REAL TIME NETWORK EXCHANGE WITH SELLER SPECIFIED EXCHANGE PARAMETERS AND INTERACTIVE SELLER PARTICIPATION

• US 20020072978A1
• Filed: 03/21/2000
• Published: 06/13/2002
• Est. Priority Date: 07/11/1997
• Status: Active Grant

• Current Assignee: Hanger Solutions, LLC (IP Investments Group LLC)
• Original Assignee: Bid/Ask, L.L.C.
• Inventors: Yelich, Scott D., Odom, James Michael
• Granted Patent: US 7,672,892 B2
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Abstract of Disclosure

A system and method for networked exchange are disclosed. A system for networked exchange comprises an internal proxy (140); an exchange processor (120) in communication with the internal proxy (140); a database (130) in communication with the internal proxy (140); an external proxy (150) in communication with the internal proxy (140); and, a communications network (110) connected to the external proxy. A method for networked exchange comprises 8 steps. Those steps are (1) specifying a mode of operations for an exchange; (2) identifying a commodity for the exchange; (3) listing information about the commodity; (4) accessing of the listing by a potential purchaser; (5) accessing the network-based exchange by the potential purchaser; (6) processing information generated by the potential purchaser, the information comprising a negotiation; (7) concluding the negotiation; and, (8) clearing the concluded negotiation.

Claims

1. A method for operating a networked exchange in which a financial instrument is traded from a seller to a purchaser by an exchange processor comprising:

said seller identifying said financial instrument for said exchange;

specifying a mode of operations for an exchange;

said purchaser accessing said networked exchange;

said exchange processor processing information generated by said purchaser, said processing information comprising a negotiation between said seller and said purchaser;

concluding said negotiation between said seller and said purchaser; and

said exchange processor clearing said concluded negotiation.

2. The method of claim 1 wherein said step of specifying a mode of operations comprises:

specifying a start time for said exchange;

specifying an end time for said exchange;

categorizing said financial instrument for said exchange;

specifying an access status for said exchange; and

,

specifying a negotiations status for said exchange.

3. The method of claim 1, wherein said specifying a mode of operations for an exchange is done by said seller.

4. The method of claim 1 wherein said step of said seller identifying said financial instrument to be traded comprises:

said seller classifying said financial instrument;

said seller entering a price for said financial instrument; and

,

said seller entering a goal for said exchange.

5. The method of claim 1, further comprising:

said processor listing information about said financial instrument; and

,

said purchaser accessing said listing.

6. The method of claim 5 wherein said step of said exchange operator listing information about said financial instrument comprises posting said listing information.

7. The method of claim 5, wherein said listing information comprises:

a description of said financial instrument; and

,

a bid start price for said financial instrument.

8. The method of claim 7, wherein said listing information is posted on a world wide web page.

9. The method of claim 7, wherein said listing information is sent to at least one subscriber.

10. The method of claim 9, wherein said listing information is sent by E-mail.

11. The method of claim 5, wherein said step of said purchaser accessing of said listing comprises searching for information about said financial instrument.

12. The method of claim 1, wherein said step of said purchaser accessing said networked exchange comprises:

using a graphical interface to view said exchange;

chatting about said financial instrument to be exchanged; and

,

bidding on said financial instrument to be exchanged.

13. The method of claim 12, wherein said graphical interface is a scroller.

14. The method of claim 12, wherein said graphical interface is a dual scroller.

15. The method of claim 12, wherein said graphical interface is a three-dimensional scroller.

16. The method of claim 12, wherein said chatting is between said purchaser and said seller.

17. The method of claim 12, wherein said chatting is between said purchaser and at least one other purchaser.

18. The method of claim 1, wherein said step of said exchange processor processing information generated by said purchaser comprises:

filtering said information generated by said purchaser; and

,

routing said information generated by said purchaser.

19. The method of claim 1, wherein said step of concluding said negotiation between said seller and said purchaser comprises matching an offer by said purchaser to a goal price.

20. The method of claim 1, wherein said step of said exchange processor clearing said concluded negotiation comprises:

obtaining an exclusive right to modify a lock on a first data record;

obtaining an exclusive right to modify a lock on a second data record;

exchanging data in said first data record and said second data record;

releasing said exclusive right to modify lock on a first data record; and

,

releasing said exclusive right to modify lock on a second data record.

21. The method of claim 20, wherein said step of said exchange processor clearing said concluded negotiation further comprises:

modifying a third data in a third data record;

said third data representing a commission.

28. The method of claim 1, wherein said financial instrument comprises a stock.

29. The method of claim 1, wherein said financial instrument comprises an option.

30. The method of claim 1, wherein said financial instrument comprises a future.

31. The method of claim 1, wherein said financial instrument comprises a security.

32. The method of claim 1, wherein said financial instrument comprises a currency.

33. The method of claim 1 further comprising using software agents to automatically search for financial instruments to bid on.

34. The method of claim 1 further comprising using software agents to monitor bid status to automatically bid on financial instruments without purchaser intervention.

35. The method of claim 1 further comprising using software agents to monitor closing items to automatically bid on financial instruments without purchaser intervention.

22. Computer-readable media having computer-readable code embodied therein for networked exchange of a financial instrument between a seller and a purchaser, said computer-readable code comprising:

means for identifying said financial instrument for said exchange;

means for specifying a mode of operations for an exchange;

means for accessing said networked exchange by said purchaser;

means for processing information generated by said purchaser,

said means for processing information comprising a negotiation;

means for concluding said negotiation; and

means for clearing said concluded negotiation.

23. The computer-readable media of claim 22, wherein said means for specifying a mode of operations comprises:

means for specifying a start time for said exchange;

means for specifying an end time for said exchange;

means for categorizing a financial instrument for said exchange;

means for specifying an access status for said exchange; and

,

means for specifying a negotiations status for said exchange.

24. The computer-readable media of claim 22, wherein said means for identifying said financial instrument to be traded comprises:

means for classifying said financial instrument;

means for entering a price for said financial instrument; and

,

means for entering a goal for said exchange.

25. The computer-readable media of claim 22, wherein said means for processing information generated by said purchaser comprises:

means for filtering said information generated by said purchaser; and

,

means for routing said information generated by said purchaser.

26. The computer-readable media of claim 22, wherein said means for clearing said concluded negotiation comprises:

means for obtaining an exclusive right to modify a lock on a first data record;

means for obtaining an exclusive right to modify a lock on a second data record;

means for swapping data in said first data record and said second data record;

means for releasing said exclusive right to modify lock on a first data record; and

,

means for releasing said exclusive right to modify lock on a second data record.

27. The computer-readable media of claim 22, wherein said means for clearing said concluded negotiation further comprises means for modifying data in a third data record;

said data representing a commission.

36. The computer-readable media of claim 22, wherein said financial instrument comprises a stock.

37. The computer-readable media of claim 22, wherein said financial instrument comprises an option.

38. The computer-readable media of claim 22, wherein said financial instrument comprises a future.

39. The computer-readable media of claim 22, wherein said financial instrument comprises a security.

40. The computer-readable media of claim 22, wherein said financial instrument comprises a currency.

41. The computer-readable media of claim 22, wherein said computer-readable code further comprises means for automatically searching for financial instruments to bid on.

42. The computer-readable media of claim 22, wherein said computer-readable code further comprises means for monitoring bid status to automatically bid on financial instruments without purchaser intervention.

43. The computer-readable media of claim 22, wherein said computer-readable code further comprises means for monitoring closing items to automatically bid on financial instruments without purchaser intervention.