Exchange fusion

• US 20020069157A1
• Filed: 09/17/2001
• Published: 06/06/2002
• Est. Priority Date: 09/15/2000
• Status: Abandoned Application

• Current Assignee: Omnihub Incorporated
• Original Assignee: Omnihub Incorporated
• Inventors: Jordan, Michael S.
• Application Number:
  US09/957,700
• Publication Number:
  US 20020069157A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method are disclosed for coordinating an auction for an item between a multi-auction service, a plurality of remote auction services, and a plurality of bidders, all of which are interconnected by a network. The multi-auction service performing the steps of receiving selling parameters for the item to be auctioned from a seller, transmitting the parameters for the item to a plurality of remote auction services, throughout the auction detecting that a bid for the item has been received by at least one of the remote auction services, determining which of the remote auction services should receive a replicated bid, and transmitting a replicated bid to each of the remote auction services so determined. A second embodiment of the invention describes the method wherein more than one remote auction service receives a bid for the item, and wherein the multi-auction service detects that a bid for the item has been received by more than one of the remote auction services, establishes which of the received bids is an optimal bid for the item, and transmits the optimal bid as the replicated bid to each of the remote auction services.

Claims

1. A networked system for coordinating the sale of an item to an optimal bidder across a plurality of remote auction services comprising:

a) a networked multi-auction service system comprising;

i) means for communicating with the plurality of remote auction services;

ii) means for detecting a plurality of bids from a plurality of remote auction services;

iii) means for determining which of said plurality of detected bids is the optimal bid;

iv) means for replicating the optimal bid across the plurality of remote auction services;

b) the plurality of networked remote auction services each comprising;

i) means for receiving selling parameters for the item to be auctioned from the multi-auction service or sellers directly;

ii) means for receiving bids for the item to be auctioned from a plurality of bidders and said multi-auction service;

iii) means for updating the bid for the item to be auctioned;

c) a database for storing bid information; and

d) means for converting bids received at the remote auction services to a format suitable for storage in the database and for converting bid information stored in said database to a format suitable for communication to said remote auction services.