Electronic bartering system
First Claim
1. A system for implementing transactions between a plurality of parties each having securities available for barter, comprising:
- means for creating a new barter order including;
means for designating a selected quantity of a first security to be sold; and
means for designating a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different than the first security;
means for posting the new barter order via a network to a barter database;
means for receiving a barter order from a direct barterer into the barter database;
means for receiving a barter order from an intermediary into the barter database;
means for displaying via the network at least one barter order from the barter database matching the new barter order;
means for designating a financial value associated with the transaction;
means for displaying with the at least one matching barter order a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired; and
means for selecting a matching barter order to effectuate the transaction.
2 Assignments
0 Petitions
Accused Products
Abstract
A bartering system implements barters between a plurality of parties each having one or more classes of items available for barter. Preferably, barter orders are created by designating a selected quantity of a first class of items to be bartered, designating a date range for transferring title of the first class items to be bartered, designating a barter value of the first class of items to be bartered, and designating a second class of items to be acquired. Barter orders are posted via the Internet to a barter database and may be displayed via the Internet. Posted barter orders whose first class of items match the second class of items of a barterer'"'"'s order are preferably displayed. Posted barter orders from the display are selected to effectuate a barter transaction which combines a barterer'"'"'s barter order with the selected posted order(s).
122 Citations
48 Claims
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1. A system for implementing transactions between a plurality of parties each having securities available for barter, comprising:
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means for creating a new barter order including; means for designating a selected quantity of a first security to be sold; and means for designating a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different than the first security; means for posting the new barter order via a network to a barter database; means for receiving a barter order from a direct barterer into the barter database; means for receiving a barter order from an intermediary into the barter database; means for displaying via the network at least one barter order from the barter database matching the new barter order; means for designating a financial value associated with the transaction; means for displaying with the at least one matching barter order a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired; andmeans for selecting a matching barter order to effectuate the transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 21, 22, 23, 24, 27, 28, 29, 30, 31)
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13. A system for implementing transactions between a plurality of parties each having one or more securities available for barter, comprising:
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means for creating a new barter order including; means for designating a selected quantity of a first security to be sold; and means for designating a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different from the first security; means for posting the new barter order via a network to a barter database; means for receiving a barter order from a direct barterer into the barter database; means for receiving a barter order from an intermediary into the barter database; means for matching a plurality of existing barter orders to the new barter order including at least one matching barter order posted by an intermediary; means for designating a financial value associated with the transaction; and means for displaying, with the at least one matching barter order, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired.
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14. A method of transacting the purchase and sale of securities, comprising the steps of:
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creating a new barter order including; designating a first security and quantity to be sold; and designating a second security and quantity to be acquired, the second security different from said first security; posting the new barter order to a barter database; receiving into the barter database at least one barter order from a direct barterer; receiving into the barter database at least one barter order from an intermediary; displaying via a network matching barter orders from the barter database; selecting a matching barter order from the displayed matching barter orders; designating a financial value associated with a transaction; displaying, with each of the matching barter orders, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired; andinitiating the transaction including the new barter order and the selected matching barter order. - View Dependent Claims (15)
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16. A system for implementing transactions between a plurality of investors each having one or more securities available for barter, comprising:
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means for creating a new barter order including; means for designating a selected quantity of a first security to be sold; and means for designating a selected quantity of a second security to be acquired in a same transaction in which the first security is sold, the second security different from the first security; means for posting the new barter order to a barter database, the barter database comprising a plurality of existing barter orders including at least one barter order posted by a direct barter and at least one barter order posted by an intermediary; means for displaying matching barter orders from the plurality of existing barter orders; means for designating a financial value to be met by the transaction; means for displaying, with each of the matching barter orders, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired; andmeans for selecting a matching barter order from said displaying means. - View Dependent Claims (17, 18, 19, 20)
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25. A system for implementing transactions between a plurality of parties each having one or more securities available for barter, comprising:
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means for creating a new barter order including a first security to be sold and a second security different from the first security to be purchased in a transaction; means for posting the new barter order via a network to a barter database; means for matching at least one barter order by a direct barterer or by an intermediary to the new barter order; means for designating a financial value associated with the transaction; and means for displaying, with the at least one matching barter order, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired. - View Dependent Claims (26)
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32. A system for implementing transactions between a plurality of parties each having securities available for barter, comprising:
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a barter database for storing a plurality of barter orders, each barter order comprising a selected quantity of a first security to be sold, a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different than the first security and a financial value associated with the transaction; means for receiving into the barter database a barter order from a direct barterer trading only within the system; means for receiving into the barter database a barter order from an intermediary connected to trade within the system and externally to the system; means for identifying a selected barter order from the barter database; and means for displaying, with the selected barter order, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired. - View Dependent Claims (33, 34, 35, 36, 37)
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38. A process operable on a computer for implementing transactions between a plurality of parties each having securities available for barter, comprising:
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establishing a barter database for storing a plurality of barter orders, each barter order comprising a selected quantity of a first security to be sold, a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different than the first security and a financial value associated with the transaction; receiving into the barter database a barter order from a direct barterer trading only within the system; receiving into the barter database a barter order from an intermediary connected to trade within the system and externally to the system; identifying a selected barter order from the barter database; displaying, with the selected barter order, a value ratio determined by a combination of the ratios x/y and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired; andexecuting the transaction including the selected barter order. - View Dependent Claims (39, 40, 41, 42)
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43. A system for implementing transactions between a plurality of parties each having securities available for barter, comprising:
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a processor; a memory operatively connected to the processor and storing instructions for controlling the operation of the processor, the memory further storing a barter database for storing a plurality of barter orders, each barter order comprising a selected quantity of a first security to be sold, a selected quantity of a second security to be purchased in a transaction including the sale of the first security, the second security different than the first security and a financial value associated with the transaction; the processor operative with the instructions in the memory to perform the steps of receiving into the barter database a barter order from a direct barterer trading only within the system; receiving into the barter database a barter order from an intermediary connected to trade within the system and externally to the system; identifying a selected barter order from the barter database; and displaying, with the selected barter order, a value ratio determined by a combination of the ratios x/v and a/b where;
a=a sale value of the first security to be sold, b=a market price of the first security to be sold, x=the purchase value of the second security to be acquired and y=a market price of the second security to be acquired. - View Dependent Claims (44, 45, 46, 47, 48)
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Specification