one instrument in the same auction.

The method of claim 1 wherein bidders may bid more than one instrument in multiple auctions conducted simultaneously.

The method of claim 1 wherein bidders may bid portions of a single instrument.

The method of claim 1 wherein bidders register before submitting bids.

The method of claim 1 wherein bidders log in with an identification and password.

The method of claim 1 including providing bidders online access to offering documents.

The method of claim 1 including providing a display that informs bidders of the time remaining in a bidding period.

The method of claim 1 wherein a bid improvement is made by submitting a lower bid.

The method of claim 1 wherein bid improvements are made in minimum increments.

The method of claim 1 wherein the lowest bid is the best bid.

The method of claim 1 including enabling bidders to supply conditions to their bids.

The method of claim 1 including enabling a bidder to enter and modify a bid without submitting it.

The method of claim 1 including enabling a bidder to confirm or acknowledge a bid after submission.

The method of claim 1 including enabling a bidder to view at least the best bid during the bidding period and improve it.

The method of claim 1 wherein rank order of bids is displayed.

The method of claim 1 wherein status of a bidder's bid relative to other bids is displayed during the bidding period.

The method of claim 1 further including providing a means for bidders to confirm their intention to submit bids before their bids are treated as submitted.

The method of claim 1 further including performing, for bidders, calculations using bid related inputs.

The method of claim 1 wherein the bidding period may be extended after bidding begins.

The method of claim 1 wherein information related to at least one bid submission such as time of submission is saved in a data log.

The method of claim 1 further including displaying an observation page from which to observe submitted bids.

The method of claim 1 further including releasing bidding results.

The method of claim 1 wherein confirmation of winning bids may be delivered electronically.

The method of claim 1 wherein confirmation of winning bids may be delivered automatically.

The method of claim 1 wherein said bidder inputs a price for said instrument.

The method of claim 1 wherein said bidder inputs an interest rate for said instrument.

The method of claim 1 wherein said bidder inputs a price and interest rate combination for said instrument.

The method of claim 1 wherein said bidder inputs a principal amount for said instrument.

The method of claim 1 wherein said bidder inputs a maturity date for said instrument.

The method of claim 1 wherein software such as Java applet code or plug-ins that implement certain auction related functions is delivered to bidders computers.

The method of claim 1 wherein one or more menu-driven web pages are employed to create and modify auction parameters.

The method of claim 1 wherein one or more menu-driven web pages are employed to regulate access to certain web pages.

The method of claim 1 wherein one or more menu-driven web pages are employed to authorize bidder participation.

The method of claim 1 wherein one or more menu-driven web pages are employed to set bid limitations for one or more bidders.

The method of claim 1 further including communicating signals relating to said auction over a network at least in part using Hypertext Transfer Protocol

The method of claim 1 further including not allowing bidders to change said auction rules once bidding commences.

In a computer system for conducting an auction of at least one financial or legal instrument over an electronic network, said computer system being configured to receive bids from bidders over the electronic network, wherein bidders can simultaneously participate in auctions from different physical locations, said computer system executing auction software stored on a storage device, said storage device storing: first, instructions that, when executed, receive bids over the electronic network for at least one instrument from bidders using networked devices; second, instructions that, when executed, enforce at least one condition bidders must satisfy before they can submit competing bids; third, instructions that, when executed, enforce at least one condition competing bids must satisfy; fourth, instructions that, when executed, provide a centralized time indication; fifth, instructions that, when executed, enable bidders to modify their bids; sixth, instructions that, when executed, permit comparison of received bids to facilitate determination of winning bids; and seventh, instructions that, when executed, provide information allowing for display of winning bids. view more

A computer system for mediating an auction of at least one financial or legal instrument, said computer system being configured to receive bids from bidders using web browsers, wherein the bidders can be in different physical locations and can simultaneously participate in the auction, said computer system comprising: means for enforcing at least one condition bidders must satisfy to submit competing bids; means for enforcing at least one condition competing bids must satisfy; means for provide a centralized time indication; means for receiving, over the Internet, bids from bidders using web browsers; means for enabling bidders to modify their bid inputs; means for permitting comparison of received bids; and means for providing information allowing for display of at least the best bid. view more