Synthetic continuous double auctions

• US 20060190388A1
• Filed: 01/31/2006
• Published: 08/24/2006
• Est. Priority Date: 02/07/2005
• Status: Active Grant

• Current Assignee: Liquid Markets, Inc.
• Original Assignee: Liquid Markets, Inc.
• Inventors: Molloy, Mark E.
• Granted Patent: US 7,792,723 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• 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

Methods, systems and data structures are described for conducting synthetic continuous double auctions. A method includes participating in a synthetic continuous double auction having contingent bidding on a plurality of heterogeneous item auctions. A composite reverse auction, defined by a bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions, is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid. The bid set is visible to at least one member selected from the group of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

Claims

1. A method, comprising

participating in a synthetic continuous double auction having contingent bidding on a plurality of heterogeneous item auctions,

wherein a composite reverse auction, defined by a bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions, is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid, and

wherein the bid set is visible to at least one member selected from the group consisting of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

2. The method of claim 1, wherein the bid set is visible to all three of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

3. The method of claim 1, wherein the first contingent bid from the bid set is recognized as the winning bid when a seller accepts a bid defined by the first contingent bid.

4. The method of claim 1, wherein the first contingent bid from the bid set is recognized as the winning bid when a buyer accedes to an ask defined by the first contingent bid.

5. The method of claim 1, wherein at least one of the plurality of heterogeneous item auctions includes an open continuous double auction.

6. The method of claim 1, wherein participating includes running the synthetic continuous double auction including closing one of the plurality of heterogeneous item auctions.

7. The method of claim 6, further comprising updating at least one other bid set.

8. The method of claim 1, wherein participating includes agreeing to accept an obligation to sell at least one item in the synthetic continuous double auction.

9. The method of claim 8, further comprising updating at least one of the plurality of heterogeneous item auctions.

10. The method of claim 8, further comprising ending one of the plurality of heterogeneous item auctions by accepting a bid.

11. The method of claim 1, wherein participating includes agreeing to accept an obligation to buy at least one item in the synthetic continuous double auction.

12. The method of claim 11, further comprising updating the bid set.

13. An electronic medium, comprising computer or machine readable program elements translatable for implementing a method including:

participating in a synthetic continuous double auction having contingent bidding on a plurality of heterogeneous item auctions,

wherein a composite reverse auction, defined by a bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions, is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid, and

wherein the bid set is visible to at least one member selected from the group consisting of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

14. An apparatus, comprising a computer network including at least one auction server, at least one seller client and at least one buyer client,

wherein the at least one auction server, the at least one seller client and the at least one buyer client are participating in a synthetic continuous double auction having contingent bidding on a plurality of heterogeneous item auctions,

wherein a composite reverse auction, defined by a bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions, is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid, and

wherein the bid set is visible to at least one member selected from the group consisting of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

15. A data structure, comprising a bid set that defines at least in-part a composite reverse auction, the bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions,

wherein the composite reverse auction is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid, and

wherein the bid set is visible to at least one member selected from the group consisting of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

16. Signal transmission or receiving apparatus embodying a computer program product comprising computer program means adapted to perform the steps of participating in a continuous double auction when the program is run on a computer,

characterized in that participating in a continuous double auction includes participating in a synthetic continuous double auction having contingent bidding on a plurality of heterogeneous item auctions, wherein a composite reverse auction, defined by a bid set including a first contingent bid on a first of the plurality of heterogeneous item auctions and a second contingent bid on a second of the plurality of heterogeneous item auctions, is ended when i) the first contingent bid from the bid set is recognized as a winning bid and substantially simultaneously ii) the second contingent bid from the bid set is withdrawn as a remaining bid, and the bid set is visible to at least one member selected from the group consisting of a) at least one first seller associated with the first of the plurality of heterogeneous item auctions, b) at least one second seller associated with the second of the plurality of heterogeneous item auctions, and c) buyers bidding on the first of the plurality of heterogeneous item auctions or the second of the plurality of heterogeneous item auctions.

17. A computer program as claimed in claim 16, embodied on a computer-readable medium.