System and methods for pricing and allocation of commodities or securities
First Claim
Patent Images
1. A computer implemented method for conducting an auction of securities on the Web, comprising:
- providing a bid mechanism whereby bidders are rewarded for priority of anonymously revealing their bids;
providing an allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities; and
providing a system whereby all participants can monitor the auction in real time.
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Abstract
Systems and methods for conducting an auction of securities on the Web. The system and methods provide a bid mechanism whereby bidders are rewarded for priority of anonymously revealing their bids and provide an allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities. In addition, the systems and methods allow all participants to monitor the auction in real time.
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Citations
25 Claims
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1. A computer implemented method for conducting an auction of securities on the Web, comprising:
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providing a bid mechanism whereby bidders are rewarded for priority of anonymously revealing their bids;
providing an allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities; and
providing a system whereby all participants can monitor the auction in real time. - View Dependent Claims (2, 3, 4, 5)
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6. An apparatus for conducting an auction of securities on the Web, comprising:
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a computer system, connected to Internet communications devices whereby bidders at remote terminals can communicate with the computer system;
a bid mechanism means coupled to the computer system for rewarding bidders for priority of anonymously revealing their bids;
an allocation means coupled to the bid mechanism means for allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities; and
a display means at the remote terminals, coupled to the computer system via the Internet whereby all participants can monitor the auction in real time. - View Dependent Claims (7, 8, 9)
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10. In a network having a user node including a browser program coupled to said network, said user node providing requests for information and providing bidding input commands on said network, a network node comprising:
an openbook system auction server node responsive to a request from said user node to participate in a securities auction as a qualified bidder, whereby the openbook system auction server node provides a bid mechanism through which bidders are rewarded for priority of anonymously revealing their bids provides an allocation of securities which allows winning bidders to pay a single market-clearing price that sells out the offered securities, and provides a system whereby all participating users can monitor the securities auction at the user node. - View Dependent Claims (11, 12, 13, 14, 15)
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16. A computer program product stored on a computed useable medium, comprising:
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computer readable program means for causing the computer to;
conduct an auction of securities on the Web;
provide a bid mechanism whereby auction bidders are rewarded for priority of anonymously revealing their bids;
provide an allocation of the securities which allows winning bidders to pay a single market-clearing price that sells out the securities; and
provide a system whereby all participants can monitor the auction in real time. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification