Securities Auction System and Method
First Claim
1. A method of conducting a securities auction including the steps of using a website on the internet to list the securities for sale and request bids from participants to buy the securities, displaying on a website bids from the participants for buying the securities including the price of the bids such that the bids including the bid prices are available to all participants during the auction, and updating on the website information pertaining to the auction including whether or not the securities were purchased by a participant.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method of conducting a securities auction through the use of a computer network including programs and databases to be accessed by participants through the Internet using a standard browser. The seller inputs bid requests through a website that may be accessed by bidders once they are logged into the host computer network. All bids are entered into the computer and are accessible to all bidders on a real time basis as the auction proceeds. Additionally the bids and their times of entry are updated automatically as the auction proceeds so that all bidders are aware of the prices and status of all bids and whether any trades have been executed.
30 Citations
20 Claims
- 1. A method of conducting a securities auction including the steps of using a website on the internet to list the securities for sale and request bids from participants to buy the securities, displaying on a website bids from the participants for buying the securities including the price of the bids such that the bids including the bid prices are available to all participants during the auction, and updating on the website information pertaining to the auction including whether or not the securities were purchased by a participant.
- 10. A securities auction system including a computer having a program for requesting bids from participants using the internet, said program having means for displaying bids from participants on a screen for access by all participants during an auction, and means for automatically updating all bids on the screen on a real time basis such that all participants have access to all the bids as the auction proceeds.
- 13. A system for trading securities including in combination, a computer system including a website containing securities to be auctioned, means for potential buyers of the securities to access the website and to enter bids for purchasing the securities, said computer system having means for displaying all bids received on the website such that the bids including the prices thereof are accessible to all bidders to enable potential buyers to have knowledge of the status of the auction as it proceeds and to assist the buyers in deciding whether to enter a bid and the price of the bid to be entered.
- 17. A method of trading securities including the steps of displaying the securities to be sold on a computer website, receiving and displaying on the website bids to purchase the securities, and displaying all bids on the website such that all bidders or potential bidders have access to the bids as the auction proceeds.
Specification