Computer program product for implementing a service contract futures exchange
First Claim
1. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
- a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive a bid order for a service futures contract, wherein the bid order originates from a bidder;
computer usable program code to match the bid order for a service futures contract with an ask order for a corresponding service futures contract, wherein an asker owns the corresponding service futures contract and the ask order originates from the asker; and
computer usable program code to transfer ownership of the corresponding service futures contract to the bidder.
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Accused Products
Abstract
The present invention relates a futures exchange for services contracts. The SerFEx is an electronic market system that enables the exchange of cash (spot and forward) contracts and futures contracts for the delivery of services. Services are traded on the exchange similar to commodities on a prior art commodities exchange. The exchange allows the futures market to determine the right price for services for the producers and consumers of those services. Participants may buy, sell, or leverage services contracts through a variety of order types. The exchange is composed of an electronic infrastructure that has four major components: a front-end facility comprised of licensed authorized intermediaries, an automated bid/ask matching system, a clearinghouse system, and a title management system. The exchange operates twenty-four hours per day and seven days per week with all accounts settled at least once in every twenty-four hours. Participants in the exchange may be producers of services, intermediaries, speculators, and consumers of the services.
31 Citations
44 Claims
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1. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive a bid order for a service futures contract, wherein the bid order originates from a bidder;
computer usable program code to match the bid order for a service futures contract with an ask order for a corresponding service futures contract, wherein an asker owns the corresponding service futures contract and the ask order originates from the asker; and
computer usable program code to transfer ownership of the corresponding service futures contract to the bidder. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive an ask order associated with an asker'"'"'s service futures contract, wherein the ask order originates from an asker;
computer usable program code to enter the ask order in a service futures contract database containing a plurality of ask orders, each ask order associated with a service futures contract;
computer usable program code to receive a bid order for a bidder'"'"'s service futures contract;
computer usable program code to search the service futures contract database on the basis of the bid order;
computer usable program code to match the bid order to the ask order; and
computer usable program code to record an ownership change of the asker'"'"'s service futures contract. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive an ask order for an asker'"'"'s service futures contract;
computer usable program code to receive a bid order for a bidder'"'"'s service futures contract;
computer usable program code to match the bid order with the ask order;
computer usable program code to determine whether to process the asker'"'"'s service futures contract is in a cash market or a futures market, in response to matching the bid order with the ask order; and
computer usable program code to process the asker'"'"'s service futures contract based on whether the asker'"'"'s service futures contract is processed in a cash market or a futures market. - View Dependent Claims (22, 23, 24, 25)
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26. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive an ask order from an asker for an asker'"'"'s service futures contract;
computer usable program code to receive a bid order from a bidder for a bidder'"'"'s contract;
computer usable program code to receive the bid order with the ask order;
computer usable program code to transfer funds from the bidder to the asker in response to matching the bid order with the ask order; and
computer usable program code to transfer ownership of the asker'"'"'s service futures contract to the bidder in response to transferring funds from the bidder to the asker. - View Dependent Claims (27, 28, 29, 30, 31, 32)
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33. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to transmit an ask order for an asker'"'"'s service futures contract, wherein the ask order identifies an asker'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the ask order includes and ask price;
computer usable program code to receive an indication that a bid price associated with a bid order from a bidder has matched the ask price; and
computer usable program code to receive sales funds for ownership of the asker'"'"'s service futures contract, wherein the sales funds are equal in amount to the ask price. - View Dependent Claims (34, 35, 36, 37, 38)
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39. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to generate an ask order, wherein the ask order is for an asker'"'"'s service futures contract and further wherein the ask order identifies an asker'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and the ask order includes an ask price and a royalty fee amount;
computer usable program code to receive an indication that a bid price associated with a bid order from a bidder has matched the ask price; and
computer usable program code to receive sales funds for ownership of the asker'"'"'s service futures contract, wherein the sales funds are equal in amount to the ask price less the royalty fee.
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40. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to transmit a bid order for a bidder'"'"'s service futures contract, wherein the bid order identifies a bidder'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the bid order includes a bid price;
computer usable program code to receive an indication that an ask price associated with an ask order for an asker'"'"'s service futures contract from an asker has matched the bid price; and
computer usable program code to transfer funds for ownership of the asker'"'"'s service futures contract, wherein the funds are equal in amount to the bid price. - View Dependent Claims (41, 42)
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43. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to transmit a conjunctive bid order, wherein the conjunctive bid order identifies at least two dissimilar service futures contract is to form the conjunctive service and further each service futures contract identifies at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the conjunctive bid order includes a conjunctive bid price comprising a separate bid price for each service futures contract;
computer usable program code to receive an indication that a first ask price associated with a first ask order for a first seller'"'"'s service futures contract from a first seller has matched one bid price from the conjunctive order;
computer usable program code to receive an indication that a last ask price associated with a last ask order for a last seller'"'"'s service futures contract from a last seller has matched a last bid price from the conjunctive order, thereby completely matching the conjunctive bid order; and
computer usable program code to transfer funds for ownership of the first seller'"'"'s service futures contract and the last seller'"'"'s service futures contract, wherein the funds are equal in amount to the conjunctive bid price.
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44. A computer program product for implementing a service contract futures exchange, said computer program product comprising:
a computer usable medium having computer useable program code embodied therewith, the computer usable program code comprising;
computer usable program code to receive at least one bid order and at least one ask order for a service futures contract, wherein the service futures contract is a transferable contract to provide a service relating to at least one of construction;
transportation and warehousing;
postal services;
information;
real estate and rental and leasing;
financial and insurance;
professional, scientific, and technical services;
management of companies and enterprises;
administrative and support and waste management and remediation services;
educational services;
health care and social assistance;
arts, entertainment, and recreation;
accommodation and food services;
public administration; and
other services; and
computer usable program code to match the at least one bid order to the at least one ask order for a service futures contract, wherein a basis for matching is a price for the service futures contract.
Specification