PROCESS AND APPARATUS FOR CONDUCTING AUCTIONS OVER ELECTRONIC NETWORKS
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Accused Products
Abstract
An apparatus and process for conducting auctions, specifically municipal bond auctions, over electronic networks, particularly the Internet, is disclosed. The auctioneer maintains a web site from which information about bonds to be auctioned can be obtained. A user participates in the auction by accessing the web site via a conventional Internet browser and is led through a sequence of screens that perform the functions of verifying the user'"'"'s identity, assisting the user in preparing a bid, verifying that the bid conforms to the rules of the auction, displaying to the user during the course of the auction selected bid information regarding bids received and informing the bidder how much time remains in the auction. The user may be given the option of confirming the accuracy of his bid before submitting the bid. The auctioneer is able to review bidding history, determine the winner and notify the winner over the network, and display selected auction results to bidders and observers over the network.
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Citations
148 Claims
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1-64. -64. (canceled)
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65. A computer-mediated method of conducting an auction of a financial instrument over the Internet, wherein bidders can be in different physical locations and can simultaneously participate in the auction, said bidders having access to web browsers, said bidders'"'"' web browsers communicating over the Internet with at least one computer having auction software, said method comprising:
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a) enforcing at least one standard bidders must satisfy to submit competing bids; b) enforcing at least one auction rule competing bids must satisfy; c) displaying the official auction time; d) receiving, over the Internet, bids from bidders using web browsers; e) enabling bidders to modify their bid inputs; f) permitting comparison of received bids; and g) providing information allowing for display of at least the best bid. - View Dependent Claims (66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104)
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105. In a computer system for conducting an auction of at least one financial instrument over the Internet, said computer system being structured to receive bids from bidders'"'"' web browsers over the Internet, wherein the bidders can simultaneously participate in auctions from different physical locations, said computer system executing auction software stored on a storage device, said storage device storing:
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first instructions that, when executed, receive bids over the Internet for at least one financial instrument from bidders using web browsers; second instructions that, when executed, enforce at least one standard for bidders to satisfy before they can submit competing bids; third instructions that, when executed, enforce at least one auction rule for competing bids to satisfy; fourth instructions that, when executed, display the official auction time; fifth instructions that, when executed, enable bidders to modify their bids; sixth instructions that, when executed, permit comparison of received bids to facilitate determination of winning bids; and seventh instructions that, when executed, provide information for displaying winning bids.
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106. A computer system for mediating an auction of at least one interest-bearing financial instrument, said computer system being structured to receive bids from bidders using web browsers, wherein the bidders can be in different physical locations and can simultaneously participate in the auction, said computer system comprising:
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means for enforcing at least one standard bidders must satisfy to submit competing bids; means for enforcing at least one auction rule competing bids must satisfy; means for displaying the official auction time; means for receiving, over the Internet, bids from bidders using web browsers; means for enabling bidders to modify their bid inputs; means for permitting comparison of received bids; and means for providing information allowing for display of at least the best bid.
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107. A computer-mediated method of conducting an auction of an instrument over the Internet, wherein bidders can be in different physical locations and can simultaneously participate in the auction, said bidders having access to web browsers, said bidders'"'"' web browsers communicating over the Internet with at least one computer having auction software, said method comprising:
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a) enforcing at least one standard bidders must satisfy to submit competing bids; b) enforcing at least one auction rule competing bids must satisfy; c) displaying the official auction time; d) receiving, over the Internet, bids from bidders using web browsers; e) enabling bidders to modify their bid inputs; f) permitting comparison of received bids; and g) providing information allowing for display of at least the best bid. - View Dependent Claims (108, 109, 110, 111, 112, 113, 114, 115, 116, 117, 118, 119, 120, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 139, 140, 141, 142, 143, 144, 145, 146)
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147. In a computer system for conducting an auction of at least one instrument over the Internet, said computer system being structured to receive bids from bidders'"'"' web browsers over the Internet, wherein the bidders can simultaneously participate in auctions from different physical locations, said computer system executing auction software stored on a storage device, said storage device storing:
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first instructions that, when executed, receive bids over the Internet for at least one instrument from bidders using web browsers; second instructions that, when executed, enforce at least one standard for bidders to satisfy before they can submit competing bids; third instructions that, when executed, enforce at least one auction rule for competing bids to satisfy; fourth instructions that, when executed, display the official auction time; fifth instructions that, when executed, enable bidders to modify their bids; sixth instructions that, when executed, permit comparison of received bids to facilitate determination of winning bids; and seventh instructions that, when executed, provide information for displaying winning bids.
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148. A computer system for mediating an auction of at least one interest-bearing financial instrument, said computer system being structured to receive bids from bidders using web browsers, wherein the bidders can be in different physical locations and can simultaneously participate in the auction, said computer system comprising:
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means for enforcing at least one standard bidders must satisfy to submit competing bids; means for enforcing at least one auction rule competing bids must satisfy; means for displaying the official auction time; means for receiving, over the Internet, bids from bidders using web browsers; means for enabling bidders to modify their bid inputs; means for permitting comparison of received bids; and means for providing information allowing for display of at least the best bid.
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Specification